Hepsiburada Announces First Quarter 2026 Financial Results

D-MARKET Electronic Services & Trading, operating as Hepsiburada, has reported its unaudited financial results for the first quarter ended March 31, 2026. The company noted a significant restatement of financial information in line with International Accounting Standard 29, which affects entities operating in hyperinflationary economies. This standard mandates adjustments for the effects of changes in the general price index, a requirement applied to Turkish companies under International Financial Reporting Standards since June 30, 2022.

For Q1 2026, Hepsiburada reported a gross merchandise value (GMV) of TRY 57.8 billion, reflecting a 28.4% increase from TRY 45.1 billion in the same quarter of 2025. Revenue rose by 22.9% to TRY 23,136.6 million, up from TRY 18,827.9 million year-over-year. The number of orders increased by 22.1%, reaching 20.3 million, while active customer numbers rose to 11.6 million, a 2.5% increase compared to the previous year.

The company recorded an EBITDA of TRY 420.3 million for Q1 2026, a significant rise from TRY 142.4 million in the prior year, corresponding to an EBITDA margin of 0.7%, up from 0.3% in Q1 2025. Despite these gains, net loss increased to TRY 992.0 million compared to a net loss of TRY 464.7 million in Q1 2025, attributed mainly to investments in growth initiatives and higher operating expenses.

Hepsiburada also emphasized its commitment to social impact through programs aimed at empowering women entrepreneurs. In the first quarter of 2026, the signature "Technology Empowerment for Women Entrepreneurs" program reached 72,000 women, contributing to inclusive economic development. The company plans to continue these initiatives alongside its growth strategy in the online retail sector.