Core Insights - Hepsiburada reported a gross merchandise value (GMV) increase of 11.9% to TRY 51.1 billion in Q2 2025 compared to TRY 45.6 billion in Q2 2024, while the IAS 29-unadjusted GMV increased by 52.2% to TRY 50.3 billion [4][13] - Revenue for Q2 2025 rose by 22.6% to TRY 16,743.8 million from TRY 13,657.3 million in Q2 2024, driven by a 25.2% increase in 1P revenue and a 24.9% increase in delivery service revenue [24][21] - The company experienced a net loss of TRY 723.8 million in Q2 2025, a 39.4% increase from a net loss of TRY 519.3 million in Q2 2024, primarily due to increased provision expenses and financial costs [31][10] Financial Highlights - The EBITDA for Q2 2025 increased by 41.6% to TRY 739.5 million compared to TRY 522.1 million in Q2 2024, with EBITDA as a percentage of GMV improving to 1.4% from 1.1% [4][32] - Free cash flow turned positive with an inflow of TRY 3,405.2 million in Q2 2025, compared to an outflow of TRY 870.4 million in Q2 2024 [33] - The active customer base decreased by 0.8% to 12.0 million as of June 30, 2025, compared to 12.1 million a year earlier [4][9] Operational Metrics - The number of orders (excluding digital products and HepsiExpress) increased by 8.1% to 18.9 million in Q2 2025, while the average order value grew by 5.3% [4][13] - The share of marketplace GMV was 68.2% in Q2 2025, down from 71.1% in Q2 2024 [4][13] - Active merchants decreased by 0.7% to 100.3 thousand compared to 100.9 thousand as of June 30, 2024 [4][9] Inflation and Accounting Standards - The financial statements are restated under IAS 29 due to hyperinflation in Turkey, with the conversion factor for June 30, 2025, set at 3,132.2 [3][2] - The annual inflation rate as of June 30, 2025, was reported at 35.1%, a decline from 71.6% a year earlier [28] Strategic Initiatives - The company is focusing on improving margins and driving sustainable growth while enhancing its operational fundamentals [11] - Hepsiburada's "Technology Empowerment for Women Entrepreneurs" program has supported approximately 65,000 women entrepreneurs as of June 30, 2025 [18]