D-Market Elektronik Hizmetler ve Ticaret (HEPS) Q4 2024 earnings summary

Executive summary

• GMV grew 12.1% year-over-year to TRY 188.6 billion in 2024, with revenue up 11.1% to TRY 57.0 billion and EBITDA margin rising to 1.1% of GMV.

• Gross contribution margin improved by 2.1 percentage points to 11.3% of GMV.

• Net loss for 2024 was TRY 1,604.9 million, reversing from net income of TRY 109.1 million in 2023.

• Active customers increased by 235,000 to 12.2 million, with order frequency up 14% to 10.8.

• Kaspi.kz acquired a 65.4% controlling stake in January 2025, marking a major strategic shift.

Financial highlights

• FY 2024 GMV: TRY 188.6 billion (+12.1% YoY); revenue: TRY 57,046.6 million (+11.1% YoY); EBITDA: TRY 2,065.1 million (+218.4% YoY); margin at 1.1% of GMV.

• Free cash flow for 2024 was TRY 3,701.9 million, down from TRY 5,591.7 million in 2023.

• Gross contribution margin reached 11.3% (+2.1pp YoY); operating expenses as % of GMV improved to 30.2%.

• Q4 2024 GMV up 1.9% YoY to TRY 59.0 billion; Q4 EBITDA rose 283.5% to TRY 714.9 million.

• Cash and cash equivalents at year-end: TRY 6,750.2 million; short-term borrowings increased to TRY 1,682.7 million.

Outlook and guidance

• Early 2025 faced macroeconomic headwinds, high inflation, and consumer boycotts, impacting purchasing power and marketing activities.

• Management anticipates value creation from Kaspi.kz’s acquisition and will focus on loyalty, logistics, fintech, and B2B services.