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D-Market Elektronik Hizmetler ve Ticaret
D-Market Elektronik Hizmetler ve Ticaret (HEPS) investor relations material
D-Market Elektronik Hizmetler ve Ticaret Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
GMV rose 8.9% year-over-year to TRY 61.4 billion, with order growth accelerating to 17.6% and revenue up 22.1% to TRY 19,919.8 million in Q3 2025.
Free cash flow increased 22.8% to TRY 2,584.3 million, reflecting disciplined cash management and business efficiencies.
Net loss widened to TRY 1,324.8 million from TRY 409.7 million, mainly due to higher advertising and financial expenses tied to growth initiatives.
Financial highlights
Revenue increased 22.1% year-over-year to TRY 19,919.8 million; gross contribution margin improved by 0.5pp to 12.1%.
EBITDA dropped 74.3% to TRY 173.8 million, with EBITDA margin at 0.3% of GMV, down 0.9pp.
Free cash flow rose to TRY 2,584.3 million, up from TRY 2,104.7 million.
Net loss for Q3 2025 was TRY 1,324.8 million, up from TRY 409.7 million in Q3 2024.
Segment performance
1P (direct sales) revenue grew 24.8% and comprised 67.1% of total revenue; 3P (marketplace) revenue rose 8.4%, making up 12.1%.
Delivery service revenue increased 24.4%, driven by off-platform customers.
Marketplace GMV share declined to 69.2% from 70.4% year-over-year.
Impact of early credit card collection cost?
Address active customer decline vs. order frequency.
Explain the declining Marketplace GMV share.
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Next D-Market Elektronik Hizmetler ve Ticaret earnings date
Q4 202520 Mar, 2026
D-Market Elektronik Hizmetler ve Ticaret
Next D-Market Elektronik Hizmetler ve Ticaret earnings date
Q4 202520 Mar, 2026
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Frequently asked questions
D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi operates an e-commerce platform. Its platform is built around Hepsiburada. Hepsiburada enables users to shop a range of products online; HepsiExpress to order groceries and essentials; HepsiGlobal to discover and purchase products from international merchants online; HepsiPay to use various online payment options; and HepsiFly to purchase airline tickets online. The company was formerly known as Hepsiburada.com Ithalat Ihracat Ve Pazarlama Anonim Sirketi.
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