D-Market Electronic Reported Q2 GMV Growth of 3.9% YoY to TRY 33.8B, Number of Orders Grew by 33.3% YoY to 36.7M, Active Customers Rose by 0.5% YoY to 12.1M

Second Quarter 2024 Financial and Operational Highlights

(All financial figures are restated pursuant to IAS 29 unless otherwise indicated)

• Gross merchandise value (GMV) increased by 3.9% to TRY 33.8 billion compared to TRY 32.5 billion in Q2 2023.
  • IAS 29-Unadjusted GMV increased by 79.2% to TRY 33.1 billion compared to Q2 2023.
• Revenue was nearly flat at TRY 10,112.9 million compared to TRY 10,113.3 million in Q2 2023.
• Number of orders increased by 33.3% to 36.7 million compared to 27.5 million orders in Q2 2023.
• Active Customers increased by 0.5% to 12.1 million compared to 12.0 million as of June 30, 2023.
• (Order) Frequency increased by 23.2% to 10.6 compared to 8.61 as of June 30, 2023.
• Active Merchant base decreased by 0.3% to 100.9 thousand compared to 101.3 thousand as of June 30, 2023.
• Number of SKUs increased by 35.6% to 264.0 million compared to 194.7 million as of June 30, 2023.
• Share of Marketplace GMV was 71.1% compared to 67.1% in Q2 2023.
• EBITDA increased by 45.7% to TRY 386.6 million compared to TRY 265.3 million in Q2 2023. Accordingly, EBITDA as a percentage of GMV was at 1.1%, a 0.3 percentage point improvement compared to 0.8% in Q2 2023.
  • IAS 29-Unadjusted EBITDA increased by 110.5% to TRY 787.4 million compared to TRY 374.0 million in Q2 2023. IAS 29-Unadjusted EBITDA as a percentage of GMV in Q2 2024 improved by 0.4 percentage points to 2.4% compared to 2.0% in Q2 2023.
• Loss for the period was TRY 384.5 million compared to income of TRY 1,511.9 million for Q2 2023.
• Free cash flow was negative TRY 644.5 million compared to negative TRY 1,041.8 million in Q2 2023.