Hepsiburada GMV Grows 10.5% to TRY 85.3B
Gross merchandise value, or GMV, increased by 10.5% to TRY 85.3B vs. TRY 77.2B last year. CEO Nilhan Onal Gokcetekin said: "Hepsiburada once again continued its growth momentum in orders and cash generation. During the last quarter of 2025, we delivered order growth of 17.6% and GMV growth of 10.5% in comparison to the same period last year, while our revenue recorded double digit growth of 17.8% in the quarter. On a full-year basis, we experienced 9.5% growth in number of orders and 4.3% growth in GMV with revenue growth of 13.4%. Gross contribution margin decreased by 0.3 percentage points in Q4, while it improved by 0.6pp for the full year 2025, compared to the same periods last year. Cash generation remained robust, with free cash flow rising by 79.3% year-over-year from 1,934.7 TRY million to 3,468.1 TRY million in Q4 and by 83.2% year-over-year from TRY 4,845.5 million to TRY 8,877.0 million for the full year of 2025. The decrease in EBITDA from TRY 935.8 million in Q4 2024 to TRY 1.1 million in Q4 2025 and the increase in Net Loss from TRY 875.8 million in Q4 2024 to 3,082.3 million in Q4 2025 were primarily due to our investments in growth initiatives including efforts to speed up, and reduce the cost of delivery for merchants, performance marketing initiatives and investments in installment payments."
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D-MARKET Q4 Financial Report Analysis
- Widening Net Loss: D-MARKET reported a net loss of TRY 3.082 billion in Q4 2025, significantly up from TRY 875.8 million in Q4 2024, indicating financial challenges amid intensified competition and inflationary pressures.
- GMV Growth: Despite these challenges, the gross merchandise value (GMV) increased by 10.5% year-over-year to TRY 85.3 billion, reflecting the company's resilience and sustained customer demand in the market.
- Revenue Increase: The company's revenue rose by 17.8% in Q4 2025 to TRY 27.9705 billion, compared to TRY 23.745 billion in Q4 2024, suggesting that efforts in sales and marketing have yielded positive results.
- Order Volume Rise: D-MARKET saw a 17.6% increase in the number of orders, reaching 28.3 million, indicating consumer recognition of its platform, although the average order value decreased by 6%, the overall transaction activity remains robust.
Hepsiburada to Report Q4 and Full Year Financial Results on February 26
- Earnings Report Schedule: D-MARKET Elektronik Hizmetler ve Ticaret A.Ş. (Hepsiburada) is set to release its unaudited financial results for Q4 and the full year ending December 31, 2025, after U.S. market close on February 26, 2026, which is expected to provide investors with critical performance metrics and market trend analysis.
- E-commerce Platform Overview: As a leading Turkish e-commerce platform, Hepsiburada operates through a hybrid model combining first-party direct sales and a third-party marketplace, aiming to drive the digitalization of commerce while offering diverse services such as last-mile delivery, fulfillment, and advertising solutions to enhance merchant-consumer interactions.
- Fintech Platform: Hepsipay, Hepsiburada's integrated fintech platform, offers secure payment solutions including digital wallets, general-purpose loans, and buy now pay later (BNPL), which not only enhance shopping convenience for consumers but also drive higher sales conversions for merchants, showcasing its innovative capabilities in the e-commerce sector.
- Women Empowerment Initiative: Since its founding in 2000, Hepsiburada has been committed to empowering women in the Turkish economy, particularly through its 2017 launched 'Technology Empowerment for Women Entrepreneurs' program, which has supported thousands of female entrepreneurs in reaching millions of customers, reflecting its strong sense of social responsibility.
Hepsor Signs €5.25 Million Residential Project Contract
- Contract Signing: Hepsor E18 and Mitt & Perlebach signed a €5.25 million construction contract on December 30, 2025, marking a significant expansion for the company in the Dzirciems neighborhood of Riga.
- Development Scale: The project consists of two residential buildings with a total of 54 apartments and a gross building area of 4,040 m², addressing the market's diverse housing needs while enhancing Hepsor's competitive position.
- Sustainable Design: The development adheres to Hepsor's sustainable and energy-efficient principles, achieving an A+ energy efficiency rating with heat recovery ventilation and underfloor heating, further solidifying the company's leadership in green building.
- Market Pre-Sales: As of the contract signing, 38% of the apartments have been reserved or pre-sold, indicating strong market demand for the project, which is expected to drive future sales growth.
Hepsor AS Announces 2026 Financial Reporting Schedule and Project Developments
- Financial Reporting Schedule: Hepsor AS plans to disclose its unaudited interim report for Q4 and the full year of 2025 on February 18, 2026, followed by the audited annual report on April 24, enhancing transparency and investor confidence.
- Project Progress: Over the past 14 years, Hepsor AS has successfully developed 2,003 homes and nearly 44,787 square meters of commercial space, demonstrating robust growth and strong market demand in the real estate sector.
- Innovative Engineering Solutions: As the first developer in the Baltic states to implement several innovative engineering solutions, Hepsor is committed to enhancing energy efficiency in its buildings, aligning with global sustainability trends.
- International Expansion: Hepsor is actively involved in five projects in Canada, focusing on preparing detailed spatial plans for land to achieve greater building rights, thereby expanding its international market share.
Honeywell Analyst Adopts Bearish Stance; Check Out Tuesday's Top 4 Downgrades
Analyst Downgrades: JP Morgan's Hanzade Kilickiran downgraded D-MARKET Electronic from Overweight to Neutral, lowering the price target from $4.85 to $3.07, with shares closing at $2.31.
Federal Realty Investment Trust: Barclays analyst Richard Hightower downgraded Federal Realty Investment Trust from Overweight to Equal-Weight, reducing the price target from $113 to $106, while shares closed at $96.00.
Auna SA: JP Morgan's Joseph Giordano downgraded Auna SA from Overweight to Neutral, cutting the price target from $13.5 to $6, with shares closing at $5.00.
Honeywell International Inc: B of A Securities analyst Andrew Obin downgraded Honeywell from Buy to Underperform, slashing the price target from $265 to $205, as shares closed at $196.08.
Hepsiburada Set to Release Q3 2025 Financial Results on November 5, 2025
Financial Results Announcement: Hepsiburada will release its unaudited financial results for Q3 2025 on November 5, 2025, before the U.S. market opens.
E-commerce Platform Overview: Hepsiburada operates a hybrid e-commerce model in Türkiye, combining first-party sales and a third-party marketplace with around 100,000 merchants.
Innovative Services: The platform offers a wide range of services including last-mile delivery, fulfilment, advertising, payment solutions, and an integrated fintech platform called Hepsipay for secure transactions.
Empowerment Initiatives: Since its inception in 2000, Hepsiburada has focused on empowering women in the Turkish economy, notably through its program that has supported approximately 67,000 female entrepreneurs.
D-MARKET Q4 Financial Report Analysis
- Widening Net Loss: D-MARKET reported a net loss of TRY 3.082 billion in Q4 2025, significantly up from TRY 875.8 million in Q4 2024, indicating financial challenges amid intensified competition and inflationary pressures.
- GMV Growth: Despite these challenges, the gross merchandise value (GMV) increased by 10.5% year-over-year to TRY 85.3 billion, reflecting the company's resilience and sustained customer demand in the market.
- Revenue Increase: The company's revenue rose by 17.8% in Q4 2025 to TRY 27.9705 billion, compared to TRY 23.745 billion in Q4 2024, suggesting that efforts in sales and marketing have yielded positive results.
- Order Volume Rise: D-MARKET saw a 17.6% increase in the number of orders, reaching 28.3 million, indicating consumer recognition of its platform, although the average order value decreased by 6%, the overall transaction activity remains robust.
Hepsiburada to Report Q4 and Full Year Financial Results on February 26
- Earnings Report Schedule: D-MARKET Elektronik Hizmetler ve Ticaret A.Ş. (Hepsiburada) is set to release its unaudited financial results for Q4 and the full year ending December 31, 2025, after U.S. market close on February 26, 2026, which is expected to provide investors with critical performance metrics and market trend analysis.
- E-commerce Platform Overview: As a leading Turkish e-commerce platform, Hepsiburada operates through a hybrid model combining first-party direct sales and a third-party marketplace, aiming to drive the digitalization of commerce while offering diverse services such as last-mile delivery, fulfillment, and advertising solutions to enhance merchant-consumer interactions.
- Fintech Platform: Hepsipay, Hepsiburada's integrated fintech platform, offers secure payment solutions including digital wallets, general-purpose loans, and buy now pay later (BNPL), which not only enhance shopping convenience for consumers but also drive higher sales conversions for merchants, showcasing its innovative capabilities in the e-commerce sector.
- Women Empowerment Initiative: Since its founding in 2000, Hepsiburada has been committed to empowering women in the Turkish economy, particularly through its 2017 launched 'Technology Empowerment for Women Entrepreneurs' program, which has supported thousands of female entrepreneurs in reaching millions of customers, reflecting its strong sense of social responsibility.
Hepsor Signs €5.25 Million Residential Project Contract
- Contract Signing: Hepsor E18 and Mitt & Perlebach signed a €5.25 million construction contract on December 30, 2025, marking a significant expansion for the company in the Dzirciems neighborhood of Riga.
- Development Scale: The project consists of two residential buildings with a total of 54 apartments and a gross building area of 4,040 m², addressing the market's diverse housing needs while enhancing Hepsor's competitive position.
- Sustainable Design: The development adheres to Hepsor's sustainable and energy-efficient principles, achieving an A+ energy efficiency rating with heat recovery ventilation and underfloor heating, further solidifying the company's leadership in green building.
- Market Pre-Sales: As of the contract signing, 38% of the apartments have been reserved or pre-sold, indicating strong market demand for the project, which is expected to drive future sales growth.
Hepsor AS Announces 2026 Financial Reporting Schedule and Project Developments
- Financial Reporting Schedule: Hepsor AS plans to disclose its unaudited interim report for Q4 and the full year of 2025 on February 18, 2026, followed by the audited annual report on April 24, enhancing transparency and investor confidence.
- Project Progress: Over the past 14 years, Hepsor AS has successfully developed 2,003 homes and nearly 44,787 square meters of commercial space, demonstrating robust growth and strong market demand in the real estate sector.
- Innovative Engineering Solutions: As the first developer in the Baltic states to implement several innovative engineering solutions, Hepsor is committed to enhancing energy efficiency in its buildings, aligning with global sustainability trends.
- International Expansion: Hepsor is actively involved in five projects in Canada, focusing on preparing detailed spatial plans for land to achieve greater building rights, thereby expanding its international market share.
Honeywell Analyst Adopts Bearish Stance; Check Out Tuesday's Top 4 Downgrades
Analyst Downgrades: JP Morgan's Hanzade Kilickiran downgraded D-MARKET Electronic from Overweight to Neutral, lowering the price target from $4.85 to $3.07, with shares closing at $2.31.
Federal Realty Investment Trust: Barclays analyst Richard Hightower downgraded Federal Realty Investment Trust from Overweight to Equal-Weight, reducing the price target from $113 to $106, while shares closed at $96.00.
Auna SA: JP Morgan's Joseph Giordano downgraded Auna SA from Overweight to Neutral, cutting the price target from $13.5 to $6, with shares closing at $5.00.
Honeywell International Inc: B of A Securities analyst Andrew Obin downgraded Honeywell from Buy to Underperform, slashing the price target from $265 to $205, as shares closed at $196.08.
Hepsiburada Set to Release Q3 2025 Financial Results on November 5, 2025
Financial Results Announcement: Hepsiburada will release its unaudited financial results for Q3 2025 on November 5, 2025, before the U.S. market opens.
E-commerce Platform Overview: Hepsiburada operates a hybrid e-commerce model in Türkiye, combining first-party sales and a third-party marketplace with around 100,000 merchants.
Innovative Services: The platform offers a wide range of services including last-mile delivery, fulfilment, advertising, payment solutions, and an integrated fintech platform called Hepsipay for secure transactions.
Empowerment Initiatives: Since its inception in 2000, Hepsiburada has focused on empowering women in the Turkish economy, notably through its program that has supported approximately 67,000 female entrepreneurs.
