D-Market Elektronik Hizmetler Ve Ticaret As · Q1 2025 earnings

Briefing

Hepsiburada posts Q1 loss as boycotts and macro headwinds hit GMV

Hepsiburada reported a challenging first quarter of 2025 with revenue of TRY 14.4 billion, down 7.9% year over year on an IAS 29 inflation-adjusted basis, and gross merchandise value of TRY 42.7 billion, down 14.8%. The company posted a net loss of TRY 355.1 million versus TRY 180.5 million in Q1 2024, and EBITDA fell to TRY 108.8 million from TRY 399.6 million, representing 0.3% of GMV. CEO Nilhan Gökçetekin cited politically driven consumption boycotts, scaled-back marketing, counter-inflationary policies and weaker purchasing power as key headwinds. Gross contribution margin improved 200 basis points to 12.5%, but loan loss provisions rose to TRY 148 million and free cash flow was negative TRY 931.8 million.

• Revenue of TRY 14.4B declined 7.9% YoY; GMV fell 14.8% to TRY 42.7B amid boycotts and macro weakness.
• Net loss widened to TRY 355.1M from TRY 180.5M; EBITDA dropped to TRY 108.8M (0.3% of GMV).
• Gross contribution margin improved 200bps to 12.5%; marketplace GMV share held at 68.8%.
• Loan loss provisions surged to TRY 148M from TRY 41M as fintech lending scaled up.
• Free cash flow was negative TRY 931.8M versus positive TRY 1.4B in Q1 2024.

Headline financials

Revenue & EPS history