D-Market Elektronik Hizmetler ve Ticaret (HEPS) Q1 2026 earnings summary

Executive summary

• Achieved strong growth in GMV (up 28.4%), orders (up 22.1%), and revenue (up 22.9%) year-over-year for Q1 2026, reflecting continued momentum in customer engagement and platform activity.

• EBITDA rose significantly to TRY 420.3 million (up 195.1%), with margin improvement despite higher marketing expenses; however, net loss widened to TRY 992.0 million, mainly due to increased financial expenses and investments in growth initiatives.

• Active customers and merchants grew modestly, while order frequency and average order value also increased, indicating deeper customer engagement.

Financial highlights

• GMV reached TRY 57.8 billion (IAS 29 adjusted), up from TRY 45.1 billion; revenue was TRY 23,136.6 million, up from TRY 18,827.9 million year-over-year.

• Gross Contribution Margin declined by 0.8pp to 14.7% due to lower premium, consumer finance, and fulfillment revenue.

• Free cash flow outflow improved by 8.1% to negative TRY 1,120.2 million.

• Net loss increased to TRY 992.0 million from TRY 464.7 million, driven by higher financial expenses, advertising, and shipping costs.

• EBITDA margin improved to 0.7% of GMV (up 0.4pp), with EBITDA at TRY 420.3 million.

Segment performance

• 1P (direct sales) revenue grew 26.7% and comprised 65.8% of total revenue; 3P (marketplace) revenue grew 29.0% and comprised 12.9%.

• Delivery service revenue increased 22.6%, mainly from off-platform customers; other revenue declined 17.7% due to lower premium and finance-related income.

• Marketplace GMV share remained flat at 68.9%.