ISTANBUL, July 31, 2025 (GLOBE NEWSWIRE) — D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ:HEPS), a leading Turkish e-commerce platform (referred to herein as “Hepsiburada” or the “Company”), today announces its unaudited financial results for the second quarter and the six months ended June 30, 2025.
Restatement of financial information: Pursuant to the International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (“IAS 29”), the financial statements of entities whose functional currency is that of a hyperinflationary economy must be adjusted for the effects of changes in a general price index. Turkish companies reporting under International Financial Reporting Standards (“IFRS”), including the Company, have been required to apply IAS 29 to their financial statements for periods ended on and after June 30, 2022.
The Company’s consolidated financial statements as of and for the three and six months ended June 30, 2025, including figures corresponding to the same periods of the prior year, reflect a restatement pursuant to IAS 29. Under IAS 29, the Company’s financial statements are presented in terms of the measuring unit current as of June 30, 2025. All the amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period, are restated applying the general price index. Adjustment for inflation has been calculated considering the price indices published by the Turkish Statistical Institute (TurkStat). Such indices used to restate the financial statements as at June 30, 2025 are as follows:
| Date | Index | Conversion Factor | |
| 30 June 2025 | 3,132.2 | 1.00 | |
| 31 December 2024 | 2,684.6 | 1.17 | |
| 30 June 2024 | 2,319.3 | 1.35 | |
Figures unadjusted for inflation in accordance with IAS 29, denoted as “IAS 29-unadjusted”, “unadjusted for IAS 29”, “unadjusted”, “unadjusted for inflation”, or “without adjusting for inflation”, are also included under the “Highlights” sections as relevant. Figures unadjusted for IAS 29 constitute non-IFRS financial measures. We believe that their inclusion facilitates the understanding of the restated financial statements in accordance with IAS 29. Please see the “Presentation of Financial and Other Information” section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of the non-IFRS measures to the most directly comparable IFRS measures.
Second Quarter 2025 Financial and Operational Highlights
(All financial figures are restated pursuant to IAS 29 unless otherwise indicated)
- Gross merchandise value (GMV) increased by 11.9% to TRY 51.1 billion compared to TRY 45.6 billion in Q2 2024.
- IAS 29-Unadjusted GMV increased by 52.2% to TRY 50.3 billion compared to Q2 2024.
- Revenue increased by 22.6% to TRY 16,743.8 million compared to TRY 13,657.3 million in Q2 2024.
- Number of orders (excluding digital products and HepsiExpress) increased by 8.1% to 18.9 million compared to 17.4 million in Q2 2024.
- Average order value (excluding digital products) grew by 5.3% in Q2 2025 compared to Q2 2024.
- Active Customers decreased by 0.8% to 12.0 million compared to 12.1 million as of June 30, 2024.
- Active Customers (excluding digital products and HepsiExpress)1 decreased by 1.2% to 11.6 million compared to 11.7 million as of June 30, 2024.
- Order Frequency decreased by 11% to 9.3 compared to 10.52 as of June 30, 2024.
- Order Frequency (excluding digital products and HepsiExpress)1 increased by 4% to 6.9 compared to 6.7 as of June 30, 2024
- Active Merchant base decreased by 0.7% to 100.3 thousand compared to 100.9 thousand as of June 30, 2024.
- Share of Marketplace GMV was 68.2% compared to 71.1% in Q2 2024.
- EBITDA increased by 41.6% to TRY 739.5 million compared to TRY 522.1 million in Q2 2024. Accordingly, EBITDA as a percentage of GMV was at 1.4%, a 0.3 percentage point improvement compared to 1.1% in Q2 2024.
- IAS 29-Unadjusted EBITDA increased by 40.0% to TRY 1,102.6 million compared to TRY 787.4 million in Q2 2024. IAS 29-Unadjusted EBITDA as a percentage of GMV in Q2 2025 decreased by 0.2 percentage points to 2.2% compared to 2.4% in Q2 2024.
- Net loss for the period was TRY 723.8 million compared to a net loss of TRY 519.3 million for Q2 2024.
- Free cash flow was an inflow of TRY 3,405.2 million compared to an outflow of TRY 870.4 million in Q2 2024.
First Half 2025 Financial and Operational Highlights
(All financial figures are restated pursuant to IAS 29 unless otherwise indicated)
- Gross merchandise value (GMV) decreased by 2.5% to TRY 96.4 billion compared to TRY 98.8 billion in H1 2024.
- IAS 29-Unadjusted GMV increased by 34.9% to TRY 92.1 billion compared to H1 2024.
- Revenue increased by 5.9% to TRY 31,994.9 million compared to TRY 30,214.5 million in H1 2024.
- Number of orders (excluding digital products and HepsiExpress) increased by 0.1% to 37.1 million compared to 37.1 million in H1 2024.
- Average order value (excluding digital products) remained flat in H1 2025 compared to H1 2024.
- Active Customers decreased by 0.8% to 12.0 million compared to 12.1 million as of June 30, 2024.
- Active Customers (excluding digital products and HepsiExpress)1 decreased by 1.2% to 11.6 million compared to 11.7 million as of June 30, 2024.
- Order Frequency decreased by 11% to 9.3 compared to 10.52 as of June 30, 2024.
- Order Frequency (excluding digital products and HepsiExpress)1 increased by 4% to 6.9 compared to 6.7 as of June 30, 2024.
- Active Merchant base decreased by 0.7% to 100.3 thousand compared to 100.9 thousand as of June 30, 2024.
- Share of Marketplace GMV was 68.5% compared to 69.6% in H1 2024.
- EBITDA decreased by 9.6% to TRY 854.8 million compared to TRY 945.7 million in H1 2024. Accordingly, EBITDA as a percentage of GMV was at 0.9%, a 0.1 percentage point decrease compared to 1.0% in H1 2024.
- IAS 29-Unadjusted EBITDA increased by 21.6% to TRY 1,973.6 million compared to TRY 1,622.7 million in H1 2024. IAS 29-Unadjusted EBITDA as a percentage of GMV in H1 2025 decreased by 0.2 percentage points to 2.1% compared to 2.4% in H1 2024.
- Net loss for the period was TRY 1,100.2 million compared to a net loss of TRY 710.7 million for H1 2024.
- Free cash flow increased by 279.6% to an inflow of TRY 2,417.4 million compared to an inflow of TRY 636.9 million in H1 2024.
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1 Going forward, we expect to report Active Customers (excluding digital products and HepsiExpress) instead of Active Customers and Order Frequency (excluding digital products and HepsiExpress) instead of Order Frequency because these metrics align better with management’s view of the business and with the way in which our controlling shareholder computes these metrics. See “Certain Definitions” for more information.
2 Order Frequency as of June 30, 2024 was reported as 10.6 in the Company’s earnings release for the second quarter of 2024 published on September 11, 2024. Following the recognition of returns and cancellations made within the legally mandated consumer return period, the figure has been revised to 10.5.
Commenting on the results, Nilhan Onal Gökçetekin, 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 (bps) 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 (net of financial income), 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.”
Summary: Key Operational and Financial Metrics
The following table sets forth a summary of the key operating and unaudited financial data as of and for the three months ended June 30, 2025 and June 30, 2024, and the six months ended June 30, 2025 and June 30, 2024 prepared in accordance with IFRS. Unless indicated otherwise, all financial figures in the tables provided are inflation-adjusted (in accordance with IAS 29).
Note: All financial figures in the tables provided are expressed in terms of the purchasing power of the Turkish Lira on June 30, 2025 (in accordance with IAS 29) unless otherwise indicated.
| (in TRY million unless indicated otherwise) | Three months ended June 30, | Six months ended June 30, | ||||
| unaudited | unaudited | |||||
| 2025 | 2024 | y/y % | 2025 | 2024 | y/y % | |
| GMV (TRY in billions) | 51.1 | 45.6 | 11.9% | 96.4 | 98.8 | (2.5%) |
| Marketplace GMV (TRY in billions) | 34.8 | 32.4 | 7.3% | 66.0 | 68.8 | (4.0%) |
| Share of Marketplace GMV (%) | 68.2% | 71.1% | (2.9pp) | 68.5% | 69.6% | (1.1pp) |
| Number of orders excl. digital products and HepsiExpress (millions) | 18.9 | 17.4 | 8.1% | 37.1 | 37.1 | 0.1% |
| Active customers excl. digital products and HepsiExpress (millions) | 11.6 | 11.7 | (1.2%) | 11.6 | 11.7 | (1.2%) |
| Revenue | 16,743.8 | 13,657.3 | 22.6% | 31,994.9 | 30,214.5 | 5.9% |
| Gross contribution | 6,335.4 | 5,467.9 | 15.9% | 11,977.5 | 11,037.0 | 8.5% |
| Gross contribution margin (%) | 12.4% | 12.0% | 0.4pp | 12.4% | 11.2% | 1.3pp |
| Net loss for the period | (723.8) | (519.3) | 39.4% | (1,100.2) | (710.7) | 54.8% |
| EBITDA | 739.5 | 522.1 | 41.6% | 854.8 | 945.7 | (9.6%) |
| EBITDA as a percentage of GMV (%) | 1.4% | 1.1% | 0.3pp | 0.9% | 1.0% | (0.1pp) |
| Free Cash Flow | 3,405.2 | (870.4) | (491.2%) | 2,417.4 | 636.9 | 279.5% |
Note: The abbreviation “n.m.” stands for not meaningful throughout the press release.
Note that Gross Contribution, EBITDA and Free Cash Flow are non-IFRS financial measures. See the “Presentation of Financial and Other Information” section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of non-IFRS measures to the most directly comparable IFRS measures. See the definitions of metrics such as GMV, Marketplace GMV, share of Marketplace GMV, Gross Contribution margin, EBITDA as a percentage of GMV, number of orders (excluding digital products and HepsiExpress) and Active Customers in the “Certain Definitions” section of this press release.
Subsequent Events
Cash settlement of equity awards
On July 4, 2025, the Board of Directors approved the settlement of certain previously granted share based payment awards that became due and payable under the completed First, Second and Third periods of the existing Incentive Plan of the Company. As per the resolution, these rewards are settled by way of cash payments, instead of equity instruments, to entitled persons, with respect to 5,805,452 ADSs.
Senior management change
Erkin Aydın has decided to step down from his role as CEO of our subsidiary, Hepsi Finansal Danışmanlık A.Ş. (“Hepsi Finansal”) to pursue other opportunities. He will continue to lead the company until August 31, 2025 to facilitate an orderly transition.
ESG Actions
In Q2 2025, Hepsiburada continued its support in social, commercial and economic areas.
The “Technology Empowerment for Women Entrepreneurs” (“TEWE”) program increased by an additional 1,790 women. To date, the TEWE program has supported approximately 65 thousand women entrepreneurs. Furthermore, as of June 30, 2025, the number of women’s cooperatives on our platform had reached 308.
As the official sponsor of the Turkish National Women’s and Men’s Basketball Teams, Hepsiburada launched the “From the Court to the Paw” project in partnership with the Turkish Basketball Federation. Throughout the FIBA EuroBasket 2025 Championship, pet food will be donated to the Kurtaran Ev Association for every point scored by the national teams.
Hepsiburada Financial Review
Restatement of financial information: Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a hyperinflationary economy are reported in terms of the measuring unit current as of the reporting date of the financial statements. All amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period are restated applying the general price index. In summary:
| (i) | Non-monetary items are restated from the date of acquisition to the end of the reporting period. | |
| (ii) | Monetary items that are already expressed in terms of the monetary unit current at the end of the reporting period are not restated. | |
| (iii) | Comparative periods are stated in terms of measuring unit current at the end of the reporting period. | |
| (iv) | All items in the statement of comprehensive income/(loss) are stated in terms of the measuring unit current as of the date of the financial statements, applying the relevant (monthly) conversion factors. | |
| (v) | The gain or loss on the net monetary position is included in the statement of comprehensive loss and separately disclosed. | |
Revenue
| (in TRY million unless indicated otherwise, unaudited) | Three months ended June 30, | Six months ended June 30, | ||||
| 2025 | 2024 | y/y % | 2025 | 2024 | y/y % | |
| Sale of goods1 (1P) | 11,127.0 | 8,887.3 | 25.2% | 20,861 | 20,329 | 2.6% |
| Marketplace revenue2 (3P) | 1,844.7 | 1,759.5 | 4.8% | 3,713 | 3,912 | (5.1%) |
| Delivery service revenue | 2,619.2 | 2,097.5 | 24.9% | 5,088 | 4,443 | 14.5% |
| Other | 1,152.9 | 913.0 | 26.3% | 2,332 | 1,530 | 52.5% |
| Revenue | 16,743.8 | 13,657.3 | 22.6% | 31,994.9 | 30,214.5 | 5.9% |
1: In 1P direct sales model, we act as a principal and initially recognize revenue from the sales of goods on a gross basis at the time of delivery of the goods to our customers.
2: In the 3P marketplace model, revenues are recorded on a net basis, mainly consisting of marketplace commission, transaction fees and other contractual charges to the merchants.
Our revenue increased by 22.6% to TRY 16,743.8 million in Q2 2025 compared to TRY 13,657.3 million in Q2 2024. This was due to a 25.2% increase in our (1P) revenue (comprising 66.5% of total revenue), a 4.8% increase in our (3P) revenue (comprising 11% of total revenue), a 24.9% increase in delivery service revenue (comprising 15.6% of total revenue) and a 26.3% increase in other revenue (comprising 6.9% of total revenue) compared to Q2 2024.
The 21.8% increase in 1P and 3P revenue compared to Q2 2024 was mainly due to targeted marketing initiatives and a gradual recovery in consumer demand compared to Q1 2025.
The 24.9% increase in delivery service revenue compared to Q2 2024 was mainly due to an increase in delivery service revenue from the off-platform customers of Hepsijet.
The rise in other revenue was mainly attributable to growth in our Hepsiburada Premium subscription revenues.
Gross Contribution
| (in TRY million unless indicated otherwise, unaudited) | Three months ended June 30, | Six months ended June 30, | ||||
| 2025 | 2024 | y/y % | 2025 | 2024 | y/y % | |
| Revenue | 16,743.8 | 13,657.3 | 22.6% | 31,994.9 | 30,214.5 | 5.9% |
| Cost of inventory sold | (10,408.4) | (8,189.4) | 27.1% | (20,017.4) | (19,177.5) | 4.4% |
| Gross Contribution | 6,335.4 | 5,467.9 | 15.9% | 11,977.5 | 11,037.0 | 8.5% |
| Gross contribution margin (% of GMV) | 12.4% | 12.0% | 0.4pp | 12.4% | 11.2% | 1.3pp |
The Gross Contribution margin improved by 0.4pp to 12.4% in Q2 2025 compared to 12.0% in Q2 2024. This margin improvement was mainly attributable to a 0.5pp increase in delivery service revenue.
The table below shows the monthly inflation rates in 2025 and 2024.
| Consumer Inflation Monthly (2003=100) | Jan | Feb | Mar | Apr | May | Jun | July | Aug | Sep | Oct | Nov | Dec |
| 2025 | 5% | 2% | 2% | 3% | 2% | 1% | ||||||
| 2024 | 7% | 5% | 3% | 3% | 3% | 2% | 3% | 2% | 3% | 3% | 2% | 1% |
Source: Data as announced by TurkStat
As of June 30, 2025, the annual inflation rate published by TurkStat was 35.1%, declining from 71.6% as of June 30, 2024, and 38.1% as of March 31, 2025. The monthly inflation rates during the second quarter of 2024 were 3.0%, 1.5% and 1.4% in April, May and June, respectively.
Operating Expenses
The table below shows our operating expenses for the three months and six months ended June 30, 2025 and 2024 in absolute terms and as a percentage of GMV:
| (in TRY million unless indicated otherwise, unaudited) | Three months ended June 30, | Six months ended June 30, | ||||
| 2025 | 2024 | y/y % | 2025 | 2024 | y/y % | |
| Cost of inventory sold | (10,408.4) | (8,189.4) | 27.1% | (20,017.4) | (19,177.5) | 4.4% |
| % of GMV | (20.4%) | (17.9%) | (2.4pp) | (20.8%) | (19.4%) | (1.4pp) |
| Shipping and packaging expenses | (1,792.4) | (1,656.9) | 8.2% | (3,533.8) | (3,453.1) | 2.3% |
| % of GMV | (3.5%) | (3.6%) | 0.1pp | (3.7%) | (3.5%) | (0.2pp) |
| Payroll and outsourced staff expenses | (1,813.0) | (1,627.0) | 11.4% | (3,819.3) | (3,379.8) | 13.0% |
| % of GMV | (3.6%) | (3.6%) | 0.0pp | (4.0%) | (3.4%) | (0.6pp) |
| Advertising expenses | (1,101.8) | (1,127.9) | (2.3%) | (2,109.3) | (2,174.3) | (3.0%) |
| % of GMV | (2.2%) | (2.5%) | 0.3pp | (2.2%) | (2.2%) | (0.0pp) |
| Technology expenses | (175.6) | (205.3) | (14.5%) | (349.5) | (396.4) | (11.8%) |
| % of GMV | (0.3%) | (0.4%) | 0.1pp | (0.4%) | (0.4%) | (0.0pp) |
| Depreciation and amortization | (705.4) | (565.8) | 24.7% | (1,402.2) | (1,132.6) | 23.8% |
| % of GMV | (1.4%) | (1.2%) | (0.1pp) | (1.5%) | (1.1%) | (0.4pp) |
| Other operating expenses, net | (713.1) | (328.7) | 116.9% | (1,310.9) | (687.7) | 90.6% |
| % of GMV | (1.4%) | (0.7%) | (0.7pp) | (1.4%) | (0.7%) | (0.7pp) |
| Operating expenses, net | (16,709.7) | (13,701.0) | 22.0% | (32,542.4) | (30,401.4) | |