Restatement of financial information: Pursuant to the International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies ("IAS 29"), the financial statements of entities whose functional currency is that of a hyperinflationary economy must be adjusted for the effects of changes in a general price index. Turkish companies reporting under International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), including the Company, have been required to apply IAS 29 to their financial statements for periods ended on and after June 30, 2022.
The Company's consolidated financial statements as of and for the three months ended March 31, 2026, including figures corresponding to the same period of the prior year, reflect a restatement pursuant to IAS 29. Under IAS 29, the Company's financial statements are presented in terms of the measuring unit current as of March 31, 2026. All the amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period, are restated applying the general price index. Adjustment for inflation has been calculated considering the price indices published by the Turkish Statistical Institute (TurkStat). Such indices used to restate the financial statements as at March 31, 2026 are as follows:
Date
Index
Conversion Factor
31 March 2026
3,866.7
1.00
31 December 2025
3,513.9
1.10
31 March 2025
2,954.7
1.31
Figures unadjusted for inflation in accordance with IAS 29, denoted as "IAS 29-unadjusted", "unadjusted for IAS 29", "unadjusted", "unadjusted for inflation", or "without adjusting for inflation", are also included under the "Highlights" sections. Figures unadjusted for IAS 29 constitute non-IFRS financial measures. We believe that their inclusion facilitates the understanding of the restated financial statements in accordance with IAS 29. Please see the "Presentation of Financial and Other Information" section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of the non-IFRS measures to the most directly comparable IFRS measures.
First Quarter 2026 Financial and Operational Highlights
(All financial figures are restated pursuant to IAS 29 unless otherwise indicated)
Gross merchandise value (GMV) increased by 28.4% to TRY 57.8 billion compared to TRY 45.1 billion in Q1 2025.
IAS 29-Unadjusted GMV increased by 68.0% to TRY 56.5 billion compared to Q1 2025.
Revenue increased by 22.9% to TRY 23,136.6 million compared to TRY 18,827.9 million in Q1 2025.
Number of Orders increased by 22.1% to 20.3 million compared to 16.6 million in Q1 2025.
Average Order Value increased by 5.1% in Q1 2026 compared to Q1 2025.
Active Customers increased by 2.5% to 11.6 million compared to 11.3 million as of March 31, 2025.
Order Frequency increased by 13.6% to 7.2 compared to 6.4 as of March 31, 2025.
Active Merchant base increased by 1.7% to 101.6 thousand compared to 99.9 thousand as of March 31, 2025.
Share of Marketplace GMV remained flat at 68.9% compared to Q1 2025.
Free cash flow improved by 8.1% to negative TRY 1,120.2 million from negative TRY 1,219.5 million in Q1 2025.
EBITDA increased to TRY 420.3 million compared to TRY 142.4 million in Q1 2025. Accordingly, EBITDA as a percentage of GMV was at 0.7%, a 0.4 percentage point increase compared to 0.3% in Q1 2025.
IAS 29-Unadjusted EBITDA increased by 37.5% to TRY 1,197.2 million compared to TRY 870.9 million in Q1 2025. IAS 29-Unadjusted EBITDA as a percentage of GMV in Q1 2026 decreased by 0.5 percentage points to 2.1% compared to 2.6% in Q1 2025.
Net loss for the period was TRY 992.0 million compared to a net loss of TRY 464.7 million for Q1 2025.
Commenting on the results, Nilhan Onal Gökçetekin, CEO of Hepsiburada said:
Hepsiburada continued its growth momentum in orders and customer engagement. During the first quarter of 2026, we delivered order growth of 22.1% and GMV growth of 28.4% compared to the same period last year, while our revenue recorded growth of 22.9% in the quarter.
EBITDA increased to TRY 420.3 million during the quarter from TRY 142.4 million, while our EBITDA margin improved by 0.4 percentage points over the same period last year, despite higher expenses driven by increased marketing activities.
The increase in Net Loss from TRY 464.7 million in Q1 2025 to TRY 992.0 million in Q1 2026 was primarily due to investments in growth initiatives.
We appreciate the continued support of our shareholders, the trust placed in us by our customers and partners, and the dedication demonstrated by our entire team.
Summary: Key Operational and Financial Metrics
The following table sets forth a summary of the key operating and unaudited financial data as of and for the three months ended March 31, 2026 and March 31, 2025 prepared in accordance with IFRS Accounting Standards as issued by the IASB. Unless indicated otherwise, all financial figures in the tables provided are inflation-adjusted (in accordance with IAS 29).
Note: All financial figures in the tables provided are expressed in terms of the purchasing power of the Turkish Lira on March 31, 2026 (in accordance with IAS 29) unless otherwise indicated.
(in TRY million unless indicated otherwise)
Three months ended March 31,
unaudited
2026
2025
y/y %
GMV (TRY in billions)
57.8
45.1
28.4%
Marketplace GMV (TRY in billions)
39.9
31.0
28.4%
Share of Marketplace GMV (%)
68.9%
68.9%
(0.0pp)
Number of Orders (millions)
20.3
16.6
22.1%
Active Customers (millions)
11.6
11.3
2.5%
Revenue
23,136.6
18,827.9
22.9%
Gross Contribution
8,497.9
6,965.3
22.0%
Gross Contribution Margin (%)
14.7%
15.5%
(0.8pp)
Net loss for the period
(992.0)
(464.7)
113.5%
EBITDA
420.3
142.4
195.1%
EBITDA as a percentage of GMV (%)
0.7%
0.3%
0.4pp
Net cash (used in)/provided by operating activities
(395.1)
(441.3)
(10.5%)
Free Cash Flow
(1,120.2)
(1,219.5)
(8.1%)
Note that Gross Contribution, EBITDA and Free Cash Flow are non-IFRS financial measures. See the "Presentation of Financial and Other Information" section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of non-IFRS measures to the most directly comparable IFRS measures. See the definitions of metrics such as GMV, Marketplace GMV, share of Marketplace GMV, Gross Contribution Margin, EBITDA as a percentage of GMV, Number of Orders and Active Customers in the "Certain Definitions" section of this press release.
ESG Actions
Hepsiburada remains committed to fostering inclusive economic growth and social development. In Q1 2026, the Company continued to grow its signature "Technology Empowerment for Women Entrepreneurs" (TEWE) program, reaching 72,000 women entrepreneurs to date. The program continues to provide essential support through commission discounts, advantageous banking services through strategic partnerships, marketing and communication resources including professional product photography.
Following the successful completion of the "Your Companion Is Here" education program (launched in September 2025), Hepsiburada delivered 52 hours of training across 23 sessions to approximately 1,000 women entrepreneurs.
Hepsiburada Financial Review
Restatement of financial information: Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a hyperinflationary economy are reported in terms of the measuring unit current as of the reporting date of the financial statements. All amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period are restated applying the general price index. In summary:
(i)
Non-monetary items are restated from the date of acquisition to the end of the reporting period.
(ii)
Monetary items that are already expressed in terms of the monetary unit current at the end of the reporting period are not restated.
(iii)
Comparative periods are stated in terms of measuring unit current at the end of the reporting period.
(iv)
All items in the statement of comprehensive income/(loss) are stated in terms of the measuring unit current as of the date of the financial statements, applying the relevant (monthly) conversion factors.
(v)
The gain or loss on the net monetary position is included in the statement of comprehensive loss and separately disclosed.
Revenue
(in TRY million unless indicated otherwise)
Three months ended March 31,
2026
2025
y/y %
Sale of goods1 (1P)
15,226.3
12,017.0
26.7%
Marketplace revenue2 (3P)
2,975.4
2,306.7
29.0%
Delivery service revenue
3,737.0
3,048.1
22.6%
Other
1,197.9
1,456.1
(17.7%)
Revenue
23,136.6
18,827.9
22.9%
1: In 1P direct sales model, we act as a principal and initially recognize revenue from the sales of goods on a gross basis at the time of delivery of the goods to our customers.2: In the 3P marketplace model, revenues are recorded on a net basis, mainly consisting of marketplace commission and other contractual charges to the merchants.
Our revenue increased by 22.9% to TRY 23,136.6 million in Q1 2026 compared to TRY 18,827.9 million in Q1 2025. This was due to a 26.7% increase in our (1P) revenue (comprising 65.8% of total revenue), a 29.0% increase in our (3P) revenue (comprising 12.9% of total revenue), a 22.6% increase in delivery service revenue (comprising 16.2% of total revenue) and a 17.7% decrease in other revenue (comprising 5.2% of total revenue) compared to Q1 2025.
The 27.1% increase in combined 1P and 3P revenue compared to Q1 2025 was mainly due to a 28.4% increase in GMV, resulting from our growth-oriented strategy, including targeted marketing initiatives, initiatives for faster delivery and customer and merchant-focused actions.
The 22.6% increase in delivery service revenue compared to Q1 2025 was mainly due to an increase in delivery service revenue from the off-platform customers of Hepsijet.
The 17.7% decrease in other revenue compared to Q1 2025 was mainly due to the decrease in premium revenue, consumer finance revenue and fulfillment revenue. While a price adjustment was made to premium membership fees at the end of February 2026, the first such price increase since October 2024, its impact on other revenue remained limited during Q1 2026.
Gross Contribution
(in TRY million unless indicated otherwise)
Three months ended March 31,
2026
2025
y/y %
Revenue
23,136.6
18,827.9
22.9%
Cost of inventory sold
(14,638.7)
(11,862.6)
23.4%
Gross Contribution
8,497.9
6,965.3
22.0%
Gross Contribution Margin (% of GMV)
14.7%
15.5%
(0.8pp)
Gross Contribution Margin decreased by 0.8 percentage points ("pp") to 14.7% in Q1 2026 compared to 15.5% in Q1 2025.
This decrease was driven by a 1.2pp decrease in other revenue mainly due to decreases in premium revenue, consumer finance revenue and fulfillment revenue in Q1 2026 compared to Q1 2025.
The table below shows the monthly inflation rates in 2026 and 2025.
Consumer Inflation Monthly (2003=100)
Jan
Feb
Mar
Apr
May
Jun
July
Aug
Sep
Oct
Nov
Dec
2026
5%
3%
2%
2025
5%
2%
2%
3%
2%
1%
2%
2%
3%
3%
1%
1%
Source: Data as announced by TurkStat
As of March 31, 2026, the annual inflation rate published by TurkStat was 30.9%, declining from 38.1% as of March 31, 2025, and unchanged from 30.9% as of December 31, 2025. The monthly inflation rates during the first quarter of 2026 were 4.8%, 3.0% and 1.9% in January, February and March, respectively.
Operating Expenses
The table below shows our operating expenses for the three months ended March 31, 2026 and 2025 in absolute terms and as a percentage of GMV:
(in TRY million unless indicated otherwise)
Three months ended March 31,
2026
2025
y/y %
Cost of inventory sold
(14,638.6)
(11,862.6)
23.4%
% of GMV
(25.3%)
(26.3%)
1.0pp
Shipping and packaging expenses
(2,796.8)
(2,149.8)
30.1%
% of GMV
(4.8%)
(4.8%)
(0.1pp)
Payroll and outsource staff expenses
(2,724.0)
(2,476.8)
10.0%
% of GMV
(4.7%)
(5.5%)
0.8pp
Advertising expenses
(1,768.9)
(1,243.7)
42.2%
% of GMV
(3.1%)
(2.8%)
(0.3pp)
Technology expenses
(221.3)
(214.7)
3.1%
% of GMV
(0.4%)
(0.5%)
0.1pp
Depreciation and amortization
(862.6)
(860.2)
0.3%
% of GMV
(1.5%)
(1.9%)
0.4pp
Other operating expenses, net
(564.0)
(534.0)
5.6%
% of GMV
(1.0%)
(1.2%)
0.2pp
Impairment losses
(2.8)
(203.9)
(98.6%)
% of GMV
(0.0%)
(0.5%)
0.4pp
Operating expenses, net
(23,579.0)
(19,545.7)
20.6%
Operating expenses as a % of GMV
(40.8%)
(43.4%)
2.6pp
Operating expenses, net, increased by 20.6% to TRY 23,579.0 million in Q1 2026 compared to TRY 19,545.7 million in Q1 2025. The main drivers for the increase in ...
