D Market Elektronik Hizmetler Ve Ticaret AS (HEPS) Q1 2026 Earnings Call Transcript

Why It Matters

The results highlight Hepsiburada’s rapid scale in a hyperinflationary market, positioning it as Turkey’s leading e‑commerce fintech hybrid while testing profitability under volatile macro conditions.

Key Takeaways

• GMV up 84% YoY to 8.3 billion TRY
• Active customers reached 12 million, up 27%
• Hepsipay wallets grew to 7.1 million users
• Buy‑Now‑Pay‑Later service launched February 2022
• EBITDA negative 303 million TRY, margin improving

Pulse Analysis

Hepsiburada’s Q1 performance underscores how a diversified marketplace‑plus‑first‑party model can thrive amid Turkey’s hyperinflation. By leveraging a hybrid 1P‑3P structure, the company captured a surge in order volume while offering price‑flexible products that resonated with cost‑conscious shoppers. The 84% GMV jump and 12 million active customers illustrate strong demand elasticity, yet the modest decline in gross contribution margin signals the cost pressures of logistics, advertising, and inflation‑adjusted pricing. This balance of growth and margin management is a key indicator for investors watching emerging‑market e‑commerce players.

A distinctive element of Hepsiburada’s strategy is its aggressive push into fintech. The Hepsipay wallet now serves 7.1 million users, accounting for roughly 40% of total GMV, and the newly introduced Buy‑Now‑Pay‑Later (BNPL) product marks the first such offering in Turkish e‑commerce. By bundling credit, installment plans, and multi‑card checkout, the platform deepens customer stickiness and extracts higher basket values, a critical advantage when inflation erodes real purchasing power. The fintech expansion also diversifies revenue streams beyond traditional marketplace commissions, positioning Hepsiburada to compete with both local banks and global digital payment entrants.

Looking ahead, the company faces a dual challenge: sustaining high‑velocity growth while navigating the accounting implications of IAS 29, which will reshape financial reporting in hyperinflationary environments. Hepsiburada’s commitment to avoid new capital for 18 months reflects confidence in cash‑flow generation, yet the negative EBITDA of TRY 303 million highlights the need for disciplined cost control. Investors will monitor how the firm balances advertising spend, logistics scaling, and credit risk from its BNPL program against the backdrop of 60%+ inflation, as these factors will determine whether Hepsiburada can translate its market‑share gains into sustainable profitability.