D-MARKET Electronic Services & Trading filings document foreign private issuer disclosures for Hepsiburada, including Form 6-K current reports and Form 20-F annual reporting. The filings record unaudited quarterly and annual results, audited consolidated financial statements, and IFRS financial presentation that applies IAS 29 adjustments for Türkiye’s hyperinflationary reporting environment.
The company’s regulatory documents also describe its hybrid 1P and 3P e-commerce model, Hepsipay fintech services, fulfillment, delivery, advertising, cross-border sales, payment services and affordability solutions. Other filing subjects include annual general assembly materials, share-capital matters, board and senior-management changes, shareholder communications, ADS-related voting mechanics and corporate governance disclosures.
D-MARKET Electronic Services & Trading (Hepsiburada) reported strong top-line growth in Q1 2026 but a much wider loss under hyperinflation accounting. All figures are restated under IAS 29, reflecting Türkiye’s high inflation.
Revenue rose 22.9% to TRY 23,136.6 million, driven by 26.7% growth in first-party sales, 29.0% growth in marketplace revenue and 22.6% growth in delivery services, while other revenue declined 17.7%. Orders grew 22.1% and GMV grew 28.4%, showing continued customer and merchant engagement.
EBITDA increased to TRY 420.3 million from TRY 142.4 million, with EBITDA margin improving to 0.7% of GMV from 0.3% as payroll, loan impairment and other operating costs fell as a share of GMV, partly offset by lower gross contribution margin and higher advertising as a share of GMV.
Net loss nearly doubled to TRY 992.0 million from TRY 464.7 million, mainly due to higher financial expenses and fees linked to credit card receivable collections, as well as higher advertising, shipping and inventory costs, only partly offset by higher revenue.
Free cash flow remained negative but improved to an outflow of TRY 1,120.2 million from TRY 1,219.5 million, helped by slightly lower operating cash outflows and reduced capital spending. Cash and cash equivalents were TRY 7,925.5 million as of March 31, 2026, down from TRY 12,443.2 million at December 31, 2025, while total equity declined to TRY 1,221.6 million from TRY 2,213.6 million.
D-MARKET Electronic Services & Trading (Hepsiburada), a leading Turkish e-commerce platform listed on NASDAQ, has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission.
The Form 20-F is available through the SEC Filings section of Hepsiburada’s investor relations website and on the SEC’s website. Shareholders and ADS holders can request a free hard copy of the annual report, including audited consolidated financial statements, from Hepsiburada’s Investor Relations Department.
D-MARKET Elektronik Hizmetler ve Ticaret A.Ş. (Hepsiburada) reports a 2025 net loss of TRY 5,699.2 million, widening from a TRY 2,100.7 million net loss in 2024 and net income of TRY 142.8 million in 2023. Management attributes the deterioration to higher credit card commission costs, marketing expenses, operational spending to support topline growth, and increased expected credit loss provisions from its consumer finance operations, all against a challenging Turkish macroeconomic and high-inflation environment. Financial statements are prepared under IFRS and restated for hyperinflation under IAS 29, with Turkish indices showing a three-year cumulative inflation rate above 100%, significantly affecting reported revenue, gross contribution and net results.
D-MARKET Electronic Services & Trading (Hepsiburada) filed a Form 6-K to announce timing for its next financial update. The company will report unaudited results for the first quarter ending March 31, 2026 after the U.S. market closes on Thursday, May 7, 2026.
The filing also highlights Hepsiburada’s role as a leading e-commerce technology platform in Türkiye, operating a hybrid first-party and third-party marketplace model and offering logistics, advertising, cross-border, and integrated fintech services through its Hepsipay platform.
D-MARKET Electronic Services & Trading Chief Technology Officer Aleksey Shevenkov has filed an initial Form 3 insider ownership report for HEPS. The filing lists him as an officer but shows no reported transactions, no share purchases or sales, and no derivative positions in this submission.
D-MARKET Electronic Services & Trading director Alexander Berdzenishvili has filed an initial ownership report on Form 3 for HEPS. The filing identifies him as a director but does not list any buy, sell, or other share transactions or derivative positions.
D-MARKET Electronic Services & Trading filed an initial insider ownership report for Tayfun Bayazit, who is identified as a director of the company. This Form 3 does not list any stock transactions, option exercises, gifts, or derivative positions for him in this filing.
D-MARKET Electronic Services & Trading director Ashaboglu Ahmet Fadil has filed an initial ownership report on Form 3. This filing lists him as a director of the company but does not report any stock purchases, sales, or derivative transactions. It serves as a baseline disclosure of his status as an insider.
D-MARKET Electronic Services & Trading filed an initial ownership report for Ozgun Ender, who serves as Chief Commercial Officer. This Form 3 designates him as a reporting insider of HEPS. The excerpt shows no reported purchases, sales, exercises, gifts, or other share transactions.
D-MARKET Electronic Services & Trading filed an initial insider ownership report for officer Akman Ozcan Gunes. This Form 3 establishes his status as a reporting officer of the company but does not list any insider share transactions or option exercises in the information provided.