Hepsiburada reports Q3 revenue TRY 19.9B vs. TRY 16.3B last year

Gross merchandise value increased by 8.9% to TRY 61.4 billion compared to TRY 56.4 billion in Q3 2024. Commenting on the results, Nilhan Onal Gokcetekin, CEO, 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 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.”