The widening net loss and declining EBITDA signal deteriorating profitability despite revenue growth. Traders should watch for Q1 2026 earnings to see if the increased marketing spend and credit costs stabilize. The material weaknesses in internal controls also raise execution risk. Monitor any further insider selling by Kaspi.kz or changes to the company's strategy under new control.
Price Chart
Executive Summary
Hepsiburada filed its 2025 annual report (20-F) showing a net loss of TRY 5,699.2 million, widening from a TRY 2,100.7 million loss in 2024, driven by higher credit card commission costs and increased marketing spend. Revenue grew 13.4% to TRY 84.7 billion, but EBITDA fell 57.8% to TRY 1,141.4 million, and the net loss more than doubled. The filing also confirms the change of control to Kaspi.kz, a capital increase, and ongoing material weaknesses in internal controls.
Key Facts
- Net loss widened to TRY 5,699.2 million in 2025 from TRY 2,100.7 million in 2024.
- Revenue grew 13.4% to TRY 84,651.8 million, but EBITDA declined 57.8% to TRY 1,141.4 million.
- GMV increased 4.3% to TRY 257.5 billion, with Number of Orders up 9.5% but Average Order Value down 4.7%.
- Financial expenses and fees rose 19.6% to TRY 11,996.5 million, primarily due to higher credit card commission costs.
- Advertising expenses increased 30% to TRY 7,305.9 million as part of a growth-focused strategy.
- Impairment losses (mainly bad debt provisions for BNPL and loans) rose 58.9% to TRY 846.6 million.
- Free Cash Flow improved to TRY 8,877.0 million from TRY 4,845.5 million in 2024.
- Material weaknesses in internal control over financial reporting persisted as of December 31, 2025.
- Kaspi.kz completed its acquisition of control (65.41% stake) on January 29, 2025, and subsequently increased ownership to 85.66%.
- A capital increase of TRY 4,171.96 million was approved in November 2025, with preemptive rights disapplied for ADS holders.
- Active Customers were flat at 11.8 million; Active Merchants grew 1.8% to 102,000.
- The company paid a TRY 211.2 million e-commerce license fee in March 2026.
Financial Impact
Net loss of TRY 5,699.2 million (vs. loss of TRY 2,100.7 million in 2024); EBITDA of TRY 1,141.4 million (down 57.8%); revenue of TRY 84,651.8 million (up 13.4%); Free Cash Flow of TRY 8,877.0 million (up 83.2%).
Risk Factors
- Persistent net losses and declining EBITDA despite revenue growth.
- Material weaknesses in internal control over financial reporting remain unremediated.
- High inflation and interest rates in Turkey continue to pressure consumer demand and operating costs.
- Increased regulatory burden from e-commerce license fees and compliance costs.
- Concentration of voting control with Kaspi.kz (85.66%) may limit minority shareholder influence.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001104659-26-053195 |
| Document: heps-20251231xex4d25.htm | 0001104659-26-053195 |
| Document: heps-20251231xex1d1.htm | 0001104659-26-053195 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | Press Release | $2.48 | awaiting T+20 | — | $2.78 (+12.10%) |
Sep 9, 2026 6w ago | 6-K | $2.65 $2.65 | · 0.00% | ▼ −1.94% | $2.78 (+4.91%) |
Aug 20, 2026 9w ago | 6-K | $2.67 $2.50 | ▲ +6.37% | ▲ +6.37% | $2.78 (−4.12%) |
Aug 6, 2026 11w ago | Press Release | $2.77 $2.68 | ▲ +3.43% | ▲ +3.03% | $2.78 (−0.36%) |
Jul 23, 2026 13w ago | 6-K | $2.84 $2.67 | ▼ −5.99% | ▼ −9.29% | $2.78 (−2.11%) |
Jul 14, 2026 14w ago | Press Release | $2.96 $2.84 | ▲ +4.05% | ▲ +6.40% | $2.78 (+6.08%) |
Jun 30, 2026 16w ago | 6-K | $2.91 $2.84 | ▼ −2.41% | ▼ −1.38% | $2.78 (−4.47%) |
Apr 30, 2026 25w ago | 20-F | $2.80 $2.78 | ▲ +0.71% | ▲ +5.98% | $2.78 (+0.71%) |
Apr 16, 2026 27w ago | Press Release | $2.80 $2.59 | ▼ −7.50% | ▼ −12.87% | $2.78 (−0.71%) |
US Market Status
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