BIM 2Q‘26 First Take – Best-in-class delivery, market share gains

Research evidence excerpt

J P M O R G A N

CEEMEA Equity Research

17 August 2026

BIM

Overweight

2Q’26 First Take – Best-in-class delivery, market share

gains

Our Take: BIM delivered a clear best-in-class Q2, outperforming peers on both

top line and profitability: 10% real revenue growth (vs. Migros 3%, Sok 7%) and

9% EBITDA growth (vs. Migros -20%, Sok +5%), with results 35–40% ahead of

JPMe/consensus driven by stronger monetary gains and slightly better EBITDA.

The print reinforces continued market share gains, supported by basket growth,

ongoing space expansion, and a return to positive traffic. While gross margin eased

(consistent with consumer trade-down), the combination of strong revenue growth

suggests BIM is pivoting back toward revenue maximization and more assertive

pricing, further pressuring peers amid slowing consumption. Guidance was

reiterated (4-8% real revenue growth; 6-7% EBITDA margin, similar to 2025), but

strong 1H delivery leaves room for upside on revenues despite softening demand

in Türkiye. Shares are up 42% YTD (+28% in USD), outperforming the index by

14%, yet valuation remains attractive at 10.7x JPMe 2027 P/E and 5.3x preinflation 2026E EV/EBITDA, implying a ~27% discount to CEE peers. We expect

a positive market reaction.

BIMAS.IS, BIMAS TI

Price (17 Aug 26):TL382.00

Price Target (Dec-27):TL529.00

Turkey (ex-Financials)

Hanzade Kilickiran AC

(44 20) 7742 0014

J.P. Morgan Securities plc

Table 1: 2Q’26 Actual vs Consensus/JPMe – Inflation Adjusted (TAS 29)

TL m

Net Sales

EBITDA

Net Profit

2Q26A

221,903

13,570

8,020

Cons

218,639

12,671

5,714

JPMe

215,651

12,934

5,959

Vs Cons

1%

7%

40%

Vs JPMe

3%

5%

35%

% y/y

10%

9%

125%

% q/q

-3%

25%

16%

Source: Company reports and J.P. Morgan estimates. *Consensus estimates have been compiled by Rasyonet.

Noteworthy Areas: 1)LFL sales grew 37.3% y/y in 2Q26, ahead of BIM’s

31% internal inflation, driven by 36.7% basket growth, while traffic turned

positive at +0.4% after several quarters of decline. Space expansion continued

at 5% y/y, with 275 net store openings bringing the total to 14,851. 2) FILE’s

share of revenues rose to 11% (vs 10% a year ago), supportive of elevated

…