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HEPSBearishEarningsShort Term

High materiality8/10

Hepsiburada Announces Second Quarter 2026 Financial Results

StockNews.AIAug 6, 4:30 PM EDT1 source

Trading thesisImportance 8/10

Near-term HEPS likely pressured by inflation restatement and margin compression; watch for GMV/mix improvements in 2H24Q.

AI summary

What happened and why it matters

HEPS reported Q2 2026 results restated under IAS 29 inflation accounting, highlighting inflation-adjusted metrics. Revenue rose 3.1% to 22.81B TRY with GMV of 56.7B TRY, but net loss widened to 1.89B TRY as opex rose. EBITDA was only 0.4% of GMV, while a fintech initiative contributed modest GMV; profitability remains challenged near term.

IAS 29 restatement introduces inflation-adjusted baselines that affect HEPS comparability.
Q2 2026 net loss and opex surge highlight earnings risk in the near term.
3P GMV growth supports revenue, but margin discipline is key to HEPS.
Kaspi.kz’s controlling-stake acquisition could influence governance and earnings trajectory.

Sentiment rationale

Inflation restatement (IAS 29) adds a layer of earnings distortion, complicating comps and potentially pressuring the stock on a per-share basis. The quarter showed a widening net loss and margin compression, which historically weighs on near-term equity performance. While GMV and 3P revenue offer some positives, the combination of higher opex, weak EBITDA margin, and a major shareholder change risk (Kaspi) could sustain negative sentiment until profitability improves.

Key facts

01
Hepsiburada restates Q2 2026 results under IAS 29 hyperinflation rules.
02
Q2 revenue up 3.1% to 22.81B TRY; GMV at 56.7B TRY.
03
Net loss for Q2 2026: 1.89B TRY; H1 net loss: 2.95B.
04
EBITDA margin shrank to 0.4% of GMV; H1 margin 0.6%.
05
Cash at 6/30: about 7.0B TRY; Q2 free cash flow: 1.55B TRY.

Earnings

Earnings: Hepsiburada’s Q2 restatement and reported HEPS trajectory anchor the category; the inflation-adjusted disclosures and cash-flow dynamics drive valuation and near-term price action.