ISTANBUL, May 07, 2026 (GLOBE NEWSWIRE) -- D-MARKET Electronic Services & Trading (d/b/a "Hepsiburada") (NASDAQ: HEPS), a leading Turkish e-commerce platform (referred to herein as "Hepsiburada" or the "Company"), today announces its unaudited financial results for the first quarter ended March 31, 2026.
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 goods(1) (1P) 15,226.3 12,017.0 26.7%
Marketplace revenue(2) (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 operating expenses in Q1 2026 were a 23.4% increase in cost of inventory sold, a 30.1% increase in shipping and packaging expenses and a 42.2% increase in advertising expenses.
Cost of inventory sold rose by 23.4% while the sales of goods grew by 26.7%, resulting in 1P margin improvement compared to Q1 2025 due to inventory management efficiencies.
Shipping and packaging expenses increased by 30.1% while shipping revenue grew by 22.6%. The slower rate of increase in shipping revenue is primarily related to cargo subsidies provided to merchants, to enhance merchant economics and speed.
Advertising expenses increased by 42.2% due to increased investment to support our growth initiatives.
Net Loss for the Period
Net loss for the period was TRY 992.0 million in Q1 2026, compared to a net loss of TRY 464.7 million in Q1 2025. This negative change was mainly due to a TRY 943.1 million increase in net financial expenses and fees (net of financial income) related to fees for collection of credit card receivables due to higher numbers of credit card installments in the market, a TRY 525.2 million increase in advertising expenses and a TRY 647.0 million increase in shipping, packaging expenses due to growth initiatives and a TRY 2,776.0 million increase in cost of inventory sold, which was partially offset by a higher revenue of TRY 4,308.7 million.
EBITDA
EBITDA as a percentage of GMV increased by 0.4pp in Q1 2026 to 0.7%, compared to 0.3% in Q1 2025. EBITDA increased to TRY 420.3 million in Q1 2026 from TRY 142.4 million in Q1 2025. These increases were driven by a 0.8pp decrease in payroll and outsource expenses, a 0.4pp decrease in loan impairment losses and a 0.2pp decrease in other operating expenses, net, partially offset by a 0.8pp decrease in Gross Contribution Margin and a 0.3pp increase in advertising expenses, in each case as a percentage of GMV.
Free Cash Flow
Our Free Cash Flow improved by 8.1% to an outflow of TRY 1,120.2 million in Q1 2026 from an outflow of TRY 1,219.5 million in Q1 2025. The change was mainly driven by a TRY 46.2 million improvement in net cash used in operating activities and by a TRY 53.7 million decrease in tangible and intangible asset acquisitions.
D-MARKET Electronic Services & Trading
CONSOLIDATED BALANCE SHEETS
(Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026 unless otherwise indicated. Unaudited.)
31 March 2026 31 December 2025
------------------------------------------- ------------- ----------------
(unaudited) (unaudited)
------------------------------------------- -------------
ASSETS
Current assets:
Cash and cash equivalents 7,925,505 12,443,168
Restricted cash 233,312 225,644
Financial investments 1,919,309 2,218,550
Trade and loan receivables 4,864,938 6,865,830
Due from related parties -- 227
Inventories 8,209,879 9,605,879
Other current assets 1,284,267 1,287,127
------------------------------------------- ------------- ----------------
Total current assets 24,437,210 32,646,425
------------------------------------------- ------------- ----------------
Non-current assets:
Property and equipment 1,231,780 1,196,683 Intangible assets 4,202,479 4,261,580 Right of use assets 2,411,094 2,425,348 Trade and loan receivables 18,132 29,437 Deferred tax assets 52,742 52,742 Other non-current assets 35,642 44,628 ------------------------------------------- ------------- ---------------- Total non-current assets 7,951,869 8,010,418 ------------------------------------------- ------------- ---------------- Total assets 32,389,079 40,656,843 ------------------------------------------- ------------- ---------------- LIABILITIES AND EQUITY Current liabilities: Bank borrowings 343,173 656,457 Lease liabilities 1,316,028 1,156,474 Wallet deposits 237,831 287,415 Trade payables and payables to merchants 22,299,755 28,478,364 Provisions 219,529 354,520 Employee benefit obligations 554,724 1,118,731 Contract liabilities and merchant advances 2,480,472 3,065,689 Other current liabilities 2,351,695 1,625,752 ------------------------------------------- ------------- ---------------- Total current liabilities 29,803,207 36,743,402 ------------------------------------------- ------------- ---------------- Non-current liabilities: Lease liabilities 609,897 856,500 Employee benefit obligations 306,537 289,349 Other non-current liabilities 447,806 553,984 ------------------------------------------- ------------- ---------------- Total non-current liabilities 1,364,240 1,699,833 ------------------------------------------- ------------- ---------------- Equity: Share capital 1,044,896 1,044,896 Treasury shares (353,203) (353,203) Share premium 21,692,746 21,692,746 Accumulated deficit (21,162,807) (20,170,831) ------------------------------------------- ------------- ---------------- Total equity 1,221,632 2,213,608 ------------------------------------------- ------------- ---------------- Total equity and liabilities 32,389,079 40,656,843 ------------------------------------------- ------------- ----------------
D-MARKET Electronic Services & Trading
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026 unless otherwise indicated. Unaudited.)
Three Months Ended
----------------------------
31 March 2026 31 March 2025
(unaudited) (unaudited)
------------------------------------------------ ------------- -------------
Revenues 23,136,563 18,827,868
Operating expenses
Cost of inventory sold (14,638,644) (11,862,606)
Shipping and packaging expenses (2,796,760) (2,149,803)
Payroll and outsource staff expenses (2,723,991) (2,476,782)
Advertising expenses (1,768,897) (1,243,692)
Technology expenses (221,293) (214,673)
Depreciation and amortization (862,594) (860,232)
Other operating income 122,699 137,002
Other operating expenses (686,653) (671,017)
Impairment losses (2,752) (203,888)
Operating loss (442,322) (717,823)
------------------------------------------------ ------------- -------------
Financial income 1,029,693 1,278,637
Financial expenses and fees (3,019,447) (2,325,332)
Monetary gains/(losses) 1,470,852 1,299,827
------------------------------------------------ ------------- -------------
Loss before income taxes (961,224) (464,691)
------------------------------------------------ ------------- -------------
Income taxes (30,747) -
Loss for the period (991,971) (464,691)
------------------------------------------------ ------------- -------------
Basic and diluted loss per share (TRY per share) (2.7) (1.4)
Other comprehensive loss:
Items that will not be reclassified to profit or
loss in subsequent period:
Actuarial losses arising on remeasurement of
post-employment benefits - -
Tax Effect of Actuarial Gain (Loss) of Defined
Benefit Plan - -
Items that will be reclassified to profit or
loss in subsequent period:
Changes in the fair value of debt instruments at
fair value through other comprehensive income
Total comprehensive loss for the period (991,971) (464,691)
------------------------------------------------ ------------- -------------
D-MARKET Electronic Services & Trading
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026 unless otherwise indicated. Unaudited.)
1 January -- 1 January --
31 March 2026 31 March 2025
(unaudited) (unaudited)
------------------------------------------------ ------------- -------------
Loss for the period (991,971) (464,691)
------------------------------------------------ ------------- -------------
Adjustments to reconcile loss for the period to
cash flows from operating activities: 4,398,811 3,269,851
------------------------------------------------ ------------- -------------
Interest and fee expenses 2,912,391 2,190,061
Depreciation and amortization 862,594 860,232
Interest income on time deposits (728,574) (441,555)
Interest income on credit sales (138,505) (586,977)
Interest income on financial investments (2,041) (3,783)
Tax Expenses 30,747 -
Provision for unused vacation liability 64,227 93,617
Provision for personnel bonus 307,026 363,292
Provision for legal disputes 8,321 1,778
Provision for license fee 105,449 59,498
Provision for doubtful receivables 19,018 136,515
Provision for loan receivables 33,822 101,393
Provision for impairment of trade goods, net (46,475) 17,882
Provision for post-employment benefits 29,806 29,397
Share based payment expense 43,244 56,350
Fair value gains of financial investments (16,053) (4,531)
Net foreign exchange differences (72,346) (180,951)
Monetary gains/losses on non-operating
activities 1,223,041 732,683
Monetary gains on provisions (236,881) (155,050)
Changes in net working capital
Change in trade payables and payables to
merchants (6,154,050) (1,269,949)
Change in inventories 1,517,406 (671,286)
Change in trade and loan receivables 2,007,868 446,505
Change in contract liabilities and merchant
advances (585,217) (311,700)
Change in contract assets - 811
Change in other liabilities 297,878 (278,787)
Change in other assets 11,124 (378,956)
Change in due from related parties 227 20,971
Change in due to related parties - (18,640)
Post-employment benefits paid (3,745) (12,071)
Payments for concluded litigation (3,829) (1,357)
Payments for personnel bonus (535,510) (556,484)
Payments for unused vacation liabilities (2,846) (13,974)
Payments for license fee (211,206) (235,593)
Collections of doubtful receivables 50,088 34,020
Payments for share based compensation plan (190,114) -
Net cash used in operating activities (395,086) (441,330)
------------------------------------------------ ------------- -------------
Investing activities:
Purchases of property and equipment and intangible assets (726,187) (779,928) Proceeds from sale of property and equipment 1,062 1,780 Purchase of financial instruments (1,493) (419,658) Proceeds from sale of financial investment 178,888 3,096,313 Interest received on time deposits 724,014 420,410 Interest received on credit sales 122,085 522,123 Net cash provided by investing activities 298,369 2,841,040 ------------------------------------------------ ------------- ------------- Financing activities: Proceeds from bank borrowings 1,595,186 1,432,422 Repayment of bank borrowings (1,913,363) (1,723,606) Interest and fees paid (2,755,498) (1,936,462) Lease payments (299,376) (294,910) Net cash used in financing activities (3,373,051) (2,522,556) ------------------------------------------------ ------------- ------------- Net increase/(decrease) in cash and cash equivalents (3,469,768) (122,846) ------------------------------------------------ ------------- ------------- Cash and cash equivalents at 1 January 12,431,914 9,720,740 ------------------------------------------------ ------------- ------------- Effects of exchange rate changes on cash and cash equivalents 5,076 21,586 Effects of inflation on cash and cash equivalents (1,057,531) (677,548) Cash and cash equivalents at 31 March 7,909,691 8,941,932 ------------------------------------------------ ------------- -------------
Presentation of Financial and Other Information
Use of Non-IFRS Financial Measures
Certain parts of this press release contain non-IFRS financial measures, which are unaudited supplementary measures and are not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB or any other generally accepted accounting principles. Such measures are IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution, IAS 29-Unadjusted EBITDA, EBITDA, Gross Contribution, Free Cash Flow and Net Working Capital. We define:
-- IAS 29-Unadjusted Revenue as revenue presented on an unadjusted for
inflation basis;
-- IAS 29-Unadjusted Gross Contribution as Gross Contribution presented on
an unadjusted for inflation basis;
-- IAS 29-Unadjusted EBITDA as EBITDA presented on an unadjusted for
inflation basis;
-- EBITDA as profit or loss for the period plus income tax less financial
income plus financial expenses and fees plus depreciation and
amortization plus monetary gains/(losses);
-- Gross Contribution as revenues less cost of inventory sold;
-- Free Cash Flow as net cash provided by operating activities less capital
expenditures plus proceeds from sale of property and equipment; and
-- Net Working Capital as current assets (excluding cash and cash
equivalents and financial investments) minus current liabilities
(excluding current bank borrowings and current lease liabilities).
You should not consider them as: (a) an alternative to operating profit or net profit (net income) as determined in accordance with IFRS Accounting Standards as issued by the IASB or other generally accepted accounting principles, or as measures of operating performance; (b) an alternative to cash flows from operating, investing or financing activities, as determined in accordance with IFRS Accounting Standards as issued by the IASB or other generally accepted accounting principles, or as a measure of our ability to meet liquidity needs; or (c) an alternative to any other measures of performance under IFRS Accounting Standards as issued by the IASB or other generally accepted accounting principles.
These measures are used by our management to monitor the underlying performance of the business and our operations. However, not all companies calculate these measures in an identical manner and, therefore, our presentation may not be comparable with similar measures used by other companies. As a result, prospective investors should not place undue reliance on this data.
This section includes a reconciliation of certain of these non-IFRS measures to the closest IFRS measure.
EBITDA is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included EBITDA in this press release because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. EBITDA eliminates certain items that have less bearing on our operating performance and thus highlights trends in our core business that may not otherwise be apparent when relying solely on IFRS Accounting Standards as issued by the IASB financial measures. In particular, the exclusion of certain expenses and, from the date of applicability of IAS 29, related monetary gains/(losses), in calculating EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses (including monetary gains/(losses)) and non-operating expense/(income). One of the objectives of IAS 29 is to account for the financial gain or loss that arises from holding monetary assets or liabilities during a reporting period (i.e. the monetary gains/ (losses)). Therefore, the monetary gains/(losses) are excluded from EBITDA for a proper comparison of the operational performance of the Company. Accordingly, we believe that EBITDA provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors.
Management uses EBITDA:
-- as a measurement of operating performance because it assists us in
comparing our operating performance on a consistent basis, as it removes
the impact of non-cash and non-operating items;
-- for planning purposes, including the preparation of our internal annual
operating budget and financial projections; and
-- to evaluate the performance and effectiveness of our strategic
initiatives.
EBITDA has limitations as a financial measure, including that other companies may calculate EBITDA differently, which reduces its usefulness as a comparative measure and you should not consider it in isolation or as a substitute for profit/(loss) for the period, as a profit measure or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB.
The following table shows the reconciliation of EBITDA to net loss for the periods presented.
Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026. Unaudited.
(TRY in millions) Three months ended March 31,
------------------------------
2026 2025
Net loss for the period (992.0) (464.7)
Income taxes (30.7) -
Financial income 1,029.7 1,278.6
Financial expenses and fees (3,019.4) (2,325.3)
Depreciation and amortization (862.6) (860.2)
Monetary gains/(losses) 1,470.9 1,299.8
EBITDA 420.3 142.4
------------------------------ -------------- --------------
Gross Contribution is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included gross contribution in this press release because it is a key measure used by our management and board of directors to evaluate our operational profitability and how efficiently the Company manages its inventory costs relative to its revenue as it reflects direct costs of products sold to our buyers. Accordingly, we believe that gross contribution provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors.
Gross Contribution has limitations as a financial measure, including that other companies may calculate gross contribution differently, which reduces its usefulness as a comparative measure and you should not consider it in isolation or as a substitute for profit/(loss) for the period, as a profit measure or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. The following table shows the reconciliation of gross contribution to revenue for the periods presented.
Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026. Unaudited.
(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 (14,638.6) (11,862.6) 23.4%
Gross Contribution 8,497.9 6,965.3 22.0%
------------------------------------------ ------------ ----------- -----
IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA are supplemental non-IFRS financial measures that are not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA in this press release because we believe their inclusion facilitates the understanding of Revenue, Gross Contribution and EBITDA restated in accordance with IAS 29.
IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA have limitations as financial measures, including that other companies may calculate IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA differently, which reduces their usefulness as a comparative measure and you should not consider them in isolation or as substitutes for revenue or profit/(loss) for the period, as revenue or profit measures or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB.
The following table shows the reconciliation of IAS 29-Unadjusted Revenue to revenue for the periods presented.
Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026. Unaudited.
(in TRY million unless indicated otherwise) Three months ended March 31,
--------------------------------
2026 2025 y/y %
Revenue 23,136.6 18,827.9 22.9%
Reversal of IAS 29 adjustment 537.5 4,785.9 (88.8%)
IAS 29 - Unadjusted Revenue 22,599.1 14,042.0 60.9%
-------------------------------------------- ---------- ---------- --------
The following table shows the reconciliation of IAS 29-Unadjusted Gross Contribution to revenue for the periods presented.
Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 31 March 2026. Unaudited.
(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 (14,638.6) (11,862.6) 23.4%
Gross Contribution 8,497.9 6,965.3 22.0%
Reversal of IAS 29 adjustment (610.8) 985.9 (162.0%)
IAS 29 - Unadjusted Gross Contribution 9,108.7 5,979.4 52.3%
------------------------------------------ ---------- ---------- --------
The following tables show the reconciliation of IAS 29-Unadjusted EBITDA to income/(loss) for the periods presented.
Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 31 March 2026. Unaudited.
(TRY in millions) Three months ended March 31, Three months ended March 31,
------------------------------- -------------------------------
Reversal IAS 29 Reversal IAS 29
of IAS Unadjusted of IAS Unadjusted
2026 29 2026 2025 29 2025
--------- -------- ---------- --------- -------- ----------
Net loss for the
period (992.0) 349.8 (1,341.7) (464.7) (146.6) (318.1)
Income taxes (30.7) (0.7) (30.1) 0.0 0.0 0.0
Financial income 1,029.7 24.5 1,005.2 1,278.6 325.2 953.4
Financial expenses
and fees (3,019.4) (14.7) (3,004.7) (2,325.3) (549.0) (1,776.3)
Depreciation and
amortization (862.6) (353.2) (509.3) (860.2) (494.2) (366.0)
Monetary
gains/(losses) 1,470.9 1,470.9 0.0 1,299.8 1,299.8 0.0
EBITDA 420.3 (776.9) 1,197.2 142.4 (728.5) 870.9
------------------ --------- -------- ---------- --------- -------- ----------
Free Cash Flow is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included Free Cash Flow in this press release because it is an important indicator of our liquidity as it measures the amount of cash we generate/(use) and provides additional perspective on whether we have sufficient cash after funding our operations and capital expenditures. Accordingly, we believe that Free Cash Flow provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors.
Free Cash Flow has limitations as a financial measure, and you should not consider it in isolation or as substitutes for net cash used in operating activities as a measure of our liquidity or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. There are limitations to using non-IFRS financial measures, including that other companies may calculate Free Cash Flow differently. Because of these limitations, you should consider Free Cash Flow alongside other financial performance measures, including net cash used in operating activities, capital expenditures and our other IFRS Accounting Standards as issued by the IASB results.
The following table shows the reconciliation of Free Cash Flow to net cash provided by operating activities for the periods presented.
Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026. Unaudited.
(TRY in millions) Three months ended March 31,
------------------------------
2026 2025
Net cash provided by operating activities (395.1) (441.3)
Capital expenditures (726.2) (779.9)
Proceeds from the sale of property and
equipment 1.1 1.8
Free Cash Flow (1,120.2) (1,219.5)
---------------------------------------------- -------------- --------------
Net Working Capital is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB.
We have included Net Working Capital in this press release because it is used to measure the short-term liquidity of a business, and can also be used to obtain a general impression of the ability of company management to utilize assets in an efficient manner. Net Working Capital is critical since it is used to keep our business operating smoothly and meet all our financial obligations in the short-term. Accordingly, we believe that Net Working Capital provides useful information to investors in understanding and evaluating how we manage our short-term liabilities.
Net Working Capital has limitations as a financial measure, and you should not consider it in isolation as a measure of our liquidity or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. There are limitations to using non-IFRS financial measures, including that other companies calculate Net Working Capital differently. Because of these limitations, you should consider Net Working Capital alongside other financial performance measures, including current assets, current liabilities and our other IFRS Accounting Standards as issued by the IASB results.
The following table shows the reconciliation of Net Working Capital to current assets and current liabilities as of the dates indicated:
Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026. Unaudited.
(TRY in millions) As of March 31, 2026 As of Dec 31, 2025 Current assets 24,437.2 32,646.4 Cash and cash equivalents (7,925.5) (12,443.2) Financial investments (1,919.3) (2,218.6) Current liabilities (29,803.2) (36,743.4) Bank borrowings, current 343.2 656.5 Lease liabilities, current 1,316.0 1,156.5 Net Working Capital (13,551.6) (16,945.8) --------------------------- -------------------- ------------------
Certain Definitions
We provide a number of key operating performance indicators used by our management and often used by competitors in our industry. We define certain terms used in this press release as follows:
-- GMV as gross merchandise value which refers to the total value of
orders/products sold through our platform over a given period of time
(including VAT but deducting returns and cancellations), excluding cargo
income (shipping fees related to the products sold through our platform)
and excluding other service revenues and transaction fees charged to our
merchants;
-- IAS 29-Unadjusted GMV as GMV presented on an unadjusted for inflation
basis;
-- Marketplace GMV as total value of orders/products sold through our
Marketplace over a given period of time (including VAT but deducting
returns and cancellations), excluding cargo income (shipping fees related
to the products sold through our platform) and excluding other service
revenues and transaction fees charged to our merchants;
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