D-Market Elektronik Hizmetler ve Ticaret (HEPS) Q4 2025 earnings summary

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.