D-Market Elektronik Hizmetler ve Ticaret A.S.

For full-year 2024, Hepsiburada said real GMV increased 12.1%, gross contribution margin rose to 11.3% from last year, and EBITDA as a percentage of GMV reached 1.1%, up 0.7 percentage points year over year. Q4 unadjusted-for-inflation GMV grew 49.4%, close to guidance of 50% to 55%, and Q4 EBITDA as a percentage of GMV was 1.8%, in line with guidance of 1.8% to 2%. Revenue increased 6.4% in Q4 and 11.1% for the full year. Free cash flow for 2024 was TRY 3.7 billion, with TRY 2 billion of CapEx, and CFO said free cash flow decreased by TRY 1.9 billion versus a year ago due mainly to a TRY 1.55 billion decline in operating cash flow and a TRY 0.34 billion increase in CapEx. Looking ahead, management did not give formal next-quarter or full-year guidance on this call, but said early 2025 is being pressured by macro headwinds, weaker consumer purchasing power, and boycott-related limitations on marketing.

The CEO emphasized that 2024 was about disciplined execution, profitable growth, and strengthening the company’s core ecosystem. She highlighted progress across the three strategic priorities: customer loyalty through Hepsiburada Premium, delivery differentiation through HepsiJet, and expanding B2B services for merchants. Her tone was positive on the long-term strategy, but she clearly warned that the start of 2025 has been difficult because of macroeconomic headwinds, shopping boycotts, and limits on performance marketing.

The CFO focused on the bridge from top-line growth to margins and cash flow. He said Q4 unadjusted GMV grew 49.4% and EBITDA as a percentage of GMV was 1.8%, both consistent with guidance, while full-year revenue rose 11.1%, gross contribution margin improved to 11.3%, and EBITDA as a percentage of GMV reached 1.1%. He also noted free cash flow of TRY 3.7 billion for 2024, after TRY 2 billion of CapEx, and explained the year-over-year decline in free cash flow by a TRY 1.55 billion drop in operating cash flow plus a TRY 0.34 billion increase in CapEx. He attributed cost pressure to payroll, shipping and packaging, advertising, and other operating expenses, including a TRY 180 million license fee provision and higher bad debt provisions.

There was no Q&A on the call, and management explicitly said they were looking forward to connecting with investors later and asked questions to be directed to investor relations. The only forward-looking discussion came from management’s prepared remarks, where they flagged a tough start to 2025 from macro weakness, boycotts, and marketing constraints, alongside the positive strategic significance of the Kaspi transaction closing on January 29.