Hepsiburada reports Q2 revenue TRY 16.74B vs. TRY 13.66B last year

Gross merchandise value increased by 11.9% to TRY 51.1B compared to TRY 45.6B in Q2 2024. Commenting on the results, Nilhan Onal Gokcetekin, CEO of Hepsiburada said: “In the second quarter, we observed a gradual recovery in consumer demand in the market. Amid this recovery, we achieved 8.1% order growth and GMV growth of 11.9%, partially offsetting the decreases observed in the first quarter. Our revenue increased by 22.6% during the quarter, fully offsetting the contraction seen in Q1 2025 and bringing our year-to-date revenue growth to 5.9%. Compared to last year, our gross contribution margin improved by 40 basis points in the second quarter and 130 bps in the first half of 2025, driven mainly by a more diversified revenue composition across e-commerce and logistics. Our EBITDA as a percentage of GMV increased by 30 bps during the quarter, reaching 1.4%, supported by our topline and margin growth and a 41.6% increase in EBITDA corresponding to a year-on-year increase of TRY 217.4 million. In the second quarter, our net loss for the period increased by 39.4% compared to last year. This was mainly due to TRY 247.9 million in provision expenses compared to TRY 84.9 million in Q2 2024 and TRY 233.2 million in one-off expenses related to our global operations, and a TRY 206 million increase in net financial expenses, reflecting higher costs driven by increased competitiveness in end-user credit card installments, along with a decline in monetary gain and increased depreciation expenses compared to Q2 2024. We remain focused on executing with discipline, driving sustainable growth, improving margins, and strengthening the fundamentals of our business. We greatly value the continued support of our shareholders, the trust of our customers and partners, and the dedication of our entire team throughout the quarter.”