GlobeNewswire·Nov 5, 2026, 4:45 PM ET

Hepsiburada Announces Third Quarter 2026 Financial Results

HEPS

Hepsiburada reported unaudited financial results for the third quarter & nine months ended September 30, 2026, with all figures restated pursuant to IAS 29 for hyperinflationary accounting.
Q3 2026 Gross Merchandise Value (GMV) decreased by 6.6% to TRY 62.0 billion, while unadjusted GMV increased by 22.3% to TRY 60.9 billion compared to Q3 2025.
Q3 2026 Revenue declined by 6.1% to TRY 24,264.9 million, driven primarily by a 9.8% drop in direct sales (1P) revenue & an 11.9% decrease in other revenue.
The Number of Orders rose by 0.7% to 20.3 million in Q3 2026, while Active Customers increased by 1.9% to 11.5 million.
Average Order Value fell by 7.3% in Q3 2026, & Order Frequency grew by 11.4% to 7.5.
Share of Marketplace GMV increased by 1.2 percentage points to 69.8% in Q3 2026, while Active Merchants decreased by 1.3% to 100.0 thousand.
Q3 2026 EBITDA turned negative to TRY -134.1 million, a decrease from TRY 225.4 million in Q3 2025, representing -0.2% of GMV.
Net loss for Q3 2026 widened to TRY 2,571.8 million compared to TRY 1,718.8 million in Q3 2025, due to lower revenue & higher operating expenses.
Free Cash Flow decreased by 73.5% to TRY 888.9 million in Q3 2026 from TRY 3,352.7 million in Q3 2025.
For the nine months ended September 30, 2026, GMV reached TRY 187.2 billion (up 6.7%), Revenue grew to TRY 74,484.0 million (up 5.7%), & Net Loss was TRY 5,687.3 million.
CEO Ender Özgün cited higher expenses from strategic initiatives, including delivery cost reductions & increased marketing, as drivers for the net loss despite operational growth.
The company launched the Hepsitaksit loan product, which supported 8.4% of smartphone GMV in October 2026.
ESG initiatives included expanding the Technology Empowerment for Women Entrepreneurs (TEWE) program to over 75,000 women & selecting 250 students for the "Promise for Tomorrow" program.
Operating expenses decreased by 4.3% in Q3 2026, primarily due to a 9.2% reduction in cost of inventory sold & a 96.9% drop in impairment losses.
Advertising expenses increased by 3.2% in Q3 2026, reflecting continued investment in strategic initiatives.
The annual inflation rate published by TurkStat was 29.7% as of September 30, 2026, declining from 33.3% in the prior year.
Cash & cash equivalents stood at TRY 15,309.4 million as of September 30, 2026, up from TRY 14,057.3 million at December 31, 2025.

Company: D-MARKET Elektronik Hizmetler ve Ticaret A.Ş
Keywords: Nasdaq:HEPS, D-MARKET Elektronik Hizmetler ve Ticaret A.Ş, HEPS, HEPSI, HEPSIBURADA, D-MARKET