D Market Elektronik reports Q4 revenue TRY 27.97B vs. TRY 23.75B last year

Gross merchandise value, or GMV, increased by 10.5% to TRY 85.3B vs. TRY 77.2B last year. CEO Nilhan Onal Gokcetekin said: “Hepsiburada once again continued its growth momentum in orders and cash generation. During the last quarter of 2025, we delivered order growth of 17.6% and GMV growth of 10.5% in comparison to the same period last year, while our revenue recorded double digit growth of 17.8% in the quarter. On a full-year basis, we experienced 9.5% growth in number of orders and 4.3% growth in GMV with revenue growth of 13.4%. Gross contribution margin decreased by 0.3 percentage points in Q4, while it improved by 0.6pp for the full year 2025, compared to the same periods last year. Cash generation remained robust, with free cash flow rising by 79.3% year-over-year from 1,934.7 TRY million to 3,468.1 TRY million in Q4 and by 83.2% year-over-year from TRY 4,845.5 million to TRY 8,877.0 million for the full year of 2025. The decrease in EBITDA from TRY 935.8 million in Q4 2024 to TRY 1.1 million in Q4 2025 and the increase in Net Loss from TRY 875.8 million in Q4 2024 to 3,082.3 million in Q4 2025 were primarily due to our investments in growth initiatives including efforts to speed up, and reduce the cost of delivery for merchants, performance marketing initiatives and investments in installment payments.”