HEPS News & Events

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."

Gross merchandise value increased by 8.9% to TRY 61.4 billion compared to TRY 56.4 billion in Q3 2024. Commenting on the results, Nilhan Onal Gokcetekin, CEO, said: "During the third quarter, we once again delivered improving order growth. Number of orders grew 17.6% year-over-year, double the rate of growth seen in the second quarter, while GMV increased 8.9%. Fast revenue growth continued, with revenues up 22.1%. Gross contribution margin increased 55 basis points in the third quarter and 100 bps for the first nine months of 2025, compared to the same periods last year. We also delivered healthy cash generation, with free cash flow increasing year-over-year from 2,104.7 TRY million to 2,584.3 TRY million in the third quarter and from TRY 2,789.4 million to TRY 5,183.1 million for the first nine months of 2025, due to our focus on disciplined cash management and business efficiencies. The decrease in EBITDA from TRY 676.8 million in Q3 2024 to TRY 173.8 million in Q3 2025 and the increase in Net Loss from TRY 409.7 million in Q3 2024 to 1,324.8 million in Q3 2025 was primarily due to our investments in new growth projects including efforts to speed up and reduce the cost of delivery for merchants, advertising initiatives and investments in installment payments. Our focus on delivery operations and payment solutions have enabled faster delivery times and supported growth in lower-priced products, while marketing initiatives have driven higher traffic and increased product views. Along with improvements in the user experience, these efforts have contributed to a rise in conversion rates. As we enter the final and most important quarter of the year, our focus remains on improving growth momentum and disciplined execution."

Gross merchandise value increased by 11.9% to TRY 51.1B compared to TRY 45.6B in Q2 2024. Commenting on the results, Nilhan Onal Gokcetekin, CEO of Hepsiburada said: "In the second quarter, we observed a gradual recovery in consumer demand in the market. Amid this recovery, we achieved 8.1% order growth and GMV growth of 11.9%, partially offsetting the decreases observed in the first quarter. Our revenue increased by 22.6% during the quarter, fully offsetting the contraction seen in Q1 2025 and bringing our year-to-date revenue growth to 5.9%. Compared to last year, our gross contribution margin improved by 40 basis points in the second quarter and 130 bps in the first half of 2025, driven mainly by a more diversified revenue composition across e-commerce and logistics. Our EBITDA as a percentage of GMV increased by 30 bps during the quarter, reaching 1.4%, supported by our topline and margin growth and a 41.6% increase in EBITDA corresponding to a year-on-year increase of TRY 217.4 million. In the second quarter, our net loss for the period increased by 39.4% compared to last year. This was mainly due to TRY 247.9 million in provision expenses compared to TRY 84.9 million in Q2 2024 and TRY 233.2 million in one-off expenses related to our global operations, and a TRY 206 million increase in net financial expenses, reflecting higher costs driven by increased competitiveness in end-user credit card installments, along with a decline in monetary gain and increased depreciation expenses compared to Q2 2024. We remain focused on executing with discipline, driving sustainable growth, improving margins, and strengthening the fundamentals of our business. We greatly value the continued support of our shareholders, the trust of our customers and partners, and the dedication of our entire team throughout the quarter."