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"), including the Company, have been required to apply IAS 29 to their financial statements for periods ended on and after June 30, 2022.
The Company's consolidated financial statements as of and for the three and nine months ended September 30, 2025, including figures corresponding to the same periods of the prior year, reflect a restatement pursuant to IAS 29. Under IAS 29, the Company's financial statements are presented in terms of the measuring unit current as of September 30, 2025. All the amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period, are restated applying the general price index. Adjustment for inflation has been calculated considering the price indices published by the Turkish Statistical Institute (TurkStat). Such indices used to restate the financial statements as at September 30, 2025 are as follows:
Date
Index
Conversion Factor
30 September 2025
3,367.2
1.00
31 December 2024
2,684.6
1.25
30 September 2024
2,526.2
1.33
Figures unadjusted for inflation in accordance with IAS 29, denoted as "IAS 29-unadjusted", "unadjusted for IAS 29", "unadjusted", "unadjusted for inflation", or "without adjusting for inflation", are also included under the "Highlights" sections as relevant. Figures unadjusted for IAS 29 constitute non-IFRS financial measures. We believe that their inclusion facilitates the understanding of the restated financial statements in accordance with IAS 29. Please see the "Presentation of Financial and Other Information" section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of the non-IFRS measures to the most directly comparable IFRS measures.
Third Quarter 2025 Financial and Operational Highlights
(All financial figures are restated pursuant to IAS 29 unless otherwise indicated)
Gross merchandise value (GMV) increased by 8.9% to TRY 61.4 billion compared to TRY 56.4 billion in Q3 2024.
IAS 29-Unadjusted GMV increased by 45.0% to TRY 59.8 billion compared to Q3 2024.
Revenue increased by 22.1% to TRY 19,919.8 million compared to TRY 16,317.3 million in Q3 2024.
Number of orders1 increased by 17.6% to 22.1 million compared to 18.8 million in Q3 2024.
Average order value1 decreased by 7.4% in Q3 2025 compared to Q3 2024.
Active Customers1 decreased by 2.3% to 11.6 million compared to 11.9 million as of September 30, 2024.
Order Frequency1 increased by 7% to 7.2 compared to 6.7 as of September 30, 2024.
Active Merchant base increased by 1.5% to 101.3 thousand compared to 99.8 thousand as of September 30, 2024.
Share of Marketplace GMV was 69.2% compared to 70.4% in Q3 2024.
Free cash flow increased to TRY 2,584.3 million from TRY 2,104.7 million in Q3 2024.
EBITDA decreased by 74.3% to TRY 173.8 million compared to TRY 676.8 million in Q3 2024. Accordingly, EBITDA as a percentage of GMV was at 0.3%, a 0.9 percentage point decrease compared to 1.2% in Q3 2024.
IAS 29-Unadjusted EBITDA decreased by 21.6% to TRY 706.9 million compared to TRY 901.3 million in Q3 2024. IAS 29-Unadjusted EBITDA as a percentage of GMV in Q3 2025 decreased by 1.0 percentage points to 1.2% compared to 2.2% in Q3 2024.
Net loss for the period was TRY 1,324.8 million compared to a net loss of TRY 409.7 million for Q3 2024.
_______________________1 As previously disclosed, going forward, the metrics "Number of orders", "Active Customers" and "Order Frequency" exclude digital products and HepsiExpress. "Average order value" is also computed on this basis. See the "Certain Definitions" section of this press release.
Commenting on the results, Nilhan Onal Gökçetekin, CEO of Hepsiburada said:
"During the third quarter, we once again delivered improving order growth. Number of orders grew 17.6% year-over-year, double the rate of growth seen in the second quarter, while GMV increased 8.9%. Fast revenue growth continued, with revenues up 22.1%. Gross contribution margin increased 55 basis points (bps) in the third quarter and 100 bps for the first nine months of 2025, compared to the same periods last year.
"We also delivered healthy cash generation, with free cash flow increasing year-over-year from 2,104.7 TRY million to 2,584.3 TRY million in the third quarter and from TRY 2,789.4 million to TRY 5,183.1 million for the first nine months of 2025, due to our focus on disciplined cash management and business efficiencies.
"The decrease in EBITDA from TRY 676.8 million in Q3 2024 to TRY 173.8 million in Q3 2025 and the increase in Net Loss from TRY 409.7 million in Q3 2024 to 1,324.8 million in Q3 2025 was primarily due to our investments in new growth projects including efforts to speed up and reduce the cost of delivery for merchants, advertising initiatives and investments in installment payments.
"Our focus on delivery operations and payment solutions have enabled faster delivery times and supported growth in lower-priced products, while marketing initiatives have driven higher traffic and increased product views. Along with improvements in the user experience, these efforts have contributed to a rise in conversion rates.
"As we enter the final and most important quarter of the year, our focus remains on improving growth momentum and disciplined execution.
"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."
Summary: Key Operational and Financial Metrics
The following table sets forth a summary of the key operating and unaudited financial data as of and for the three months ended September 30, 2025 and September 30, 2024, and the nine months ended September 30, 2025 and September 30, 2024 prepared in accordance with IFRS. Unless indicated otherwise, all financial figures in the tables provided are inflation-adjusted (in accordance with IAS 29).
Note: All financial figures in the tables provided are expressed in terms of the purchasing power of the Turkish Lira on September 30, 2025 (in accordance with IAS 29) unless otherwise indicated.
(in TRY million unless indicated otherwise)
Three months ended September 30,
Nine months ended September 30,
unaudited
unaudited
2025
2024
y/y %
2025
2024
y/y %
GMV (TRY in billions)
61.4
56.4
8.9%
165.0
162.6
1.5%
Marketplace GMV (TRY in billions)
42.5
39.7
6.9%
113.4
113.7
(0.2%)
Share of Marketplace GMV (%)
69.2%
70.4%
(1.3pp)
68.7%
69.9%
(1.2pp)
Number of orders1(millions)
22.1
18.8
17.6%
59.2
55.8
6.0%
Active Customers1(millions)
11.6
11.9
(2.3%)
11.6
11.9
(2.3%)
Revenue
19,919.8
16,317.3
22.1%
54,315.8
48,799.3
11.3%
Gross contribution
7,409.7
6,494.2
14.1%
20,286.0
18,359.5
10.5%
Gross contribution margin (%)
12.1%
11.5%
0.5pp
12.3%
11.3%
1.0pp
Net loss for the period
(1,324.8)
(409.7)
223.4%
(2,507.7)
(1,173.7)
113.6%
EBITDA
173.8
676.8
(74.3%)
1,092.7
1,693.5
(35.5%)
EBITDA as a percentage of GMV (%)
0.3%
1.2%
(0.9 pp)
0.7%
1.0%
(0.4 pp)
Net cash (used in)/provided by operating activities
3,113.3
2,582.9
20.5%
6,892.0
4,529.0
52.2%
Free Cash Flow
2,584.3
2,104.7
22.8%
5,183.1
2,789.4
85.8%
Note: The abbreviation "n.m." stands for not meaningful throughout the press release.1 As previously disclosed, going forward, this metric excludes digital products and HepsiExpress. Historical figures are reported on a basis consistent with the current definitions. See the "Certain Definitions" section of this press release.
Note that Gross Contribution, EBITDA and Free Cash Flow are non-IFRS financial measures. See the "Presentation of Financial and Other Information" section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of non-IFRS measures to the most directly comparable IFRS measures. See the definitions of metrics such as GMV, Marketplace GMV, share of Marketplace GMV, Gross Contribution margin, EBITDA as a percentage of GMV, number of orders and Active Customers in the "Certain Definitions" section of this press release.
Subsequent Events
The Company announced a share capital increase in an aggregate amount of TRY 4,171,960,010.85, of which TRY 7,168,458.80 will be allocated to the nominal value of the newly issued shares, and TRY 4,164,791,552.05 will be allocated to the share premium. As a result of this transaction, the Company's nominal share capital will increase from TRY 65,199,658.00, divided into 325,998,290 shares, to TRY 72,368,116.80, divided into 361,840,584 shares. The nominal value per share will remain unchanged at TRY 0.20 (20 kuruş).
ESG Actions
In Q3 2025, Hepsiburada continued its support in social, commercial and economic areas.
The "Technology Empowerment for Women Entrepreneurs" ("TEWE") program increased by an additional 1,910 women. To date, the TEWE program has supported approximately 67 thousand women entrepreneurs. Furthermore, as of September 30, 2025, the number of women's cooperatives on our platform had reached 319.
Hepsiburada launched the "Your Companion Is Here" program to support women entrepreneurs and women's cooperatives in integrating into e-commerce through comprehensive training and mentorship opportunities.
Hepsiburada has published its 2024 Sustainability Report, its third to date, which for the first time incorporates an assessment of climate-related risks and opportunities. The company unveiled its refreshed ESG strategy under the commitment of being "Hepsiburada, Always By Your Side," redefining its sustainability priorities around three pillars: "Standing By the Planet", "Standing By the Ecosystem" and "Standing By Trust".
Hepsiburada Financial Review
Restatement of financial information: Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a hyperinflationary economy are reported in terms of the measuring unit current as of the reporting date of the financial statements. All amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period are restated applying the general price index. In summary:
(i) Non-monetary items are restated from the date of acquisition to the end of the reporting period.(ii) Monetary items that are already expressed in terms of the monetary unit current at the end of the reporting period are not restated.(iii) Comparative periods are stated in terms of measuring unit current at the end of the reporting period. (iv) All items in the statement of comprehensive income/(loss) are stated in terms of the measuring unit current as of the date of the financial statements, applying the relevant (monthly) conversion factors.(v) The gain or loss on the net monetary position is included in the statement of comprehensive loss and separately disclosed.
Revenue
(in TRY million unless indicated otherwise, unaudited)
Three months ended September 30,
Nine months ended September 30,
2025
2024
y/y %
2025
2024
y/y %
Sale of goods1(1P)
13,372.6
10,718.6
24.8%
35,799
32,573
9.9%
Marketplace revenue2(3P)
2,409.0
2,223.1
8.4%
6,401
6,429
(0.4%)
Delivery service revenue
2,960.5
2,380.6
24.4%
8,431
7,157
17.8%
Other
1,177.8
995.0
18.4%
3,685
2,640
39.6%
Revenue
19,919.8
16,317.3
22.1%
54,315.8
48,799.3
11.3%
1: In 1P direct sales model, we act as a principal and initially recognize revenue from the sales of goods on a gross basis at the time of delivery of the goods to our customers.2: In the 3P marketplace model, revenues are recorded on a net basis, mainly consisting of marketplace commission, transaction fees and other contractual charges to the merchants.
Our revenue increased by 22.1% to TRY 19,919.8 million in Q3 2025 compared to TRY 16,317.3 million in Q3 2024. This was due to a 24.8% increase in our (1P) revenue (comprising 67.1% of total revenue), an 8.4% increase in our (3P) revenue (comprising 12.1% of total revenue), a 24.4% increase in delivery service revenue (comprising 14.9% of total revenue) and an 18.4% increase in other revenue (comprising 5.9% of total revenue) compared to Q3 2024.
The 21.9% increase in 1P and 3P revenue compared to Q3 2024 was mainly due to progress on our growth strategy including targeted marketing initiatives, initiatives for faster delivery and other customer & merchant focused actions.
The 24.4% increase in delivery service revenue compared to Q3 2024 was mainly due to an increase in delivery service revenue from Hepsijet's off-platform customers.
The rise in other revenue was mainly attributable to growth in our Advertisement revenues.
Gross Contribution
(in TRY million unless indicated otherwise)
Three months ended September 30,
Nine months ended September 30,
2025
2024
y/y %
2025
2024
y/y %
Revenue
19,919.8
16,317.3
22.1%
54,315.8
48,799.3
11.3%
Cost of inventory sold
(12,510.2)
(9,823.1)
27.4%
(34,029.7)
(30,439.8)
11.8%
Gross Contribution
7,409.7
6,494.2
14.1%
20,286.0
18,359.5
10.5%
Gross contribution margin (% of GMV)
12.1%
11.5%
0.5%
12.3%
11.3%
1.0%
The Gross Contribution margin improved by 0.5pp to 12.1% in Q3 2025 compared to 11.5% in Q3 2024. This margin improvement was mainly attributable to a 0.6pp increase in delivery service revenue.
The table below shows the monthly inflation rates in 2025 and 2024.
Consumer Inflation Monthly (2003=100)
Jan
Feb
Mar
Apr
May
Jun
July
Aug
Sep
Oct
Nov
Dec
2025
5%
2%
2%
3%
2%
1%
2%
2%
3%
2024
7%
5%
3%
3%
3%
2%
3%
2%
3%
3%
2%
1%
Source: Data as announced by TurkStat
As of September 30, 2025, the annual inflation rate published by TurkStat was 33.3%, declining from 49.4% as of September 30, 2024, and 35.1% as of June 30, 2025. The monthly inflation rates during the third quarter of 2025 were 2.1%, 2.0% and 3.2% in July, August and September, respectively.
Operating Expenses
The table below shows our operating expenses for the three months and nine months ended September 30, 2025 and 2024 in absolute terms and as a percentage of GMV:
(in TRY million unless indicated otherwise)
Three months ended September 30,
Nine months ended September 30,
2025
2024
y/y %
2025
2024
y/y %
Cost of inventory sold
(12,510.2)
(9,823.1)
27.4%
(34,029.7)
(30,439.8)
11.8%
% of GMV
(20.4%)
(17.4%)
(2.9pp)
(20.6%)
(18.7%)
(1.9pp)
Shipping and packaging expenses
(2,268.7)
(1,844.8)
23.0%
(6,067.6)
(5,557.0)
9.2%
% of GMV
(3.7%)
(3.3%)
(0.4pp)
(3.7%)
(3.4%)
(0.3pp)
Payroll and outsourced staff expenses
(2,248.4)
(2,005.8)
12.1%
(6,354.3)
(5,639.2)
12.7%
% of GMV
(3.7%)
(3.6%)
(0.1pp)
(3.9%)
(3.5%)
(0.4pp)
Advertising expenses
(1,991.9)
(1,339.3)
48.7%
(4,259.4)
(3,676.8)
15.8%
% of GMV
(3.2%)
(2.4%)
(0.9pp)
(2.6%)
(2.3%)
(0.3pp)
Technology expenses
(201.0)
(201.4)
(0.2%)
(576.7)
(627.6)
(8.1%)
% of GMV
(0.3%)
(0.4%)
0.0pp
(0.3%)
(0.4%)
0.0pp
Depreciation and amortization
(764.3)
(633.6)
20.6%
(2,271.8)
(1,851.2)
22.7%
% of GMV
(1.2%)
(1.1%)
(0.1pp)
(1.4%)
(1.1%)
(0.2pp)
Other operating expenses, net
(526.0)
(426.1)
23.4%
(1,935.2)
(1,165.4)
66.1%
% of GMV
(0.9%)
(0.8%)
(0.1pp)
(1.2%)
(0.7%)
(0.5pp)
Operating expenses, net
(20,510.5)
(16,274.1)
26.0%
(55,494.7)
(48,957.0)
13.4%
Operating expenses as a % of GMV
(33.4%)
(28.8%)
(4.5pp)
(33.6%)
