Hepsiburada Q1 GMV Rises 28.4% to TRY57.8B, EBITDA Soars to TRY420M
Hepsiburada reported Q1 GMV growth of 28.4% to TRY57.8 billion and revenue of TRY23.1 billion, up 22.9% year-on-year. EBITDA increased to TRY420.3 million (0.7% of GMV), while net loss widened to TRY992.0 million on higher growth investments.
1. Strong GMV and Revenue Growth
Hepsiburada’s GMV rose 28.4% year-over-year to TRY57.8 billion in Q1 2026, while revenue increased 22.9% to TRY23.1 billion, driven by robust online transaction volumes.
2. Profitability and Cash Flow Trends
EBITDA climbed to TRY420.3 million (0.7% of GMV) compared with TRY142.4 million a year earlier, free cash flow improved to a negative TRY1,120.2 million, and net loss expanded to TRY992.0 million due to elevated growth investments.
3. Customer and Order Engagement
Order volume grew 22.1% to 20.3 million orders, average order value rose 5.1%, active customers reached 11.6 million (up 2.5%), order frequency increased 13.6% to 7.2, and the active merchant base expanded to 101,600.