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Mar 31, 2025
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D-Market Q1 2025 Earnings Report
Hepsiburada reported a wider net loss and a decline in revenue during Q1 2025 amid external market pressures.
Key Takeaways
Hepsiburada faced a challenging Q1 2025, with revenue declining and net loss increasing due to consumption boycotts and weaker demand. Despite margin improvements from premium services and advertising, the company's EBITDA and free cash flow deteriorated significantly.
Revenue by Segment
Forward Guidance
Management expects continued macroeconomic pressure and moderated consumer demand in the near term, while focusing on gross margin improvement and fintech growth.
Positive Outlook
- Gross contribution margin improved 200bps YoY
- Hepsiads and Hepsiburada Premium revenue rose significantly
- HepsiJet expanded its share of external deliveries
- Focus on improving operating leverage and efficiency
- New fintech revenue streams gaining traction
Challenges Ahead
- Net loss widened significantly YoY
- Free cash flow turned negative
- Consumption boycotts severely impacted topline
- Loan loss provisions increased to TRY 148M
- Demand weakened due to counter-inflationary policies
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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