Turkey's D-MARKET Q1 revenue rises 22.9% net loss widens

D Market Elektronik Hizmetler ve Ticaret AS

07/05/2026 21:44

Overview

Turkey e-commerce platform's Q1 revenue rose 22.9% yr/yr to TRY 23.1 bln

Q1 EBITDA more than doubled, but net loss widened to TRY 992 mln

Higher expenses and financial costs drove the larger net loss despite revenue growth

Outlook

Company did not provide specific guidance for the current quarter or full year

Result Drivers

ORDER AND GMV GROWTH - Co said revenue growth was driven by a 28.4% increase in GMV and 22.1% rise in orders, reflecting targeted marketing and delivery initiatives

HIGHER OPERATING EXPENSES - Increased advertising and shipping costs, as well as investments in growth initiatives, contributed to higher operating expenses and a wider net loss

GROSS MARGIN PRESSURE - Gross contribution margin fell 0.8pp, mainly due to declines in premium, consumer finance, and fulfillment revenue

Company press release: ID:nGNX3Dnr1

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
TRY 23.14 bln
Q1 Net Income
-TRY 992 mln
Q1 EBITDA
TRY 420.30 mln
Q1 Free Cash Flow
-TRY 1.12 bln
Q1 GMV
TRY 57.80 bln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the department stores peer group is "buy"

Wall Street's median 12-month price target for D Market Elektronik Hizmetler ve Ticaret AS is $3.40, about 22.3% above its May 6 closing price of $2.78

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)