D Market Elektronik Hizmetler Ve Ticaret AS (HEPS) Q4 2025 Earnings Call Transcript

Why It Matters

The results demonstrate Hepsiburada’s ability to grow despite Turkey’s high inflation, positioning the firm for a clearer path to profitability and deeper market penetration.

Key Takeaways

• Unadjusted GMV grew 57% YoY, inflation-adjusted fell 10%.
• Active customers reached 11.7 million, up 18% YoY.
• Free cash flow positive 185 million TRY in Q2.
• New SmartStore launched, leveraging AI and digital sensors.
• EBITDA margin target improved to –2.5% to –3% FY2022.

Pulse Analysis

Hepsiburada’s Q2 2022 performance underscores how Turkey’s leading e‑commerce platform is navigating a volatile macro environment. While headline GMV and revenue surged on an unadjusted basis, the company’s adoption of IAS 29 inflation accounting revealed the true impact of soaring consumer prices on average order values. By separating nominal growth from inflation‑adjusted declines, Hepsiburada provides investors with a clearer view of organic demand trends and the effectiveness of its pricing strategies. This transparency is increasingly important for analysts monitoring emerging‑market tech firms where hyperinflation can distort traditional financial metrics.

Beyond the headline numbers, Hepsiburada is deepening its ecosystem through strategic investments in logistics, fintech, and premium services. The rollout of Hepsiburada SmartStore—an AI‑powered physical outlet—illustrates a hybrid omnichannel approach that blends online convenience with in‑store technology. Meanwhile, the Hepsiburada Premium subscription, now exceeding 200,000 members, signals growing consumer willingness to pay for faster delivery and exclusive benefits. On the fintech front, the HepsiPay wallet’s eight‑million users and the nascent Buy‑Now‑Pay‑Later offering expand the company’s financial services footprint, creating additional revenue streams and enhancing customer stickiness.

Looking ahead, the firm’s revised guidance—targeting roughly 60% GMV growth and an EBITDA margin of –2.5% to –3% for 2022—reflects confidence in its cost‑control measures and margin‑improving initiatives. Lower advertising spend, improved shipping efficiencies, and a focus on high‑margin categories are driving operating expense reductions. As inflation pressures ease and the Turkish consumer base continues to digitalize, Hepsiburada’s diversified model positions it to capture incremental market share while moving toward sustainable profitability.