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Dec 31, 2025
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D-Market Q4 2025 Earnings Report
D-Market Q4 2025 Earnings Report
Key Takeaways
Hepsiburada delivered strong top-line growth in Q4 2025 with GMV increasing 10.5% and revenue up 17.8% year-over-year. Despite the revenue growth, the company faced significant profitability headwinds, reporting a net loss of TRY 3.1 billion and a near-zero EBITDA due to increased investments in growth initiatives, marketing, and merchant delivery subsidies.
GMV grew 10.5% to TRY 85.3 billion, driven by a 17.6% increase in order volume.
Revenue increased 17.8% to TRY 28.0 billion, supported by strong growth in 1P sales and delivery services.
EBITDA plummeted from TRY 935.8 million to TRY 1.1 million as the company prioritized market share and growth investments.
Free Cash Flow remained a bright spot, increasing 79.3% to TRY 3.5 billion in the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company is transitioning to new reporting definitions aligned with its controlling shareholder, Kaspi.kz, starting in Q1 2026 to facilitate consolidation and managerial alignment.
Positive Outlook
- Transition to Kaspi definitions to streamline financial disclosure.
- Expected consolidation benefits with controlling shareholder Kaspi.kz.
- Continued focus on growth momentum in orders and GMV.
- Strong cash generation capabilities to support future investments.
- Expansion of the 'Technology Empowerment for Women Entrepreneurs' program.
Challenges Ahead
- High inflationary environment in Turkey continues to require IAS 29 restatements.
- Ongoing currency devaluation risks impacting purchasing power.
- Increased competition in the Turkish e-commerce landscape.
- Potential disruptions from global supply chain challenges.
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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