Why Did Hepsiburada (NASDAQ:HEPS) Report Lower Restated Revenue While Unadjusted GMV Rose 22 Percent?

Sonal Goyal

06 November 2026 11:01 PM AEDT

Why Did Hepsiburada (NASDAQ:HEPS) Report Lower Restated Revenue While Unadjusted GMV Rose 22 Percent?

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Key Highlights

Gross merchandise value fell 6.6 percent to TRY 62.0 billion on a restated basis.
Unadjusted GMV rose 22.3 percent to TRY 60.9 billion.
Revenue declined 6.1 percent to TRY 24.3 billion on a restated basis.
Marketplace share of GMV rose 1.2 percentage points to 69.8 percent.

D-MARKET Electronic Services and Trading, which does Business as Hepsiburada (NASDAQ:HEPS), a leading Turkish E-commerce platform, reported unaudited results for the third quarter and the nine months ended September 30, 2026. Restated gross merchandise value fell 6.6 percent to TRY 62.0 billion, and restated Revenue declined 6.1 percent to TRY 24,264.9 million. The results are presented under IAS 29, the hyperinflation accounting standard, which makes the reported comparisons different from unadjusted figures.

Why Two Sets of Figures Appear

Turkey's high Inflation requires companies reporting under IFRS to adjust their financial statements for changes in a general price index. The release therefore shows restated figures alongside unadjusted GMV, which increased 22.3 percent to TRY 60.9 billion.

Because the restatement applies to the prior-year base as well as the current period, the restated decline is not simply a measure of volume.

Marketplace Mix and Profitability

The marketplace share of GMV increased by 1.2 percentage points to 69.8 percent compared with the third quarter of 2025. Third-party sellers on a marketplace model generally contribute different revenue per transaction than first-party sales, so a higher marketplace share changes the revenue profile of each unit of GMV.

EBITDA as a percentage of GMV was negative 0.2 percent in the quarter, compared with 0.3 percent a year earlier, a decrease of 0.6 percentage points. Impairment losses fell 96.9 percent, mainly because expected Credit losses were lower than in the third quarter of 2025. That reduction in credit losses partly offset the Margin decline.

Sector Context

Hepsiburada operates in Turkey's online retail market, where competition, consumer purchasing power and currency movements shape demand. Companies operating in high-inflation economies face the added complexity of translating results into a stable reporting currency, which is why the IAS 29 presentation matters for comparisons with peers in other markets.

Risks and What to Watch Next

Currency depreciation, inflation and changes in consumer Demand in Turkey can affect both restated and unadjusted results. The company's margin remains near break-even at the EBITDA level relative to GMV, so small changes in costs or credit losses can shift the result.

Final Takeaways

Hepsiburada's third quarter shows restated declines in GMV and revenue alongside unadjusted GMV growth of 22.3 percent, a higher marketplace share and lower credit losses. The results are shaped heavily by the IAS 29 restatement, which makes unadjusted figures important for understanding underlying activity. The company's future reports will indicate whether transaction growth and margin stability develop together.

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