D-Market Elektronik Hizmetler ve Ticaret (HEPS) Q3 2025 earnings summary

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.