D-Market Electronic Services & Trading ( (HEPS) ) has released its Q3 earnings. Here is a breakdown of the information D-Market Electronic Services & Trading presented to its investors.
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D-Market Electronic Services & Trading, operating as Hepsiburada, is a prominent Turkish e-commerce platform that integrates first-party direct sales and a third-party marketplace model. In its latest earnings report for the third quarter of 2025, Hepsiburada announced a revenue increase of 22.1% to TRY 19,919.8 million, driven by a rise in gross merchandise value and a significant boost in the number of orders. However, the company faced challenges as its EBITDA fell by 74.3% to TRY 173.8 million, and it reported a net loss of TRY 1,324.8 million, primarily due to investments in growth projects and increased advertising expenses. Despite the financial setbacks, Hepsiburada’s free cash flow improved, showcasing strong cash management. Looking ahead, the company remains focused on enhancing growth momentum and executing its strategic initiatives effectively as it enters the crucial final quarter of the year.