The sharp deterioration in EBITDA and free cash flow, combined with a doubling of net losses, signals that Hepsiburada's growth investments are not translating into profitability. Traders should watch for any guidance on cost control or a pivot toward margin discipline in upcoming quarters, as the current trajectory is unsustainable without a material improvement in operating leverage.
Price Chart
Executive Summary
Hepsiburada reported Q2 2026 results with revenue up 3.1% YoY to TRY 22.8B, but net loss nearly doubled to TRY 1.89B from TRY 956M a year ago. EBITDA plunged 75.5% to TRY 239M (0.4% of GMV vs 1.8%), and free cash flow fell 65.5%, reflecting sharply higher advertising and shipping costs amid a moderating consumer demand environment in Turkey. The deteriorating profitability and cash flow generation are the key concerns for traders.
Key Financial Metrics
Key Facts
- Q2 2026 revenue increased 3.1% YoY to TRY 22,810.9M (IAS 29-adjusted).
- Net loss widened to TRY 1,889.6M from TRY 956.2M in Q2 2025, a 97.6% increase.
- EBITDA fell 75.5% to TRY 239.2M, with EBITDA margin as a % of GMV declining from 1.8% to 0.4%.
- Free cash flow dropped 65.5% to TRY 1,553.2M from TRY 4,498.6M.
- Advertising expenses surged 39.7% YoY; shipping and packaging expenses rose 21.7%.
- GMV grew only 2.8% to TRY 56.7B, while IAS 29-unadjusted GMV grew 36.1%.
- Active customers grew just 2.5% to 11.5M; order frequency improved 14.9% to 7.4.
Financial Impact
Net loss nearly doubled to TRY 1.89B; EBITDA margin compressed to 0.4% of GMV; free cash flow down 65.5%
Risk Factors
- Continued high inflation in Turkey may further compress consumer spending and GMV growth.
- Rising advertising and shipping costs could continue to pressure margins if competitive dynamics force sustained investment.
- The IAS 29 hyperinflation adjustment complicates comparability; unadjusted figures show stronger top-line growth but still declining EBITDA margins.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3340816 |
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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