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Jun 30
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D-Market Q2 2025 Earnings Report
D-Market reported a revenue increase and strong EBITDA growth in Q2 2025 despite continued net losses.
Key Takeaways
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.
Revenue grew 22.6% year-over-year to TRY 16.7 billion.
EBITDA increased 41.6% to TRY 739.5 million, with margin improvement.
Net loss widened to TRY 723.8 million from TRY 519.3 million in Q2 2024.
Free cash flow turned positive at TRY 3.4 billion, compared to a TRY 870.4 million outflow last year.
D-Market
D-Market
D-Market Revenue by Segment
Revenue by Segment
1P Direct Sales Revenue
CapyFin.com3P Marketplace Revenue
CapyFin.comDelivery Services Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Hepsiburada remains focused on margin improvement and sustainable growth amid gradual demand recovery.
Positive Outlook
- Revenue grew 22.6% YoY in Q2 2025.
- EBITDA increased 41.6%, with 0.3pp margin improvement.
- Free cash flow turned positive after strong operational improvements.
- Gross contribution margin improved 0.4pp YoY.
- Active cost control in shipping and advertising helped margin.
Challenges Ahead
- Net loss widened to TRY 723.8 million.
- Provision and one-off global operations expenses impacted profitability.
- Marketplace GMV share declined to 68.2% from 71.1%.
- Active customers and order frequency saw small declines.
- Financial expenses increased by over TRY 500 million YoY.
Revenue & Expenses
Visualization of income flow from segment revenue to net income