Hepsiburada (NASDAQ: HEPS) reported unaudited fourth‑quarter and full‑year 2025 results on February 27, 2026, showing a 17.8% rise in Q4 revenue to TRY 27,970.5 million and a 13.4% increase in FY revenue to TRY 84,651.8 million. The company posted a net loss of TRY 3,082.3 million in Q4 and TRY 5,699.2 million for the year, driven by higher advertising and shipping expenses and increased credit‑card installment costs.
Gross contribution margin contracted to 11.1% in Q4 from 11.4% in the same period last year, largely because the company lowered its first‑party (1P) margin to remain price competitive and saw a decline in other revenue streams. The full‑year margin improved to 11.9% from 11.3% in 2024, supported by higher shipping and advertising revenue. EBITDA fell sharply to TRY 1.1 million in Q4 from TRY 935.8 million a year earlier, and to TRY 1,141.4 million for FY 2025 from TRY 2,703.1 million in FY 2024, reflecting intensified investment in marketing, logistics, and financing initiatives.
Free cash flow grew 79.3% year‑over‑year in Q4 to TRY 3,468.1 million and 83.2% for the year to TRY 8,877.0 million, underscoring disciplined cash management amid heavy growth spending. Orders increased 17.6% in Q4 and 9.5% for the full year, a correction to the earlier 4.3% figure that actually refers to GMV growth. The order growth was driven by strong demand in core segments, offsetting headwinds in legacy product lines.
Management highlighted the company’s continued momentum in orders and cash generation. CEO Nilhan Onal Gökçetekin said, "Hepsiburada once again continued its growth momentum in orders and cash generation." The broader context shows that the company is investing heavily in delivery speed, performance marketing, and installment payment offerings to capture market share, even as it accepts wider losses and lower EBITDA in the short term.
Hepsiburada’s financials are restated under IAS 29 to account for Turkey’s hyperinflationary environment, and the company is now majority‑owned by Kaspi.kz, which acquired a 65.41% stake in January 2025. The acquisition is expected to drive further growth through technology integration and expanded payment networks, while the company’s focus on growth initiatives signals a strategic shift toward scaling its e‑commerce platform in a highly competitive market.
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