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

Hepsiburada reported a 57% year‑on‑year increase in gross merchandise volume (GMV) and 63% revenue growth for Q2 2022 on an unadjusted basis, but inflation‑adjusted figures showed a 10% GMV decline and a 6% revenue dip. The company posted positive free cash flow of 185 million Turkish Lira, expanded its active customer base to 11.7 million, and introduced new offerings such as the AI‑driven SmartStore and Hepsiburada Premium subscription. It also highlighted progress in logistics, fintech (HepsiPay wallet, BNPL), and raised its full‑year GMV guidance to around 60% with an EBITDA margin target of –2.5% to –3%.