Hepsiburada's Q2 2025 Results Show E-commerce Resilience
Hepsiburada Reports Strong Financial Growth for Q2 2025
D-MARKET Electronic Services & Trading (known as "Hepsiburada"), a notable Turkish e-commerce platform, recently shared its financial results for the second quarter of 2025. The latest figures indicate a robust recovery in consumer demand and substantial growth across key operational metrics.
Financial Highlights
In Q2 2025, Hepsiburada experienced an 11.9% rise in gross merchandise value (GMV), totaling TRY 51.1 billion compared to TRY 45.6 billion in the same period last year. When excluding inflation adjustments, the GMV increased by an impressive 52.2%, reaching TRY 50.3 billion.
Revenue and Growth Metrics
The company's revenue increased by 22.6%, amounting to TRY 16,743.8 million in Q2 2025, compared to TRY 13,657.3 million in Q2 2024. This increase was supported by an 8.1% rise in the number of orders, which reached 18.9 million, alongside a growth in average order value, which rose by 5.3%.
Customer Metrics
Despite the overall positivity, the number of active customers saw a slight decrease of 0.8%, now totaling 12.0 million. This dip was reflected in the reduced number of active customers when excluding digital products and HepsiExpress, which fell by 1.2% to 11.6 million.
Operational Efficiency and EBITDA
Hepsiburada’s EBITDA grew significantly, increasing by 41.6% to TRY 739.5 million from TRY 522.1 million year-over-year. This allowed the EBITDA margin to also improve, with EBITDA as a percentage of GMV rising to 1.4%, up from 1.1% in Q2 2024. The growth in EBITDA can largely be attributed to enhanced revenue streams and efficient cost management practices.
Net Loss Insights
However, the company reported a net loss of TRY 723.8 million during the quarter, a notable increase from a loss of TRY 519.3 million in the previous year. This increase in net loss stemmed from increased financial expenses and provision expenses, which totaled TRY 247.9 million for the quarter, compared to TRY 84.9 million in Q2 2024.
Investment in Future Growth
Despite the reported net loss, Hepsiburada maintained a strong cash flow position, with free cash flow reported at an inflow of TRY 3,405.2 million, contrasting sharply with an outflow of TRY 870.4 million from the previous year. This stark improvement suggests that the company’s operations are becoming more efficient and profitable over time.
CEO's Remarks on Industry Trends
Nilhan Onal Gökçetekin, CEO of Hepsiburada, commented on the second quarter results, highlighting the recovery in consumer demand and the increasing effectiveness of their marketing strategies. She noted that the improvements in revenue and margins were also supported by diversification in their service offerings.
Community Engagement and ESG Efforts
In line with its commitment to community engagement, Hepsiburada has continued to support women entrepreneurs through its "Technology Empowerment for Women Entrepreneurs" initiative, which aims to bolster their presence in the market.
Looking Ahead
As Hepsiburada navigates the challenges of a fluctuating economic landscape, it remains focused on disciplined execution and sustainable growth strategies which aim to enhance shareholder value. The platform's commitment to innovation and consumer satisfaction positions it well for future development and market leadership.
Frequently Asked Questions
What were the key financial figures for Hepsiburada in Q2 2025?
Hepsiburada reported a gross merchandise value of TRY 51.1 billion and a revenue of TRY 16,743.8 million, with EBITDA reaching TRY 739.5 million.
Did Hepsiburada experience changes in customer numbers?
Yes, there was a slight decrease of 0.8% in active customers, resulting in a total of 12.0 million active users as of mid-2025.
How did Hepsiburada's EBITDA perform in Q2 2025?
EBITDA for Q2 2025 increased by 41.6%, reflecting a continuing trend of improved operational efficiency.
What challenges did Hepsiburada face according to the report?
The company faced increased financial expenses and provision expenses, which contributed to a widening net loss in Q2 2025.
What are Hepsiburada’s strategies for future growth?
Hepsiburada aims to focus on sustainable growth, operational discipline, and enhancing consumer satisfaction through innovation and improved service offerings.
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