D-Market Elektronik Hizmetler ve Ticaret (HEPS) Q2 2026 earnings summary

Executive summary

• GMV rose 2.8% year-over-year to TRY 56.7 billion in Q2 2026, with revenue up 3.1% to TRY 22,810.9 million, reflecting moderate growth amid inflationary pressures and a softer consumer environment.

• Order volume increased 13.4% year-over-year, while active customers grew 2.5% and order frequency rose 14.9%, indicating higher engagement.

• Net loss widened to TRY 1,889.6 million in Q2 2026 from TRY 956.2 million in Q2 2025, mainly due to increased investments in growth initiatives and higher operating expenses.

Financial highlights

• Revenue for H1 2026 increased 12.5% year-over-year to TRY 47,570.1 million.

• EBITDA for Q2 2026 was TRY 239.2 million (0.4% of GMV), down from TRY 976.9 million (1.8% of GMV) in Q2 2025.

• Free cash flow dropped 65.5% year-over-year in Q2 2026 to TRY 1,553.2 million.

• Gross contribution margin remained flat at 15.2% in Q2 2026.

• Net working capital as of June 30, 2026, was negative TRY 14,976.3 million.

Outlook and guidance

• Management highlighted continued competitive positioning despite a softer market, with real GMV growth of 14.7% and order growth of 17.7% in H1 2026.

• Inflation and extended holidays moderated consumer demand, but engagement and order frequency improved.

• New fintech product Hepsitaksit launched in June, facilitating 0.4% of total GMV in its first month.