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Hepsiburada (NASDAQ: HEPS) Q2 revenue up as net loss hits TRY 1.9B

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Rhea-AI Filing Summary

D-MARKET Electronic Services & Trading reported IAS 29 inflation-adjusted second‑quarter and first‑half 2026 results. Q2 revenue was TRY 22,810.9 million, up 3.1% year over year, led by 3P marketplace revenue growth of 22.3%; first‑half revenue reached TRY 47,570.1 million, up 12.5%.

Gross Contribution in Q2 was TRY 8,621.6 million with a 15.2% margin, flat year over year, while operating expenses rose 6.5% to TRY 23,504.5 million on higher shipping, payroll and advertising. Net loss widened to TRY 1,889.6 million from TRY 956.2 million, and EBITDA fell to TRY 239.2 million (0.4% of GMV) from 976.9 million (1.8%). Free Cash Flow declined to TRY 1,553.2 million from 4,498.6 million. As of June 30, 2026 cash and cash equivalents were TRY 7,011.8 million and total equity was negative TRY 582.3 million.

Positive

  • None.

Negative

  • Net loss increased to TRY 1,889.6 million in Q2 2026 from TRY 956.2 million in Q2 2025, driven by higher financial expenses and growth-related operating costs.
  • EBITDA fell to TRY 239.2 million in Q2 2026, with EBITDA as a percentage of GMV dropping to 0.4% from 1.8% a year earlier.
  • Free Cash Flow declined 65.5% to TRY 1,553.2 million in Q2 2026 from TRY 4,498.6 million, mainly due to lower net cash from operating activities.
  • Total equity turned negative to TRY 582.3 million at June 30, 2026, compared with positive equity of TRY 2,368.9 million at December 31, 2025.
Q2 2026 Revenue TRY 22,810.9 million Inflation-adjusted revenue for the three months ended June 30, 2026, up 3.1% year over year
H1 2026 Revenue TRY 47,570.1 million Inflation-adjusted revenue for the six months ended June 30, 2026, up 12.5% year over year
Q2 2026 Net Loss TRY 1,889.6 million Loss for the period in Q2 2026 versus TRY 956.2 million in Q2 2025
Q2 2026 EBITDA TRY 239.2 million EBITDA for Q2 2026; EBITDA margin was 0.4% of GMV versus 1.8% a year earlier
Q2 2026 Free Cash Flow TRY 1,553.2 million Free Cash Flow for Q2 2026, down 65.5% from TRY 4,498.6 million in Q2 2025
Q2 2026 Gross Contribution TRY 8,621.6 million Inflation-adjusted Gross Contribution in Q2 2026; margin 15.2% of GMV, flat year over year
Cash and Equivalents TRY 7,011,755 Cash and cash equivalents as of June 30, 2026 on the consolidated balance sheet
Total Equity TRY (582,278) Total equity as of June 30, 2026, compared with TRY 2,368,859 at December 31, 2025
IAS 29 financial
"Pursuant to the International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies"
IAS 29 is an accounting rule that tells companies how to adjust their financial statements when they operate in economies with very high inflation, so numbers reflect current purchasing power rather than outdated prices. For investors, it matters because it converts historic figures into meaningful, comparable values—like updating old price tags to today’s dollars—helping assess real profits, assets and liabilities and avoid being misled by inflation-distorted results.
Gross Contribution financial
"Gross Contribution in Q2 was TRY 8,621.6 million with a 15.2% margin"
EBITDA financial
"EBITDA amounted to TRY 239.2 million during the quarter, while EBITDA as a percentage of GMV was 0.4%"
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
Free Cash Flow financial
"Our Free Cash Flow decreased by 65.5% to TRY 1,553.2 million in Q2 2026"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Net Working Capital financial
"Net Working Capital is a supplemental non-IFRS financial measure that is not required"
Net working capital is the amount left when you subtract a company’s short-term bills (like accounts payable and short-term loans) from its short-term assets (cash, money owed to it, and inventory). Think of it as the cash cushion a business has to keep daily operations running — a bigger cushion means fewer short-term funding worries, while a small or negative number can signal pressure to raise cash or cut activity, which matters to investors assessing stability and short-term risk.
GMV financial
"GMV as gross merchandise value which refers to the total value of orders/products sold"
Gross merchandise value (GMV) is the total dollar value of all goods and services sold through a platform or marketplace over a given period, measured before deducting fees, returns, or discounts. Investors watch GMV to gauge the raw size and growth of customer activity—like counting every ticket sold at a concert before subtracting organizer costs—while remembering it is not the same as revenue or profit.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Hepsiburada (HEPS) perform on revenue in Q2 2026?
Hepsiburada’s Q2 2026 revenue was TRY 22,810.9 million, a 3.1% year‑over‑year increase. First‑half 2026 revenue reached TRY 47,570.1 million, up 12.5% versus the first half of 2025, with strong marketplace and delivery service contributions.

What was Hepsiburada (HEPS) net loss in Q2 2026 and what drove it?
Net loss in Q2 2026 was TRY 1,889.6 million, compared with TRY 956.2 million in Q2 2025. The increase mainly reflected higher financial expenses and fees, greater advertising, shipping and payroll costs, partially offset by higher revenue, lower impairment losses and higher monetary gains.

How did EBITDA for Hepsiburada (HEPS) change in Q2 2026?
Q2 2026 EBITDA declined to TRY 239.2 million from TRY 976.9 million a year earlier. EBITDA as a percentage of GMV fell to 0.4% from 1.8%, mainly due to higher advertising, shipping and payroll expenses as a share of GMV, partly offset by lower impairment losses.

What was Hepsiburada (HEPS) Free Cash Flow in Q2 2026?
Free Cash Flow in Q2 2026 was TRY 1,553.2 million, down from TRY 4,498.6 million in Q2 2025. The 65.5% decrease was mainly driven by lower net cash provided by operating activities and higher spending on tangible and intangible asset acquisitions.

What does IAS 29 hyperinflation accounting mean for Hepsiburada (HEPS)?
Hepsiburada’s financial statements are restated under IAS 29 to reflect Turkey’s hyperinflationary environment. All figures are expressed in the purchasing power of the Turkish lira as of June 30, 2026, using TurkStat price indices; non‑IFRS IAS 29‑unadjusted metrics are provided for comparability.

What is Hepsiburada (HEPS) balance sheet position as of June 30, 2026?
As of June 30, 2026, cash and cash equivalents were TRY 7,011.8 million, current assets totaled TRY 24,527.0 million and current liabilities TRY 31,968.0 million. Total equity was negative TRY 582.3 million, with accumulated deficit of TRY 24,536.6 million.

How did operating expenses evolve for Hepsiburada (HEPS) in Q2 2026?
Operating expenses, net, rose to TRY 23,504.5 million in Q2 2026, up 6.5% year over year. Shipping and packaging grew 21.7%, payroll and outsource staff 12.5%, and advertising 39.7%, while impairment losses decreased 94.6% compared with Q2 2025.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

 

Date of Report: August 6, 2026

 

Commission File Number: 001-40553

 

 

D-MARKET Elektronik Hizmetler ve Ticaret Anonim Şirketi

(Exact Name of registrant as specified in its charter)

 

D-MARKET Electronic Services & Trading
(Translation of Registrant‘s Name into English)

 

 

Kuştepe Mahallesi Mecidiyeköy Yolu

Cad. Trump Towers Tower: 2 No: 12 Floor: 2

Şişli-Istanbul, Türkiye

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F x         Form 40-F ¨

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  D-MARKET ELECTRONIC SERVICES & TRADING
   
August 6, 2026 By: /s/ ENDER ÖZGÜN
  Name: Ender Özgün
  Title: Chief Executive Officer

 

  By: /s/ M. SEÇKİN KÖSEOĞLU
  Name: M. Seçkin Köseoğlu
  Title: Chief Financial Officer

 

 

 

 

EXHIBITS

 

Exhibit   Title
   
99.1   Press release announcing the second quarter 2026 results of D-MARKET Electronic Services & Trading dated August 6, 2026

 

 

 

 

Exhibit 99.1

 

 

Hepsiburada Announces Second Quarter 2026 Financial Results

 

ISTANBUL, August 6, 2026 - D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform (referred to herein as “Hepsiburada” or the “Company”), today announces its unaudited financial results for the second quarter ended June 30, 2026.

 

Restatement of financial information: Pursuant to the International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (“IAS 29”), the financial statements of entities whose functional currency is that of a hyperinflationary economy must be adjusted for the effects of changes in a general price index. Turkish companies reporting under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), including the Company, have been required to apply IAS 29 to their financial statements for periods ended on and after June 30, 2022.

 

The Company’s consolidated financial statements as of and for the three and six months ended June 30, 2026, including figures corresponding to the same periods of the prior year, reflect a restatement pursuant to IAS 29. Under IAS 29, the Company’s financial statements are presented in terms of the measuring unit current as of June 30, 2026. All the amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period, are restated applying the general price index. Adjustment for inflation has been calculated considering the price indices published by the Turkish Statistical Institute (TurkStat). Such indices used to restate the financial statements as at June 30, 2026 are as follows:

 

Date  Index   Conversion Factor 
30 June 2026   4,137.9    1.00 
31 December 2025   3,513.9    1.18 
30 June 2025   3,132.2    1.32 

 

Figures unadjusted for inflation in accordance with IAS 29, denoted as “IAS 29-Unadjusted”, “unadjusted for IAS 29”, “unadjusted”, “unadjusted for inflation”, or “without adjusting for inflation”, are also included under the “Highlights” sections. Figures unadjusted for IAS 29 constitute non-IFRS financial measures. We believe that their inclusion facilitates the understanding of the restated financial statements in accordance with IAS 29. Please see the “Presentation of Financial and Other Information” section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of the non-IFRS measures to the most directly comparable IFRS measures.

 

 

 

 

Second Quarter 2026 Financial and Operational Highlights

 

(All financial figures are restated pursuant to IAS 29 unless otherwise indicated)

 

·Gross merchandise value (GMV) increased by 2.8% to TRY 56.7 billion compared to TRY 55.1 billion in Q2 2025.

 

oIAS 29-Unadjusted GMV increased by 36.1% to TRY 56.0 billion compared to Q2 2025.

 

·Revenue increased by 3.1% to TRY 22,810.9 million compared to TRY 22,120.3 million in Q2 2025.

 

·Number of Orders increased by 13.4% to 19.5 million compared to 17.2 million in Q2 2025.

 

·Average Order Value decreased by 9.4% in Q2 2026 compared to Q2 2025.

 

·Active Customers increased by 2.5% to 11.5 million compared to 11.3 million as of June 30, 2025.

 

·Order Frequency increased by 14.9% to 7.4 compared to 6.5 as of June 30, 2025.

 

·Active Merchants decreased by 0.2% to 100.1 thousand compared to 100.3 thousand as of June 30, 2025.

 

·Share of Marketplace GMV increased by 0.1 percentage points (“pp”) to 68.6% compared to Q2 2025.

 

·Free Cash Flow decreased by 65.5% to TRY 1,553.2 million from TRY 4,498.6 million in Q2 2025.

 

·EBITDA decreased to TRY 239.2 million compared to TRY 976.9 million in Q2 2025. Accordingly, EBITDA as a percentage of GMV was at 0.4%, a 1.4pp decrease compared to 1.8% in Q2 2025.

 

oIAS 29-Unadjusted EBITDA decreased by 11.2% to TRY 979.1 million compared to TRY 1,102.6 million in Q2 2025. IAS 29-Unadjusted EBITDA as a percentage of GMV in Q2 2026 decreased by 0.9pp to 1.7% compared to 2.7% in Q2 2025.

 

·Net loss for the period was TRY 1,889.6 million compared to a net loss of TRY 956.2 million for Q2 2025.

 

First Half 2026 Financial and Operational Highlights

 

(All financial figures are restated pursuant to IAS 29 unless otherwise indicated)

 

·Gross merchandise value (GMV) increased by 14.7% to TRY 118.6 billion compared to TRY 103.3 billion in H1 2025.

 

oIAS 29-Unadjusted GMV increased by 50.5% to TRY 112.5 billion compared to H1 2025.

 

1

 

 

·Revenue increased by 12.5% to TRY 47,570.1 million compared to TRY 42,268.6 million in H1 2025.

 

·Number of Orders increased by 17.7% to 39.8 million compared to 33.8 million in H1 2025.

 

·Average Order Value decreased by 2.5% in H1 2026 compared to H1 2025.

 

·Active Customers increased by 2.5% to 11.5 million compared to 11.3 million as of June 30, 2025.

 

·Order Frequency increased by 14.9% to 7.4 compared to 6.5 as of June 30, 2025.

 

·Active Merchants decreased by 0.2% to 100.1 thousand compared to 100.3 thousand as of June 30, 2025.

 

·Share of Marketplace GMV remained flat at 68.7% compared to H1 2025.

 

·Free Cash Flow decreased by 88.9% to TRY 354.4 million from TRY 3,193.6 million in H1 2025.

 

·EBITDA decreased to TRY 689.0 million compared to TRY 1,129.3 million in H1 2025. Accordingly, EBITDA as a percentage of GMV was at 0.6%, a 0.5pp decrease compared to 1.1% in H1 2025.

 

oIAS 29-Unadjusted EBITDA increased by 8.9% to TRY 2,148.3 million compared to TRY 1,973.6 million in H1 2025. IAS 29-Unadjusted EBITDA as a percentage of GMV in H1 2026 decreased by 0.7pp to 1.9% compared to 2.6% in H1 2025.

 

·Net loss for the period was TRY 2,951.1 million compared to a net loss of TRY 1,453.5 million for H1 2025.

 

Commenting on the results, Ender Özgün, CEO of Hepsiburada said:

 

“The second quarter saw a moderation in consumer demand, reflecting the implications of pressures from inflation and an extended holiday period.

 

Despite the softer market environment, Hepsiburada maintained its competitive position, with real GMV growth of 14.7% and order growth of 17.7% in the first half of the year.

 

We managed to increase the Order Frequency of our customers by 14.9%, reflecting stronger customer engagement on our platform. Furthermore, during the first half of 2026, our revenues amounted to TRY 47,570.1 million, increasing by 12.5% year over year.

 

On the fintech side, we introduced our new loan product, Hepsitaksit in June. During its first month of operation, Hepsitaksit facilitated 0.4% of total GMV.

 

EBITDA amounted to TRY 239.2 million during the quarter, while EBITDA as a percentage of GMV was 0.4%, reflecting higher expenses driven by increased marketing activities and efforts to speed up and reduce the cost of delivery for merchants. For the first half of the year, EBITDA totaled TRY 689.0 million, with EBITDA as a percentage of GMV of 0.6%.

  

2

 

 

The increase in Net Loss to TRY 1,889.6 million in Q2 2026 from TRY 956.2 million in Q2 2025 was primarily due to continued investments in growth initiatives.

 

We appreciate the continued support of our shareholders, the trust placed in us by our customers and partners, and the dedication demonstrated by our entire team.”

 

Summary: Key Operational and Financial Metrics

 

The following table sets forth a summary of the key operating and unaudited financial data as of and for the three months ended June 30, 2026 and June 30, 2025 and the six months ended June 30, 2026 and June 30, 2025 prepared in accordance with IFRS Accounting Standards as issued by the IASB. Unless indicated otherwise, all financial figures in the tables provided are inflation-adjusted (in accordance with IAS 29).

 

Note: All financial figures in the tables provided are expressed in terms of the purchasing power of the Turkish Lira on June 30, 2026 (in accordance with IAS 29) unless otherwise indicated.

 

  Three months ended June 30,   Six months ended June 30, 
   unaudited   unaudited 
(in TRY million unless indicated otherwise)  2026   2025   y/y %   2026   2025   y/y % 
GMV (TRY in billions)   56.7    55.1    2.8%   118.6    103.3    14.7%
Marketplace GMV (TRY in billions)   38.8    37.7    2.9%   81.5    71.0    14.9%
Share of Marketplace GMV (%)   68.6%   68.5%   0.1pp   68.7%   68.7%   0.0pp
Number of Orders (millions)   19.5    17.2    13.4%   39.8    33.8    17.7%
Active Customers (millions)   11.5    11.3    2.5%   11.5    11.3    2.5%
Revenue   22,810.9    22,120.3    3.1%   47,570.1    42,268.6    12.5%
Gross Contribution   8,621.6    8,369.8    3.0%   17,715.5    15,823.5    12.0%
Gross Contribution Margin (%)   15.2%   15.2%   0.0pp   14.9%   15.3%   (0.4)pp
Net loss for the period   (1,889.6)   (956.2)   97.6%   (2,951.1)   (1,453.5)   103.0%
EBITDA   239.2    976.9    (75.5)%   689.0    1,129.3    (39.0)%
EBITDA as a percentage of GMV (%)   0.4%   1.8%   (1.4)pp   0.6%   1.1%   (0.5)pp
Net cash provided by operating activities   2,274.0    5,115.9    (55.6)%   1,851.2    4,643.6    (60.1)%
Free Cash Flow   1,553.2    4,498.6    (65.5)%   354.4    3,193.6    (88.9)%

 

Note that Gross Contribution, EBITDA and Free Cash Flow are non-IFRS financial measures. See the “Presentation of Financial and Other Information” section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of non-IFRS measures to the most directly comparable IFRS measures. See the definitions of metrics such as GMV, Marketplace GMV, Share of Marketplace GMV, Gross Contribution Margin, EBITDA as a percentage of GMV, Number of Orders and Active Customers in the “Certain Definitions” section of this press release.

 

ESG Actions

 

Hepsiburada remains committed to fostering inclusive economic growth and social development. In Q2 2026, the Company continued to grow its flagship “Technology Empowerment for Women Entrepreneurs” (TEWE) program, reaching over 73,000 women entrepreneurs to date. The program continues to provide essential support through commission discounts, marketing and communication resources including professional product photography. Following the successful completion of the “Your Companion Is Here” education program (launched in September 2025), the Company launched a second-phase mentorship program in April 2026. Under the “Türkiye's Women Entrepreneurs” protocol signed with the Ministry of Family and Social Services, Hepsiburada hosted in-person training sessions with women entrepreneurs and cooperatives in Ankara in April 2026 and Bursa in June 2026.

 

Additionally, under the “One Smile is Enough” project, the Company hosted Children’s Workshops at the 7th Mardin Biennial between May 15 and June 2, 2026, engaging local children through creative arts.

 

3

 

 

Hepsiburada Financial Review

 

Restatement of financial information: Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a hyperinflationary economy are reported in terms of the measuring unit current as of the reporting date of the financial statements. All amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period are restated applying the general price index. In summary:

 

(i)Non-monetary items are restated from the date of acquisition to the end of the reporting period.
(ii)Monetary items that are already expressed in terms of the monetary unit current at the end of the reporting period are not restated.
(iii)Comparative periods are stated in terms of measuring unit current at the end of the reporting period.
(iv)All items in the statement of comprehensive income/(loss) are stated in terms of the measuring unit current as of the date of the financial statements, applying the relevant (monthly) conversion factors.
(v)The gain or loss on the net monetary position is included in the statement of comprehensive loss and separately disclosed.

 

Revenue

 

  Three months ended June 30,   Six months ended June 30, 
(in TRY million unless indicated otherwise)  2026   2025   y/y %   2026   2025   y/y % 
Sale of goods1 (1P)   14,919.0    14,700.0    1.5%   31,213.3    27,559.7    13.3%
Marketplace revenue2 (3P)   2,980.0    2,437.0    22.3%   6,163.8    4,905.5    25.6%
Delivery service revenue   3,632.0    3,460.0    5.0%   7,631.0    6,722.1    13.5%
Other   1,279.9    1,523.3    (16.0)%   2,562.1    3,081.2    (16.8)%
Revenue   22,810.9    22,120.3    3.1%   47,570.1    42,268.6    12.5%

 

 

1: In 1P direct sales model, we act as a principal and initially recognize revenue from the sales of goods on a gross basis at the time of delivery of the goods to our customers.

2: In the 3P marketplace model, revenues are recorded on a net basis, mainly consisting of marketplace commission and other contractual charges to the merchants.

 

Our revenue increased by 3.1% to TRY 22,810.9 million in Q2 2026 compared to TRY 22,120.3 million in Q2 2025. This was due to a 1.5% increase in our 1P revenue (comprising 65.4% of total revenue), a 22.3% increase in our 3P revenue (comprising 13.1% of total revenue) and a 5.0% increase in delivery service revenue (comprising 15.9% of total revenue), partially offset by a 16.0% decrease in other revenue (comprising 5.6% of total revenue) compared to Q2 2025.

 

1P revenue increased by 1.5% to TRY 14,919.0 million in Q2 2026 compared to TRY 14,700.0 million in Q2 2025, whereas 3P revenue increased by 22.3% to TRY 2,980.0 million in Q2 2026 compared to TRY 2,437.0 million in Q2 2025, mainly driven by a 1.2pp increase in the contribution of our higher-margin 3P business.

 

4

 

 

The 5.0% increase in delivery service revenue compared to Q2 2025 was mainly due to an increase in delivery service revenue from the off-platform customers of Hepsijet.

 

The 16.0% decrease in other revenue compared to Q2 2025 was mainly due to the decrease in consumer finance revenue, Hepsipay income and fulfilment revenue, partially offset by an increase in HepsiAd revenue.

 

Gross Contribution

 

  Three months ended June 30,   Six months ended June 30, 
(in TRY million unless indicated otherwise)  2026   2025   y/y %   2026   2025   y/y % 
Revenue   22,810.9    22,120.3    3.1%   47,570.1    42,268.6    12.5%
Cost of inventory sold   (14,189.3)   (13,750.6)   3.2%   (29,854.6)   (26,445.1)   12.9%
Gross Contribution   8,621.6    8,369.8    3.0%   17,715.5    15,823.5    12.0%
Gross Contribution Margin (% of GMV)   15.2%   15.2%   0.0%   14.9%   15.3%   -0.4%

 

Gross Contribution Margin remained flat at 15.2% in Q2 2026 compared to Q2 2025.

 

The table below shows the monthly inflation rates in 2026 and 2025.

 

Consumer Inflation
Monthly (2003=100)		  Jan   Feb   Mar   Apr   May   Jun   July   Aug   Sep   Oct   Nov   Dec 
2026   5%   3%   2%   4%   2%   1%                              
2025   5%   2%   2%   3%   2%   1%   2%   2%   3%   3%   1%   1%

 

Source: Data as announced by TurkStat

 

As of June 30, 2026, the annual inflation rate published by TurkStat was 32.1%, declining from 35.1% as of June 30, 2025, and increasing from 30.9% as of March 31, 2026. The monthly inflation rates during the second quarter of 2026 were 4.2%, 1.7% and 1.0% in April, May and June, respectively.

 

5

 

 

Operating Expenses

 

The table below shows our operating expenses for the three months and six months ended June 30, 2026 and 2025 in absolute terms and as a percentage of GMV:

 

  Three months ended June 30,   Six months ended June 30, 
(in TRY million unless indicated otherwise)  2026   2025   y/y %   2026   2025   y/y % 
Cost of inventory sold   (14,189.3)   (13,750.6)   3.2%   (29,854.6)   (26,445.1)   12.9%
% of GMV   (25.0)%   (25.0)%   (0.1)pp   (25.2)%   (25.6)%   0.4pp
Shipping and packaging expenses   (2,880.7)   (2,367.9)   21.7%   (5,873.6)   (4,668.5)   25.8%
% of GMV   (5.1)%   (4.3)%   (0.8)pp   (5.0)%   (4.5)%   (0.4)pp
Payroll and outsource staff expenses   (2,694.5)   (2,395.2)   12.5%   (5,609.5)   (5,045.7)   11.2%
% of GMV   (4.8)%   (4.3)%   (0.4)pp   (4.7)%   (4.9)%   0.2pp
Advertising expenses   (2,033.7)   (1,455.6)   39.7%   (3,926.7)   (2,786.5)   40.9%
% of GMV   (3.6)%   (2.6)%   (0.9)pp   (3.3)%   (2.7)%   (0.6)pp
Technology expenses   (259.8)   (232.0)   12.0%   (496.6)   (461.7)   7.6%
% of GMV   (0.5)%   (0.4)%   (0.0)pp   (0.4)%   (0.4)%   0.0pp
Depreciation and amortization   (932.9)   (931.9)   0.1%   (1,856.0)   (1,852.5)   0.2%
% of GMV   (1.6)%   (1.7)%   (0.0)pp   (1.6)%   (1.8)%   0.2pp
Other operating expenses, net   (488.7)   (484.9)   0.8%   (1,092.2)   (1,056.3)   3.4%
% of GMV   (0.9)%   (0.9)%   (0.0)pp   (0.9)%   (1.0)%   0.1pp
Impairment losses   (24.9)   (457.3)   (94.6)%   (27.8)   (675.5)   (95.9)%
% of GMV   (0.0)%   (0.8)%   0.8pp   (0.0)%   (0.7)%   0.6pp
Operating expenses, net   (23,504.5)   (22,075.4)   6.5%   (48,737.0)   (42,991.8)   13.4%
Operating expenses as a % of GMV   (41.5)%   (40.1)%   (1.4)pp   (41.1)%   (41.6)%   0.5pp

 

Operating expenses, net, increased by 6.5% to TRY 23,504.5 million in Q2 2026 compared to TRY 22,075.4 million in Q2 2025. The main drivers for the increase in operating expenses in Q2 2026 were a 21.7% increase in shipping and packaging expenses, a 12.5% increase in payroll and outsource staff expenses and a 39.7% increase in advertising expenses, partially offset by a 94.6% decrease in impairment losses.

 

Advertising expenses increased by 39.7% due to increased investment to support our growth initiatives.

 

Payroll and outsource staff expenses increased by 12.5% driven by higher GMV and Number of Orders, which required additional headcount and outsourced personnel.

 

Shipping and packaging expenses increased by 21.7% while shipping revenue grew by 5.0%. The slower rate of increase in shipping revenue is primarily related to cargo subsidies provided to merchants, to enhance merchant economics and speed.

 

Impairment losses decreased by 94.6% mainly due to lower expected credit losses compared to Q2 2025.

 

6

 

 

Net Loss for the Period

 

Net loss for the period was TRY 1,889.6 million in Q2 2026, compared to a net loss of TRY 956.2 million in Q2 2025. This negative change was mainly due to a TRY 689.6 million increase in net financial expenses and fees (net of financial income) related to fees for collection of credit card receivables due to higher numbers of credit card installments to maintain a competitive position in the market, a TRY 578.1 million increase in advertising expenses and a TRY 512.9 million increase in shipping and packaging expenses due to growth initiatives, and a TRY 438.8 million increase in cost of inventory sold and a TRY 299.3 million increase in payroll and outsource staff expenses, which were partially offset by a TRY 690.6 million increase in revenue, a TRY 432.4 million decrease in impairment losses and a TRY 492.5 million increase in monetary gains.

 

EBITDA

 

EBITDA as a percentage of GMV decreased by 1.4pp in Q2 2026 to 0.4%, compared to 1.8% in Q2 2025. EBITDA decreased to TRY 239.2 million in Q2 2026 from TRY 976.9 million in Q2 2025. These decreases were driven by a 0.9pp increase in advertising expenses, a 0.8pp increase in shipping and packaging expenses and a 0.4pp increase in payroll and outsource expenses, partially offset by a 0.8pp decrease in impairment losses in each case as a percentage of GMV.

 

Free Cash Flow

 

Our Free Cash Flow decreased by 65.5% to TRY 1,553.2 million in Q2 2026 from TRY 4,498.6 million in Q2 2025. The change was mainly driven by a TRY 2,841.9 million decrease in net cash provided by operating activities and by a TRY 103.5 million increase in tangible and intangible asset acquisitions.

 

7

 

 

 

D-MARKET Electronic Services & Trading

 

CONSOLIDATED BALANCE SHEETS

(Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026 unless otherwise indicated. Unaudited.)

 

   30 June 2026   31 December 2025 
   (unaudited)   (unaudited) 
ASSETS          
Current assets:          
Cash and cash equivalents   7,011,755    13,315,857 
Restricted cash   251,626    241,469 
Financial investments   2,029,525    2,374,146 
Trade and loan receivables   5,321,281    7,347,358 
Due from related parties   -    243 
Inventories   8,874,355    10,279,578 
Other current assets   1,038,481    1,377,399 
Total current assets   24,527,023    34,936,050 
Non-current assets:          
Property and equipment   1,421,030    1,280,612 
Intangible assets   4,498,755    4,560,461 
Right of use assets   2,552,811    2,595,448 
Trade and loan receivables   11,471    31,502 
Deferred tax assets   56,441    56,441 
Other non-current assets   31,288    47,758 
Total non-current assets   8,571,796    8,572,222 
Total assets   33,098,819    43,508,272 
LIABILITIES AND EQUITY          
Current liabilities:          
Bank borrowings   469,243    702,497 
Lease liabilities   1,036,666    1,237,582 
Wallet deposits   252,324    307,573 
Trade payables and payables to merchants   24,702,753    30,475,666 
Provisions   257,096    379,384 
Employee benefit obligations   742,356    1,197,192 
Contract liabilities and merchant advances   2,447,472    3,280,698 
Other current liabilities   2,060,066    1,739,772 
Total current liabilities   31,967,976    39,320,364 
Non-current liabilities:          
Lease liabilities   861,552    916,569 
Employee benefit obligations   239,652    309,642 
Other non-current liabilities   611,917    592,838 
Total non-current liabilities   1,713,121    1,819,049 
Equity:          
Share capital   1,118,179    1,118,179 
Treasury shares   (377,974)   (377,974)
Share premium   23,214,145    23,214,145 
Accumulated deficit   (24,536,628)   (21,585,491)
Total equity   (582,278)   2,368,859 
Total equity and liabilities   33,098,819    43,508,272 

 

8

 

 

D-MARKET Electronic Services & Trading

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026 unless otherwise indicated. Unaudited.)

 

   Three Months Ended   Six Months Ended 
   30 June 2026   30 June 2025   30 June 2026   30 June 2025 
   (unaudited)   (unaudited)   (unaudited)   (unaudited) 
Revenues   22,810,908    22,120,304    47,570,131    42,268,647 
Operating expenses                    
Cost of inventory sold   (14,189,329)   (13,750,550)   (29,854,640)   (26,445,128)
Shipping and packaging expenses   (2,880,740)   (2,367,904)   (5,873,648)   (4,668,482)
Payroll and outsource staff expenses   (2,694,503)   (2,395,194)   (5,609,539)   (5,045,682)
Advertising expenses   (2,033,723)   (1,455,628)   (3,926,679)   (2,786,545)
Technology expenses   (259,779)   (231,994)   (496,592)   (461,723)
Depreciation and amortization   (932,859)   (931,919)   (1,855,951)   (1,852,483)
Other operating income   147,234    139,932    278,539    286,542 
Other operating expenses   (635,951)   (624,790)   (1,370,762)   (1,342,867)
Impairment losses   (24,867)   (457,269)   (27,812)   (675,457)
Operating loss   (693,609)   44,988    (1,166,953)   (723,178)
Financial income   924,851    1,493,996    2,026,760    2,862,309 
Financial expenses and fees   (3,233,049)   (3,112,612)   (6,464,261)   (5,601,030)
Monetary gains/(losses)   1,109,888    617,381    2,683,895    2,008,370 
Loss before income taxes   (1,891,919)   (956,247)   (2,920,559)   (1,453,529)
Income taxes   2,325    -    (30,578)   - 
Loss for the period   (1,889,594)   (956,247)   (2,951,137)   (1,453,529)
Basic and diluted loss per share (TRY per share)   (5.1)   (2.9)   (9.1)   (4.5)
Other comprehensive loss:                    
Items that will not be reclassified to profit or loss in subsequent period:                    
Actuarial losses arising on remeasurement of post-employment benefits   -    -    -    - 
Tax Effect of Actuarial Gain (Loss) of Defined Benefit Plans   -    -    -    - 
Items that will be reclassified to profit or loss in subsequent period:                    
Changes in the fair value of debt instruments at fair value through other comprehensive income                    
Total comprehensive loss for the period   (1,889,594)   (956,247)   (2,951,137)   (1,453,529)

 

9

 

D-MARKET Electronic Services & Trading

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026 unless otherwise indicated. Unaudited.)

 

   1 January –   1 January – 
   30 June 2026   30 June 2025 
   (unaudited)   (unaudited) 
Loss for the period   (2,951,137)   (1,453,529)
Adjustments to reconcile loss for the period to cash flows from operating activities:   8,141,378    7,607,511 
Interest and fee expenses   6,194,631    5,298,054 
Depreciation and amortization   1,855,951    1,852,483 
Interest income on time deposits   (1,375,695)   (1,215,550)
Interest income on financial investments   -    (4,051)
Interest income on credit sales   (253,875)   (1,113,318)
Provision for unused vacation liability   92,709    120,611 
Provision for personnel bonus   453,614    558,805 
Provision for legal disputes   29,981    7,624 
Provision for doubtful receivables   26,785    495,253 
Provision for loan receivables   8,886    210,608 
Provision for impairment of trade goods, net   (113,232)   329,640 
Provision for post-employment benefits   61,392    67,149 
Share based payment expense   9,768    90,626 
Fair value gains of financial investments   (33,821)   (43,893)
Provision for license fee   161,144    162,319 
Tax Expenses   30,578    - 
Net foreign exchange differences   (215,142)   (313,558)
Monetary gains on provisions   (426,718)   (271,388)
Monetary gains/(losses) on non-operating activities   1,634,422    1,376,097 
Changes in net working capital          
Change in trade payables and payables to merchants   (5,768,290)   1,627,633 
Change in inventories   1,539,338    (977,599)
Change in trade and loan receivables   2,183,173    (383,120)
Change in contract liabilities and merchant advances   (833,226)   18,062 
Change in contract assets   -    (685)
Change in other liabilities   204,443    (676,867)
Change in other assets   360,902    (255,504)
Change in due from related parties   243    22,442 
Change in due to related parties   -    (19,948)
Post-employment benefits paid   (7,714)   (27,801)
Payments for concluded litigation   (4,074)   (1,240)
Payments for personnel bonus   (573,067)   (595,512)
Payments for unused vacation liabilities   (19,193)   (18,549)
Payments for license fee   (226,019)   (252,116)
Collections of doubtful receivables   7,859    30,404 
Payments for share based compensation plan   (203,447)   - 
Net cash provided by operating activities   1,851,169    4,643,582 
Investing activities:          
Purchases of property and equipment and intangible assets   (1,498,236)   (1,459,748)
Proceeds from sale of property and equipment   1,487    9,751 
Purchase of financial instruments   (3,627)   (2,773,153)
Proceeds from sale of financial investment   189,627    3,992,110 
Interest received on credit sales   217,983    1,086,734 
Interest income on time deposits   1,380,316    1,207,861 
Net cash provided by investing activities   287,550    2,063,555 
Financing activities:          
Proceeds from bank borrowings   3,512,976    3,853,134 
Repayment of bank borrowings   (3,770,179)   (4,629,616)
Interest and fees paid   (5,845,857)   (4,898,372)
Lease payments   (710,350)   (621,630)
Net cash used in financing activities   (6,813,410)   (6,296,484)
Net increase/(decrease) in cash and cash equivalents   (4,674,691)   410,653 
Cash and cash equivalents at 1 January   13,303,814    10,402,495 
Effects of inflation on cash and cash equivalents   (1,675,189)   (1,486,572)
Effects of exchange rate changes on cash and cash equivalents   50,400    29,767 
Cash and cash equivalents at 30 June   7,004,334    9,356,343 

10

 

 

Presentation of Financial and Other Information

 

Use of Non-IFRS Financial Measures

 

Certain parts of this press release contain non-IFRS financial measures, which are unaudited supplementary measures and are not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB or any other generally accepted accounting principles. Such measures are IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution, IAS 29-Unadjusted EBITDA, EBITDA, Gross Contribution, Free Cash Flow and Net Working Capital. We define:

 

·IAS 29-Unadjusted Revenue as revenue presented on an unadjusted for inflation basis;

 

·IAS 29-Unadjusted Gross Contribution as Gross Contribution presented on an unadjusted for inflation basis;

 

·IAS 29-Unadjusted EBITDA as EBITDA presented on an unadjusted for inflation basis;

 

·EBITDA as profit or loss for the period plus income tax less financial income plus financial expenses and fees plus depreciation and amortization plus monetary gains/(losses);

 

·Gross Contribution as revenues less cost of inventory sold;

 

·Free Cash Flow as net cash provided by operating activities less capital expenditures plus proceeds from sale of property and equipment; and

 

·Net Working Capital as current assets (excluding cash and cash equivalents and financial investments) minus current liabilities (excluding current bank borrowings and current lease liabilities).

 

You should not consider them as: (a) an alternative to operating profit or net profit (net income) as determined in accordance with IFRS Accounting Standards as issued by the IASB or other generally accepted accounting principles, or as measures of operating performance; (b) an alternative to cash flows from operating, investing or financing activities, as determined in accordance with IFRS Accounting Standards as issued by the IASB or other generally accepted accounting principles, or as a measure of our ability to meet liquidity needs; or (c) an alternative to any other measures of performance under IFRS Accounting Standards as issued by the IASB or other generally accepted accounting principles.

 

These measures are used by our management to monitor the underlying performance of the business and our operations. However, not all companies calculate these measures in an identical manner and, therefore, our presentation may not be comparable with similar measures used by other companies. As a result, prospective investors should not place undue reliance on this data.

 

This section includes a reconciliation of certain of these non-IFRS measures to the closest IFRS measure.

 

11

 

 

EBITDA is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included EBITDA in this press release because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. EBITDA eliminates certain items that have less bearing on our operating performance and thus highlights trends in our core business that may not otherwise be apparent when relying solely on IFRS Accounting Standards as issued by the IASB financial measures. In particular, the exclusion of certain expenses and, from the date of applicability of IAS 29, related monetary gains/(losses), in calculating EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses (including monetary gains/(losses)) and non-operating expense/(income). One of the objectives of IAS 29 is to account for the financial gain or loss that arises from holding monetary assets or liabilities during a reporting period (i.e. the monetary gains/ (losses)). Therefore, the monetary gains/(losses) are excluded from EBITDA for a proper comparison of the operational performance of the Company. Accordingly, we believe that EBITDA provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors.

 

Management uses EBITDA:

 

·as a measurement of operating performance because it assists us in comparing our operating performance on a consistent basis, as it removes the impact of non-cash and non-operating items;
·for planning purposes, including the preparation of our internal annual operating budget and financial projections; and
·to evaluate the performance and effectiveness of our strategic initiatives.

 

EBITDA has limitations as a financial measure, including that other companies may calculate EBITDA differently, which reduces its usefulness as a comparative measure and you should not consider it in isolation or as a substitute for profit/(loss) for the period, as a profit measure or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB.

 

The following table shows the reconciliation of EBITDA to net loss for the periods presented.

 

Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited.

 

  Three months ended June 30,   Six months ended June 30, 
(TRY in millions)  2026   2025   2026   2025 
Net loss for the period   (1,889.6)   (956.2)   (2,951.1)   (1,453.5)
Income taxes   2.3    -    (30.6)   - 
Financial income   924.9    1,494.0    2,026.8    2,862.3 
Financial expenses and fees   (3,233.0)   (3,112.6)   (6,464.3)   (5,601.0)
Depreciation and amortization   (932.9)   (931.9)   (1,856.0)   (1,852.5)
Monetary gains/(losses)   1,109.9    617.4    2,683.9    2,008.4 
EBITDA   239.2    976.9    689.0    1,129.3 

 

Gross Contribution is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included gross contribution in this press release because it is a key measure used by our management and board of directors to evaluate our operational profitability and how efficiently the Company manages its inventory costs relative to its revenue as it reflects direct costs of products sold to our buyers. Accordingly, we believe that gross contribution provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors.

 

12

 

 

Gross Contribution has limitations as a financial measure, including that other companies may calculate gross contribution differently, which reduces its usefulness as a comparative measure and you should not consider it in isolation or as a substitute for profit/(loss) for the period, as a profit measure or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. The following table shows the reconciliation of gross contribution to revenue for the periods presented.

 

Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited.

 

   Three months ended June 30,   Six months ended June 30, 
(in TRY million unless indicated otherwise)  2026   2025   y/y %   2026   2025   y/y % 
Revenue   22,810.9    22,120.3    3.1%   47,570.1    42,268.6    12.5%
Cost of inventory sold   (14,189.3)   (13,750.6)   3.2%   (29,854.6)   (26,445.1)   12.9%
Gross Contribution   8,621.6    8,369.8    3.0%   17,715.5    15,823.5    12.0%

 

IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA are supplemental non-IFRS financial measures that are not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA in this press release because we believe their inclusion facilitates the understanding of Revenue, Gross Contribution and EBITDA restated in accordance with IAS 29.

 

IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA have limitations as financial measures, including that other companies may calculate IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA differently, which reduces their usefulness as a comparative measure and you should not consider them in isolation or as substitutes for revenue or profit/(loss) for the period, as revenue or profit measures or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB.

 

13

 

 

The following table shows the reconciliation of IAS 29-Unadjusted Revenue to revenue for the periods presented.

 

Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited.

 

   Three months ended June 30,   Six months ended June 30, 
(in TRY million unless indicated otherwise)  2026   2025   y/y %   2026   2025   y/y % 
Revenue   22,810.9    22,120.3    3.1%   47,570.1    42,268.6    12.5%
Reversal of IAS 29 adjustment   259.2    5,615.7    (95.4)%   2,419.3    11,722.0    (79.4)%
IAS 29-Unadjusted Revenue   22,551.7    16,504.6    36.6%   45,150.8    30,546.6    47.8%

 

The following table shows the reconciliation of IAS 29-Unadjusted Gross Contribution to revenue for the periods presented.

 

Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited.

 

   Three months ended June 30,   Six months ended June 30, 
(in TRY million unless indicated otherwise)  2026   2025   y/y %   2026   2025   y/y % 
Revenue   22,810.9    22,120.3    3.1%   47,570.1    42,268.6    12.5%
Cost of inventory sold   (14,189.3)   (13,750.6)   3.2%   (29,854.6)   (26,445.1)   12.9%
Gross Contribution   8,621.6    8,369.8    3.0%   17,715.5    15,823.5    12.0%
Reversal of IAS 29 adjustment   (638.1)   1,728.9    (136.9)%   (652.9)   3,203.2    (120.4)%
IAS 29-Unadjusted Gross Contribution   9,259.7    6,640.9    39.4%   18,368.4    12,620.3    45.5%

 

The following tables show the reconciliation of IAS 29-Unadjusted EBITDA to income/(loss) for the periods presented.

 

Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited.

 

   Three months ended June 30,   Three months ended June 30, 
(TRY in millions)  2026   Reversal of
IAS 29		   IAS 29
Unadjusted
2026		   2025   Reversal of
IAS 29		   IAS 29
Unadjusted
2025		 
Net loss for the period   (1,889.6)   (41.6)   (1,848.0)   (956.2)   (426.8)   (529.4)
Income taxes   2.3    2.3    0.0    0.0    0.0    0.0 
Financial income   924.9    11.5    913.4    1,494.0    381.4    1,112.6 
Financial expenses and fees   (3,233.0)   (11.7)   (3,221.4)   (3,112.6)   (757.2)   (2,355.4)
Depreciation and amortization   (932.9)   (413.7)   (519.1)   (931.9)   (542.7)   (389.2)
Monetary gains/(losses)   1,109.9    1,109.9    0.0    617.4    617.4    0.0 
EBITDA   239.2    (739.8)   979.1    976.9    (125.7)   1,102.6 

 

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Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited.

 

   Six months ended June 30,   Six months ended June 30, 
(TRY in millions)  2026   Reversal of
IAS 29		   IAS 29
Unadjusted
2026		   2025   Reversal of
IAS 29		   IAS 29
Unadjusted
2025		 
Net loss for the period   (2,951.1)   236.6    (3,187.7)   (1,453.5)   (606.0)   (847.5)
Income taxes   (30.6)   (30.6)   0.0    0.0    0.0    0.0 
Financial income   2,026.8    108.2    1,918.6    2,862.3    796.3    2,066.0 
Financial expenses and fees   (6,464.3)   (238.2)   (6,226.1)   (5,601.0)   (1,469.3)   (4,131.7)
Depreciation and amortization   (1,856.0)   (827.5)   (1,028.5)   (1,852.5)   (1,097.2)   (755.3)
Monetary gains/(losses)   2,683.9    2,683.9    0.0    2,008.4    2,008.4    0.0 
EBITDA   689.0    (1,459.3)   2,148.3    1,129.3    (844.2)   1,973.6 

 

Free Cash Flow is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included Free Cash Flow in this press release because it is an important indicator of our liquidity as it measures the amount of cash we generate/(use) and provides additional perspective on whether we have sufficient cash after funding our operations and capital expenditures. Accordingly, we believe that Free Cash Flow provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors.

 

Free Cash Flow has limitations as a financial measure, and you should not consider it in isolation or as substitutes for net cash provided by operating activities as a measure of our liquidity or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. There are limitations to using non-IFRS financial measures, including that other companies may calculate Free Cash Flow differently. Because of these limitations, you should consider Free Cash Flow alongside other financial performance measures, including net cash provided by operating activities, capital expenditures and our other IFRS Accounting Standards as issued by the IASB results.

 

The following table shows the reconciliation of Free Cash Flow to net cash provided by operating activities for the periods presented.

 

Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited.

 

   Three months ended June 30,   Six months ended June 30, 
(TRY in millions)  2026   2025   2026   2025 
Net cash provided by operating activities   2,274.0    5,115.9    1,851.2    4,643.6 
Capital expenditures   (721.1)   (625.1)   (1,498.2)   (1,459.7)
Proceeds from the sale of property and equipment   0.4    7.8    1.5    9.8 
Free Cash Flow   1,553.2    4,498.6    354.4    3,193.6 

 

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Net Working Capital is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB.

 

We have included Net Working Capital in this press release because it is used to measure the short-term liquidity of a business, and can also be used to obtain a general impression of the ability of company management to utilize assets in an efficient manner. Net Working Capital is critical since it is used to keep our business operating smoothly and meet all our financial obligations in the short-term. Accordingly, we believe that Net Working Capital provides useful information to investors in understanding and evaluating how we manage our short-term liabilities.

 

Net Working Capital has limitations as a financial measure, and you should not consider it in isolation as a measure of our liquidity or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. There are limitations to using non-IFRS financial measures, including that other companies calculate Net Working Capital differently. Because of these limitations, you should consider Net Working Capital alongside other financial performance measures, including current assets, current liabilities and our other IFRS Accounting Standards as issued by the IASB results.

 

The following table shows the reconciliation of Net Working Capital to current assets and current liabilities as of the dates indicated:

 

Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited.

 

(TRY in millions)  As of June 30, 2026   As of Dec 31, 2025 
Current assets   24,527.0    34,936.1 
Cash and cash equivalents   (7,011.8)   (13,315.9)
Financial investments   (2,029.5)   (2,374.1)
Current liabilities   (31,968.0)   (39,320.4)
Bank borrowings, current   469.2    702.5 
Lease liabilities, current   1,036.7    1,237.6 
Net Working Capital   (14,976.3)   (18,134.2)

 

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Certain Definitions

 

We provide a number of key operating performance indicators used by our management and often used by competitors in our industry. We define certain terms used in this press release as follows:

 

·GMV as gross merchandise value which refers to the total value of orders/products sold through our platform over a given period of time (including VAT but deducting returns and cancellations), excluding cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants;
·IAS 29-Unadjusted GMV as GMV presented on an unadjusted for inflation basis;
·Marketplace GMV as total value of orders/products sold through our Marketplace over a given period of time (including VAT but deducting returns and cancellations), excluding cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants;
·Share of Marketplace GMV as the portion of GMV sold through our Marketplace represented as a percentage of our GMV;
·IAS 29-Unadjusted Revenue as Revenue presented on an unadjusted for inflation basis;
·IAS 29-Unadjusted Gross Contribution as Gross Contribution presented on an unadjusted for inflation basis;
·Gross Contribution Margin as Gross Contribution represented as a percentage of GMV;
·IAS 29-Unadjusted EBITDA as EBITDA presented on an unadjusted for inflation basis;
·EBITDA as a percentage of GMV as EBITDA represented as a percentage of GMV;
·IAS 29-Unadjusted EBITDA as a percentage of GMV as IAS 29-Unadjusted EBITDA represented as a percentage of IAS 29-Unadjusted GMV;
·Number of Orders as the number of orders we received through our platform excluding returns and cancellations and digital products;
·Order Frequency as the number of orders per Active Customer over a 12-month period preceding the relevant date;
·Active Merchants as merchants who sold at least one item within the 12-month period preceding the relevant date, including returns and cancellations;
·Active Customers as users (both unregistered users and members) who have purchased at least one item listed on our platform (excluding orders for digital products and orders made on HepsiExpress) within the 12-month period preceding the relevant date, excluding returns and cancellations;
·Digital products as non-cash games on our platform, such as sweepstakes and gamified lotteries, game pins and codes, gift vouchers, and the first monthly payment of Hepsiburada Premium membership subscription; and
·Average Order Value as GMV divided by the Number of Orders in a given period, excluding digital products and orders made on HepsiExpress from the numerator and denominator.

 

_________________

 

DISCLAIMER: Due to rounding, numbers presented throughout this press release may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

 

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About Hepsiburada

 

Hepsiburada is a leading e-commerce technology platform in Türkiye, connecting millions of customers with a broad range of products and services. Through its marketplace, retail operations, logistics capabilities, payment solutions and customer-focused technology, Hepsiburada aims to make commerce easier, faster and more accessible for customers and businesses across Türkiye.

 

Investor Relations Contact

ir@hepsiburada.com

 

Media Contact

corporatecommunications@hepsiburada.com

 

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Forward Looking Statements

 

This press release, the conference call webcast, presentation and related communications include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, and encompasses all statements, other than statements of historical fact contained in these communications, including but not limited to statements regarding (a) our future financial performance, including our revenue, operating expenses and our ability to achieve and maintain profitability; (b) our expectations regarding current and future GMV and EBITDA; (c) potential disruptions to our operations and supply chain that may result from (i) epidemics or natural disasters; (ii) global supply challenges; (iii) the ongoing conflicts in Ukraine, Iran and Syria, including their impact on Türkiye's border regions; (iv) changes in the competitive landscape in the industry in which the Company operates; (v) the high inflationary environment and/or (vi) currency devaluation; (d) the impact of Kaspi.kz’s acquisition of a controlling stake in the Company; (e) the anticipated launch of new initiatives, businesses or any other strategic projects and partnerships; (f) our expectations and plans for short- and long-term strategy, including our anticipated areas of focus and investment, market expansion, product and technology focus, and projected growth and profitability; (g) our ability to respond to the ever-changing competitive landscape in the industry in which we operate; (h) our liquidity, substantial indebtedness, and ability to obtain additional financing; (i) our strategic goals and plans, including our relationships with existing customers, suppliers, merchants and partners, and our ability to achieve and maintain them; (j) our ability to improve our technology platform, customer experience and product offerings to attract and retain merchants and customers; (k) our ability to grow and externalize the services of our strategic assets; and (l) regulatory changes in the e-commerce law, corporate tax law and income tax law. These forward-looking statements can be identified by terminology such as “may”, “could”, “will”, “seek”, “expects”, “anticipates”, “aims”, “future”, “intends”, “plans”, “believes”, “estimates”, “targets”, “likely to” and similar statements. Among other things, quotations from management in this announcement, as well as our strategic and operational plans, contain forward-looking statements.

 

These forward-looking statements are based on management’s current expectations. However, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Hepsiburada’s actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including conditions in the U.S. capital markets, negative global economic conditions, potential negative developments resulting from epidemics or natural disasters, other negative developments in Hepsiburada’s business or unfavorable legislative or regulatory developments. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. For a discussion of additional factors that may affect the outcome of such forward-looking statements, see our 2025 annual report filed with the SEC on Form 20-F (File No. 001-40553), and in particular the “Risk Factors” section, as well as the other documents filed with or furnished to the SEC by the Company from time to time. Copies of these filings are available online from the SEC at www.sec.gov, or on the SEC Filings section of our Investor Relations website at https://investors.hepsiburada.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to the Company, and the Company and its authorized representatives assume no obligation to update these forward-looking statements in light of new information or future events. Accordingly, undue reliance should not be placed upon the forward-looking statements.

 

Non-IFRS Financial Measures

 

This press release includes certain non-IFRS financial measures, including but not limited to, Gross Contribution, IAS 29-Unadjusted Gross Contribution, IAS 29-Unadjusted Revenue, EBITDA, IAS 29-Unadjusted EBITDA, Free Cash Flow and Net Working Capital. These financial measures are not measures of financial performance in accordance with IFRS Accounting Standards as issued by the IASB and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to profit/loss for the period or other measures of profitability, liquidity or performance under IFRS Accounting Standards as issued by the IASB. You should be aware that the Company’s presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See “Presentation of Financial and Other Information” in this press release for a reconciliation of certain of these non-IFRS measures to the most directly comparable IFRS measure.

 

Statement Regarding Unaudited Financial Information

 

This press release includes unaudited financial information for the three months and six months ended June 30, 2026 and 2025 and as of June 30, 2026 and December 31, 2025. The financial information has not been audited or reviewed by the Company’s auditors. The consolidated financial statements include the accounts of the Company and its subsidiaries. All periods presented have been accounted for in conformity with IFRS Accounting Standards as issued by the IASB and pursuant to the regulations of the SEC.

 

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