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- **12.1% GMV Growth**: Driven by 131.4 million orders and 10.8 order frequency, EBITDA as % of GMV rose to 1.1%.
- **Strategic Wins**: HepsiJet delivered 72% of parcels, landing solutions volume grew 260%, and Kaspi deal unlocks fintech opportunities.
- **Financial Strength**: 11.1% revenue growth, 2.1ppt margin expansion, and 3.7 billion TL free cash flow despite macro challenges.
- **Q1 2025 Risks**: Consumer boycotts and macroeconomic pressure weigh on near-term outlook.

**【CEO Summary Section】**
- **GMV Growth**: Achieved 12.1% real GMV growth in 2024, with EBITDA as a percentage of GMV rising to 1.1% (0.7% YoY improvement). 
- **Customer Metrics**: Active customers reached 12.2 million (+235,000 YoY), orders hit 131.4 million (+16% YoY), and order frequency rose to 10.8 (14% YoY).
- **Merchant Expansion**: Active merchant base exceeded 100,000, with HepsiJet delivering 72% of total parcels in 2024. Off-platform volume grew 9.7% YoY to 34.6% of total.
- **Strategic Initiatives**: 
  - **Hepsiburada Premium**: 3.7 million members, expanded content via Warner Bros. partnership.
  - **Landing Solutions**: Total volume reached 16.2 billion TL (2.6x 2023), with 3.3 million orders utilizing BNPL/consumer loans.
  - **Kaspi Deal**: 65.4% stake acquisition by Kaspi, creating fintech ecosystem synergies.
- **Q1 2025 Challenges**: Macroeconomic headwinds, consumer boycotts, and limited marketing due to political sensitivity.

**【CFO Financial Commentary】**
- **Revenue Performance**: Full-year revenue grew 11.1% YoY, driven by 50% delivery revenue increase and 112% growth in other revenue (ads, premium subscriptions).
- **Gross Margin**: Gross contribution margin improved 2.1ppt to 11.3%, fueled by higher delivery and other revenue streams.
- **EBITDA**: 1.1% of GMV (0.7ppt YoY expansion), with 0.9ppt improvement excluding one-off items.
- **Cost Dynamics**: 
  - Payroll expenses rose 0.5ppt due to salary increases and headcount growth.
  - Shipping costs increased 0.4ppt from higher parcel volume and wage hikes.
  - Other expenses rose 0.3ppt due to license fees and debt provisions.
- **Cash Flow**: Free cash flow decreased 1.9 billion TL YoY to 3.7 billion TL, driven by 1.55 billion TL decline in operating cash flow and 0.34 billion TL increase in CapEx.

**【Q&A Highlights】**
- Limited Q&A session; no detailed questions or answers provided in transcript.

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D-MARKET Electronic Services & Trading (HEPS)-24 Aug 23-2023 Q2 Earnings call transcript

D-MARKET Electronic Services & Trading (HEPS)-25 May 23-2023 Q1 Earnings call transcript

D-MARKET Electronic Services & Trading (HEPS)-22 Mar 23-2022 Q4 Earnings call transcript

D-MARKET Electronic Services & Trading (HEPS)-6 Dec 22-2022 Q3 Earnings call transcript

D-MARKET Electronic Services & Trading (HEPS)-28 Sep 22-2022 Q2 Earnings call transcript

D-MARKET Electronic Services & Trading (HEPS)-1 Jun 22-2022 Q1 Earnings call transcript

D-MARKET Electronic Services & Trading (HEPS)-24 Mar 22-2021 Q4 Earnings call transcript

D-MARKET Electronic Services & Trading (HEPS)-23 Nov 21-2021 Q3 Earnings call transcript

D-MARKET Electronic Services & Trading (HEPS)-26 Aug 21-2021 Q2 Earnings call transcript

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