Research analysts who have asked questions during D-MARKET Electronic Services & Trading earnings calls.
BS
Badar Shamim
Generation PMCA Corporation
2 questions for HEPS
James Hayes
Lucerna Global Capital
2 questions for HEPS
MN
Maksim Nekrasov
Citigroup
2 questions for HEPS
SX
Sinan Xin
Amber Road Investors
2 questions for HEPS
CO
Cetin Ozarlak
Bank of America
1 question for HEPS
EM
Ece Mandaci
Unlu & Co
1 question for HEPS
F
Fredrik
Felisecurities Securities
1 question for HEPS
Also covers: KNOP
HK
Hanzade Kilickiran
JPMorgan Chase & Co.
1 question for HEPS
NK
Nikita Kopyrin
Goldman Sachs Group, Inc.
1 question for HEPS
S
Sinan
Unidentified Organization
1 question for HEPS
SC
Sinan Cinar
Morgan Stanley
1 question for HEPS
Recent press releases and 8-K filings for HEPS.
Hepsiburada Announces Q4 and Full Year 2025 Financial Results
HEPS
Earnings
Financial Restatement
Accounting Changes
- Hepsiburada's financial statements for Q4 and full year 2025 are restated pursuant to IAS 29, Financial Reporting in Hyperinflationary Economies, due to hyperinflationary economy reporting requirements.
- For Q4 2025, revenue increased by 17.8% to TRY 27,970.5 million and Gross Merchandise Value (GMV) grew by 10.5% to TRY 85.3 billion. For the full year 2025, revenue increased by 13.4% to TRY 84,651.8 million and GMV grew by 4.3% to TRY 257.5 billion.
- The company reported a net loss of TRY 3,082.3 million for Q4 2025 and TRY 5,699.2 million for the full year 2025, significantly higher than the prior year periods. EBITDA decreased to TRY 1.1 million in Q4 2025 and by 57.8% to TRY 1,141.4 million for the full year 2025.
- Free cash flow demonstrated strong growth, increasing by 79.3% to TRY 3,468.1 million in Q4 2025 and by 83.2% to TRY 8,877.0 million for the full year 2025.
- Beginning in Q1 2026, Hepsiburada intends to report key operating metrics solely based on definitions used by its controlling shareholder, Kaspi, to facilitate consolidation and managerial alignment.
Feb 26, 2026, 9:15 PM
Hepsiburada Announces Completion of Capital Increase
HEPS
- D-MARKET Electronic Services & Trading (Hepsiburada) announced the completion of a capital increase approved at an Extraordinary General Assembly of Shareholders meeting held on November 17, 2025.
- The Company received an aggregate amount of TRY 4,171,960,010.85 from this capital increase.
- Of the total amount, TRY 7,168,458.80 was allocated to the nominal value of newly issued shares, and TRY 4,164,791,552.05 was allocated to share premium.
- The capital increase was registered with the Istanbul Trade Registry and announced on December 23, 2025.
- Following the completion, Hepsiburada's registered nominal share capital has increased to TRY 72,368,116.80.
Dec 29, 2025, 1:41 PM
Hepsiburada Announces Q3 2025 Financial Results
HEPS
Earnings
Financial Restatement
New Projects/Investments
- Hepsiburada reported a 22.1% increase in revenue to TRY 19,919.8 million and an 8.9% increase in Gross Merchandise Value (GMV) to TRY 61.4 billion for Q3 2025 compared to Q3 2024.
- The company's EBITDA significantly decreased by 74.3% to TRY 173.8 million in Q3 2025, with EBITDA as a percentage of GMV falling to 0.3%.
- Net loss for the period widened to TRY 1,324.8 million in Q3 2025, compared to a net loss of TRY 409.7 million in Q3 2024, primarily due to investments in new growth projects, advertising initiatives, and increased net financial expenses.
- Despite the net loss, Hepsiburada generated strong free cash flow, which increased to TRY 2,584.3 million in Q3 2025 from TRY 2,104.7 million in Q3 2024.
- All financial figures are restated pursuant to International Accounting Standard 29 (IAS 29) due to Turkey's hyperinflationary economy.
Nov 5, 2025, 1:00 PM
Quarterly earnings call transcripts for D-MARKET Electronic Services & Trading.
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