HEPS · D-Market Elektronik Hizmetler ve Ticaret A.S.

Hepsiburada's Q1 2026 results reflect continued growth momentum in a hyperinflationary environment, with all figures restated under IAS 29 using TurkStat indices to present in March 31, 2026 purchasing power. GMV surged 28.4% to TRY 57.8 billion, fueled by 22.1% order growth to 20.3 million and 5.1% higher average order value, alongside 2.5% active customer expansion to 11.6 million and 13.6% increased order frequency to 7.2. Marketplace GMV share held steady at 68.9%. Revenue climbed 22.9% to TRY 23,136.6 million, driven by 26.7% growth in 1P sales (65.8% of total), 29.0% in 3P marketplace revenue (12.9%), and 22.6% in delivery services (16.2%), offset by 17.7% decline in other revenue from lower premium, consumer finance, and fulfillment streams. Gross contribution margin contracted 0.8pp to 14.7% due to the other revenue mix shift. Operating expenses rose 20.6% to 40.8% of GMV, with advertising up 42.2% from growth investments, shipping/packaging up 30.1% amid merchant subsidies, but efficiencies improved 1P margins and reduced payroll/GMV to 4.7%. EBITDA margin expanded 0.4pp to 0.7%, highlighting operational leverage despite investments. Net loss widened to TRY 992.0 million, primarily from TRY 943.1 million higher net financial expenses on credit card installment fees, increased advertising (TRY 525.2 million), shipping (TRY 647.0 million), and inventory costs (TRY 2,776.0 million), partially offset by TRY 4,308.7 million revenue gain. CEO Nilhan Onal Gökçetekin noted sustained order and GMV growth, EBITDA improvement despite marketing spend, with net loss tied to growth initiatives. Free cash flow improved 8.1% to negative TRY 1,120.2 million. ESG efforts advanced TEWE program to 72,000 women entrepreneurs and completed training for 1,000 more.