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Sep 30, 2025
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D-Market Q3 2025 Earnings Report
D-Market reported a net loss of TRY 1.32 billion in Q3 2025 despite strong revenue growth of 22.1% year-over-year.
Key Takeaways
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.
Revenue rose 22.1% YoY to TRY 19.92 billion, driven by strong 1P sales and delivery services.
Net loss widened to TRY 1.32 billion from TRY 409.7 million a year earlier.
EBITDA dropped 74.3% YoY to TRY 173.8 million, impacted by higher marketing and shipping costs.
Free cash flow improved to TRY 2.58 billion, indicating strong cash generation despite earnings pressure.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Hepsiburada plans to maintain growth momentum in Q4 by focusing on delivery speed, marketing, and customer experience improvements.
Positive Outlook
- Revenue expected to benefit from Q4 seasonal demand.
- Continued investment in logistics and delivery infrastructure.
- Higher conversion rates driven by UX improvements.
- Marketing initiatives expected to boost traffic and GMV.
- Solid cash generation expected to continue.
Challenges Ahead
- Profitability pressures expected from ongoing investment in growth projects.
- Rising advertising expenses could impact margins.
- Delivery cost reduction efforts may take time to show results.
- Consumer inflation remains a headwind.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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