Hepsiburada saw solid topline growth in Q3 2025, with revenue rising 22.1% year-over-year. However, a sharp decline in EBITDA and increased advertising and financing expenses led to a significantly wider net loss.

Hepsiburada (D-Market) saw a 22.6% revenue growth and a 41.6% increase in EBITDA in Q2 2025. While GMV and order volumes rose, net losses deepened due to financial and one-time operational expenses. Free cash flow improved significantly.

Hepsiburada faced a challenging Q1 2025, with revenue declining and net loss increasing due to consumption boycotts and weaker demand. Despite margin improvements from premium services and advertising, the company's EBITDA and free cash flow deteriorated significantly.