Hepsiburada (NASDAQ: HEPS) reported Q2 2026 revenue of TRY 22.81 billion, up 3.1% year over year, while diluted loss per share widened to TRY 5.1 from TRY 2.9. Orders increased 13.4%, but a 9.4% decline in average order value limited GMV growth to 2.8%; meanwhile, higher advertising, shipping and staffing costs reduced EBITDA by 75.5%. Free cash flow remained positive but fell 65.5% to TRY 1.55 billion.
Core earnings data
Hepsiburada’s gross contribution grew broadly in line with revenue, and gross contribution margin remained unchanged at 15.2% of GMV. The more significant change occurred below that level: operating expenses rose faster than revenue, turning the prior-year operating profit into a loss and nearly doubling the net loss.
The following figures cover the three months ended June 30, 2026. Financial amounts are adjusted under IAS 29 and expressed in purchasing-power terms as of June 30, 2026.
| Metric | Q2 2026 | Q2 2025 | Year-over-year change |
|---|---|---|---|
| Revenue | TRY 22,810.9 million | TRY 22,120.3 million | +3.1% |
| Gross contribution | TRY 8,621.6 million | TRY 8,369.8 million | +3.0% |
| Gross contribution margin (% of GMV) | 15.2% | 15.2% | Flat |
| Operating profit/(loss) | TRY (693.6) million | TRY 45.0 million | Shifted to a loss |
| Net loss | TRY (1,889.6) million | TRY (956.2) million | Loss widened 97.6% |
| Diluted loss per share | TRY (5.1) | TRY (2.9) | Loss widened |
| EBITDA | TRY 239.2 million | TRY 976.9 million | -75.5% |
| Operating cash flow | TRY 2,274.0 million | TRY 5,115.9 million | -55.6% |
| Free cash flow | TRY 1,553.2 million | TRY 4,498.6 million | -65.5% |
Gross contribution, EBITDA and free cash flow are non-IFRS measures. On an IAS 29-unadjusted basis, revenue grew 36.6% and GMV rose 36.1%, compared with inflation-adjusted growth of 3.1% and 2.8%, respectively. The gap illustrates the importance of using the inflation-adjusted figures when evaluating underlying growth.
Business and revenue mix
Marketplace revenue was the fastest-growing major revenue category, rising 22.3%, while the larger first-party retail business increased only 1.5%. Delivery service revenue grew 5.0%, supported by off-platform customers of Hepsijet, but other revenue declined as consumer finance, Hepsipay and fulfillment revenue weakened.
| Revenue category | Q2 2026 | Q2 2025 | Year-over-year change |
|---|---|---|---|
| First-party sale of goods | TRY 14,919.0 million | TRY 14,700.0 million | +1.5% |
| Marketplace revenue | TRY 2,980.0 million | TRY 2,437.0 million | +22.3% |
| Delivery service revenue | TRY 3,632.0 million | TRY 3,460.0 million | +5.0% |
| Other revenue | TRY 1,279.9 million | TRY 1,523.3 million | -16.0% |
Marketplace GMV increased 2.9% to TRY 38.8 billion, and its share of total GMV edged up 0.1 percentage point to 68.6%. Active merchants were nearly unchanged at 100,100, indicating that marketplace growth did not come from a material expansion of the merchant base.
Order growth was offset by smaller baskets and higher fulfillment costs
The platform processed 19.5 million orders, up 13.4%, but average order value fell 9.4%. As a result, GMV increased only 2.8% to TRY 56.7 billion. Active customers grew 2.5% to 11.5 million, while trailing-12-month order frequency rose 14.9% to 7.4, suggesting that higher purchasing frequency contributed more to volume than customer-base expansion.
Management attributed softer demand to inflationary pressure and an extended holiday period. At the same time, shipping and packaging expenses increased 21.7%, substantially faster than the 5.0% growth in delivery service revenue. The company said the difference primarily reflected cargo subsidies intended to improve merchant economics and delivery speed.
Advertising expenses rose 39.7% to TRY 2.03 billion, and payroll and outsourced staff expenses increased 12.5% to TRY 2.69 billion. These investments, together with higher shipping costs, reduced EBITDA margin as a percentage of GMV from 1.8% to 0.4%, despite a 94.6% decline in impairment losses.
Cash flow and balance sheet
Quarterly free cash flow remained positive, but it declined by TRY 2.95 billion from the prior-year period. Operating cash flow fell to TRY 2.27 billion, while capital expenditures increased to TRY 721.1 million from TRY 625.1 million.
Net loss was also affected by a TRY 689.6 million increase in net financial expenses and fees. Hepsiburada linked this increase to credit-card receivables collection fees resulting from a higher number of installments offered to remain competitive.
Cash and cash equivalents stood at TRY 7.01 billion on June 30, 2026, down from TRY 13.32 billion at the end of 2025. Over the first half, the company generated TRY 1.85 billion of operating cash but used TRY 6.81 billion in financing activities, including TRY 5.85 billion of interest and fee payments.
The balance sheet reported current assets of TRY 24.53 billion against current liabilities of TRY 31.97 billion. Total equity moved from positive TRY 2.37 billion at year-end 2025 to negative TRY 582.3 million, reflecting the increase in accumulated losses. The company’s non-IFRS net working capital measure improved to negative TRY 14.98 billion from negative TRY 18.13 billion, but short-term liquidity remains an important area to monitor.
Management’s view
CEO Ender Özgün said consumer demand moderated during the quarter because of inflationary pressure and the extended holiday period. Management characterized the increase in marketing and delivery-related spending as investment in growth initiatives, including efforts to accelerate delivery and reduce costs for merchants.
In fintech, Hepsiburada launched its Hepsitaksit loan product in June. The new product facilitated 0.4% of total GMV during its first month, making its future adoption and economics relevant indicators for the company’s financial-services strategy.
Risks investors should watch
- Lower order values: Order growth is not translating into comparable GMV growth because average order value declined. Continued pressure on consumer purchasing power could restrain inflation-adjusted revenue growth.
- Growth spending versus profitability: Advertising, shipping and staffing expenses are increasing faster than revenue, placing pressure on EBITDA and operating results.
- Financial expenses: Higher credit-card installment activity increased collection fees and contributed materially to the wider net loss.
- Cash and liquidity: Free cash flow declined sharply, cash balances fell during the first half and current liabilities exceeded current assets at quarter-end.
- Fintech monetization: Other revenue declined partly because of weaker consumer finance and Hepsipay income. Hepsitaksit remains at an early stage and represented only 0.4% of GMV in its launch month.
Summary
Hepsiburada generated higher order volume and faster marketplace revenue growth in Q2 2026, but smaller average baskets limited inflation-adjusted GMV and revenue growth. Increased spending on advertising, merchant delivery support and staffing compressed EBITDA, while higher financial fees contributed to a substantially wider net loss. Future results will depend on whether the company can convert stronger customer engagement into higher-value transactions while controlling fulfillment, marketing and financing costs and preserving liquidity.
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