Hepsiburada Announces Third Quarter 2026 Financial Results
Key Highlights
- ➤Q3 GMV fell 6.6% to TRY 62.0 billion
- ➤Q3 revenue declined 6.1% to TRY 24,264.9 million
- ➤Q3 EBITDA turned negative at TRY 134.1 million
- ➤Q3 net loss widened 49.6% to TRY 2,571.8 million
- ➤Q3 free cash flow plunged 73.5% to TRY 888.9 million
Expert Statements
Ender Özgün, CEO of Hepsiburada
“Hepsiburada recorded TRY 187.2 billion in GMV, representing 6.7% year-over-year growth, with 11.4% growth in the Number of Orders, in the first nine months of the year. We also managed to increase the Order Frequency of our customers by 11.4% reflecting increasing customer engagement on our platform. During the first nine months of the year, our revenues amounted to TRY 74,484.0 million, increasing by 5.7% year-over-year, and our gross contribution margin improved by 0.1pp. EBITDA as a percentage of GMV was 0.3% and Net Loss was TRY 5,687.3 million in the first nine months of the year, compared to 0.8% and TRY 3,253.2 million, respectively, in the first nine months of 2025, reflecting higher expenses driven by investments in strategic initiatives, including efforts to speed up, and reduce the cost of delivery for merchants, and increased marketing activities. On the fintech side, our newly launched Hepsitaksit loan product supported purchases representing 8.4% of smartphone GMV in October. We appreciate the continued support of our shareholders, the trust placed in us by our customers and partners, and the dedication demonstrated by our entire team.”
ISTANBUL, Nov. 06, 2026 (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 third quarter and the nine months ended September 30, 2026.
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”) as issued by the International Accounting Standards Board (“IASB”), including the Company, have been required to apply IAS 29 to their financial statements for periods ended on and after June 30, 2022.
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