Hepsiburada Announces First Quarter 2025 Financial Results

Core Insights - Hepsiburada reported a challenging first quarter in 2025, with significant declines in key financial metrics due to politically driven consumption boycotts and a decelerating market [6][19][24] Financial Performance - Gross merchandise value (GMV) decreased by 14.8% to TRY 42.7 billion compared to TRY 50.1 billion in Q1 2024 [4][10] - Revenue decreased by 7.9% to TRY 14,386.9 million compared to TRY 15,619.0 million in Q1 2024 [4][23] - EBITDA decreased by 72.8% to TRY 108.8 million, corresponding to 0.3% of GMV, down from 0.8% in Q1 2024 [4][34] - Net loss for the period was TRY 355.1 million, compared to a net loss of TRY 180.5 million in Q1 2024 [11][32] Operational Metrics - The number of orders decreased by 18.9% to 23.8 million compared to 29.3 million in Q1 2024 [4][10] - Active customers decreased by 0.9% to 12.0 million compared to 12.1 million as of March 31, 2024 [4][10] - Average order value (excluding digital products) grew by 4.2% in Q1 2025 compared to Q1 2024 [4][19] Market Dynamics - The share of Marketplace GMV increased to 68.8% from 68.4% in Q1 2024 [4][10] - The annual inflation rate published by TurkStat was 38.1% as of March 31, 2025, down from 68.5% a year earlier [19] Strategic Initiatives - Hepsiburada improved its gross contribution margin by 200 basis points year over year, driven by initiatives like Hepsiads and Hepsiburada Premium [7][28] - The logistics capabilities of HepsiJet expanded, increasing its share of external customer deliveries from 33% to 40% of total parcels delivered [8] ESG Actions - The "Technology Empowerment for Women Entrepreneurs" program reached an additional 2,678 women, supporting approximately 63,000 women entrepreneurs to date [15] - Hepsiburada sponsored books and board games for children affected by the February 2023 earthquakes, reaching over 250,000 children [16]