D-MARKET Elektronik Hizmetler ve Ticaret AS · NASDAQ:HEPS
D-MARKET Elektronik Hizmetler ve Ticaret AS — D-Market Electronic Services & Trading (Hepsiburada) — Q4 2024 Earnings Presentation
28 slides from D-MARKET Elektronik Hizmetler ve Ticaret AS's earnings presentation, Apr 30, 2025
Slide 1: Q4 & FY 2024 Results Presentation
Q4 & FY 2024 Results Presentation April 30, 2025
Slide 2: Disclaimer
Disclaimer Restatement of Financial Information Pursuant to the International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (“IAS 29”), the financial statements of entities whose functional currency is that of a hyperinflationary economy must be adjusted for the effects
Slide 3: Forward Looking Statements
Forward Looking Statements This presentation, the conference call webcast, press release and related communications include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the S
Slide 4: Business Update
Business Update hepsiburada PREMIUE
Slide 5: FY 2024: Key Metrics Recap
FY 2024: Key Metrics Recap GMV Gross Contribution(1) EBITDA (TRY billion) TRY 15.5 Bn TRY 21.4 Bn TRY 2,065.1 Mn TRY 648.5 Mn +12.1% (as % of GMV) (as % of GMV) +2.1pp +0.7pp 188.6 168.3 11.3% 1.1% 9.2% 0.4% 2023 2024 2023 2024 2023 2024 74% YoY GMV growth +2.1 pp margin improvement on 2.1% EBITDA/
Slide 6: Hepsiburada in 2024: Customer and Merchant Summary
Hepsiburada in 2024: Customer and Merchant Summary Net Promoter Score Customer, Engagement and Merchant Summary 12.2M +100K Active Active Customers(1) Merchants(2) +235K YoY 131.4M 10.8 Number of Order NPS: Orders(3) Frequency(4) 74 16% YoY 14% YoY Note: Figures are for 2024 as relevant unless other
Slide 7: Strategic Priorities Recap: Loyalty and Delivery Services
Strategic Priorities Recap: Loyalty and Delivery Services Strategic Priorities Clear Targets KPI Progress in 2024 • Grow member base • 3.7M HB Premium program members(1) Win with loyalty: Hepsiburada Premium • Enhance program offerings • Partnership with Warner Bros Discovery Clear differentiation
Slide 8: Strategic Priorities Recap: Affordability and Lending Solutions
Strategic Priorities Recap: Affordability and Lending Solutions Strategic Priorities Clear Targets KPI Progress in 2024 Clear differentiation with affordability & Increase use of affordability solutions • 3.3 mn orders through affordability lending solutions on the Hepsiburada platform solutions(1
Slide 9: Strategic Priorities Recap: HepsiJet and Hepsipay’s Off-Platform Volume
Strategic Priorities Recap: HepsiJet and Hepsipay’s Off-Platform Volume Strategic Priorities Clear Targets KPI Progress in 2024 Increase share of off-platform customers 34.6% HJ off-platform volume share(1) (up by 9.7pp yoy) Offer HepsiJet and Hepsipay services off-platform Integrate into more maj
Slide 10: Update on the Start of 2025
Update on the Start of 2025 Kaspi.kz Consumer Kaspi Pay Merchant 12.2M +100K Super App Super App Active Active ≈ 14.7m ≈ 700K Customers Merchants Users (1) Merchants (1) Unique two-sided Super App HB ecosystem business model Q4 & FY 2024 Results (1) Source: Joint Stock Co Kaspi.kz annual report on F
Slide 11: Financial Update
Financial Update hepsiburada
Slide 12: Q4 & FY 2024 Performance: Key Metrics Recap
Q4 & FY 2024 Performance: Key Metrics Recap IAS 29-Unadjusted IAS 29-Unadjusted Gross IAS 29-Unadjusted EBITDA GMV Contribution Margin(1) as % of GMV Q4’24 TRY 58.2Bn 49.4% YoY 12.1% +2.0 pp YoY 1.8% +0.4 pp YoY FY’24 TRY 167.7Bn 73.8% YoY 12.4% +1.8 pp YoY 2.1% +0.3 pp YoY EBITDA GMV Gross Contribu
Slide 13: Double-digit Real Growth in GMV in 2024
Double-digit Real Growth in GMV in 2024 GMV Breakdown (TRY Billion) 1P GMV (TRY Billion) Non-Electronics GMV 3P GMV Electronics GMV 12.1% 188.6 188.6 168.3 168.3 30.2% 44.1% 33.1% 41.2% +2.9pp shift to non-electronics +2.9pp +1.9% shift to Marketplace 57.9 59.0 69.8% 57.9 59.0 66.9% 58.8% 55.9% 33.2
Slide 14: Revenue Diversification Contributing To Margin Improvement
Revenue Diversification Contributing To Margin Improvement Revenue Breakdown Gross Contribution Margin Revenue as a % of GMV (TRY million) +11.1% +2.4pp +2.1pp 57,047 11.4% 11.3% +6.4% 51,339 18,140 17,054 9.2% 9.0% 12,608 12,818 2,126 1,851 2,159 1,834 551 1,248 Q4’23 Q4’24 FY’23 FY’24 Q4’23 Q4’24
Slide 15: EBITDA Improvement Through Higher Gross Contribution
EBITDA Improvement Through Higher Gross Contribution EBITDA as a % of GMV Bridge EBITDA as a % of GMV +0.9pp -0.5% +0.9pp Excl. 1.2% +0.7pp -0.4% one-off(*) 1.1% -0.2% -0.1% 2.1% 1.1% 0.0% -0.3% -0.3% Excl. 0.4% one-off(*) 0.2% 0.3% 0.4% Excl. EBITDA Gross Payroll Shipping AdvertisingTechnology Othe
Slide 16: Maintaining Positive Free Cash Flow
Maintaining Positive Free Cash Flow Cash Flow From Operating Activities TRY million 7,247 5,698 4,597 2,087 Free Cash Flow(1) TRY million 5,592 4,115 3,702 Q4’23 Q4’24 FY’23 FY’24 1,478 CAPEX % of GMV TRY 609 mn TRY 1,996 mn Q4’23 Q4’24 FY’23 FY’24 -0.8% -1.0% -1.0% -1.1% Q4’23 Q4’24 FY’23 FY’24 (1)
Slide 17: Key Takeaways
Key Takeaways 1 12.1% GMV growth in 2024 2 2.1pp improvement in Gross Contribution Margin 3 Positive EBITDA margin, reaching 1.1% of GMV in 2024 Q1’25: Macroeconomic headwinds pressuring purchasing power of 4 consumers as well as boycotts against shopping 5 Change of control in ownership to Kaspi.kz
Slide 18: Appendix
Appendix hepsiburada
Slide 19: Summary Financials
Summary Financials (Unaudited) (Unaudited) (Audited) (Audited) TRY million Q4’24 Q4’23 YoY FY’24 FY’23 YoY Revenue 18,140.8 17,053.9 6.4% 57,046.6 51,339.0 11.1% Gross Contribution 6,751.7 5,222.2 29.3% 21,389.0 15,549.4 37.6% Gross Contribution margin(1) 11.4% 9.0% 2.4pp 11.3% 9.2% 2.1pp Operating
Slide 20: Consolidated Statements of Comprehensive Loss
Consolidated Statements of Comprehensive Loss Consolidated Statements of Comprehensive Loss (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 December 2024 unless otherwise indicated.) Twelve Months Ended Three Months Ended audited unaudited unau
Slide 21: Consolidated Balance Sheets
Consolidated Balance Sheets Consolidated Balance Sheets (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 December 2024 unless otherwise indicated.) audited audited 31 December 2024 31 December 2023 Assets: Current assets: Cash and cash equivalen
Slide 22: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 December 2024 unless otherwise indicated.) audited audited 1 Jan.2024 – 31 Dec.2024 1 Jan.2023 – 31 Dec.2023 Income/loss
Slide 23: Non-IFRS Metrics Reconciliation (I/V)
Non-IFRS Metrics Reconciliation (I/V) EBITDA (TRY million) Three months ended December 31, Twelve months ended December 31, 2024 2023 2024 2023 (Loss)/income for the period (669.1) (929.9) (1,604.9) 109.1 Taxation on income 0.0 0.0 0.0 0.0 Financial income 1,418.8 1,102.9 4,018.0 5,110.4 Financial e
Slide 24: Non-IFRS Metrics Reconciliation (II/V)
Non-IFRS Metrics Reconciliation (II/V) IAS 29-Unadjusted EBITDA (TRY million) Three months ended December 31, Reversal of IAS 29 Reversal of IAS 29 IAS 29 Unadjusted IAS 29 Unadjusted 2024 Adjustment 2024 2023 Adjustment 2023 (Loss)/income for the period (669.1) (190.3) (478.8) (929.9) (598.5) (331.
Slide 25: Non-IFRS Metrics Reconciliation (III/V)
Non-IFRS Metrics Reconciliation (III/V) IAS 29-Unadjusted EBITDA (TRY million) Twelve months ended December 31, Reversal of IAS 29 Reversal of IAS 29 2024 IAS 29 Unadjusted 2023 IAS 29 Unadjusted Adjustment Adjustment 2024 2023 (Loss)/income for the period (1,604.9) (916.9) (688.0) 109.1 (620.0) 729
Slide 26: Non-IFRS Metrics Reconciliation (IV/V)
Non-IFRS Metrics Reconciliation (IV/V) Revenue (TRY million) Three months ended December 31, Twelve months ended December 31, 2024 2023 2024 2023 Revenue 18,140.8 17,053.9 57,046.6 51,339.0 Reversal of IAS 29 adjustment 232.8 5,648.1 6,437.1 22,046.1 IAS 29-Unadjusted Revenue 17,908.0 11,405.8 50,60
Slide 27: Non-IFRS Metrics Reconciliation (V/V)
Non-IFRS Metrics Reconciliation (V/V) Free Cash Flow (TRY million) Three months ended December 31, Twelve months ended December 31, 2024 2023 2024 2023 Net cash provided by operating activities 2,086.9 4,596.5 5,697.7 7,246.5 Capital expenditures (608.5) (473.5) (2,010.5) (1,665.7) Proceeds from the
Slide 28: Certain Definitions
Certain Definitions We provide a number of key operating performance indicators used by our management and often used by competitors in our industry. We define certain terms used in this presentation as follows: GMV as gross merchandise value which refers to the total value of orders/products sold
D-Market Electronic Services & Trading (Hepsiburada) — Q4 2024 Earnings Presentation on 6ix