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 director Stefan Gross-Selbeck filed an initial statement of beneficial ownership on Form 3. The filing lists him as a director and reports no equity transactions or derivative positions, with all buy, sell, acquire, dispose, and exercise counts shown as zero.
D-MARKET Electronic Services & Trading, which trades under the ticker HEPS, filed an initial insider ownership report for its Chief Financial Officer, Mehmet Seckin Koseoglu. This Form 3 does not list any insider share purchases, sales, option exercises, or other transactions, serving only to establish his reporting status as an officer.
D-MARKET Electronic Services & Trading executive Hakan Karadogan, CEO of Logistics, filed an initial ownership report showing a holding of Restricted Stock Units. These RSUs are linked to 100,000 ordinary shares on a one-for-one basis and are scheduled to fully vest on 1/31/2027.
D-MARKET Electronic Services & Trading Chief Executive Officer Nilhan Gokcetekin has filed an initial statement of beneficial ownership on Form 3. The filing lists Gokcetekin as an officer but shows no reportable transactions or holdings in either common stock or derivative securities in the provided data.
D-MARKET Electronic Services & Trading director Mikheil Lomtadze filed an initial ownership report on Form 3 for HEPS. This filing establishes his status as a reporting insider under SEC rules but does not list any stock transactions or specific share holdings in the provided data.
D-MARKET Electronic Services & Trading director files initial ownership report. Pavel Mironov submitted a Form 3 as a director of the company. The filing lists no transactions in the company’s securities, serving as a baseline disclosure of his status as an insider under SEC rules.
D-MARKET Electronic Services & Trading director Mosidze Tengiz filed an initial ownership report on Form 3 for HEPS. This filing establishes his status as an insider subject to reporting rules but does not list any stock or derivative holdings or report any transactions.
D-MARKET Electronic Services & Trading director filing: Yuri Didenko submitted an initial Form 3 as a director of HEPS. The filing does not report any insider share purchases or sales, and there are no option exercises, gifts, or tax-related share withholdings listed in this excerpt.
Joint Stock Company Kaspi.kz filed Amendment No. 7 to its Schedule 13D on D-MARKET Electronic Services & Trading, disclosing a larger controlling stake. On March 16, 2026, it agreed to buy 1,773,645 Ordinary Shares (via ADSs) at USD 2.95 per share, for total consideration of USD 5,232,252.75, funded from its working capital.
Following this transaction, Kaspi.kz beneficially owns 306,012,232 Ordinary Shares, or 85.66% of the Issuer’s 357,225,200 Ordinary Shares outstanding. Kaspi.kz states that its purpose is to have a controlling interest in HEPS and that it may consider a range of potential strategic actions regarding its investment.
D-MARKET Electronic Services & Trading (Hepsiburada) reports inflation-adjusted growth for Q4 and full year 2025 under IAS 29 hyperinflation accounting. Q4 revenue rose 17.8% to TRY 27,970.5 million, with GMV up 10.5% and orders up 17.6% versus 2024. Full-year revenue increased 13.4% to TRY 84,651.8 million, GMV grew 4.3% and orders 9.5%.
Profitability weakened sharply. Q4 EBITDA fell to TRY 1.1 million from TRY 935.8 million, and net loss widened to TRY 3,082.3 million from TRY 875.8 million, mainly due to higher advertising, shipping and financial expenses tied to growth and installment offerings. For 2025, EBITDA dropped 57.8% to TRY 1,141.4 million and net loss rose to TRY 5,699.2 million from TRY 2,100.7 million.
Cash generation was strong despite losses. Free cash flow increased 79.3% year-over-year in Q4 to TRY 3,468.1 million and 83.2% for the full year to TRY 8,877.0 million, helped by higher operating cash flow and lower capital expenditures. The company is also transitioning its operating metrics to align with controlling shareholder Kaspi’s definitions from Q1 2026.