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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 Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved double-digit growth in orders and revenue in Q4 2025, with GMV up 10.5% and revenue up 17.8% year-over-year.
Full-year 2025 saw 9.5% growth in orders, 4.3% GMV growth, and 13.4% revenue growth compared to 2024.
Free cash flow increased significantly both in Q4 (up 79.3%) and for the full year (up 83.2%) year-over-year.
Net loss widened substantially in both Q4 and full year, driven by higher financial and advertising expenses.
Financial highlights
Q4 2025 GMV: TRY 85.3B (+10.5% y/y); Revenue: TRY 27,970.5M (+17.8% y/y); Orders: 28.3M (+17.6% y/y).
FY 2025 GMV: TRY 257.5B (+4.3% y/y); Revenue: TRY 84,651.8M (+13.4% y/y); Orders: 87.5M (+9.5% y/y).
Q4 EBITDA: TRY 1.1M (down from TRY 935.8M); FY EBITDA: TRY 1,141.4M (down 57.8% y/y).
Q4 Net loss: TRY 3,082.3M (vs. TRY 875.8M loss); FY Net loss: TRY 5,699.2M (vs. TRY 2,100.7M loss).
Free cash flow: Q4 TRY 3,468.1M (+79.3% y/y); FY TRY 8,877.0M (+83.2% y/y).
Outlook and guidance
From Q1 2026, key metrics will be reported using definitions aligned with controlling shareholder Kaspi.
Management expects this transition to facilitate consolidation and reflect managerial alignment.
Why did FCF rise despite net loss increase?
How will Kaspi metric changes affect reported GMV growth?
Why is Marketplace GMV share declining?
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Latest events from D-Market Elektronik Hizmetler ve Ticaret
- Q1 2024 delivered strong revenue, margin gains, and positive cash flow, with robust Q2 outlook.HEPS
Q1 20243 Feb 2026 - Record margin, strong GMV and EBITDA growth, and highest first half FCF, despite net loss.HEPSQ2 202421 Jan 2026
- First positive operating income since IPO, strong GMV growth, and Kaspi.kz acquisition pending.HEPSQ3 202411 Jan 2026
- GMV and revenue rose in 2024, but net loss and new ownership marked a major transition.HEPSQ4 202427 Dec 2025
- Revenue and GMV grew, but net loss widened on higher expenses; free cash flow improved.HEPSQ3 20255 Nov 2025
- Net loss widened and free cash flow turned negative as inflation and weak demand hit Q1 results.HEPSQ1 202530 Jun 2025
Next D-Market Elektronik Hizmetler ve Ticaret earnings date
Q1 20266 May, 2026
D-Market Elektronik Hizmetler ve Ticaret
Next D-Market Elektronik Hizmetler ve Ticaret earnings date
Q1 20266 May, 2026
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