Core Insights - Hepsiburada reported a growth in gross merchandise value (GMV) and revenue for Q4 2025, with GMV increasing by 10.5% to TRY 85.3 billion and revenue rising by 17.8% to TRY 27,970.5 million compared to Q4 2024 [4][6][23]. Financial Highlights for Q4 2025 - Gross merchandise value (GMV) increased by 10.5% to TRY 85.3 billion compared to TRY 77.2 billion in Q4 2024 [4]. - Revenue increased by 17.8% to TRY 27,970.5 million compared to TRY 23,745.0 million in Q4 2024 [4]. - Number of orders increased by 17.6% to 28.3 million compared to 24.1 million in Q4 2024 [4]. - Active customers remained stable at 11.8 million, showing a 0.3% increase [4]. - Free cash flow increased by 79.3% to TRY 3,468.1 million from TRY 1,934.7 million in Q4 2024 [4][7]. - EBITDA decreased to TRY 1.1 million compared to TRY 935.8 million in Q4 2024, with EBITDA as a percentage of GMV at 0.0%, a decrease of 1.2 percentage points [4][10]. Financial Highlights for Full Year 2025 - Full-year GMV increased by 4.3% to TRY 257.5 billion compared to TRY 246.9 billion in FY 2024 [8][39]. - Revenue increased by 13.4% to TRY 84,651.8 million compared to TRY 74,669.6 million in FY 2024 [8][39]. - Number of orders increased by 9.5% to 87.5 million compared to 79.9 million in FY 2024 [8][39]. - Free cash flow increased by 83.2% to TRY 8,877.0 million from TRY 4,845.5 million in FY 2024 [8][44]. - EBITDA decreased by 57.8% to TRY 1,141.4 million compared to TRY 2,703.1 million in FY 2024, with EBITDA as a percentage of GMV at 0.4%, a decrease of 0.7 percentage points [8][42]. Operational Highlights - The share of marketplace GMV was 67.7% in Q4 2025, down from 69.5% in Q4 2024 [4]. - Active merchant base increased by 1.8% to 102.0 thousand compared to 100.2 thousand as of December 31, 2024 [4]. - Order frequency increased by 9.2% to 7.4 compared to 6.8 as of December 31, 2024 [4]. Strategic Initiatives - The company executed its "Legendary Friday" campaign in Q4 2025, contributing to the growth in GMV and order volume [8]. - Investments in growth initiatives, including delivery cost reduction and performance marketing, were noted as key factors impacting financial results [10]. ESG Actions - The "Technology Empowerment for Women Entrepreneurs" program reached an additional 2,504 women, supporting approximately 70 thousand women entrepreneurs to date [16]. - The "Your Companion Is Here" program facilitated 17 training sessions, reaching nearly 600 participants [17].