D-Market Elektronik Hizmetler ve Ticaret (HEPS) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw an 11.9% year-over-year increase in GMV to TRY 51.1 billion and a 22.6% rise in revenue to TRY 16,743.8 million, with order growth of 8.1% and a 5.3% increase in average order value compared to Q2 2024.

• Net loss widened to TRY 723.8 million in Q2 2025, up 39.4% year-over-year, mainly due to higher provision expenses, one-off global operations costs, and increased financial expenses.

• Free cash flow turned positive, reaching TRY 3,405.2 million in Q2 2025 from an outflow of TRY 870.4 million in Q2 2024.

• EBITDA rose 41.6% year-over-year to TRY 739.5 million in Q2 2025, with margin improvement driven by topline and gross contribution growth.

Financial highlights

• Q2 2025 revenue: TRY 16,743.8 million (+22.6% YoY); H1 2025 revenue: TRY 31,994.9 million (+5.9% YoY).

• Q2 2025 GMV: TRY 51.1 billion (+11.9% YoY); H1 2025 GMV: TRY 96.4 billion (-2.5% YoY).

• Q2 2025 EBITDA: TRY 739.5 million (+41.6% YoY); H1 2025 EBITDA: TRY 854.8 million (-9.6% YoY).

• Q2 2025 net loss: TRY 723.8 million (vs. TRY 519.3 million loss in Q2 2024); H1 2025 net loss: TRY 1,100.2 million (vs. TRY 710.7 million loss in H1 2024).

• Gross contribution margin improved by 0.4pp to 12.4% in Q2 2025 and by 1.3pp to 12.4% in H1 2025.

Outlook and guidance

• Management expects to focus on sustainable growth, margin improvement, and strengthening business fundamentals.

• Future reporting will emphasize metrics excluding digital products and HepsiExpress to better align with management’s business view.