#1mavi Investor Presentation December 2023#2Disclaimer This document does not constitute or form part of any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company. The information, statements and opinions contained in this presentation do not constitute any advice or recommendation regarding the securities of the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. To the extent available, the industry, market and competitive position data contained in this presentation come from official or third party sources. We have not, however, independently verified the information in industry publications, market research or other publicly available information provided by third parties, although we believe the information contained therein to be from reliable sources. In addition, certain of the industry, market and competitive position data contained in this presentation come from our own internal research and estimates based on the knowledge and experience of the Company's management in the markets in which we operate. Although we believe our internal estimates to be reasonable, these estimates have not been verified by any independent sources. We cannot, therefore, assure you of their accuracy, or that a third party using different methods would obtain the same results. Accordingly, you should not place undue reliance on any of the industry, market or competitive position data contained in this presentation. We do not intend, and do not assume any obligation, to update industry, market or competitive position data set forth in this presentation. As a result, you should be aware that data in this presentation and estimates based on those data may not be reliable indicators of future market performance or our future results. This presentation includes forward-looking statements. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. You can identify forward looking statements by their use of words such as "anticipate", "estimate", "believe", "intend", "plan", "predict", "may", "will", "would", "should", "continue", "expect" and similar expressions, although these expressions are not the exclusive means of identifying forward- looking statements. Forward looking statements involve risks, uncertainties and other important factors over which we may have limited or no control. These factors could cause our actual results, performance or achievements to differ materially from any future circumstances, results, performance or achievements expressed or implied by such statements. As a result, you should not place undue reliance on such statements. Changes in customer tastes and spending patterns; changes in customer traffic; ability to accurately predict customer preferences and demands; ability to successfully implement new store rollout and retail strategy; effectiveness of brand awareness and marketing programmes; difficulties that can be observed in retail fashion and fragility that can be observed in customer loyalty; competitive factors in retail fashion; impact of extreme unseasonal weather conditions on retail fashion; ability to retain key management and personnel; circumstances affecting relationships with major suppliers and distributors; currency and interest rate risks and fluctuations and other changes in financial markets and macro economic conditions; changes in tax rates, applicable laws and government policies and operational disruptions, natural disasters, wars, terrorist activities, work stoppages, slowdowns or strikes are, without any limitation of the foregoing, among these risks, uuncertainties and other important factors. You can find further details of the principal risks and uncertainties affecting the Company in the explanatory notes of financial statements and in the “Risk Management and Internal Control System" section of the Annual Report. The forward-looking statements included in this presentation represent the Company's views as of the date of this presentation. These views could change. In consequence, you should not rely on these forward-looking statements as representing the Company's views as of any date after the date of this presentation. The information and opinions contained in this presentation, including the forward-looking statements described above, are provided as at the date of this presentation. They are subject to change without notice. The Company expressly disclaims any obligation to update any such information or opinions except any obligation arising from applicable capital markets regulations. By reading this presentation or attending or listening to any relevant meeting, conference call or podcast organized by the Company, you represent and warrant that you are a person to whom this presentation may lawfully be distributed, and you agree to be bound by the provisions above. mavi 1#3MAVI BUSINESS OVERVIEW#4Why We Believe Mavi is Exciting 01 Aspirational denim-centric lifestyle brand positioning, inspiring the customer, employees, and business partners. 02 Strong brand commitment to superior quality, the happiest Mavi customer, and sustainability, maintaining the customer's trust across all touchpoints, from product and service approach to marketing and communications. 03 Global Perfect Fit strategy and the right fit, right product, and right price approach to address different customer groups and maintain growth. Brand and product strategy driving price positioning and category expansion. 04 Organizational structure that manages innovation and profitability with digital data, consumer insights and market knowledge. 05 Managing the quality and efficiency with a focus on sustainability and innovation as a priority. Effective supply chain and flexible product planning, leveraging proximity to local manufacturers. mavi www 06 Innovative and creative collaborations differentiating the brand, communication and growing market share driven by sustainable products and projects. 07 Strong retail network in Turkey, international presence, and global e-commerce and omnichannel sales operations. Online experience in Turkey and international markets, digital strategy to drive growth. 08 Strong and sustainable financial performance. 09 Mavi All Blue strategy built on 'sustainable growth through quality' and incorporated into the global brand culture, product structure, and company goals. Responsibility with all employees for achieving sustainability goals with the 'All Blue. All Better. For All.' narrative. 10 Experienced management team, agile and result-oriented organizational structure. Corporate culture, focused on reaching common goals, embracing diversity, and responding to change while earning the trust of the customers and business partners. 3#5mavi Highly Successful Lifestyle Brand... Business Overview Started operations in Istanbul in 1991, Mavi today is globally recognized as a highly successful casual lifestyle brand With strong denim roots, Mavi has evolved into an international apparel and accessories brand, building its success on products of superior quality and perfect fit, with over 12m denim items sold globally in 2022 via c.4,500 POS In Turkey, Mavi started its retailization in 2008 and recorded an exceptional growth track record since then, reaching 401 mono-brand stores within Turkey Internationally, Mavi has built a world class reputation for quality denim, leveraging an international distribution. platform of 64 mono-brand stores¹ and strong wholesale and online partners. Extensive, best-in-class loyalty program (Kartus) with 6.6m active loyalty cardholders Key Metrics (9M 2023) (inc. IFRS16) 14,189 TRYM 3,561 TRYM Revenue (94% Growth) 102% Turkey Retail LFL Sales Growth 465 EBITDA (91% Growth) 104% Turkey Online Sales Growth 2,170 TRYM Monobrand Stores¹ Net Cash Brand & Product (9M 2023) 65+% Brand Awareness with Top of Mind² mavl 18.5% Jeans Market Share3 Women 61% Lifestyle 39% Denim All 64% Men 36% 970K+ 6.6m Active Loyalty Card Members3 New Customers kartus mavi Note: (*) Throughout the presentation, LFL represents directly operated retail stores in Turkey that have been opened for at least 12 months excluding revenues attributable to stores that were closed during any period within 12 months. Same stores sales includes same stores performance on open days only during the pandemic period. Points of Sales (POS) include the retail, franchise and wholesale channels. Gender and category mix Turkey retail only 'Includes retail stores and franchised stores as of 31 January 2023 2 In Turkey; Mavi Brand Perception Report prepared by Future Bright, 2019; All participants were asked to answer the questions: "What is the first brand that comes into your mind for jeans?" 3Age 14+ denim market, Turkey . 6,077 talented and dedicated employees with Mavi regarded as employer of choice mavi 4#6...With Strong International Presence mavi 5 35 HQ Countries 465 Monobrand Stores 401 Mono-Brand Stores in Turkey 64 International Mono-Brand Stores ~4,000 Points of Sale 6,077 Employees C⭑ TURKEY Retail stores: 332 Franchise stores: 69 Wholesale doors: ~520 Employees: 5.731 EUROPE Retail stores: 1 Wholesale doors: ~800 Employees: 51 RUSSIA Retail stores: 17 Franchise stores: 17 Wholesale doors: 160 Employees: 144 US Wholesale doors: ~1.150 Employees: 72 CANADA Retail stores: 4 Wholesale doors: ~900 Employees: 79 OTHER COUNTRIES Franchise stores: 25 Wholesale doors: 22 5#7Building Blocks For the Future BIRLIKTE COK GÜZEL OLUYORUZ mavi mavi mavi NEW SEASON NEW SEASON NEW DENIM Brand and Product Innovations . . • • • Mavi continues to gain market share and new customers while increasing frequency by focusing on different customer segments with fresh products. In line with the right quality, right product and right pricing strategy, customer demand is closely monitored. Brand positioning is elevated with premium product segments and aspirational marketing: Mavi Black Pro, Mavi Icon, Mavi Pro Sport RepreveⓇ. Casual lifestyle expanded with activewear, sporty, logo and sweatshirt collections. Strong customer engagement captured through celebrity campaigns and influencers. Collaborative collections with brands and designers are effective in acquiring new and young customers and driving traffic. Growing Retail • • . • New retail concepts (1000 m²) are developed to improve shopping experience and grow customer frequency and conversion. The physical store experience is enhanced to feature Mavi's growing lifestyle categories. Product availability is improved in order to increase conversion and stockturn rates by analysing store clusters. A customer experience project was initiated to address touchpoints with new and loyal customers and lifecycles as a whole. Online Investments • • • A multi-team omni-channel project was launched. Shared inventory availability across warehouse and stores, 2-hour doorstep delivery offered in three major cities. Online shopping experience enhanced with Al-based customer review analysis tools. New marketplaces were integrated into the ecosystem to increase customer reach. International platforms were localized to meet specific market needs by analyzing different markets. mavi 6#8Building Blocks For the Future Towards a more digital future • • • • Digitalization and CRM investments were positioned at the core of the company strategy. Al-driven analysis tools were developed to understand and respond to customer and market expectations. Data analytics investments were accelerated to increase process efficiency. After Turkey, the SAP transformation was also completed in the US and Canada offices. mavi All Blue. All Better. For All. • Global All Blue strategy continued to to drive sustainable growth. GIRLS WILL SAVE THE WORLD THE WORLD BILLS WILL SAVE BLS WILL SAVE MLSAVE THE WORLD THE MOLE RHM THE MOS LS WILL SAVE THE WORLD • People Oriented Culture In line with the diversity & inclusivity commitment, gender equality training programs started. • All Blue products increased with product innovations in the denim and non-denim groups. • • • Responsible supply chain management remained a key focus area of sustainability. Mavi joined the UN Target Gender Equality Program. Mavi supported social projects empowering women and youth. . Mavi became the first and only Turkish apparel brand to make the CDP's Climate Change A List. . Mavi's emission reduction targets were approved by the Science-Based Targets initiative. Mavi NextGen initiative was launched to train future leaders. Women accounted for 58% of the total workforce, 52% of managers and 60% of senior executives. • • Mavi was included in BIST 25 Sustainability Index. • Mavi won the "Best Sustainable Collection" category for the fifth time at the Rivet x Project Awards. 7#9RETAIL EXPERTISE IN TURKEY MAKES 9 MAVI ma PRO-SPOR Jean'de geri dönsün il on yeni hall mavi MAVI PRO SPORT kot reng movi MMAVI PROVID Jean de perdona mavi WIN#10Multi Pillar Growth Strategy in Turkey Retail 01 Physical Space Growth New Store Openings 401 Stores in 80 Cities Expansion of store space Average Selling Space 518sqm New Stores 600-800 sqm LFL Growth* Above 20% (Last 3 years) 02 Online Sales Growth mavi.com & Marketplace 03 New customer acquisition* 1mn+ every year 8 mavi (*): Excluding 2020 results impacted significantly by the extraordinary conditions caused by Covid19. 9#11Strong Track Record of Retailization in Turkey... # of Retail Stores Evolution in Turkey Net New Stores 14 6 7 2 3 Turkey Retail Sales Evolution (TRYM) 54% 9,268 6,694 327 329 332 320 2,740 314 1,829 1,356 2019 2020 2021 2022 9M 2023 2019 2020 2021 2022 9M 2023 Gross Selling Space Evolution in Turkey (Sqm k) Significant LFL Upside Potential of Existing Stores¹ Avg. 447m² Sqm/ Retail Store 500m² 501m2 6% 39 8 9 20 510m² Further Potential Upside 3 31 Potential Revenue Catch-Up From younger LFL Stores and New Stores 62,912 TRY/sqm 30 156 164 168 117 47,586 50,212 TRY/sqm 50,638 TRY/sqm 2016 2019 2021 Sales/ Sqm 2022 43,355 TRY/sqm TRY/sqm Expansion of existing stores New store openings Age of CAGR 1-3 years 3-5 years Stores 5-7 years 7-9 years 10+ years mavi 1 Based on 9M 2023 LfL figures 10#12Offering a Lifestyle Product Portfolio Across Women and Men... Minimising Fashion Risk and Seasonality With Various Styles Across Lifestyle Product Offering MEN WOMEN Denim Knits/Jerseys Shirts ISTANBU MAVI Others include kids, skirts, dresses. mavi lery Non-denim Bottoms Jackets % Share in 2022 Turkey retail net sales IN Accessories Others ORYS 36% Women HE ISTANBUL istax Denim 64% Men (share) 39% 61% Lifestyle (share) 39% Denim 27% 10% Knits/Jerseys Shirts 6% Non-denim Bottoms 11% Jackets 6% Accessories 11#13...And Growing Significantly in Each Category Denim Products (TRYM) Lifestyle Products (TRYM) Shirts 568 1,116 Denim 2,642 98% 1,853 3,667 Knits/Jerseys 98% 1819 1315 720 336 103% 1003 663 494 Non-Denim Bottoms 137% 714 265 397 146 301 2606 152 52 2020 2021 2022 9M 9M 2022 2023 2020 2021 2022 9M 9M 2022 2023 Jackets Accessories 89% 572 2020 2021 2022 9M 9M 2022 2023 2020 2021 2022 9M 9M 2022 2023 172 85 • mavi Total Growth in Lifestyle Category is 100% yoy • Remaining 2% consists of skirts, dresses and kids 433 303 75% 721 597 341 279 144 2020 2021 2022 9M 9M 2022 2023 2020 2021 2022 9M 9M 2022 2023 12#14Like-for-like/Same Store Sales Growth Figures 20.9% (11.0%) 73.3% 141.8% 101.5% 2019 2020* 2021* 2022 9M 2023 Transaction¹ 1.1% (20.8%) # Growth (%) • Traffic growth of 38% in 2022 and 10% in 9M 2023 displays continued strong consumer demand Right product mix driven by newness and dynamic pricing strategy enable basket size growth Basket Size Growth (%) • 21% volume growth in 2022, 16.3% volume growth in 9M 2023 is in-line with Mavi's sustainable growth targets 42.7% 29.5% 16.4% 2019 2020* 2021* 2022 9M 2023 19.6% 21.4% 12.4% 86.7% 73.2% 2019 2020* 2021* 2022 9M 2023 mavi Turkey retail only, 'Number of transactions refers to number of issued invoices. (*): includes only open days sales performance versus same period previous year. 13#15Impacted yet Proven Resilient to Crises. Turkey retail operations experienced significant loss of trading hours and traffic to the stores in the trading days throughout the Covid 19 pandemic period. Nevertheless, the total sales impact was limited with fast recovery. vs 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Turkey Retail Revenue vs same month 2019 100 % 141% 126% 54% 87% 80% 75% 108% 98% 62% 64% 143% 120% 99% 82% 61% 243% 10% FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL Trading Hours (47%) (53%) (25%) (35%) (38%) (31%) Traffic on (4%) (33%) (35%) (28%) (11%) 3% Trading Days mavi Turkey Retail (48%) (30%) (8%) (25%) In-line 42% Revenue 14#16Diversified and Reliable Sourcing Model Quality Driven Efficient Sourcing Structure with a focus on sustainability • • 39% Denim 61% Non-Denim Turkey Retail Net Sales Split Denim-lifestyle balance of sales Mavi Denim Business Owned by Mavi Design & Development c.80% Made in Turkey c.20% Imported 120+ Responsible Suppliers • Quality textile ecosystem Proximity improving speed and RFT Mainly outerwear and accessories Well-established, long term relationships • 36 suppliers in 9 countries • Internal audit team ensuring social compliance Controlled by Mavi Fabric & Raw Materials Outsourced Manufacturing (CM) • • Multinational denim design & development team Fit blocks are created and owned by Mavi Wash recipes and development managed by Mavi mavi Direct relationship with denim fabric mills Working with top-quality mills in Turkey that manufacture for premium global denim brands Fabric R&D, exclusive development and innovation 50% of Product Cost . Cutting, Sewing & Washing c.70% from ERAK Four manufacturers tendered for best price / quality ERAK Best in-class production facility Sourcing to top global brands. • Lead time & capacity Enabling energy & water efficiency#17Best-in-Class Loyalty Program ("Kartuş”) Since 2007 9.Omillion Loyalty Card Members 6.6million Active customers 45% 55% Woman Man Happiest Mavi Customer kartuş mavi 1 million+ New customer acquisition annually - 70% 2 New Customers Under 35 age group $5.0 million Mobile app download mavi Note: Data for Kartuş customers as of 9M 2023 Active means that the member has made a purchase of Mavi product over the last two years 16#18mavi Women Men Accessories Denim Shirt NEW SEASON m EQ 同 ♡ Homepage Kartus Cod Categories Discover Beg INTERNATIONAL & E-COM MARKETS Jean Women Men Kids Mavi All Blue Outlet mavi Gift Card Kartus NEW SEASON NEW DENIM Search 8 0#19International Operations (2022) USA ~3,500 doors in 36 countries 30% E-com -1.150 wholesale multi- brand doors 22% Wholesale E-com 48% Wholesale CANADA 14% E-com 16% Retail mavi 70% Wholesale 63 monobrand stores (22 own-opearated, 41 franchise) Online channels' share in global 32%* EUROPE 2% Retail Wholesale: Nordstrom, Online 23% Mono-brand retail stores: 1 wholesale Bloomingdale's, Von Maur, partners: E-com Patrick James, Tom James, Scheels Stitchfix, Amazon, Zappos, -800 wholesale multi-brand doors. Nordstrom America mavi.com, 34heritage.com 8% Wholesale E-com 68% Wholesale RUSSIA Wholesale: About You, Amazon, Otto, Zalando Online wholesale partners: Karstadt & Kaufhof, Modepark Röther, Breuninger, Beutin, Sinn Leffers, Maratex, Retail Active, Wöhrl, Kleider Bauer, Baltz, Hold, Peek & Cloppenburg Germany mavi.com Mono-brand retail stores: 4 -900 wholesale multi-brand doors Wholesale: Nordstrom, Harry Rosen, Simons, Ernest, Mark's Online wholesale partners: 13% E-com 24% Wholesale Mono-brand retail stores: 17 Franchise retail stores: 17 Simons, Mark's Canada (*): including wholesale online customers mavi.com and 34heritage.com 63% Retail 150 wholesale multi-brand doors 18#20E-Commerce Platform to Deliver Future Growth Global E-Commerce Revenue Turkey E-Commerce Revenue % Sales 8.3% 17.1% 15.6% 12.8% 10.7% Channel Growth 9M'23 yoy % Sales 3.8% 10.7% 11.2% 9.0% 7.8% 1,512 969 1,356 179 793 184 44% 490 86% 723 589 421 432 543 207 76% 412 126 89 237 479 127% 99 361 238 271 13 197 629 744 107 184 96% 93 325 2019 2020 2021 2022 9M 2023 104 180 2019 2020 2021 2022 9M 2023 International E-Commerce Revenue mavi.com Marketplace Wholesale E-com Mavi.com Turkey - Key Statistics (9M 2023) % Sales 29.9% 44.0% 34.0% 31.9% 29.7% 90% Traffic from Mobile 80% Revenue from Mobile 563 543 44% 184 179 302 3.6m #pieces sold 16.5% Return Rate¹ 205 110 99 41% 149 126 107 35 268 266 57% 86 25 141 73 34% Denim as % of Sales 5m Active Mavi App Users 2019 2020 2021 2022 9M 2023 mavi 19 Returned transactions/(net transactions+return transactions.)#21உல் SUCCESSFUL BRAND STRATEGY#22Best-in-Class Communication Aspirational denim centric lifestyle brand with celebrity endorsements Global Campaigns (2011-2021) Kıvanç Tatlıtuğ Serenay Sarıkaya Turkey's Most Loved & Trusted Brand and #1 in brand awareness. 3 TV Advertising Campaign 3 mavi 3,3m B 40+ Influencer Collaboration 773m+ Impression 266m+ Adriana Lima Lucky Blue Smith Romee Strijd, Jordan Barrett Social Media Followers Reach In different lifestyles, ages, styles and body shapes Digital Launch f ل 141m+ Engagement Elsa Hosk, Jordan Barrett, Francisco Lachowski Our digital strategy: To deepen every day as the main channel that brings the world of Mavi into life, makes one feel, touch the hearts and strengthen its bond with the youth. 21#23Mavi 100 Mavi 100, an extraordinary collection created by Mavi Denim Studio to mark the centennial of the Republic of Turkey with immense pride. For the collection, the studio, formed by Mavi's diverse design and creative teams, reinterpreted archival inspiration through the lens of contemporary urban chic codes. Drawing from the timeless spirit of denim, Mavi Denim Studio aimed to keep this iconic fabric relevant, consistently elevate its quality, reimagine its aesthetic and seamlessly blend it into city life in its most stylish form. Mavi 100 collection reflects our commitment to innovation through the use of sustainable techniques and materials to bring every unique style to life. Denim chic. Introducing denim chic with head-to-toe looks that seamlessly blend today's design ethos with modern sophistication. Infused with Mavi's signature selvedge details and trims in the crimson red of the Turkish flag, each denim piece in the collection epitomizes ultimate stylization of jeans. mavi 100.YIL#24Mavi celebrated the centennial of the Republic of Turkey with the young. people who symbolize the future envisioned by Atatürk for our nation. marie claire YIL GM no PRIX BİZİ GÜZELLEŞTİREN KADINLAR KOZMETIK MARKALARINDA TÜRKİYE RÜZGARI EBRAR Karakurt "Atatürk'ün bize kattıklarını yaşamaya çalışıyorum" NE ISTERSEK GIYME KEE SONBAHAR-KIŞ PODYUMLARINDAN İÇİMİZİ ISITANLAR MAVI miay PONOS HRX TEM Borusan Otomotiv CK TER mani HRX O Cumhuriyetimizin 100. yılında değerlerimizle güçlüyüz! Gercek ve hür Mavi collaborated with the national volleyball player Ebrar Karakurt for Marie Claire magazine's October issue dedicated to the centennial of the Republic. k ma vi U17 Women's and Men's National Water Polo teams, successfully representing Turkey, posed for the camera for the Mavi 1001 Alphabet collection. EM Mavi sponsored Formula driver Cem Bölükbaşı in the Japan race, which he dedicated to the youth and the centennial of the Republic. mavi 23#25Creative Collaborations Targeting New and Young Customers Being a brand close to youth, using a new communication language to connect with young generations Nollonega KADER KISMET MAVI SEMI. Baback MARCHÉ mavi mavi S.E.M.T. x Mavi SS23 & FW23 • Visual Artist Oğuzcan Pelit designed the coolest t-shirt & sweatshirt collection inspired from the street and "neighborhood" culture of the youth. Marché x Mavi SS23 • Mavi came together with İstanbul's iconic handbag brand Marche and created this summer's most wanted purse & handbag collection. 24#26Creative Collaborations Targeting New and Young Customers Being a brand close to youth, using a new communication language to connect with young generations EW EV NE D 216 428 24 67 NO CD'S NO TAPES www.ZIGZAG.CO Freedom Of Space RAP MA mavi esra gülmen MAVI freedomofspace Freedom of Space x Mavi SS22 • A collection elevating 90s street culture to cult status for cool urban stars and next generation Mavi x Esra Gülmen FW22 Wearable Art, Mavi Way Earth- inspired motifs come to life with the themes "Waves, Mountains, Trees, Rivers." mavi DIRECT MESSAGEX mavi Direct Message x Mavi SS22 Creating a space for the rising beach fashion and trends Bringing excitement to the accessories category 25#27NAW MAN MAVI MAVI miav INSTOPPABL UNSTOPPABLE 28 STOPPARTE MAV MAV MAVI MA MAVI MAR MAVI MAV Growth with Young Generation i❤mavi MAVİ M MAVI MAVI MAVI MAK MAY AVI MAVI MAV LAVE APP LAV MAVI#28Awards and Researches 2023 Mavi has been recognized as Turkey's most trusted brand among approximately 150 brands from 16 sectors according to Future Bright's Trust Bond Index. 132nd among Turkey's Largest Enterprises and 3rd among apparel brands - Fortune 500 Survey. Ranked among the 'Brands Reflecting the Republic's Values' on the Centennial of the Republic. Leader of the jeans category in the Cool Brands survey - Marketing Türkiye. Silver Effie in the Fashion category with the "We are beautiful together" campaign at the Effie Awards, one of the most prestigious awards of the advertising world. Winner of the Best Sustainable Collection category with the Natural Dye collection at the Rivet x Project Awards, which recognize the brands bringing newness and creativity with sustainable solutions to the global denim market. Most Admired Brand in the casual sportswear category in the Number One Brands survey AYD. Expected to remain among the most preferred brands in 5 years - Brands of the Future survey. Retail Employer of Choice at the Youth Awards - Youthall. Most Popular Commercial and Most Admired Company for Sustainability Efforts titles. mavi#29mavi all blue SUSTAINABLE GROWTH THROUGH QUALITY B#30Mavi's Sustainability Evolution • We believe that a better world is possible with a better Mavi · On this journey to achieve the best, Mavi quality remains at the heart of what we do · • Empowered by every individual we touch, particularly the Mavi employees, we all take responsibility for the better We know that our every step and action will bring about massive transformations and we never stop exploring and innovating for a brighter future We care about today and start taking action for tomorrow now mavi all blue We grow with people who choose Mavi, inspire each other, and share our similar aspirations With a better Mavi, we are All Blue. All Better. For All. mavi#31All Blue Strategy PEOPLE People-oriented Mavi culture • Inclusive business model and responsible value chain. COMMUNITY Mavi's impact-driven transformative power mavi BETTER.EMPOWER BETTER.PROTECT mavi all blue all better. for all. PLANET . • Tackling climate crisis Ecosystem restoration DENIM • Quality first • Denim innovation and partnerships • Responsible raw material sourcing 30 30#32Sustainability Goals 00 9780 PEOPLE BETTER.EMPOWER MAVİ'S SUSTAINABILITY TARGETS GENDER EQUALITY RESPONSIBLE PARTNERSHIPS FOR THE GOALS AND PRODUCTION PLANET DECENT WORK AND ECONOMIC GROWTH * M 10 REDUCED INEQUALITIES 12 CONSUMPTION Having a fully inclusive and responsible value chain by 2030. MONITORING TARGETS Keeping employee satisfaction and engagement scores over 70% every year. Increasing female manager ratio to 50% and maintaining this balance by 2023. Ensuring compliance of all main suppliers and their subcontractors with the Global Purchasing Principles and Supplier Code of Conduct by 2025. Achieving 100% traceability in the supply chain by 2030. mavi PROGRESS IN 2022 The employee satisfaction survey conducted in 2021 resulted with 80% among store staff and 78% among head office employees. Action plans were created in 2022 to improve employee satisfaction and loyalty. The company will continue to take actions to improve employee satisfaction and loyalty with focus group activities in 2023. As of 2022, female employment ratio at Mavi was 58% and female manager ratio was 52%. Environmental compliance topics have been added to the Global Purchasing Principles. Environmental and social compliance audits will be conducted to ensure the suppliers' compliance with the principles. In addition to social compliance audits, environmental audits have been initiated. 1 The GHG reduction targets set by Mavi have been approved by the Science-Based Targets initiative (SBTI) 2 ZDHC MRSL compliance: Zero Discharge of Hazardous Chemicals-ZDHC Manufacturing Restricted Substances List-MRSL 3 FSC: Forest Stewardship Council BETTER.PROTECT MAVİ'S SUSTAINABILITY TARGETS Becoming a climate-positive company by 2050. MONITORING TARGETS Reduce Scope 1+2 GHG emissions by 70% by 2030 (vs. 2019 baseline)'. Reduce Scope 3 GHG emissions from purchased goods and services by 55% per TL added value by 2030 (vs. 2019 baseline)'. Become carbon neutral by 2040. Continuing to procure 100% renewable electricity for Mavi operations by 2030. Conduct environmental audits at all critical suppliers and wet process sub- manufacturers by 2025. Ensure compliance with ZDHC MRSL2 at all strategic suppliers and wet process submanufacturers by 2030. Ensure FSC3 certification for all label, cardboard and paper packaging materials by 2025. 6 AND SANITATION CLEAN WATER AFFORDABLE AND CLEAN ENERGY PROGRESS IN 2022 CLIMATE RESPONSIBLE CONSUMPTION AND PRODUCTION 13 ACTION PARTNERSHIPS FOR THE GOALS Scope 1+2 GHG emissions reduced by 75% in 2022 (vs. 2019 baseline). Scope 3 GHG emissions from purchased goods and services were reduced by 66% per TL added value in 2022. (vs 2019). Working on reducing greenhouse gas emissions with long-term carbon neutrality through quality carbon offsetting tools supported by standards. Renewable energy is used at Mavi head office and all street stores (105 stores) with controlled electricity meters. Own solar power plant project in pre-licensing approval process. Environmental audits are conducted in 68% of facilities owned by the critical suppliers and wet process sub-manufacturers in 2022. Continuing to work towards targets based on 2022 environmental audit results. 47% of the label, cardboard and paper packaging materials procured in 2022 are FSC-certified. 31#33Sustainability Goals DENIM BETTER.TRANSFORM MAVİ'S SUSTAINABILITY TARGETS INDUSTRY, INNOVATION AND INFRASTRUCTURE RESPONSIBLE 12 CONSUMPTION AND PRODUCTION a PARTNERSHIPS FOR THE GOALS ♡ COMMUNITY Ensuring that the whole denim collection consists of sustainable All Blue products by 2030. MONITORING TARGETS PROGRESS IN 2022 BETTER.MOBILIZE MAVİ'S SUSTAINABILITY TARGETS Driving an impact-focused and measurable social change. MONITORING TARGETS PROGRESS IN 2022 GENDER EQUALITY REDUCED 10 INEQUALITIES € PARTNERSHIPS FOR THE GOALS Sourcing 100% of the cotton used in denim products from sustainable resources4 by 2030. In 2022, 33% of the cotton used in denim products was procured from sustainable resources. Increasing the revenues of innovative products in the sustainable All Blue collection by 20% year on year through R&D activities and partnerships. Target has been achieved by expanding the sustainable All Blue collection with the addition of innovative lines such as Mavi Hemp Denim, Mavi Upcycle, Esra GülmenXMavi and Freedom of SpaceXMavi in 2022. Keeping the social return of social investment programs at SROI>15 levels. Allocating 1% of EBITDA for social investments from 2025 onward. Mavi is in the process of designing its own social investment program to align with the material sustainability topics. Once the program is finalized, SROI analysis will be conducted together with program outputs. Social investment spending in 2022 amounted to TL 2,378,290, which corresponds to 0,10% of EBITDA. mavi 4 Sustainable materials: Organic, recycled, Better Cotton 5 SROI>1: Social return on investment (SROI) higher than investment. Reaching 1 million people every year through sustainability awareness projects. With the projects focused on sustainability, women's empowerment, inclusion, innovation and partnerships, circular economy, biodiversity etc., awards received, and all the awareness raising activities, including leadership communication, more than 5 million engagements were achieved in 2022. 32#342022 Sustainability Highlights BETTER. EMPOWER 58% Female employment ratio 52% Female Manager ratio 60% Female Executive ratio BETTER. PROTECT A CDP Climate Change Program score 68% Wet process facilities SBTI√ GHG emission targets approved by the Science- Based Targets initiative audited for environmental compliance 64% Ratio of management positions filled with internal promotions 10%¹ Less water consumption 16%¹ Less energy consumption 80% 80%¹ 108% Stores using Renewable energy Local product supply ratio of products treated with laser and sustainable washing processes BETTER. TRANSFORM 27% Share of the sustainable All Blue jeans in total denim sales 14% Sustainable product's share in total revenues 43 Products with Life Cycle Assessment (LCA) studies 5 Best Sustainable Collection awards BETTER. MOBILIZE 1 million ♡ Engagements with the "Birlikte Çok Güzel Oluyoruz" campaign 1,000 Female university students supported through the Birlikte Çok Güzel Oluyoruz İyilik Hareketi" project 32 Female university students benefit from the TEV and Koç University Mavi Scholarship Fund 56,500 Hatchlings reached the sea with the Indigo Turtles project 350+ Miav outdoor cat houses placed across Turkey in partnership with Encander UN GLOBAL In support of COMPACT WOMEN'S EMPOWERMENT PRINCIPLES Established by UN Women and the UN Global Compact Office UN GLOBAL COMPACT CEO WATER MANDATE 30% Club GROWTH THROUGH DIVERSITY better cotton mavi 1 In the manufacturing process with strategic partners Erak and Tayeks, which account for 80% of Mavi's denim production. 33#35Sustainable All Blue Collection Expanding every season with hero products Natural Dye Rivet The R Awards rivet Sürdürülebilir "En Sürdü Koleksiyon mavi ARCHIVE UPCYCLE • Mavi Upcycle • Earthy colors • Natural clay-based colorants • . Bio-based nutshell buttons • Back patches made from bio- based olive seeds Paper-based labels containing plantable basil seeds mavi • 17,756 m of fabric produced by recycling 3,000 pieces of deadstock denim. 7,138 upcycled products Recycled Blue mavi 100.YIL • . A happy ending recycling story with TENCEL™ Lyocell fibers and REFIBRATM technology Pre-consumer cotton from production . Wood-based sustainable fibers • • Different innovative sustainable techniques and materials in each style Fabrics made from hemp, TENCELTM, organic, recycled or BCI certified cotton Dark washes consuming minimum water and energy 34 =4#36STRONG FINANCIAL PERFORMANCE#37Robust Recovery out of the Covid-19 Pandemic 110% Revenue Evolution (TRYM) 94% 14,189 Gross Profit Evolution (TRYm) Gross Margin (%) 48.3% 51.3% 52.9% 4,619 2,402 10,592 7,325 2020 2021 2022 9M 2022 9M 2023 120% 54.3% 53.2% 5,602 3,976 2,372 1,160 90% 7,546 2020 2021 2022 9M 2022 9M 2023 Gross margin improved 300 bps* in real terms (adjusted for imputed interest rate impact) in Q3 2023, resulting with 170 bps* contraction year to date from an extraordinary high base Strong demand was captured with variety, newness and right product/price positioning Effective product cost management enabled by strong balance sheet and a well-planned sourcing and supply strategy mavi 2020-2022 CAGR % Margin (*): Compared to normalised GM of previous year. Gross margins normalized with current imputed interest rate is 54.9% in 9M 2022 36#38Record High Earnings EBITDA Evolution (TRYM) (exc. IFRS16) EBITDA Margin (%) 8.8% 16.6% 19.5% 21.4% 21.7% Profit Margin 0.7% (%) 213% 2,063 1,565 765 211 2020 2021 97% 3,082 2022 9M 2022 9M 2023 EBITDA Evolution (TRYm) (inc. IFRS16) EBITDA Margin (%) 16.3% 22.5% 23.5% 25.4% mavi 152% Net Profit (TRYm) (exc.IFRS16) 9.3% 13.8% 15.9% 15.5% 88% 2,194 1,463 1,164 429 16 2020 2021 2022 9M 2022 9M 2023 Net Profit (TRYm) (inc. IFRS16) 25.1% Profit Margin 0.3% 9.2% 13.8% 15.8% 15.3% (%) 91% 3,561 88% 2,491 1,860 1,038 392 2,175 1,459 1,158 423 8 2020 2021 2022 9M 2022 9M 2023 2020 2021 2022 9M 2022 9M 2023 2020-2022 CAGR 37#39Effective Working Capital and Inventory Management Cash Conversion¹ (exc. IFRS 16) Main Working Capital Items 122% TRYM 2022 9M 2022 9M 2023 83% 91% Trade & Other Receivables³ 913 1,022 1,618 47% % Sales 8.6% 11.7% 9.3% Inventories 2,308 1,823 3,291 2020 2021 2022 9M 2023 % COGS 46.2% 45.1% 39.7% TRYM 2020 2021 2022 9M 2023 Trade & Other Payables 3,000 2,368 2,904 EBITDA 211 765 2,063 3,082 % COGS 60.1% 58.6% 35.1% A in NWC (35) 170 (194) (1,618) Main Net Working Capital 220 477 2,005 Operating Cash Flow2 176 935 1,869 1,463 % Sales 2.1% 5.5% 11.5% The 80% increase in inventory level is largely driven by product cost inflation in Turkey (57% yoy) Inventory in number of pieces in Turkey is 22% higher compared to same period last year in line with business plans and demand. expectations. Inventory comprises of all fresh, mainly FW23 season products mavi Increase in working capital requirements was mainly driven by higher product costs and actions to mitigate cost pressures (cash purchases, early booking, fabric planning etc - clearly reflected on trade payables levels) " 1 Defined as Operating Cash Flow / EBITDA. 2 Operating Cash Flow calculated as EBITDA - Change in Working Capital. Working Capital as per the cash flow statement and including main working capital items as well as Deferred revenues and Employee benefits paid among others. 3 Trade & Other Receivables includes Current Trade Receivables, Current Other Receivables and Non-Current Other Receivables. 4 Trade & Other Payables includes Current Trade Payables, and Current Payables to Third Parties. 38 888#40Efficient Capex Management and Healthy Leverage Ratios CAPEX Debt Breakdown (31 October 2023) % Sales 4.2% 3.5% 2.8% 2.4% 5% 2% 4% Average Cost of Debt 344 USD 295 TRY 41.4% CAD 164 USD 7.7% TRY 101 RUB 20.0% ■RUB CAD 7.6% 2020 2021 2022 9M 2023 89% Blended 38.2% mavi Net Cash (Debt) exc.IFRS16 (TRYM) 1,762 31 Jan. 2023 2,170 31 Oct. 2023 • • All of non-TRY debt (11% of total) is carried by Mavi US, Mavi CA and Mavi RU - all denominated in their local currencies There is no foreign currency debt as of July 2023 -end Keeping no FX position is management priority 39 39#41FY2023 Management Guidance Previous (08.06.2023) Revised (19.09.2023) Revised (11.12.2023) Consolidated Revenue Growth 75% ± 5% Turkiye Retail Stores 5 net new stores 7 store expansions EBITDA Margin 18% ±0.5% (exc. IFRS16) 22% ±0.5% (inc. IFRS16) 80% + 8 net new stores 7 store expansions 19% ±0.5% (exc. IFRS16) 22.5% ±0.5% (inc. IFRS16) 85% + Confirmed 20% ±0.5% (exc. IFRS16) 23.5% ±0.5% (inc. IFRS16) Net Debt/EBITDA Net Cash Position (exc. IFRS16) Confirmed Confirmed CAPEX 3% of consolidated sales Confirmed Confirmed Trading Update for Q4 2023 > Turkiye retail sales increased 104% in November and 125% in the first 10 days of December mavi › Online sales in Turkiye grew 102% in November and 109% in the first 10 days of December 40 40#42CDP DISCLOSURE INSIGHT ACTION A LIST 2022 CLIMATE We're delighted to be named on CDP's 2022 Climate Change Global "A" List! THANK YOU! Contact [email protected] [email protected]#43Financial Statements Income Statement (inc. IFRS 16) mavi TRYM Revenue Cost of Sales Gross Profit Gross Margin Administrative Expenses Q3 2022 3,202 Q3 2023 Change (%) 9M 2022 9M 2023 Change (%) 5,774 80% 7,325 14,189 94% (1,534) (2,519) 64% (3,349) (6,643) 98% 1,667 3,255 95% 3,976 7,546 90% 52.1% 56.4% 54.3% 53.2% (220) (313) 43% (467) (837) 79% Selling and Marketing Expenses (810) (1,456) 80% (1,967) (3,652) 86% R&D Expenses (20) (47) 142% (51) (122) 138% Other Income / (Expenses), net 27 101 280% 66 113 71% Operating Profit 644 1,539 139% 1,557 3,049 96% Profit/(Loss) from Investment Activities 2 6 157% 11 21 91% Operating Profit before Financial Income 647 1,545 139% 1,568 3,070 96% Operating Margin 20.2% 26.8% 21.4% 21.6% Financial Expenses, Net (105) (210) 99% (239) (358) 50% Profit Before Tax 541 1,335 147% 1,329 2,712 104% Income Tax Expense (88) (299) 241% (171) (537) 214% Profit Profit Margin 453 1,036 128% 1,158 2,175 88% 14.2% 17.9% 15.8% 15.3% EBITDA 752 1,674 123% 1,860 3,561 91% EBITDA Margin 23.5% 29.0% 25.4% 25.1% EBITDA ex IFRS 16 643 1,489 131% 1,565 3,082 97% Profit ex IFRS 16 456 1,036 127% 1,164 2,194 88% 42#44Financial Statements Balance Sheet (inc. IFRS 16) TRYM Assets Current Assets Cash and Cash Equivalents Financial Investments Trade Receivables Inventories Other Current Assets Total Current Assets Property and Equipment Right of Use Assets Intangible Assets Other Non-Current Assets 31 January 2023 31 October 2023 Change (%) 3,245 58 4,273 59 32% 2% 871 1,588 82% 2,308 3,291 43% 304 399 31% 6,785 9,611 42% 395 569 44% 576 666 16% 663 964 45% 224 368 65% Total Non-Current Assets 1,858 2,567 38% Total Assets 8,643 12,178 41% Short-Term Financial Liabilities 1,541 1,811 18% Short-Term Contractual Lease Liabilities 350 448 28% Trade Payables 2,961 2,766 (7%) Other Current Liabilities 592 1,335 125% Total Current Liabilities 5,444 6,359 17% Long-Term Financial Liabilities 351 n.m. Long-Term Contractual Lease Liabilities 290 314 8% Other Non-Current Liabilities 177 179 1% Total Non-Current Liabilities 467 844 81% Total Liabilities 5,911 7,203 22% mavi Total Equity Total Equity & Liabilities 2,732 4,975 82% 8,643 12,178 41% 43#45Financial Statements Cash Flow Statement (inc. IFRS 16) TRYM Profit¹ Adjustments Cash Flow from Operating Activities A in Net Working Capital2 Income Tax Paid 9M 2022 9M 2023 1,158 2,175 1,013 1,840 2,171 4,015 (513) (1,618) (267) (335) Net Cash from Operating Activities 1,391 2,062 Capex (192) (344) Other Investing Cash Flow³ 137 453 Net Cash Flow Used in Investing Activities (55) 109 Debt Issued (Repaid) 163 397 Payment of Contractual Lease Liabilities (296) (481) Other Financial Payments4 (205) (494) Dividend Paid (120) (429) Interest Paid Net Cash Flows Used in Financing Activities Net Cash Flow (102) (148) (560) (1,156) 776 1,015 Cash and Cash Equivalents at the Beginning of the Period 5 1,479 3,223 2,255 4,238 mavi Cash and Cash Equivalents at the End of the Period 5 Pre non-controlling interest. 2 Working Capital includes main working capital items and employee benefits paid as well as deferred revenues. ³Other Investing Cash Flow includes proceeds from sale of tangible assets, other investing activities and interest received 4 Other Financial Payments include proceeds from derivatives, imputed interest and financial commissions. 5Cash and Cash Equivalents in the Balance Sheet includes interest income accruals as cash. Excluding interest income accruals net cash at the end of the period is equal to Cash and Cash Equivalents on the Balance Sheet for the same fiscal year. 44 44#46Effects of IFRS 16 on Financial Statements mavi TRYM Current assets Non-current assets Current liabilities Non-current liabilities Equity Operating profit Operating profit before finance costs. Finance income Finance expense Profit before tax Net profit EBITDA 31-Oct-23 IFRS 16 Effect After IFRS 16 9,617 (6) 9,611 1,877 690 2,567 5,911 448 6,359 530 314 844 5,053 (78) 4,975 9M 2023 IFRS 16 Effect After IFRS 16 2,978 71 3,049 2,999 71 3,070 538 -- 538 (798) (98) (896) 2,739 (27) 2,712 2,194 (19) 2,175 3,082 479 3,561 45#47Q3 2023 - Sales Channels Performance Global Revenue (TRYm) Turkiye Revenue (TRYM) Channel Growth 86% 104% 12,360 969 2,123 80% 94% 14,189 104% 6,047 1,333 87% 5,032 475 2,701 124% 3,343 386 946 9,268 7,325 176 873 87% 471 5,774 3,773 4,626 100% 714 2,054 3,202 530 1,789 1.380 9,513 97% Q3 2022 Q3 2023 9M 2022 9M 2023 267 804 4,822 3,864 2,130 International Revenue (TRYm) Q3 2022 Q3 2023 9M 2022 9M 2023 ■Retail ■Wholesale E-com 7% 8% > Total revenue consists of 67% retail, 24% wholesale and 9% e-com > > 87% of consolidated revenue is from Turkiye International revenue in constant currency increased 7% in Q3 2023 and 8% in 9M 2023 48% 43% 52% 1,829 1,278 364 45% 742 239 501 1,220 144 91 843 25% 333 506 26 92 196 245 Q3 2022 Q3 2023 9M 2022 9M 2023 mavi % Growth % Constant Currency Growth 46 46#48Experienced and Diverse Board of Directors - 50% Independent mavi Ersin Akarlılar Chairperson • • • With Mavi since 1991 Primarily responsible for Mavi's international strategy Chairman of Mavi US Tamer Haşımoğlu Independent Non- Executive Director Board Member at Koç Group and Anadolu Group companies President of Tourism, Food, and Retailing Group at Koç Holding (April 2011 - April 2022) Cüneyt Yavuz CEO • Mavi's Chief Executive Officer since 2008 Previously worked at Procter & Gamble Elif Akarlılar Executive Director • With Mavi since 1991. Mavi's Global Brand Director since 2008 Previously held various Product and Brand Management positions within Mavi Istanbul and NY. Nedim Nahmias Independent Non- Executive Director COO at Yemek Sepeti (Delivery Hero) Previously held various other roles in yemek Sepeti including CPO Zeynep Yalim Uzun Independent Non-Executive Director • • Start-up Business Board Strategy and Marketing Advisor Previously held senior marketing positions at Unilever and Arçelik 47#49Sustainability Governance at Mavi Material Sustainability Issues Analysis conducted in accordance with the AA1000 Stakeholder Engagement Standard Sustainability Governance Board of Directors Very High Priority High Priority • Water and wastewater • Digitalization and customer Committee Head (CEO) • Customer satisfacion experience • R&D and innovation • Talent management • Raw material management Sustaninability Committee . Supply chain management • Brand reputation • Sustainable products • Human rights and fair . Women's empowerment Working Groups working conditions • Circular economy • Climate change and energy Wastes • Business ethics Risk management . Chemicals management Employees Corperate Governance And Risk Environment Supply Chain Sustainable Products and R&D mavi Customers and Digitalization 48