Teknosa Iç ve Dis Ticaret Anonim Sirketi (TKNSA) Q1 2025 earnings summary

Executive summary

• Revenue declined 18% year-over-year in Q1 2025 to TL 16,505 million, driven by weak demand, seasonality, and macroeconomic headwinds.

• EBITDA margin improved to 2.7% from 2.5% year-over-year, supported by gross margin gains and disciplined OpEx management.

• Net loss widened to TL 414 million from TL 131 million in Q1 2024, with net profit margin at -2.5%.

• Marketplace platform expanded 45-fold since launch, reaching ~1,200 merchants and 225,000 SKUs.

• Continued focus on digital transformation, AI-driven initiatives, and sustainability, with inclusion in the BIST Sustainability Index.

Financial highlights

• Gross margin improved by 1.4 percentage points year-over-year to 12.7%, with gross profit at TL 2,093 million.

• EBITDA was TL 441 million, down 14% year-over-year, but margin rose to 2.7%.

• Net financial expenses-to-revenue ratio improved to 5.6% from 5.9% year-over-year.

• Credit card commission to revenue ratio decreased from 4.6% to 4.3% year-over-year.

• Total CapEx rose 21% year-over-year, with a focus on IT, digital, and efficiency projects.

Outlook and guidance

• Focus remains on driving revenue growth in complementary products and services, optimizing gross margin, and controlling OpEx.

• Continued investment in digital transformation, AI-driven initiatives, and IT infrastructure.

• Commitment to long-term growth and strategic CapEx investments despite macroeconomic challenges.