Welcome to our dedicated page for D-Market Electronic Services & Trading SEC filings (Ticker: HEPS), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The D-Market Electronic Services & Trading (Hepsiburada) SEC filings page for NASDAQ: HEPS provides access to the company’s regulatory disclosures as a foreign private issuer. Hepsiburada files annual reports on Form 20-F and current reports on Form 6-K under the U.S. Securities Exchange Act of 1934, furnishing press releases, financial information and shareholder meeting materials to investors.
Through its Form 6-K submissions, the company furnishes quarterly and annual financial result announcements that detail gross merchandise value (GMV), revenue composition, marketplace GMV share, gross contribution, EBITDA, net income or loss, cash flow metrics and explanations of IAS 29 hyperinflation adjustments. These filings also present non-IFRS measures such as IAS 29-unadjusted GMV and EBITDA, along with reconciliations to the most directly comparable IFRS measures.
Hepsiburada’s 6-K filings additionally cover corporate governance and shareholder decisions, including voting results of Ordinary and Extraordinary General Assembly meetings, approval of audited financial statements, profit distribution decisions, board remuneration, appointment of independent auditors, authorization of board members under the Turkish Commercial Code and limits on donations. Materials such as explanatory notes on agendas, proxy cards, board annual reports and independent auditor reports are also furnished as exhibits.
Other HEPS filings document capital structure and financing activities, such as share capital increases and bond issuances at its indirect subsidiary Hepsifinans, which are intended to support the company’s consumer finance business. These disclosures help investors understand how Hepsiburada funds its operations and fintech initiatives.
On Stock Titan, these SEC filings are updated as new Form 6-K and Form 20-F documents are posted to EDGAR. AI-powered tools summarize key points from lengthy filings, highlight important changes in operating metrics, capital structure and governance, and make it easier to locate information on topics such as hyperinflation accounting, non-IFRS measures and shareholder resolutions.
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.
D-MARKET Electronic Services & Trading reports that the Reporting Persons disposed of all of their ordinary shares. The statement identifies TurkCommerce B.V., Templeton Turkey Fund GP Ltd. and Templeton Asset Management Ltd. as the Reporting Persons and lists their principal business addresses.
The Reporting Persons state they "disposed of all of the Issuer's Ordinary Shares" on or about January 9, 2026, and note that any group that included them has been dissolved with respect to these shares.
D-MARKET Electronic Services & Trading, the parent of HEPS, reported that investment fund VR Global Partners, L.P. and related VR entities, together with Richard Deitz, beneficially own 16,472,821 Ordinary Shares. As of December 31, 2025, this represents about 4.6% of the outstanding Ordinary Shares.
The shares are held directly by the Fund, with VR Advisory and its upstream Cayman entities, plus Mr. Deitz, deemed indirect beneficial owners through control relationships. The filers state the position is held in the ordinary course of business and not for the purpose of changing or influencing control of D-MARKET.
D-MARKET Electronic Services & Trading, which operates as Hepsiburada, has filed a report stating it will announce its unaudited financial results for the fourth quarter and full year ending December 31, 2025 after the U.S. market closes on February 26, 2026.
Hepsiburada is described as a leading Turkish e-commerce technology platform using both first-party direct sales and a third-party marketplace, supported by services such as last-mile delivery, fulfillment, advertising, cross-border sales, and its integrated fintech platform Hepsipay, which offers digital wallets, loans, BNPL, and one-click checkout.
D-MARKET Electronic Services & Trading (Hepsiburada) reported leadership changes. Ms. Esra Beyzadeoğlu will step down as Chief Customer Experience and People Officer effective January 31, 2026, with human resources now reporting directly to the Chief Executive Officer.
The Board also accepted the resignation of Mr. Erman Kalkandelen as a Board member representing TurkCommerce B.V., after TurkCommerce B.V. ceased to be a shareholder of the Company.
Joint Stock Company Kaspi.kz has updated its ownership filing to reflect a larger stake in D-MARKET Electronic Services & Trading. After giving effect to a new stock purchase agreement, Kaspi.kz beneficially owns 304,238,587 ordinary shares, representing 85.17% of D-MARKET’s outstanding ordinary shares. On January 5, 2026, Kaspi.kz agreed to buy 32,885,686 ordinary shares from TurkCommerce B.V. for an aggregate price of USD 97,012,773.70, funded from its working capital. Closing is scheduled for January 9, 2026, subject to closing conditions within the parties’ control. Kaspi.kz states that the purpose of these transactions is to hold a controlling interest in D-MARKET and it continues to review its investment and potential strategic actions on an ongoing basis.