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 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.
D-MARKET (HEPS) shareholders approved the audited consolidated financial statements for the year ended December 31, 2024 and released the Board for its 2024 activities. The meeting decided no dividend distribution because the company did not generate profit in 2024. Independent directors' pay was set at USD 100,000 annually plus USD 20,000 for each committee chair role and USD 10,000 for each committee member role. DRT Yeminli Mali Müşavirlik ve Bağımsız Denetim A.Ş. was appointed as independent auditor through the next annual meeting discussing 2025 accounts. Shareholders authorized Board actions under the Turkish Commercial Code articles cited, approved inflation accounting procedures per the Tax Procedure Law and TCC, and authorized donations up to 0.2% (2 per thousand) of total assets for the fiscal year.
D-MARKET Electronic Services & Trading filed an amended Form 6-K to correct one exhibit related to its 2024 annual shareholder meeting. The amendment replaces Exhibit 99.4, the Board of Directors' Annual Report for 2024, in full because of an inadvertent clerical error in the earlier version.
The other exhibits, including the proxy card, explanatory notes for the meeting to be held on September 15, 2025, a press release dated August 15, 2025, and the independent auditor’s report for 2024, remain unchanged from the original Form 6-K.