D-Market Elektronik Hizmetler ve Ticaret A.S. Earnings Call Transcripts
Fiscal Year 2024
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Delivered 12.1% real GMV growth and improved gross contribution margin by 2.1 points in 2024, with EBITDA as a percentage of GMV rising to 1.1%. Early 2025 saw macroeconomic headwinds and a major ownership change as Kaspi acquired a controlling stake.
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Achieved first-ever quarterly positive operating income since IPO, with strong GMV and margin growth despite macroeconomic challenges. Full-year GMV growth is guided at 75% (13% inflation-adjusted), and Kaspi's acquisition is set to close in early 2025.
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Q2 2024 saw GMV and EBITDA exceed guidance, with strong growth in marketplace operations and lending solutions. Gross contribution margin hit a record 12%, and first half free cash flow was the highest since IPO. Outlook remains positive, with robust guidance for Q3 and continued focus on strategic initiatives.
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Q1 2024 saw robust GMV and EBITDA growth, margin expansion, and strong free cash flow, with leadership in key categories and continued gains in customer loyalty. Guidance for Q2 and full-year 2024 remains positive despite macroeconomic and regulatory headwinds.