HEPS

ISTANBUL, Aug. 06, 2026 (GLOBE NEWSWIRE) -- D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform (referred to herein as “Hepsiburada” or the “Company”), today announces its unaudited financial results for the second quarter ended June 30, 2026. Restatement of financial information: Pursuant to the International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (“IAS 29”), the financial statements of entities whose functional currency is that of a hyperinflationary economy must be adjusted for the effects of changes in a general price index. Turkish companies reporting under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), including the Company, have been required to apply IAS 29 to their financial statements for periods ended on and after June 30, 2022. The Company’s consolidated financial statements as of and for the three and six months ended June 30, 2026, including figures corresponding to the same periods of the prior year, reflect a restatement pursuant to IAS 29. Under IAS 29, the Company’s financial statements are presented in terms of the measuring unit current as of June 30, 2026. All the amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period, are restated applying the general price index. Adjustment for inflation has been calculated considering the price indices published by the Turkish Statistical Institute (TurkStat). Such indices used to restate the financial statements as at June 30, 2026 are as follows: Figures unadjusted for inflation in accordance with IAS 29, denoted as “IAS 29-Unadjusted”, “unadjusted for IAS 29”, “unadjusted”, “unadjusted for inflation”, or “without adjusting for inflation”, are also included under the “Highlights” sections. Figures unadjusted for IAS 29 constitute non-IFRS financial measures. We believe that their inclusion facilitates the understanding of the restated financial statements in accordance with IAS 29. Please see the “Presentation of Financial and Other Information” section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of the non-IFRS measures to the most directly comparable IFRS measures. Second Quarter 2026 Financial and Operational Highlights (All financial figures are restated pursuant to IAS 29 unless otherwise indicated) Gross merchandise value (GMV) increased by 2.8% to TRY 56.7 billion compared to TRY 55.1 billion in Q2 2025. Revenue increased by 3.1% to TRY 22,810.9 million compared to TRY 22,120.3 million in Q2 2025. Number of Orders increased by 13.4% to 19.5 million compared to 17.2 million in Q2 2025. Average Order Value decreased by 9.4% in Q2 2026 compared to Q2 2025. Active Customers increased by 2.5% to 11.5 million compared to 11.3 million as of June 30, 2025. Order Frequency increased by 14.9% to 7.4 compared to 6.5 as of June 30, 2025. Active Merchants decreased by 0.2% to 100.1 thousand compared to 100.3 thousand as of June 30, 2025. Share of Marketplace GMV increased by 0.1 percentage points (“pp”) to 68.6% compared to Q2 2025. Free Cash Flow decreased by 65.5% to TRY 1,553.2 million from TRY 4,498.6 million in Q2 2025. EBITDA decreased to TRY 239.2 million compared to TRY 976.9 million in Q2 2025. Accordingly, EBITDA as a percentage of GMV was at 0.4%, a 1.4pp decrease compared to 1.8% in Q2 2025. Net loss for the period was TRY 1,889.6 million compared to a net loss of TRY 956.2 million for Q2 2025. First Half 2026 Financial and Operational Highlights (All financial figures are restated pursuant to IAS 29 unless otherwise indicated) Gross merchandise value (GMV) increased by 14.7% to TRY 118.6 billion compared to TRY 103.3 billion in H1 2025. Revenue increased by 12.5% to TRY 47,570.1 million compared to TRY 42,268.6 million in H1 2025. Number of Orders increased by 17.7% to 39.8 million compared to 33.8 million in H1 2025. Average Order Value decreased by 2.5% in H1 2026 compared to H1 2025. Active Customers increased by 2.5% to 11.5 million compared to 11.3 million as of June 30, 2025. Order Frequency increased by 14.9% to 7.4 compared to 6.5 as of June 30, 2025. Active Merchants decreased by 0.2% to 100.1 thousand compared to 100.3 thousand as of June 30, 2025. Share of Marketplace GMV remained flat at 68.7% compared to H1 2025. Free Cash Flow decreased by 88.9% to TRY 354.4 million from TRY 3,193.6 million in H1 2025. EBITDA decreased to TRY 689.0 million compared to TRY 1,129.3 million in H1 2025. Accordingly, EBITDA as a percentage of GMV was at 0.6%, a 0.5pp decrease compared to 1.1% in H1 2025. Net loss for the period was TRY 2,951.1 million compared to a net loss of TRY 1,453.5 million for H1 2025. Commenting on the results, Ender Özgün, CEO of Hepsiburada said: “The second quarter saw a moderation in consumer demand, reflecting the implications of pressures from inflation and an extended holiday period. Despite the softer market environment, Hepsiburada maintained its competitive position, with real GMV growth of 14.7% and order growth of 17.7% in the first half of the year. We managed to increase the Order Frequency of our customers by 14.9%, reflecting stronger customer engagement on our platform. Furthermore, during the first half of 2026, our revenues amounted to TRY 47,570.1 million, increasing by 12.5% year over year. On the fintech side, we introduced our new loan product, Hepsitaksit in June. During its first month of operation, Hepsitaksit facilitated 0.4% of total GMV. EBITDA amounted to TRY 239.2 million during the quarter, while EBITDA as a percentage of GMV was 0.4%, reflecting higher expenses driven by increased marketing activities and efforts to speed up and reduce the cost of delivery for merchants. For the first half of the year, EBITDA totaled TRY 689.0 million, with EBITDA as a percentage of GMV of 0.6%. The increase in Net Loss to TRY 1,889.6 million in Q2 2026 from TRY 956.2 million in Q2 2025 was primarily due to continued investments in growth initiatives. We appreciate the continued support of our shareholders, the trust placed in us by our customers and partners, and the dedication demonstrated by our entire team.” Summary: Key Operational and Financial Metrics The following table sets forth a summary of the key operating and unaudited financial data as of and for the three months ended June 30, 2026 and June 30, 2025 and the six months ended June 30, 2026 and June 30, 2025 prepared in accordance with IFRS Accounting Standards as issued by the IASB. Unless indicated otherwise, all financial figures in the tables provided are inflation-adjusted (in accordance with IAS 29). Note: All financial figures in the tables provided are expressed in terms of the purchasing power of the Turkish Lira on June 30, 2026 (in accordance with IAS 29) unless otherwise indicated. Note that Gross Contribution, EBITDA and Free Cash Flow are non-IFRS financial measures. See the “Presentation of Financial and Other Information” section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of non-IFRS measures to the most directly comparable IFRS measures. See the definitions of metrics such as GMV, Marketplace GMV, Share of Marketplace GMV, Gross Contribution Margin, EBITDA as a percentage of GMV, Number of Orders and Active Customers in the “Certain Definitions” section of this press release. ESG Actions Hepsiburada remains committed to fostering inclusive economic growth and social development. In Q2 2026, the Company continued to grow its flagship “Technology Empowerment for Women Entrepreneurs” (TEWE) program, reaching over 73,000 women entrepreneurs to date. The program continues to provide essential support through commission discounts, marketing and communication resources including professional product photography. Following the successful completion of the “Your Companion Is Here” education program (launched in September 2025), the Company launched a second-phase mentorship program in April 2026. Under the “Türkiye's Women Entrepreneurs” protocol signed with the Ministry of Family and Social Services, Hepsiburada hosted in-person training sessions with women entrepreneurs and cooperatives in Ankara in April 2026 and Bursa in June 2026. Additionally, under the “One Smile is Enough” project, the Company hosted Children’s Workshops at the 7th Mardin Biennial between May 15 and June 2, 2026, engaging local children through creative arts. Hepsiburada Financial Review Restatement of financial information: Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a hyperinflationary economy are reported in terms of the measuring unit current as of the reporting date of the financial statements. All amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period are restated applying the general price index. In summary: Revenue 1: In 1P direct sales model, we act as a principal and initially recognize revenue from the sales of goods on a gross basis at the time of delivery of the goods to our customers.2: In the 3P marketplace model, revenues are recorded on a net basis, mainly consisting of marketplace commission and other contractual charges to the merchants. Our revenue increased by 3.1% to TRY 22,810.9 million in Q2 2026 compared to TRY 22,120.3 million in Q2 2025. This was due to a 1.5% increase in our 1P revenue (comprising 65.4% of total revenue), a 22.3% increase in our 3P revenue (comprising 13.1% of total revenue) and a 5.0% increase in delivery service revenue (comprising 15.9% of total revenue), partially offset by a 16.0% decrease in other revenue (comprising 5.6% of total revenue) compared to Q2 2025. 1P revenue increased by 1.5% to TRY 14,919.0 million in Q2 2026 compared to TRY 14,700.0 million in Q2 2025, whereas 3P revenue increased by 22.3% to TRY 2,980.0 million in Q2 2026 compared to TRY 2,437.0 million in Q2 2025, mainly driven by a 1.2pp increase in the contribution of our higher-margin 3P business. The 5.0% increase in delivery service revenue compared to Q2 2025 was mainly due to an increase in delivery service revenue from the off-platform customers of Hepsijet. The 16.0% decrease in other revenue compared to Q2 2025 was mainly due to the decrease in consumer finance revenue, Hepsipay income and fulfilment revenue, partially offset by an increase in HepsiAd revenue. Gross Contribution Gross Contribution Margin remained flat at 15.2% in Q2 2026 compared to Q2 2025. The table below shows the monthly inflation rates in 2026 and 2025. Source: Data as announced by TurkStat As of June 30, 2026, the annual inflation rate published by TurkStat was 32.1%, declining from 35.1% as of June 30, 2025, and increasing from 30.9% as of March 31, 2026. The monthly inflation rates during the second quarter of 2026 were 4.2%, 1.7% and 1.0% in April, May and June, respectively. Operating Expenses The table below shows our operating expenses for the three months and six months ended June 30, 2026 and 2025 in absolute terms and as a percentage of GMV: Operating expenses, net, increased by 6.5% to TRY 23,504.5 million in Q2 2026 compared to TRY 22,075.4 million in Q2 2025. The main drivers for the increase in operating expenses in Q2 2026 were a 21.7% increase in shipping and packaging expenses, a 12.5% increase in payroll and outsource staff expenses and a 39.7% increase in advertising expenses, partially offset by a 94.6% decrease in impairment losses. Advertising expenses increased by 39.7% due to increased investment to support our growth initiatives. Payroll and outsource staff expenses increased by 12.5% driven by higher GMV and Number of Orders, which required additional headcount and outsourced personnel. Shipping and packaging expenses increased by 21.7% while shipping revenue grew by 5.0%. The slower rate of increase in shipping revenue is primarily related to cargo subsidies provided to merchants, to enhance merchant economics and speed. Impairment losses decreased by 94.6% mainly due to lower expected credit losses compared to Q2 2025. Net Loss for the Period Net loss for the period was TRY 1,889.6 million in Q2 2026, compared to a net loss of TRY 956.2 million in Q2 2025. This negative change was mainly due to a TRY 689.6 million increase in net financial expenses and fees (net of financial income) related to fees for collection of credit card receivables due to higher numbers of credit card installments to maintain a competitive position in the market, a TRY 578.1 million increase in advertising expenses and a TRY 512.9 million increase in shipping and packaging expenses due to growth initiatives, and a TRY 438.8 million increase in cost of inventory sold and a TRY 299.3 million increase in payroll and outsource staff expenses, which were partially offset by a TRY 690.6 million increase in revenue, a TRY 432.4 million decrease in impairment losses and a TRY 492.5 million increase in monetary gains. EBITDA EBITDA as a percentage of GMV decreased by 1.4pp in Q2 2026 to 0.4%, compared to 1.8% in Q2 2025. EBITDA decreased to TRY 239.2 million in Q2 2026 from TRY 976.9 million in Q2 2025. These decreases were driven by a 0.9pp increase in advertising expenses, a 0.8pp increase in shipping and packaging expenses and a 0.4pp increase in payroll and outsource expenses, partially offset by a 0.8pp decrease in impairment losses in each case as a percentage of GMV. Free Cash Flow Our Free Cash Flow decreased by 65.5% to TRY 1,553.2 million in Q2 2026 from TRY 4,498.6 million in Q2 2025. The change was mainly driven by a TRY 2,841.9 million decrease in net cash provided by operating activities and by a TRY 103.5 million increase in tangible and intangible asset acquisitions. D-MARKET Electronic Services & Trading CONSOLIDATED BALANCE SHEETS (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026 unless otherwise indicated. Unaudited.) D-MARKET Electronic Services & Trading CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)(Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026 unless otherwise indicated. Unaudited.) D-MARKET Electronic Services & Trading CONSOLIDATED STATEMENTS OF CASH FLOWS(Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026 unless otherwise indicated. Unaudited.) Presentation of Financial and Other Information Use of Non-IFRS Financial Measures Certain parts of this press release contain non-IFRS financial measures, which are unaudited supplementary measures and are not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB or any other generally accepted accounting principles. Such measures are IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution, IAS 29-Unadjusted EBITDA, EBITDA, Gross Contribution, Free Cash Flow and Net Working Capital. We define: IAS 29-Unadjusted Revenue as revenue presented on an unadjusted for inflation basis; IAS 29-Unadjusted Gross Contribution as Gross Contribution presented on an unadjusted for inflation basis; IAS 29-Unadjusted EBITDA as EBITDA presented on an unadjusted for inflation basis; EBITDA as profit or loss for the period plus income tax less financial income plus financial expenses and fees plus depreciation and amortization plus monetary gains/(losses); Gross Contribution as revenues less cost of inventory sold; Free Cash Flow as net cash provided by operating activities less capital expenditures plus proceeds from sale of property and equipment; and Net Working Capital as current assets (excluding cash and cash equivalents and financial investments) minus current liabilities (excluding current bank borrowings and current lease liabilities). You should not consider them as: (a) an alternative to operating profit or net profit (net income) as determined in accordance with IFRS Accounting Standards as issued by the IASB or other generally accepted accounting principles, or as measures of operating performance; (b) an alternative to cash flows from operating, investing or financing activities, as determined in accordance with IFRS Accounting Standards as issued by the IASB or other generally accepted accounting principles, or as a measure of our ability to meet liquidity needs; or (c) an alternative to any other measures of performance under IFRS Accounting Standards as issued by the IASB or other generally accepted accounting principles. These measures are used by our management to monitor the underlying performance of the business and our operations. However, not all companies calculate these measures in an identical manner and, therefore, our presentation may not be comparable with similar measures used by other companies. As a result, prospective investors should not place undue reliance on this data. This section includes a reconciliation of certain of these non-IFRS measures to the closest IFRS measure. EBITDA is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included EBITDA in this press release because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. EBITDA eliminates certain items that have less bearing on our operating performance and thus highlights trends in our core business that may not otherwise be apparent when relying solely on IFRS Accounting Standards as issued by the IASB financial measures. In particular, the exclusion of certain expenses and, from the date of applicability of IAS 29, related monetary gains/(losses), in calculating EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses (including monetary gains/(losses)) and non-operating expense/(income). One of the objectives of IAS 29 is to account for the financial gain or loss that arises from holding monetary assets or liabilities during a reporting period (i.e. the monetary gains/ (losses)). Therefore, the monetary gains/(losses) are excluded from EBITDA for a proper comparison of the operational performance of the Company. Accordingly, we believe that EBITDA provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors. Management uses EBITDA: as a measurement of operating performance because it assists us in comparing our operating performance on a consistent basis, as it removes the impact of non-cash and non-operating items; for planning purposes, including the preparation of our internal annual operating budget and financial projections; and to evaluate the performance and effectiveness of our strategic initiatives. EBITDA has limitations as a financial measure, including that other companies may calculate EBITDA differently, which reduces its usefulness as a comparative measure and you should not consider it in isolation or as a substitute for profit/(loss) for the period, as a profit measure or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. The following table shows the reconciliation of EBITDA to net loss for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited. Gross Contribution is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included gross contribution in this press release because it is a key measure used by our management and board of directors to evaluate our operational profitability and how efficiently the Company manages its inventory costs relative to its revenue as it reflects direct costs of products sold to our buyers. Accordingly, we believe that gross contribution provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors. Gross Contribution has limitations as a financial measure, including that other companies may calculate gross contribution differently, which reduces its usefulness as a comparative measure and you should not consider it in isolation or as a substitute for profit/(loss) for the period, as a profit measure or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. The following table shows the reconciliation of gross contribution to revenue for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited. IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA are supplemental non-IFRS financial measures that are not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA in this press release because we believe their inclusion facilitates the understanding of Revenue, Gross Contribution and EBITDA restated in accordance with IAS 29. IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA have limitations as financial measures, including that other companies may calculate IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA differently, which reduces their usefulness as a comparative measure and you should not consider them in isolation or as substitutes for revenue or profit/(loss) for the period, as revenue or profit measures or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. The following table shows the reconciliation of IAS 29-Unadjusted Revenue to revenue for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited. The following table shows the reconciliation of IAS 29-Unadjusted Gross Contribution to revenue for the periods presented. Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited. The following tables show the reconciliation of IAS 29-Unadjusted EBITDA to income/(loss) for the periods presented. Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited. Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited. Free Cash Flow is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included Free Cash Flow in this press release because it is an important indicator of our liquidity as it measures the amount of cash we generate/(use) and provides additional perspective on whether we have sufficient cash after funding our operations and capital expenditures. Accordingly, we believe that Free Cash Flow provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors. Free Cash Flow has limitations as a financial measure, and you should not consider it in isolation or as substitutes for net cash provided by operating activities as a measure of our liquidity or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. There are limitations to using non-IFRS financial measures, including that other companies may calculate Free Cash Flow differently. Because of these limitations, you should consider Free Cash Flow alongside other financial performance measures, including net cash provided by operating activities, capital expenditures and our other IFRS Accounting Standards as issued by the IASB results. The following table shows the reconciliation of Free Cash Flow to net cash provided by operating activities for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited. Net Working Capital is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included Net Working Capital in this press release because it is used to measure the short-term liquidity of a business, and can also be used to obtain a general impression of the ability of company management to utilize assets in an efficient manner. Net Working Capital is critical since it is used to keep our business operating smoothly and meet all our financial obligations in the short-term. Accordingly, we believe that Net Working Capital provides useful information to investors in understanding and evaluating how we manage our short-term liabilities. Net Working Capital has limitations as a financial measure, and you should not consider it in isolation as a measure of our liquidity or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. There are limitations to using non-IFRS financial measures, including that other companies calculate Net Working Capital differently. Because of these limitations, you should consider Net Working Capital alongside other financial performance measures, including current assets, current liabilities and our other IFRS Accounting Standards as issued by the IASB results. The following table shows the reconciliation of Net Working Capital to current assets and current liabilities as of the dates indicated: Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2026. Unaudited. Certain Definitions We provide a number of key operating performance indicators used by our management and often used by competitors in our industry. We define certain terms used in this press release as follows: GMV as gross merchandise value which refers to the total value of orders/products sold through our platform over a given period of time (including VAT but deducting returns and cancellations), excluding cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; IAS 29-Unadjusted GMV as GMV presented on an unadjusted for inflation basis; Marketplace GMV as total value of orders/products sold through our Marketplace over a given period of time (including VAT but deducting returns and cancellations), excluding cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; Share of Marketplace GMV as the portion of GMV sold through our Marketplace represented as a percentage of our GMV; IAS 29-Unadjusted Revenue as Revenue presented on an unadjusted for inflation basis; IAS 29-Unadjusted Gross Contribution as Gross Contribution presented on an unadjusted for inflation basis; Gross Contribution Margin as Gross Contribution represented as a percentage of GMV; IAS 29-Unadjusted EBITDA as EBITDA presented on an unadjusted for inflation basis; EBITDA as a percentage of GMV as EBITDA represented as a percentage of GMV; IAS 29-Unadjusted EBITDA as a percentage of GMV as IAS 29-Unadjusted EBITDA represented as a percentage of IAS 29-Unadjusted GMV; Number of Orders as the number of orders we received through our platform excluding returns and cancellations and digital products; Order Frequency as the number of orders per Active Customer over a 12-month period preceding the relevant date; Active Merchants as merchants who sold at least one item within the 12-month period preceding the relevant date, including returns and cancellations; Active Customers as users (both unregistered users and members) who have purchased at least one item listed on our platform (excluding orders for digital products and orders made on HepsiExpress) within the 12-month period preceding the relevant date, excluding returns and cancellations; Digital products as non-cash games on our platform, such as sweepstakes and gamified lotteries, game pins and codes, gift vouchers, and the first monthly payment of Hepsiburada Premium membership subscription; and Average Order Value as GMV divided by the Number of Orders in a given period, excluding digital products and orders made on HepsiExpress from the numerator and denominator. _________________ DISCLAIMER: Due to rounding, numbers presented throughout this press release may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. About Hepsiburada Hepsiburada is a leading e-commerce technology platform in Türkiye, connecting millions of customers with a broad range of products and services. Through its marketplace, retail operations, logistics capabilities, payment solutions and customer-focused technology, Hepsiburada aims to make commerce easier, faster and more accessible for customers and businesses across Türkiye. Investor Relations [email protected] Media [email protected] Forward Looking Statements This press release, the conference call webcast, presentation and related communications include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, and encompasses all statements, other than statements of historical fact contained in these communications, including but not limited to statements regarding (a) our future financial performance, including our revenue, operating expenses and our ability to achieve and maintain profitability; (b) our expectations regarding current and future GMV and EBITDA; (c) potential disruptions to our operations and supply chain that may result from (i) epidemics or natural disasters; (ii) global supply challenges; (iii) the ongoing conflicts in Ukraine, Iran and Syria, including their impact on Türkiye's border regions; (iv) changes in the competitive landscape in the industry in which the Company operates; (v) the high inflationary environment and/or (vi) currency devaluation; (d) the impact of Kaspi.kz’s acquisition of a controlling stake in the Company; (e) the anticipated launch of new initiatives, businesses or any other strategic projects and partnerships; (f) our expectations and plans for short- and long-term strategy, including our anticipated areas of focus and investment, market expansion, product and technology focus, and projected growth and profitability; (g) our ability to respond to the ever-changing competitive landscape in the industry in which we operate; (h) our liquidity, substantial indebtedness, and ability to obtain additional financing; (i) our strategic goals and plans, including our relationships with existing customers, suppliers, merchants and partners, and our ability to achieve and maintain them; (j) our ability to improve our technology platform, customer experience and product offerings to attract and retain merchants and customers; (k) our ability to grow and externalize the services of our strategic assets; and (l) regulatory changes in the e-commerce law, corporate tax law and income tax law. These forward-looking statements can be identified by terminology such as “may”, “could”, “will”, “seek”, “expects”, “anticipates”, “aims”, “future”, “intends”, “plans”, “believes”, “estimates”, “targets”, “likely to” and similar statements. Among other things, quotations from management in this announcement, as well as our strategic and operational plans, contain forward-looking statements. These forward-looking statements are based on management’s current expectations. However, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Hepsiburada’s actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including conditions in the U.S. capital markets, negative global economic conditions, potential negative developments resulting from epidemics or natural disasters, other negative developments in Hepsiburada’s business or unfavorable legislative or regulatory developments. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. For a discussion of additional factors that may affect the outcome of such forward-looking statements, see our 2025 annual report filed with the SEC on Form 20-F (File No. 001-40553), and in particular the “Risk Factors” section, as well as the other documents filed with or furnished to the SEC by the Company from time to time. Copies of these filings are available online from the SEC at www.sec.gov, or on the SEC Filings section of our Investor Relations website at https://investors.hepsiburada.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to the Company, and the Company and its authorized representatives assume no obligation to update these forward-looking statements in light of new information or future events. Accordingly, undue reliance should not be placed upon the forward-looking statements. Non-IFRS Financial MeasuresThis press release includes certain non-IFRS financial measures, including but not limited to, Gross Contribution, IAS 29-Unadjusted Gross Contribution, IAS 29-Unadjusted Revenue, EBITDA, IAS 29-Unadjusted EBITDA, Free Cash Flow and Net Working Capital. These financial measures are not measures of financial performance in accordance with IFRS Accounting Standards as issued by the IASB and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to profit/loss for the period or other measures of profitability, liquidity or performance under IFRS Accounting Standards as issued by the IASB. You should be aware that the Company’s presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See “Presentation of Financial and Other Information” in this press release for a reconciliation of certain of these non-IFRS measures to the most directly comparable IFRS measure. Statement Regarding Unaudited Financial InformationThis press release includes unaudited financial information for the three months and six months ended June 30, 2026 and 2025 and as of June 30, 2026 and December 31, 2025. The financial information has not been audited or reviewed by the Company’s auditors. The consolidated financial statements include the accounts of the Company and its subsidiaries. All periods presented have been accounted for in conformity with IFRS Accounting Standards as issued by the IASB and pursuant to the regulations of the SEC.

D-Market Elektronik Hizmetler ve Ticaret A.S. (Hepsiburada) reported first-quarter 2026 results, with sales rising to TRY 23,136.56 million from TRY 18,827.87 million a year earlier, while net loss widened to TRY 991.97 million from TRY 464.69 million. The results highlight a business scaling revenues rapidly but absorbing higher losses as it invests in growth initiatives and platform expansion. We’ll now examine how this combination of strong sales growth and a larger net loss may influence Hepsiburada’s existing investment narrative. Invest in the nuclear renaissance through our list of 91 elite nuclear energy infrastructure plays powering the global AI revolution. To own Hepsiburada, you need to believe that its growing marketplace, logistics and payments ecosystem can one day justify sustained investment losses. The Q1 2026 update, with higher sales but a sharply wider net loss, keeps the near term focus on whether revenue growth can be maintained without further straining margins and cash flow. The biggest risk right now remains profit dilution from rising operating and growth costs, and this result does not reduce that concern. The most relevant recent development here is Kaspi.kz’s move to acquire a controlling stake in Hepsiburada. That potential ownership change sits at the heart of the short term catalyst: whether Kaspi’s ecosystem and execution style can help translate rising sales and improving EBITDA into a clearer path toward more efficient operations. Against Q1’s larger loss, this pending transition may become even more central to how you weigh growth potential against ongoing investment needs. Yet behind the strong sales headline, investors should also be aware of the risk that rising costs and persistent losses could start to... Read the full narrative on D-Market Elektronik Hizmetler ve Ticaret (it's free!) D-Market Elektronik Hizmetler ve Ticaret's narrative projects TRY209.7 billion revenue and TRY15.5 billion earnings by 2029. This requires 35.3% yearly revenue growth and an earnings increase of about TRY21.2 billion from -TRY5.7 billion today. Uncover how D-Market Elektronik Hizmetler ve Ticaret's forecasts yield a $3.28 fair value, a 17% upside to its current price. Some of the lowest estimate analysts were already cautious, even while projecting revenue of about TRY128.5 billion and earnings near TRY7.3 billion, and Q1’s widening loss could make their concerns about heavy investment needs and pressured margins feel more relevant to you. Explore 2 other fair value estimates on D-Market Elektronik Hizmetler ve Ticaret - why the stock might be worth over 2x more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your D-Market Elektronik Hizmetler ve Ticaret research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision. Our free D-Market Elektronik Hizmetler ve Ticaret research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate D-Market Elektronik Hizmetler ve Ticaret's overall financial health at a glance. These stocks are moving-our analysis flagged them today. Act fast before the price catches up: Rare earth metals are the new gold rush. Find out which 33 stocks are leading the charge. Uncover the next big thing with 25 elite penny stocks that balance risk and reward. We've uncovered the 12 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include HEPS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

ISTANBUL, May 07, 2026 (GLOBE NEWSWIRE) -- D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform (referred to herein as “Hepsiburada” or the “Company”), today announces its unaudited financial results for the first quarter ended March 31, 2026. Restatement of financial information: Pursuant to the International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (“IAS 29”), the financial statements of entities whose functional currency is that of a hyperinflationary economy must be adjusted for the effects of changes in a general price index. Turkish companies reporting under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), including the Company, have been required to apply IAS 29 to their financial statements for periods ended on and after June 30, 2022. The Company’s consolidated financial statements as of and for the three months ended March 31, 2026, including figures corresponding to the same period of the prior year, reflect a restatement pursuant to IAS 29. Under IAS 29, the Company’s financial statements are presented in terms of the measuring unit current as of March 31, 2026. All the amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period, are restated applying the general price index. Adjustment for inflation has been calculated considering the price indices published by the Turkish Statistical Institute (TurkStat). Such indices used to restate the financial statements as at March 31, 2026 are as follows: Figures unadjusted for inflation in accordance with IAS 29, denoted as “IAS 29-unadjusted”, “unadjusted for IAS 29”, “unadjusted”, “unadjusted for inflation”, or “without adjusting for inflation”, are also included under the “Highlights” sections. Figures unadjusted for IAS 29 constitute non-IFRS financial measures. We believe that their inclusion facilitates the understanding of the restated financial statements in accordance with IAS 29. Please see the “Presentation of Financial and Other Information” section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of the non-IFRS measures to the most directly comparable IFRS measures. First Quarter 2026 Financial and Operational Highlights (All financial figures are restated pursuant to IAS 29 unless otherwise indicated) Gross merchandise value (GMV) increased by 28.4% to TRY 57.8 billion compared to TRY 45.1 billion in Q1 2025. IAS 29-Unadjusted GMV increased by 68.0% to TRY 56.5 billion compared to Q1 2025. Revenue increased by 22.9% to TRY 23,136.6 million compared to TRY 18,827.9 million in Q1 2025. Number of Orders increased by 22.1% to 20.3 million compared to 16.6 million in Q1 2025. Average Order Value increased by 5.1% in Q1 2026 compared to Q1 2025. Active Customers increased by 2.5% to 11.6 million compared to 11.3 million as of March 31, 2025. Order Frequency increased by 13.6% to 7.2 compared to 6.4 as of March 31, 2025. Active Merchant base increased by 1.7% to 101.6 thousand compared to 99.9 thousand as of March 31, 2025. Share of Marketplace GMV remained flat at 68.9% compared to Q1 2025. Free cash flow improved by 8.1% to negative TRY 1,120.2 million from negative TRY 1,219.5 million in Q1 2025. EBITDA increased to TRY 420.3 million compared to TRY 142.4 million in Q1 2025. Accordingly, EBITDA as a percentage of GMV was at 0.7%, a 0.4 percentage point increase compared to 0.3% in Q1 2025. IAS 29-Unadjusted EBITDA increased by 37.5% to TRY 1,197.2 million compared to TRY 870.9 million in Q1 2025. IAS 29-Unadjusted EBITDA as a percentage of GMV in Q1 2026 decreased by 0.5 percentage points to 2.1% compared to 2.6% in Q1 2025. Net loss for the period was TRY 992.0 million compared to a net loss of TRY 464.7 million for Q1 2025. Commenting on the results, Nilhan Onal Gökçetekin, CEO of Hepsiburada said: Hepsiburada continued its growth momentum in orders and customer engagement. During the first quarter of 2026, we delivered order growth of 22.1% and GMV growth of 28.4% compared to the same period last year, while our revenue recorded growth of 22.9% in the quarter. EBITDA increased to TRY 420.3 million during the quarter from TRY 142.4 million, while our EBITDA margin improved by 0.4 percentage points over the same period last year, despite higher expenses driven by increased marketing activities. The increase in Net Loss from TRY 464.7 million in Q1 2025 to TRY 992.0 million in Q1 2026 was primarily due to investments in growth initiatives. We appreciate the continued support of our shareholders, the trust placed in us by our customers and partners, and the dedication demonstrated by our entire team. Summary: Key Operational and Financial Metrics The following table sets forth a summary of the key operating and unaudited financial data as of and for the three months ended March 31, 2026 and March 31, 2025 prepared in accordance with IFRS Accounting Standards as issued by the IASB. Unless indicated otherwise, all financial figures in the tables provided are inflation-adjusted (in accordance with IAS 29). Note: All financial figures in the tables provided are expressed in terms of the purchasing power of the Turkish Lira on March 31, 2026 (in accordance with IAS 29) unless otherwise indicated. Note that Gross Contribution, EBITDA and Free Cash Flow are non-IFRS financial measures. See the “Presentation of Financial and Other Information” section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of non-IFRS measures to the most directly comparable IFRS measures. See the definitions of metrics such as GMV, Marketplace GMV, share of Marketplace GMV, Gross Contribution Margin, EBITDA as a percentage of GMV, Number of Orders and Active Customers in the “Certain Definitions” section of this press release. ESG Actions Hepsiburada remains committed to fostering inclusive economic growth and social development. In Q1 2026, the Company continued to grow its signature “Technology Empowerment for Women Entrepreneurs” (TEWE) program, reaching 72,000 women entrepreneurs to date. The program continues to provide essential support through commission discounts, advantageous banking services through strategic partnerships, marketing and communication resources including professional product photography. Following the successful completion of the “Your Companion Is Here” education program (launched in September 2025), Hepsiburada delivered 52 hours of training across 23 sessions to approximately 1,000 women entrepreneurs. Hepsiburada Financial Review Restatement of financial information: Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a hyperinflationary economy are reported in terms of the measuring unit current as of the reporting date of the financial statements. All amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period are restated applying the general price index. In summary: Revenue 1: In 1P direct sales model, we act as a principal and initially recognize revenue from the sales of goods on a gross basis at the time of delivery of the goods to our customers. 2: In the 3P marketplace model, revenues are recorded on a net basis, mainly consisting of marketplace commission and other contractual charges to the merchants. Our revenue increased by 22.9% to TRY 23,136.6 million in Q1 2026 compared to TRY 18,827.9 million in Q1 2025. This was due to a 26.7% increase in our (1P) revenue (comprising 65.8% of total revenue), a 29.0% increase in our (3P) revenue (comprising 12.9% of total revenue), a 22.6% increase in delivery service revenue (comprising 16.2% of total revenue) and a 17.7% decrease in other revenue (comprising 5.2% of total revenue) compared to Q1 2025. The 27.1% increase in combined 1P and 3P revenue compared to Q1 2025 was mainly due to a 28.4% increase in GMV, resulting from our growth-oriented strategy, including targeted marketing initiatives, initiatives for faster delivery and customer and merchant-focused actions. The 22.6% increase in delivery service revenue compared to Q1 2025 was mainly due to an increase in delivery service revenue from the off-platform customers of Hepsijet. The 17.7% decrease in other revenue compared to Q1 2025 was mainly due to the decrease in premium revenue, consumer finance revenue and fulfillment revenue. While a price adjustment was made to premium membership fees at the end of February 2026, the first such price increase since October 2024, its impact on other revenue remained limited during Q1 2026. Gross Contribution Gross Contribution Margin decreased by 0.8 percentage points (“pp”) to 14.7% in Q1 2026 compared to 15.5% in Q1 2025. This decrease was driven by a 1.2pp decrease in other revenue mainly due to decreases in premium revenue, consumer finance revenue and fulfillment revenue in Q1 2026 compared to Q1 2025. The table below shows the monthly inflation rates in 2026 and 2025. Source: Data as announced by TurkStat As of March 31, 2026, the annual inflation rate published by TurkStat was 30.9%, declining from 38.1% as of March 31, 2025, and unchanged from 30.9% as of December 31, 2025. The monthly inflation rates during the first quarter of 2026 were 4.8%, 3.0% and 1.9% in January, February and March, respectively. Operating Expenses The table below shows our operating expenses for the three months ended March 31, 2026 and 2025 in absolute terms and as a percentage of GMV: Operating expenses, net, increased by 20.6% to TRY 23,579.0 million in Q1 2026 compared to TRY 19,545.7 million in Q1 2025. The main drivers for the increase in operating expenses in Q1 2026 were a 23.4% increase in cost of inventory sold, a 30.1% increase in shipping and packaging expenses and a 42.2% increase in advertising expenses. Cost of inventory sold rose by 23.4% while the sales of goods grew by 26.7%, resulting in 1P margin improvement compared to Q1 2025 due to inventory management efficiencies. Shipping and packaging expenses increased by 30.1% while shipping revenue grew by 22.6%. The slower rate of increase in shipping revenue is primarily related to cargo subsidies provided to merchants, to enhance merchant economics and speed. Advertising expenses increased by 42.2% due to increased investment to support our growth initiatives. Net Loss for the Period Net loss for the period was TRY 992.0 million in Q1 2026, compared to a net loss of TRY 464.7 million in Q1 2025. This negative change was mainly due to a TRY 943.1 million increase in net financial expenses and fees (net of financial income) related to fees for collection of credit card receivables due to higher numbers of credit card installments in the market, a TRY 525.2 million increase in advertising expenses and a TRY 647.0 million increase in shipping, packaging expenses due to growth initiatives and a TRY 2,776.0 million increase in cost of inventory sold, which was partially offset by a higher revenue of TRY 4,308.7 million. EBITDA EBITDA as a percentage of GMV increased by 0.4pp in Q1 2026 to 0.7%, compared to 0.3% in Q1 2025. EBITDA increased to TRY 420.3 million in Q1 2026 from TRY 142.4 million in Q1 2025. These increases were driven by a 0.8pp decrease in payroll and outsource expenses, a 0.4pp decrease in loan impairment losses and a 0.2pp decrease in other operating expenses, net, partially offset by a 0.8pp decrease in Gross Contribution Margin and a 0.3pp increase in advertising expenses, in each case as a percentage of GMV. Free Cash Flow Our Free Cash Flow improved by 8.1% to an outflow of TRY 1,120.2 million in Q1 2026 from an outflow of TRY 1,219.5 million in Q1 2025. The change was mainly driven by a TRY 46.2 million improvement in net cash used in operating activities and by a TRY 53.7 million decrease in tangible and intangible asset acquisitions. D-MARKET Electronic Services & Trading CONSOLIDATED BALANCE SHEETS (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026 unless otherwise indicated. Unaudited.) D-MARKET Electronic Services & Trading CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026 unless otherwise indicated. Unaudited.) D-MARKET Electronic Services & Trading CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026 unless otherwise indicated. Unaudited.) Presentation of Financial and Other Information Use of Non-IFRS Financial Measures Certain parts of this press release contain non-IFRS financial measures, which are unaudited supplementary measures and are not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB or any other generally accepted accounting principles. Such measures are IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution, IAS 29-Unadjusted EBITDA, EBITDA, Gross Contribution, Free Cash Flow and Net Working Capital. We define: IAS 29-Unadjusted Revenue as revenue presented on an unadjusted for inflation basis; IAS 29-Unadjusted Gross Contribution as Gross Contribution presented on an unadjusted for inflation basis; IAS 29-Unadjusted EBITDA as EBITDA presented on an unadjusted for inflation basis; EBITDA as profit or loss for the period plus income tax less financial income plus financial expenses and fees plus depreciation and amortization plus monetary gains/(losses); Gross Contribution as revenues less cost of inventory sold; Free Cash Flow as net cash provided by operating activities less capital expenditures plus proceeds from sale of property and equipment; and Net Working Capital as current assets (excluding cash and cash equivalents and financial investments) minus current liabilities (excluding current bank borrowings and current lease liabilities). You should not consider them as: (a) an alternative to operating profit or net profit (net income) as determined in accordance with IFRS Accounting Standards as issued by the IASB or other generally accepted accounting principles, or as measures of operating performance; (b) an alternative to cash flows from operating, investing or financing activities, as determined in accordance with IFRS Accounting Standards as issued by the IASB or other generally accepted accounting principles, or as a measure of our ability to meet liquidity needs; or (c) an alternative to any other measures of performance under IFRS Accounting Standards as issued by the IASB or other generally accepted accounting principles. These measures are used by our management to monitor the underlying performance of the business and our operations. However, not all companies calculate these measures in an identical manner and, therefore, our presentation may not be comparable with similar measures used by other companies. As a result, prospective investors should not place undue reliance on this data. This section includes a reconciliation of certain of these non-IFRS measures to the closest IFRS measure. EBITDA is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included EBITDA in this press release because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. EBITDA eliminates certain items that have less bearing on our operating performance and thus highlights trends in our core business that may not otherwise be apparent when relying solely on IFRS Accounting Standards as issued by the IASB financial measures. In particular, the exclusion of certain expenses and, from the date of applicability of IAS 29, related monetary gains/(losses), in calculating EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses (including monetary gains/(losses)) and non-operating expense/(income). One of the objectives of IAS 29 is to account for the financial gain or loss that arises from holding monetary assets or liabilities during a reporting period (i.e. the monetary gains/ (losses)). Therefore, the monetary gains/(losses) are excluded from EBITDA for a proper comparison of the operational performance of the Company. Accordingly, we believe that EBITDA provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors. Management uses EBITDA: as a measurement of operating performance because it assists us in comparing our operating performance on a consistent basis, as it removes the impact of non-cash and non-operating items; for planning purposes, including the preparation of our internal annual operating budget and financial projections; and to evaluate the performance and effectiveness of our strategic initiatives. EBITDA has limitations as a financial measure, including that other companies may calculate EBITDA differently, which reduces its usefulness as a comparative measure and you should not consider it in isolation or as a substitute for profit/(loss) for the period, as a profit measure or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. The following table shows the reconciliation of EBITDA to net loss for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026. Unaudited. Gross Contribution is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included gross contribution in this press release because it is a key measure used by our management and board of directors to evaluate our operational profitability and how efficiently the Company manages its inventory costs relative to its revenue as it reflects direct costs of products sold to our buyers. Accordingly, we believe that gross contribution provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors. Gross Contribution has limitations as a financial measure, including that other companies may calculate gross contribution differently, which reduces its usefulness as a comparative measure and you should not consider it in isolation or as a substitute for profit/(loss) for the period, as a profit measure or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. The following table shows the reconciliation of gross contribution to revenue for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026. Unaudited. IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA are supplemental non-IFRS financial measures that are not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA in this press release because we believe their inclusion facilitates the understanding of Revenue, Gross Contribution and EBITDA restated in accordance with IAS 29. IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA have limitations as financial measures, including that other companies may calculate IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA differently, which reduces their usefulness as a comparative measure and you should not consider them in isolation or as substitutes for revenue or profit/(loss) for the period, as revenue or profit measures or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. The following table shows the reconciliation of IAS 29-Unadjusted Revenue to revenue for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026. Unaudited. The following table shows the reconciliation of IAS 29-Unadjusted Gross Contribution to revenue for the periods presented. Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 31 March 2026. Unaudited. The following tables show the reconciliation of IAS 29-Unadjusted EBITDA to income/(loss) for the periods presented. Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 31 March 2026. Unaudited. Free Cash Flow is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included Free Cash Flow in this press release because it is an important indicator of our liquidity as it measures the amount of cash we generate/(use) and provides additional perspective on whether we have sufficient cash after funding our operations and capital expenditures. Accordingly, we believe that Free Cash Flow provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors. Free Cash Flow has limitations as a financial measure, and you should not consider it in isolation or as substitutes for net cash used in operating activities as a measure of our liquidity or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. There are limitations to using non-IFRS financial measures, including that other companies may calculate Free Cash Flow differently. Because of these limitations, you should consider Free Cash Flow alongside other financial performance measures, including net cash used in operating activities, capital expenditures and our other IFRS Accounting Standards as issued by the IASB results. The following table shows the reconciliation of Free Cash Flow to net cash provided by operating activities for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026. Unaudited. Net Working Capital is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS Accounting Standards as issued by the IASB. We have included Net Working Capital in this press release because it is used to measure the short-term liquidity of a business, and can also be used to obtain a general impression of the ability of company management to utilize assets in an efficient manner. Net Working Capital is critical since it is used to keep our business operating smoothly and meet all our financial obligations in the short-term. Accordingly, we believe that Net Working Capital provides useful information to investors in understanding and evaluating how we manage our short-term liabilities. Net Working Capital has limitations as a financial measure, and you should not consider it in isolation as a measure of our liquidity or other analysis of our results as reported under IFRS Accounting Standards as issued by the IASB. There are limitations to using non-IFRS financial measures, including that other companies calculate Net Working Capital differently. Because of these limitations, you should consider Net Working Capital alongside other financial performance measures, including current assets, current liabilities and our other IFRS Accounting Standards as issued by the IASB results. The following table shows the reconciliation of Net Working Capital to current assets and current liabilities as of the dates indicated: Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 March 2026. Unaudited. Certain Definitions We provide a number of key operating performance indicators used by our management and often used by competitors in our industry. We define certain terms used in this press release as follows: GMV as gross merchandise value which refers to the total value of orders/products sold through our platform over a given period of time (including VAT but deducting returns and cancellations), excluding cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; IAS 29-Unadjusted GMV as GMV presented on an unadjusted for inflation basis; Marketplace GMV as total value of orders/products sold through our Marketplace over a given period of time (including VAT but deducting returns and cancellations), excluding cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; Share of Marketplace GMV as the portion of GMV sold through our Marketplace represented as a percentage of our GMV; IAS 29-Unadjusted Revenue as Revenue presented on an unadjusted for inflation basis; IAS 29-Unadjusted Gross Contribution as Gross Contribution presented on an unadjusted for inflation basis; Gross Contribution Margin as Gross Contribution represented as a percentage of GMV; IAS 29-Unadjusted EBITDA as EBITDA presented on an unadjusted for inflation basis; EBITDA as a percentage of GMV as EBITDA represented as a percentage of GMV; IAS 29-Unadjusted EBITDA as a percentage of GMV as IAS 29-Unadjusted EBITDA represented as a percentage of IAS 29-Unadjusted GMV; Number of Orders as the number of orders we received through our platform excluding returns and cancellations and digital products; Order Frequency as the number of orders per Active Customer over a 12-month period preceding the relevant date; Active Merchants as merchants who sold at least one item within the 12-month period preceding the relevant date, including returns and cancellations; Active Customers as users (both unregistered users and members) who have purchased at least one item listed on our platform (excluding orders for digital products and orders made on HepsiExpress) within the 12-month period preceding the relevant date, excluding returns and cancellations; Digital products as non-cash games on our platform, such as sweepstakes and gamified lotteries, game pins and codes, gift vouchers, and the first monthly payment of Hepsiburada Premium membership subscription; and Average Order Value as GMV divided by the Number of Orders in a given period, excluding digital products and orders made on HepsiExpress from the numerator and denominator. _________________ DISCLAIMER: Due to rounding, numbers presented throughout this press release may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. About Hepsiburada Hepsiburada is a leading e-commerce technology platform in Türkiye, operating through a hybrid model that combines first-party direct sales (1P) and a third-party marketplace (3P). With its vision of leading the digitalization of commerce, Hepsiburada serves as a reliable, innovative and purpose-driven companion in consumers’ daily lives. Hepsiburada’s e-commerce platform offers a broad ecosystem of capabilities for merchants and consumers including last-mile delivery, fulfillment services, advertising solutions, cross-border sales, payment services and affordability solutions. Hepsiburada’s integrated fintech platform, Hepsipay, provides secure payment solutions, including digital wallets, general-purpose loans, buy now pay later (BNPL) and one-click checkout, enhancing shopping convenience for consumers across online and offline while driving higher sales conversions for merchants. Since its founding in 2000, Hepsiburada has been purpose-driven, leveraging its digital capabilities to empower women in the Turkish economy. In 2017, Hepsiburada launched the ‘Technology Empowerment for Women Entrepreneurs’ program, which has supported female entrepreneurs across Türkiye in reaching millions of customers. Investor Relations Contact [email protected] Media Contact [email protected] Forward Looking Statements This press release, the conference call webcast, presentation and related communications include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, and encompasses all statements, other than statements of historical fact contained in these communications, including but not limited to statements regarding (a) our future financial performance, including our revenue, operating expenses and our ability to achieve and maintain profitability; (b) our expectations regarding current and future GMV and EBITDA; (c) potential disruptions to our operations and supply chain that may result from (i) epidemics or natural disasters; (ii) global supply challenges; (iii) the ongoing conflicts in Ukraine, Iran and Syria, including their impact on Türkiye's border regions; (iv) changes in the competitive landscape in the industry in which the Company operates; (v) the high inflationary environment and/or (vi) currency devaluation; (d) the impact of Kaspi.kz’s acquisition of a controlling stake in the Company; (e) the anticipated launch of new initiatives, businesses or any other strategic projects and partnerships; (f) our expectations and plans for short- and long-term strategy, including our anticipated areas of focus and investment, market expansion, product and technology focus, and projected growth and profitability; (g) our ability to respond to the ever-changing competitive landscape in the industry in which we operate; (h) our liquidity, substantial indebtedness, and ability to obtain additional financing; (i) our strategic goals and plans, including our relationships with existing customers, suppliers, merchants and partners, and our ability to achieve and maintain them; (j) our ability to improve our technology platform, customer experience and product offerings to attract and retain merchants and customers; (k) our ability to grow and externalize the services of our strategic assets; and (l) regulatory changes in the e-commerce law, corporate tax law and income tax law. These forward-looking statements can be identified by terminology such as “may”, “could”, “will”, “seek”, “expects”, “anticipates”, “aims”, “future”, “intends”, “plans”, “believes”, “estimates”, “targets”, “likely to” and similar statements. Among other things, quotations from management in this announcement, as well as our strategic and operational plans, contain forward-looking statements. These forward-looking statements are based on management’s current expectations. However, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Hepsiburada’s actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including conditions in the U.S. capital markets, negative global economic conditions, potential negative developments resulting from epidemics or natural disasters, other negative developments in Hepsiburada’s business or unfavorable legislative or regulatory developments. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. For a discussion of additional factors that may affect the outcome of such forward looking statements, see our 2025 annual report filed with the SEC on Form 20-F (File No. 001-40553), and in particular the “Risk Factors” section, as well as the other documents filed with or furnished to the SEC by the Company from time to time. Copies of these filings are available online from the SEC at www.sec.gov, or on the SEC Filings section of our Investor Relations website at https://investors.hepsiburada.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to the Company, and the Company and its authorized representatives assume no obligation to update these forward-looking statements in light of new information or future events. Accordingly, undue reliance should not be placed upon the forward-looking statements. Non-IFRS Financial Measures This press release includes certain non-IFRS financial measures, including but not limited to, Gross Contribution, IAS 29-Unadjusted Gross Contribution, IAS 29-Unadjusted Revenue, EBITDA, IAS 29-Unadjusted EBITDA, Free Cash Flow and Net Working Capital. These financial measures are not measures of financial performance in accordance with IFRS Accounting Standards as issued by the IASB and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to profit/loss for the period or other measures of profitability, liquidity or performance under IFRS Accounting Standards as issued by the IASB. You should be aware that the Company’s presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See “Presentation of Financial and Other Information” in this press release for a reconciliation of certain of these non-IFRS measures to the most directly comparable IFRS measure. Statement Regarding Unaudited Financial Information This press release includes unaudited financial information for the three months ended March 31, 2026 and 2025 and as of March 31, 2026 and December 31, 2025. The quarterly financial information has not been audited or reviewed by the Company’s auditors. The consolidated financial statements include the accounts of the Company and its subsidiaries. All periods presented have been accounted for in conformity with IFRS Accounting Standards as issued by the IASB and pursuant to the regulations of the SEC.

ISTANBUL, Türkiye, Feb. 27, 2026 (GLOBE NEWSWIRE) -- D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform (referred to herein as “Hepsiburada” or the “Company”), today announces its unaudited financial results for the fourth quarter and for the full year ended December 31, 2025. Restatement of financial information: Pursuant to the International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (“IAS 29”), the financial statements of entities whose functional currency is that of a hyperinflationary economy must be adjusted for the effects of changes in a general price index. Turkish companies reporting under International Financial Reporting Standards (“IFRS”), including the Company, have been required to apply IAS 29 to their financial statements for periods ended on and after June 30, 2022. The Company’s consolidated financial statements as of and for the three and twelve months ended December 31, 2025, including figures corresponding to the same periods of the prior year, reflect a restatement pursuant to IAS 29. Under IAS 29, the Company’s financial statements are presented in terms of the measuring unit current as of December 31, 2025. All the amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period, are restated applying the general price index. Adjustment for inflation has been calculated considering the price indices published by the Turkish Statistical Institute (TurkStat). Such indices used to restate the financial statements as at December 31, 2025 are as follows: Figures unadjusted for inflation in accordance with IAS 29, denoted as “IAS 29-unadjusted”, “unadjusted for IAS 29”, “unadjusted”, “unadjusted for inflation”, or “without adjusting for inflation”, are also included under the “Highlights” sections. Figures unadjusted for IAS 29 constitute non-IFRS financial measures. We believe that their inclusion facilitates the understanding of the restated financial statements in accordance with IAS 29. Please see the “Presentation of Financial and Other Information” section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of the non-IFRS measures to the most directly comparable IFRS measures. Fourth Quarter 2025 Financial and Operational Highlights (All financial figures are restated pursuant to IAS 29 unless otherwise indicated) Gross merchandise value (GMV)1 increased by 10.5% to TRY 85.3 billion compared to TRY 77.2 billion in Q4 2024. IAS 29-Unadjusted GMV1 increased by 45.3% to TRY 84.6 billion compared to Q4 2024. Revenue increased by 17.8% to TRY 27,970.5 million compared to TRY 23,745.0 million in Q4 2024. Number of orders1 increased by 17.6% to 28.3 million compared to 24.1 million in Q4 2024. Average order value decreased by 6.0% in Q4 2025 compared to Q4 2024. Active Customers increased by 0.3% to 11.8 million compared to 11.8 million as of December 31, 2024. Order Frequency increased by 9.2% to 7.4 compared to 6.8 as of December 31, 2024. Active Merchant base increased by 1.8% to 102.0 thousand compared to 100.2 thousand as of December 31, 2024. Share of Marketplace GMV was 67.7% compared to 69.5% in Q4 2024. Free cash flow increased by 79.3% to TRY 3,468.1 million from TRY 1,934.7 million in Q4 2024. EBITDA decreased to TRY 1.1 million compared to TRY 935.8 million in Q4 2024. Accordingly, EBITDA as a percentage of GMV1 was at 0.0%, a 1.2 percentage point decrease compared to 1.2% in Q4 2024. IAS 29-Unadjusted EBITDA decreased by 45.4% to TRY 567.1 million compared to TRY 1,038.3 million in Q4 2024. IAS 29-Unadjusted EBITDA as a percentage of GMV1 in Q4 2025 decreased by 1.1 percentage points to 0.7% compared to 1.8% in Q4 2024. Net loss for the period was TRY 3,082.3 million compared to a net loss of TRY 875.8 million for Q4 2024. Full Year 2025 Financial and Operational Highlights (All financial figures are restated pursuant to IAS 29 unless otherwise indicated) Gross merchandise value (GMV)1 increased by 4.3% to TRY 257.5 billion compared to TRY 246.9 billion in FY 2024 IAS 29-Unadjusted GMV1 increased by 41.0% to TRY 236.5 billion compared to FY 2024. Revenue increased by 13.4% to TRY 84,651.8 million compared to TRY 74,669.6 million in FY 2024 Number of orders1 increased by 9.5% to 87.5 million compared to 79.9 million in FY 2024. Average order value decreased by 4.7% in FY 2025 compared to FY 2024 Active Customers increased by 0.3% to 11.8 million compared to 11.8 million as of December 31, 2024. Order Frequency increased by 9.2% to 7.4 compared to 6.8 as of December 31, 2024. Active Merchant base increased by 1.8% to 102.0 thousand compared to 100.2 thousand as of December 31, 2024. Share of Marketplace GMV was 68.4% compared to 69.8% in FY 2024. Free cash flow increased by 83.2% to TRY 8,877.0 million from TRY 4,845.5 million in FY 2024. EBITDA decreased by 57.8% to TRY 1,141.4 million compared to TRY 2,703.1 million in FY 2024. Accordingly, EBITDA as a percentage of GMV1 was at 0.4%, a 0.7 percentage point decrease compared to 1.1% in FY 2024. IAS 29-Unadjusted EBITDA decreased by 8.8% to TRY 3,247.6 million compared to TRY 3,562.3 million in FY 2024. IAS 29-Unadjusted EBITDA as a percentage of GMV1 in FY 2025 decreased by 0.8 percentage points to 1.4% compared to 2.1% in FY 2024. Net loss for the period was TRY 5,699.2 million compared to a net loss of TRY 2,100.7 million for FY 2024. 1 Beginning in Q1 2026, we intend to report these metrics solely on the basis of the definitions used by our controlling shareholder, Joint Stock Company Kaspi.kz (“Kaspi”). Please see “Changes to Key Operating Performance Indicators and Other Metrics.” Commenting on the results, Nilhan Onal Gökçetekin, CEO of Hepsiburada said: “Hepsiburada once again continued its growth momentum in orders and cash generation. During the last quarter of 2025, we delivered order growth of 17.6% and GMV growth of 10.5% in comparison to the same period last year, while our revenue recorded double digit growth of 17.8% in the quarter. On a full-year basis, we experienced 9.5% growth in number of orders and 4.3% growth in GMV with revenue growth of 13.4%. Gross contribution margin decreased by 0.3 percentage points (pp) in the fourth quarter, while it improved by 0.6pp for the full year 2025, compared to the same periods last year. “Cash generation remained robust, with free cash flow rising by 79.3% year-over-year from 1,934.7 TRY million to 3,468.1 TRY million in the fourth quarter and by 83.2% year-over-year from TRY 4,845.5 million to TRY 8,877.0 million for the full year of 2025, thanks to our focus on disciplined cash management and commercial actions. “During the last quarter of 2025, we successfully executed Legendary Friday, our most significant campaign period running throughout November. Despite a strong base in the prior year, November campaign results were an important driver of the quarter’s double-digit year-over-year growth in both GMV and order volume, underscoring the consistency of our growth initiatives and our ability to drive customer engagement during peak demand periods. “The decrease in EBITDA from TRY 935.8 million in Q4 2024 to TRY 1.1 million in Q4 2025 and the increase in Net Loss from TRY 875.8 million in Q4 2024 to 3,082.3 million in Q4 2025 were primarily due to our investments in growth initiatives including efforts to speed up, and reduce the cost of delivery for merchants, performance marketing initiatives and investments in installment payments. “We appreciate the continued support of our shareholders, the trust placed in us by our customers and partners, and the dedication demonstrated by our entire team.” Summary: Key Operational and Financial Metrics The following table sets forth a summary of the key operating and unaudited financial data as of and for the three months ended December 31, 2025 and December 31, 2024 and the twelve months ended December 31, 2025 and December 31, 2024 prepared in accordance with IFRS. Unless indicated otherwise, all financial figures in the tables provided are inflation-adjusted (in accordance with IAS 29). Note: All financial figures in the tables provided are expressed in terms of the purchasing power of the Turkish Lira on December 31, 2025 (in accordance with IAS 29) unless otherwise indicated. Note: The abbreviation “n.m.” stands for not meaningful throughout the press release. 1 Beginning in Q1 2026, we intend to report these metrics solely on the basis of the definitions used by our controlling shareholder, Kaspi. Please see “Changes to Key Operating Performance Indicators and Other Metrics.” Note that Gross Contribution, EBITDA and Free Cash Flow are non-IFRS financial measures. See the “Presentation of Financial and Other Information” section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of non-IFRS measures to the most directly comparable IFRS measures. See the definitions of metrics such as GMV, Marketplace GMV, share of Marketplace GMV, Gross Contribution margin, EBITDA as a percentage of GMV, number of orders and Active Customers in the “Certain Definitions” section of this press release. ESG Actions In Q4 2025, the “Technology Empowerment for Women Entrepreneurs” (“TEWE”) program reached an additional 2,504 women. To date, the TEWE program has supported approximately 70 thousand women entrepreneurs. Furthermore, as of December 31, 2025, the number of women’s cooperatives on our platform had reached 322. Following the launch of the “Your Companion Is Here” program in September 2025, Hepsiburada has facilitated 17 comprehensive training sessions as of December 31, 2025. These sessions totaled 29 hours of instruction and reached nearly 600 participants. Hepsiburada Financial Review Restatement of financial information: Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a hyperinflationary economy are reported in terms of the measuring unit current as of the reporting date of the financial statements. All amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period are restated applying the general price index. In summary: (i) Non-monetary items are restated from the date of acquisition to the end of the reporting period. (ii) Monetary items that are already expressed in terms of the monetary unit current at the end of the reporting period are not restated. (iii) Comparative periods are stated in terms of measuring unit current at the end of the reporting period. (iv) All items in the statement of comprehensive income/(loss) are stated in terms of the measuring unit current as of the date of the financial statements, applying the relevant (monthly) conversion factors. (v) The gain or loss on the net monetary position is included in the statement of comprehensive loss and separately disclosed. Revenue 1: In 1P direct sales model, we act as a principal and initially recognize revenue from the sales of goods on a gross basis at the time of delivery of the goods to our customers. 2: In the 3P marketplace model, revenues are recorded on a net basis, mainly consisting of marketplace commission, transaction fees and other contractual charges to the merchants. Fourth quarter 2025 Our revenue increased by 17.8% to TRY 27,970.5 million in Q4 2025 compared to TRY 23,745.0 million in Q4 2024. This was due to a 19.6% increase in our (1P) revenue (comprising 70.6% of total revenue), a 15.8% increase in our (3P) revenue (comprising 11.5% of total revenue), a 25.9% increase in delivery service revenue (comprising 12.7% of total revenue) and a 11.5% decrease in other revenue (comprising 5.2% of total revenue) compared to Q4 2024. The 19.1% increase in combined 1P and 3P revenue compared to Q4 2024 was mainly due to a 10.5% increase in GMV, resulting from our growth-oriented strategy, including targeted marketing initiatives, initiatives for faster delivery and customer- and merchant-focused actions. The 25.9% increase in delivery service revenue compared to Q4 2024 was mainly due to an increase in delivery service revenue from the off-platform customers of Hepsijet. Full year 2025 Our revenue increased by 13.4% to TRY 84,651.8 million in FY 2025 compared to TRY 74,669.6 million in FY 2024. This was due to a 13.1% increase in our (1P) revenue (comprising 67.5% of total revenue), a 4.0% increase in our (3P) revenue (comprising 11.7% of total revenue), a 20.0% increase in delivery service revenue (comprising 14.6% of total revenue) and a 21.2% increase in other revenue (comprising 6.3% of total revenue) compared to FY 2024. The 11.7% increase in combined 1P and 3P revenue compared to FY 2024 was mainly due to a 4.3% increase in GMV, resulting from our growth-oriented strategy, including targeted marketing initiatives, initiatives for faster delivery and customer- and merchant-focused actions in the second half of 2025, offsetting the impacts of reduced consumer demand in Q1 2025. The 20.0% increase in delivery service revenue compared to FY 2024 was mainly due to an increase in delivery service revenue from the off-platform customers of Hepsijet. Gross Contribution Fourth quarter 2025 The Gross Contribution margin decreased by 0.3pp to 11.1% in Q4 2025 compared to 11.4% in Q4 2024. This decrease was driven by a 0.6pp decrease in 1P Margin to achieve higher price competitiveness and a 0.4pp decrease in other revenues, partially offset by a 0.5pp increase in delivery service revenue and a 0.2pp increase in marketplace revenue. Full year 2025 The Gross Contribution margin increased by 0.6pp to 11.9% in FY 2025 compared to 11.3% in FY 2024. The increase was driven by a 0.6pp increase in shipping revenue and a 0.3pp increase in other revenue due to ads, partially offset by a 0.3pp decrease in 1P Margin. The table below shows the monthly inflation rates in 2025 and 2024. Source: Data as announced by TurkStat As of December 31, 2025, the annual inflation rate published by TurkStat was 30.9%, declining from 44.4% as of December 31, 2024 and 33.3% as of September 30, 2025. The yearly average inflation rate published by TurkStat in 2025 was 34.9%, compared to 58.5% in 2024. The monthly inflation rates during the fourth quarter of 2025 were 2.5%, 0.9% and 0.9% in October, November and December, respectively. Operating Expenses The table below shows our operating expenses for the three months and twelve months ended December 31, 2025 and 2024 in absolute terms and as a percentage of GMV: Operating expenses, net, increased by 22.1% to TRY 28,770.2 million in Q4 2025 compared to TRY 23,558.3 million in Q4 2024. The main driver for the increase in operating expenses in Q4 2025 was the 60.6% increase in advertising expenses due to investments made to accelerate our growth. Additionally, while cost of inventory sold rose by 23.9%, sales of goods grew by 19.6%. The faster rate of increase in cost of inventory sold mainly related to efforts to improve price competitiveness. While shipping costs increased by 31.7%, shipping revenues grew by 25.9%. The faster rate of increase in shipping costs primarily related to cargo subsidies provided to merchants, to enhance merchant profitability and satisfaction. For the full-year period, Other operating expenses, net increased to TRY 3,064.7 million in 2025 from TRY 2,153.5 million in 2024, primarily from provisions (mostly expected credit losses) amounting to TRY 795.2 million in 2025 compared to TRY 429.5 million in 2024 and one-off expenses arising from global operations and an impairment recognized in Q4 2025 relating to R&D projects amounting to TRY 408.4 million, a non-recurring item with no comparable impact in the prior year. Net Loss for the Period Net loss for the period was TRY 3,082.3 million in Q4 2025, compared to a net loss of TRY 875.8 million in Q4 2024. This negative change was mainly due to a TRY 1,333.7 million increase in net financial expenses (net of financial income) relating to higher commission expenses due to higher costs of credit card installments and investments to improve affordability and a TRY 1,080.0 million increase in advertising expenses due to investments relating to our growth strategy. Net loss for the year was TRY 5,699.2 million in FY 2025, compared to a net loss of TRY 2,100.7 million in FY 2024. This negative change was mainly due to a TRY 2,300.9 million increase in net financial expenses (net of financial income) relating to higher commission expenses due to higher costs of credit card installments and investments to improve affordability and a TRY 1,688 million increase in advertising expenses due to investments relating to our growth strategy, partially offset by a TRY 711.5 million increase in monetary gain. EBITDA EBITDA as a percentage of GMV decreased by 1.2 pp in Q4 2025 to 0.0%, compared to 1.2% in Q4 2024. EBITDA decreased to TRY 1.1 million in Q4 2025 from TRY 935.8 million in Q4 2024. These decreases were driven by a 1.0pp increase in advertising expenses and a 0.5pp increase in shipping and packaging expenses and a 0.3pp decrease in gross contribution, partially offset by a 0.6pp decrease in payroll and outsource expenses, in each case as a percentage of GMV. For the full year 2025, EBITDA as a percentage of GMV decreased by 0.7 pp to 0.4%, compared to 1.1% in FY 2024. EBITDA decreased by 57.8%, or TRY 1,561.7 million, to TRY 1,141.4 million in FY 2025 from TRY 2,703.1 million in FY 2024. These decrease were driven by a 0.6pp increase in advertising expenses and a 0.3pp increase in shipping and packaging expenses and a 0.3pp increase in other operating expenses, partially offset by a 0.6pp increase in gross contribution, in each case as a percentage of GMV. Free Cash Flow Our Free Cash Flow increased by 79.3% to TRY 3,468.1 million in Q4 2025 from TRY 1,934.7 million in Q4 2024. The increase was mainly driven by a TRY 1,360.7 million increase in net cash provided by operating activities and commercial actions, and by a TRY 174.2 million decrease in tangible and intangible asset acquisitions. In 2025, our Free Cash Flow increased by 83.2% to TRY 8,877.0 million from TRY 4,845.5 million in FY 2024. The increase was mainly driven by a TRY 3,826.6 million increase in net cash provided by operating activities and by a TRY 216.8 million decrease in tangible and intangible asset acquisitions. Changes to Key Operating Performance Indicators and Other Metrics Our controlling shareholder, Kaspi, uses key operating metric definitions that differ in some respects from those historically used by the Company. As previously disclosed, in 2025, we began reporting “Number of orders”, “Active Customers” and “Order Frequency” excluding digital products and HepsiExpress, and calculating “Average order value” on the same basis, to better align with management’s view of the business and with the way in which Kaspi computes these metrics. We also separately began reporting “GMV – Kaspi definition”, “Marketplace GMV – Kaspi definition” and “Number of orders excluding digitals – Kaspi definition” on a basis fully matching Kaspi’s own definitions. Beginning in Q1 2026, we intend to complete the transition and report our metrics solely on the basis of the definitions used by Kaspi. We expect that this will facilitate consolidation with our controlling shareholder and reflect managerial alignment across the two entities. The table below shows our key operating performance indicators under the Kaspi definitions that will be used from 2026. Please see the “Certain Definitions” section for relevant definitions. 1 Unlike the corresponding metrics historically used by the Company, these “Kaspi definitions” deduct returns and cancellations and exclude cargo income. Please see the “Certain Definitions” section. 2 Unlike the corresponding metric historically used by the Company, this “Kaspi definition” excludes returns and cancellations. Please see the “Certain Definitions” section. 3 In prior reports, this metric was disclosed as “Number of orders excluding digitals – Kaspi definition”. We have shortened the title to harmonize with our presentation of other metrics. Please see the “Certain Definitions” section. These key operating performance indicators are used to calculate the following other metrics, which will therefore also be presented on the basis of Kaspi definitions from Q1 2026: GMV and Number of Orders. All historical figures including the metrics that are impacted from GMV and Number of Orders will also be reported on a basis consistent with the Kaspi definitions. From Q1 2026, to streamline our financial disclosure, we will no longer include the words “– Kaspi definition” in our metrics’ titles. Please see the “Certain Definitions” section. During 2025, management also prioritized additional selected metrics related to customer engagement and delivery performance, as shown in the table below. Please see the “Certain Definitions” section for relevant definitions. D-MARKET Electronic Services & Trading CONSOLIDATED BALANCE SHEETS (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 December 2025 unless otherwise indicated. Unaudited.) D-MARKET Electronic Services & Trading CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 December 2025 unless otherwise indicated. Unaudited.) D-MARKET Electronic Services & Trading CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 December 2025 unless otherwise indicated. Unaudited.) Presentation of Financial and Other Information Use of Non-IFRS Financial Measures Certain parts of this press release contain non-IFRS financial measures, which are unaudited supplementary measures and are not required by, or presented in accordance with, IFRS or any other generally accepted accounting principles. Such measures are IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution, IAS 29-Unadjusted EBITDA, EBITDA, Gross Contribution, Free Cash Flow and Net Working Capital. We define: IAS 29-Unadjusted Revenue as revenue presented on an unadjusted for inflation basis; IAS 29-Unadjusted Gross Contribution as Gross Contribution presented on an unadjusted for inflation basis; IAS 29-Unadjusted EBITDA as EBITDA presented on an unadjusted for inflation basis; EBITDA as profit or loss for the period plus taxation on income less financial income plus financial expenses, plus depreciation and amortization, plus monetary gains/(losses); Gross Contribution as revenues less cost of inventory sold; Free Cash Flow as net cash provided by operating activities less capital expenditures plus proceeds from sale of property and equipment; and Net Working Capital as current assets (excluding cash, cash equivalents and financial investments) minus current liabilities (excluding current bank borrowings and current lease liabilities). You should not consider them as: (a) an alternative to operating profit or net profit (net income) as determined in accordance with IFRS or other generally accepted accounting principles, or as measures of operating performance; (b) an alternative to cash flows from operating, investing or financing activities, as determined in accordance with IFRS or other generally accepted accounting principles, or as a measure of our ability to meet liquidity needs; or (c) an alternative to any other measures of performance under IFRS or other generally accepted accounting principles. These measures are used by our management to monitor the underlying performance of the business and our operations. However, not all companies calculate these measures in an identical manner and, therefore, our presentation may not be comparable with similar measures used by other companies. As a result, prospective investors should not place undue reliance on this data. This section includes a reconciliation of certain of these non-IFRS measures to the closest IFRS measure. EBITDA is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS. We have included EBITDA in this press release because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses and, from the date of applicability of IAS 29, related monetary gains/(losses), in calculating EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses (including monetary gains/(losses)) and non-operating expense/(income). One of the objectives of IAS 29 is to account for the financial gain or loss that arises from holding monetary assets or liabilities during a reporting period (i.e. the monetary gains/ (losses)). Therefore, the monetary gains/(losses) are excluded from EBITDA for a proper comparison of the operational performance of the Company. Accordingly, we believe that EBITDA provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors. Management uses EBITDA: as a measurement of operating performance because it assists us in comparing our operating performance on a consistent basis, as it removes the impact of non-cash and non-operating items; for planning purposes, including the preparation of our internal annual operating budget and financial projections; and to evaluate the performance and effectiveness of our strategic initiatives. EBITDA has limitations as a financial measure, including that other companies may calculate EBITDA differently, which reduces its usefulness as a comparative measure and you should not consider it in isolation or as a substitute for profit/(loss) for the period, as a profit measure or other analysis of our results as reported under IFRS. The following table shows the reconciliation of EBITDA to net loss for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 December 2025. Unaudited. Gross contribution is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS. We have included gross contribution in this press release because it is a key measure used by our management and board of directors to evaluate our operational profitability as it reflects direct costs of products sold to our buyers. Accordingly, we believe that gross contribution provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors. Gross contribution has limitations as a financial measure, including that other companies may calculate gross contribution differently, which reduces its usefulness as a comparative measure and you should not consider it in isolation or as a substitute for profit/(loss) for the period, as a profit measure or other analysis of our results as reported under IFRS. The following table shows the reconciliation of gross contribution to revenue for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 December 2025. Unaudited. IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA are supplemental non-IFRS financial measures that are not required by, or presented in accordance with, IFRS. We have included IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA in this press release because we believe their inclusion facilitates the understanding of Revenue, Gross Contribution and EBITDA restated in accordance with IAS 29. IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA have limitations as financial measures, including that other companies may calculate IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA differently, which reduces their usefulness as a comparative measure and you should not consider them in isolation or as substitutes for revenue or profit/(loss) for the period, as revenue or profit measures or other analysis of our results as reported under IFRS. The following table shows the reconciliation of IAS 29-Unadjusted Revenue to revenue for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 December 2025. Unaudited. The following table shows the reconciliation of IAS 29-Unadjusted Gross Contribution to revenue for the periods presented. Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 31 December 2025. Unaudited. The following tables show the reconciliation of IAS 29-Unadjusted EBITDA to income/(loss) for the periods presented. Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 31 December 2025. Unaudited. Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 31 December 2025. Unaudited. Free Cash Flow is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS. We have included Free Cash Flow in this press release because it is an important indicator of our liquidity as it measures the amount of cash we generate/(use) and provides additional perspective on whether we have sufficient cash after funding our operations and capital expenditures. Accordingly, we believe that Free Cash Flow provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors. Free Cash Flow has limitations as a financial measure, and you should not consider it in isolation or as substitutes for net cash used in operating activities as a measure of our liquidity or other analysis of our results as reported under IFRS. There are limitations to using non-IFRS financial measures, including that other companies may calculate Free Cash Flow differently. Because of these limitations, you should consider Free Cash Flow alongside other financial performance measures, including net cash used in operating activities, capital expenditures and our other IFRS results. The following table shows the reconciliation of Free Cash Flow to net cash provided by in operating activities for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 December 2025. Unaudited. Net Working Capital is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS. We have included Net Working Capital in this press release because it is used to measure the short-term liquidity of a business, and can also be used to obtain a general impression of the ability of company management to utilize assets in an efficient manner. Net Working Capital is critical since it is used to keep our business operating smoothly and meet all our financial obligations in the short-term. Accordingly, we believe that Net Working Capital provides useful information to investors in understanding and evaluating how we manage our short-term liabilities. The following table shows the reconciliation of Net Working Capital to current assets and current liabilities as of the dates indicated: Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 31 December 2025. Certain Definitions We provide a number of key operating performance indicators used by our management and often used by competitors in our industry. We define certain terms used in this press release as follows: GMV1 as gross merchandise value which refers to the total value of orders/products sold through our platform over a given period of time (including value added tax (“VAT”) without deducting returns and cancellations), including cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; GMV – Kaspi definition1 as gross merchandise value which refers to the total value of orders/products sold through our platform over a given period of time (including VAT but deducting returns and cancellations), excluding cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; IAS 29-Unadjusted GMV1 as GMV presented on an unadjusted for inflation basis; IAS 29-Unadjusted GMV – Kaspi definition1 as GMV – Kaspi definition presented on an unadjusted for inflation basis; Marketplace GMV1 as total value of orders/products sold through our Marketplace over a given period of time (including VAT without deducting returns and cancellations), including cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; Marketplace GMV – Kaspi definition1 as total value of orders/products sold through our Marketplace over a given period of time (including VAT but deducting returns and cancellations), excluding cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; Share of Marketplace GMV as the portion of GMV sold through our Marketplace represented as a percentage of our total GMV; IAS 29-Unadjusted Revenue as Revenue presented on an unadjusted for inflation basis; IAS 29-Unadjusted Gross Contribution as Gross Contribution presented on an unadjusted for inflation basis; Gross Contribution margin as Gross Contribution represented as a percentage of GMV; IAS 29-Unadjusted EBITDA as EBITDA presented on an unadjusted for inflation basis; EBITDA as a percentage of GMV as EBITDA represented as a percentage of GMV; IAS 29-Unadjusted EBITDA as a percentage of GMV as IAS 29-Unadjusted EBITDA represented as a percentage of IAS 29-Unadjusted GMV; Number of orders1 as the number of orders we received through our platform including returns and cancellations but excluding orders for digital products and orders made on HepsiExpress; Number of orders – Kaspi definition1 2 as the number of orders we received through our platform excluding returns and cancellations and digital products. Order Frequency as the number of orders per Active Customer over a 12-month period preceding the relevant date; Active Merchant as merchants who sold at least one item within the 12-month period preceding the relevant date, including returns and cancellations; Active Customers as users (both unregistered users and members) who have purchased at least one item listed on our platform (excluding orders for digital products and orders made on HepsiExpress) within the 12-month period preceding the relevant date, including returns and cancellations; Average Monthly Active Customers3 as the average number of users (both unregistered users and members) who have purchased at least one item listed on our platform in a month (excluding orders for digital products and orders made on HepsiExpress) during the relevant reporting period, excluding returns and cancellations; Engaged Customers3 as users (both unregistered users and members) who have purchased at least one item listed on our platform (excluding orders for digital products and orders made on HepsiExpress) in each of the three consecutive months preceding the relevant date, excluding returns and cancellations; Growth in Average Engaged Customers3 as the percentage change in the average number of Engaged Customers calculated in a reporting period compared to the corresponding period in the prior year; Share of Next-day Shipping (NDS)3 as the number of orders for which the merchant’s shipping date to the delivery provider is either the same date as the order creation date or the following calendar day, represented as a percentage of total orders for the reporting period; Digital products as non-cash games on our platform, such as sweepstakes and gamified lotteries, game pins and codes, gift vouchers, and the first monthly payment of Hepsiburada Premium membership subscription; and Average order value as GMV divided by the number of orders in a given period, excluding digital products and orders made on HepsiExpress from the numerator and the denominator. _________________ 1 Beginning in Q1 2026, we intend to report these metrics solely on the basis of the definitions used by our controlling shareholder, Kaspi. Please see “Changes to Key Operating Performance Indicators and Other Metrics.” 2 In prior reports, this metric was disclosed as “Number of orders excluding digitals – Kaspi definition”. We have shortened the title to harmonize with our presentation of other metrics. Please see the “Certain Definitions” section. 3 This is a new metric. Please see “Changes to Key Operating Performance Indicators and Other Metrics.” DISCLAIMER: Due to rounding, numbers presented throughout this press release may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. About Hepsiburada Hepsiburada is a leading e-commerce technology platform in Türkiye, operating through a hybrid model that combines first-party direct sales (1P) and a third-party marketplace (3P). With its vision of leading the digitalization of commerce, Hepsiburada serves as a reliable, innovative and purpose-driven companion in consumers’ daily lives. Hepsiburada’s e-commerce platform offers a broad ecosystem of capabilities for merchants and consumers including last-mile delivery, fulfillment services, advertising solutions, cross-border sales, payment services and affordability solutions. Hepsiburada’s integrated fintech platform, Hepsipay, provides secure payment solutions, including digital wallets, general-purpose loans, buy now pay later (BNPL) and one-click checkout, enhancing shopping convenience for consumers across online and offline while driving higher sales conversions for merchants. Since its founding in 2000, Hepsiburada has been purpose-driven, leveraging its digital capabilities to empower women in the Turkish economy. In 2017, Hepsiburada launched the ‘Technology Empowerment for Women Entrepreneurs’ program, which has supported female entrepreneurs across Türkiye in reaching millions of customers. Investor Relations Contact [email protected] Media Contact [email protected] Forward Looking Statements This press release, the conference call webcast, presentation and related communications include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, and encompasses all statements, other than statements of historical fact contained in these communications, including but not limited to statements regarding (a) our future financial performance, including our revenue, operating expenses and our ability to achieve and maintain profitability; (b) our expectations regarding current and future GMV and EBITDA; (c) potential disruptions to our operations and supply chain that may result from (i) epidemics or natural disasters; (ii) global supply challenges; (iii) the ongoing conflicts in Ukraine and Syria, including their impact on Türkiye's border regions; (iv) changes in the competitive landscape in the industry in which the Company operates; (v) the high inflationary environment and/or (vi) currency devaluation; (d) the impact of Kaspi’s acquisition of a controlling stake in the Company; (e) the anticipated launch of new initiatives, businesses or any other strategic projects and partnerships; (f) our expectations and plans for short- and long-term strategy, including our anticipated areas of focus and investment, market expansion, product and technology focus, and projected growth and profitability; (g) our ability to respond to the ever-changing competitive landscape in the industry in which we operate; (h) our liquidity, substantial indebtedness, and ability to obtain additional financing; (i) our strategic goals and plans, including our relationships with existing customers, suppliers, merchants and partners, and our ability to achieve and maintain them; (j) our ability to improve our technology platform, customer experience and product offerings to attract and retain merchants and customers; (k) our ability to expand our base of Hepsiburada Premium members, and grow and externalize the services of our strategic assets; and (l) regulatory changes in the e-commerce law, corporate tax law and income tax law. These forward-looking statements can be identified by terminology such as “may”, “could”, “will”, “seek”, “expects”, “anticipates”, “aims”, “future”, “intends”, “plans”, “believes”, “estimates”, “targets”, “likely to” and similar statements. Among other things, quotations from management in this announcement, as well as our strategic and operational plans, contain forward-looking statements. These forward-looking statements are based on management’s current expectations. However, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Hepsiburada’s actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including conditions in the U.S. capital markets, negative global economic conditions, potential negative developments resulting from epidemics or natural disasters, other negative developments in Hepsiburada’s business or unfavorable legislative or regulatory developments. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. For a discussion of additional factors that may affect the outcome of such forward looking statements, see our 2024 annual report filed with the SEC on Form 20-F (File No. 001-40553), and in particular the “Risk Factors” section, as well as the other documents filed with or furnished to the SEC by the Company from time to time. Copies of these filings are available online from the SEC at www.sec.gov, or on the SEC Filings section of our Investor Relations website at https://investors.hepsiburada.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to the Company, and the Company and its authorized representatives assume no obligation to update these forward-looking statements in light of new information or future events. Accordingly, undue reliance should not be placed upon the forward-looking statements. Non-IFRS Financial Measures This press release includes certain non-IFRS financial measures, including but not limited to, Gross Contribution, IAS 29-Unadjusted Gross Contribution, IAS 29-Unadjusted Revenue, EBITDA, IAS 29-Unadjusted EBITDA, Free Cash Flow and Net Working Capital. These financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to profit/loss for the period or other measures of profitability, liquidity or performance under IFRS. You should be aware that the Company’s presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See “Presentation of Financial and Other Information” in this press release for a reconciliation of certain of these non-IFRS measures to the most directly comparable IFRS measure. Statement Regarding Unaudited Financial Information This press release includes unaudited financial information for the three months ended December 31, 2025 and 2024 and unaudited financial information as of and for the years ended December 31, 2025 and 2024. The quarterly financial information has not been audited or reviewed by the Company’s auditors. The yearly financial information has not been audited by the Company’s auditors. The consolidated financial statements include the accounts of the Company and its subsidiaries. All periods presented have been accounted for in conformity with IFRS and pursuant to the regulations of the SEC.

ALMATY, Kazakhstan, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”, “we”) (Nasdaq:KSPI) which operates the Kaspi.kz and Kaspi Pay Super Apps in Kazakhstan and owns 66.35% of Hepsiburada in Türkiye, today published its unaudited consolidated IFRS financial results for the quarter and 9 months ended 30 September 2025 (“3Q & 9M 2025”). 3Q & 9M 2025 Highlights 3Q 2025 revenue up 20% year-over-year (“YoY”) and net income up 12% YoY. The supply of smartphones remains subject to temporary disruption in Kazakhstan. Excluding smartphones GMV from Marketplace and regulatory & tax changes, as well as the higher 2025 base rate 2025, underlying revenue and net income increased 23% and 21% respectively. This and all references below exclude Türkiye unless otherwise stated. In 3Q 2025 lower GMV from smartphones, the base rate increase in the first part of the year and recently introduced tax and regulatory changes negatively impacted our growth. That said, with the exception of lower GMV from smartphones all trends were in line with the commentary we provided at our interim results in August. Excluding these external factors our core business is performing well. For 9M 2025 revenue and net income increased 20% and 14% YoY respectively. Excluding smartphones GMV from Marketplace and regulatory & tax changes, as well as the base rate increase, underlying revenue and net income increased 22% and 20% respectively. Customer engagement remains strong with Monthly Transactions per Active Consumer at 76. In Payments, operational gearing once again resulted in profit growth ahead of revenue growth. Payments TPV and transactions up 18% and 14% YoY, respectively in 3Q 2025. For 9M 2025, TPV and transactions up 21% and 15% YoY, respectively. Payments revenue and net income up 10% and 12% YoY, respectively in 3Q 2025 and up 14% and 17%, respectively for 9M 2025. Kaspi Alaqan, pay-by-palm, just announced with roll out to commence in 4Q 2025. Our latest payments innovation is another way for Kaspi Pay to deliver value to our customers and keep growing. We also continue to grow Kaspi Pay’s addressable market, having integrated with 6 banks in Kazakhstan, O!Bank in Kyrgyzstan, AliPay+ and its global partners. Marketplace Platform revenue growth continued to significantly outpace GMV growth. Purchases up 36% YoY in both 3Q and 9M 2025. Revenue up 24% YoY versus 12% GMV growth in 3Q 2025, with revenue boosted by the growth of Kaspi Delivery, Kaspi Advertising, Classifieds and e-Grocery. For 9M 2025, revenue and GMV up 27% and 15% YoY, respectively. Excluding GMV from smartphones, Marketplace GMV increased 20% and 21% YoY in 3Q and 9M 2025, with revenue increasing by 32% and 34% respectively. Excluding GMV from smartphones, e-Commerce GMV increased 25% and 29% YoY in 3Q and 9M 2025. Smartphones supply disruption expected to be temporary and year-over-year comparables ease significantly from March 2026. Advertising revenue up 56% and 76% YoY in 3Q and 9M 2025. New advertising service launched, whereby Kaspi.kz will run advertising campaigns for our merchants on the Kaspi.kz Super App and 3rd party platforms including Instagram, Facebook, TikTok and Google. Marketplace take rate up 80bps YoY in both 3Q and 9M 2025. e-Grocery continues to grow fast, with GMV up 53% YoY in 3Q 2025. Kaspi Ai assistant has been in development over the last 18 months. Our AI tools have enriched the presentation of around 500K of our most popular Marketplace products. Tools to be rolled out to all merchants from Jan’26. We believe Kaspi Ai leads to a higher quality shopping experience for consumers, superior conversion for merchants and faster GMV growth for us. Kaspi Restaurants continues to scale fast and we have integrated Delivery Hero’s Glovo restaurant delivery service into the Kaspi.kz Super App. Marketplace net income up 7% and 13% YoY, for 3Q and 9M 2025 respectively. Excluding GMV from smartphones, Marketplace net income up 16% and 20% in 3Q and 9M 2025 respectively. Smartphone supply disruption is country wide and Marketplace’s competitive position remains unchanged. Fintech Platform TFV growth up 16% and 17% YoY in both 3Q and 9M 2025. Fintech revenue growth up 24% and 21% YoY, respectively in 3Q and 9M 2025 on the back of healthy origination in previous periods and stable yield trends. Underlying credit quality remains healthy and broadly unchanged, with 0.6% Cost of Risk in 3Q 2025 compared with 0.5% in the same period in 2024. Net income growth accelerated to 15% in 3Q 2025 and was up 10% YoY in 9M 2025. Excluding base rate increase in March 2025 net income up 28% in 3Q 2025 and 18% YoY in 9M 2025. In 3Q 2025 Hepsiburada’s growth accelerated again. Growth in everyday orders is an important priority for us. During 3Q 2025, purchases increased 16% YoY, compared with 7% in 2Q 2025 and an 11% decline in 1Q 2025. GMV growth accelerated to 15% YoY in 3Q 2025 compared with 5% for 9M 2025. Revenue increased 22% and 11% respectively over the same periods. Multiple improvement initiatives underway, with a focus on delivery, marketing, BNPL payment options and app user experience. Due to investments in these areas, EBITDA decreased by 74% and 35% YoY during 3Q and 9M 2025 respectively. Modest share capital increase announced and expected to raise approximately $100 million. We continue to work on securing the necessary regulatory approvals to acquire Rabobank A.Ş. In 2025 Kaspi.kz’s growth in Kazakhstan has been impacted by country wide supply disruption for smartphones, the higher NBRK base rate and other non-operating external factors. With no recovery in smartphone GMV trends in 4Q 2025, we now expect Kaspi.kz in Kazakhstan to deliver 2025 net income growth of between 10-12% YoY. Excluding smartphones GMV from Marketplace and regulatory & tax changes, as well as the base rate increase, 2025 underlying net income growth is expected to be around 18-20% YoY, which is consistent with the around 20% guidance we provided in March 2025. With smartphone supply disruption expected to be temporary and favourable year-over-year comps from March 2026, we expect Marketplace growth to resume its normal growth trajectory next year. The headwind from rising interest rates, can also become a tailwind in the future. Growth momentum in Türkiye is gathering pace. Given the strong cash generation capacity of our core business and we believe our attractive long-term growth prospects, we have decided to bring forward cash returns and commence a $100 million ADS repurchase program. In 2026, we currently envisage a balance between returning capital to our shareholders via both buybacks and dividends, as well as investing in our long-term growth. Click on, or paste the following link into your web browser, to view the full announcement. http://ml.globenewswire.com/Resource/Download/1b950694-d924-4132-82db-232211f9e5a4 For further information David Ferguson, [email protected] +44 7427 751 275

ISTANBUL, , Nov. 05, 2025 (GLOBE NEWSWIRE) -- D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform (referred to herein as “Hepsiburada” or the “Company”), today announces its unaudited financial results for the third quarter and the nine months ended September 30, 2025. Restatement of financial information: Pursuant to the International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (“IAS 29”), the financial statements of entities whose functional currency is that of a hyperinflationary economy must be adjusted for the effects of changes in a general price index. Turkish companies reporting under International Financial Reporting Standards (“IFRS”), including the Company, have been required to apply IAS 29 to their financial statements for periods ended on and after June 30, 2022. The Company’s consolidated financial statements as of and for the three and nine months ended September 30, 2025, including figures corresponding to the same periods of the prior year, reflect a restatement pursuant to IAS 29. Under IAS 29, the Company’s financial statements are presented in terms of the measuring unit current as of September 30, 2025. All the amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period, are restated applying the general price index. Adjustment for inflation has been calculated considering the price indices published by the Turkish Statistical Institute (TurkStat). Such indices used to restate the financial statements as at September 30, 2025 are as follows: Figures unadjusted for inflation in accordance with IAS 29, denoted as “IAS 29-unadjusted”, “unadjusted for IAS 29”, “unadjusted”, “unadjusted for inflation”, or “without adjusting for inflation”, are also included under the “Highlights” sections as relevant. Figures unadjusted for IAS 29 constitute non-IFRS financial measures. We believe that their inclusion facilitates the understanding of the restated financial statements in accordance with IAS 29. Please see the “Presentation of Financial and Other Information” section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of the non-IFRS measures to the most directly comparable IFRS measures. Third Quarter 2025 Financial and Operational Highlights (All financial figures are restated pursuant to IAS 29 unless otherwise indicated) Gross merchandise value (GMV) increased by 8.9% to TRY 61.4 billion compared to TRY 56.4 billion in Q3 2024. IAS 29-Unadjusted GMV increased by 45.0% to TRY 59.8 billion compared to Q3 2024. Revenue increased by 22.1% to TRY 19,919.8 million compared to TRY 16,317.3 million in Q3 2024. Number of orders1 increased by 17.6% to 22.1 million compared to 18.8 million in Q3 2024. Average order value1 decreased by 7.4% in Q3 2025 compared to Q3 2024. Active Customers1 decreased by 2.3% to 11.6 million compared to 11.9 million as of September 30, 2024. Order Frequency1 increased by 7% to 7.2 compared to 6.7 as of September 30, 2024. Active Merchant base increased by 1.5% to 101.3 thousand compared to 99.8 thousand as of September 30, 2024. Share of Marketplace GMV was 69.2% compared to 70.4% in Q3 2024. Free cash flow increased to TRY 2,584.3 million from TRY 2,104.7 million in Q3 2024. EBITDA decreased by 74.3% to TRY 173.8 million compared to TRY 676.8 million in Q3 2024. Accordingly, EBITDA as a percentage of GMV was at 0.3%, a 0.9 percentage point decrease compared to 1.2% in Q3 2024. IAS 29-Unadjusted EBITDA decreased by 21.6% to TRY 706.9 million compared to TRY 901.3 million in Q3 2024. IAS 29-Unadjusted EBITDA as a percentage of GMV in Q3 2025 decreased by 1.0 percentage points to 1.2% compared to 2.2% in Q3 2024. Net loss for the period was TRY 1,324.8 million compared to a net loss of TRY 409.7 million for Q3 2024. _______________________ 1 As previously disclosed, going forward, the metrics “Number of orders”, “Active Customers” and “Order Frequency” exclude digital products and HepsiExpress. “Average order value” is also computed on this basis. See the “Certain Definitions” section of this press release. Commenting on the results, Nilhan Onal Gökçetekin, CEO of Hepsiburada said: "During the third quarter, we once again delivered improving order growth. Number of orders grew 17.6% year-over-year, double the rate of growth seen in the second quarter, while GMV increased 8.9%. Fast revenue growth continued, with revenues up 22.1%. Gross contribution margin increased 55 basis points (bps) in the third quarter and 100 bps for the first nine months of 2025, compared to the same periods last year. "We also delivered healthy cash generation, with free cash flow increasing year-over-year from 2,104.7 TRY million to 2,584.3 TRY million in the third quarter and from TRY 2,789.4 million to TRY 5,183.1 million for the first nine months of 2025, due to our focus on disciplined cash management and business efficiencies. "The decrease in EBITDA from TRY 676.8 million in Q3 2024 to TRY 173.8 million in Q3 2025 and the increase in Net Loss from TRY 409.7 million in Q3 2024 to 1,324.8 million in Q3 2025 was primarily due to our investments in new growth projects including efforts to speed up and reduce the cost of delivery for merchants, advertising initiatives and investments in installment payments. "Our focus on delivery operations and payment solutions have enabled faster delivery times and supported growth in lower-priced products, while marketing initiatives have driven higher traffic and increased product views. Along with improvements in the user experience, these efforts have contributed to a rise in conversion rates. "As we enter the final and most important quarter of the year, our focus remains on improving growth momentum and disciplined execution. "We appreciate the continued support of our shareholders, the trust placed in us by our customers and partners, and the dedication demonstrated by our entire team." Summary: Key Operational and Financial Metrics The following table sets forth a summary of the key operating and unaudited financial data as of and for the three months ended September 30, 2025 and September 30, 2024, and the nine months ended September 30, 2025 and September 30, 2024 prepared in accordance with IFRS. Unless indicated otherwise, all financial figures in the tables provided are inflation-adjusted (in accordance with IAS 29). Note: All financial figures in the tables provided are expressed in terms of the purchasing power of the Turkish Lira on September 30, 2025 (in accordance with IAS 29) unless otherwise indicated. Note that Gross Contribution, EBITDA and Free Cash Flow are non-IFRS financial measures. See the “Presentation of Financial and Other Information” section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of non-IFRS measures to the most directly comparable IFRS measures. See the definitions of metrics such as GMV, Marketplace GMV, share of Marketplace GMV, Gross Contribution margin, EBITDA as a percentage of GMV, number of orders and Active Customers in the “Certain Definitions” section of this press release. Subsequent Events The Company announced a share capital increase in an aggregate amount of TRY 4,171,960,010.85, of which TRY 7,168,458.80 will be allocated to the nominal value of the newly issued shares, and TRY 4,164,791,552.05 will be allocated to the share premium. As a result of this transaction, the Company’s nominal share capital will increase from TRY 65,199,658.00, divided into 325,998,290 shares, to TRY 72,368,116.80, divided into 361,840,584 shares. The nominal value per share will remain unchanged at TRY 0.20 (20 kuruş). ESG Actions In Q3 2025, Hepsiburada continued its support in social, commercial and economic areas. The “Technology Empowerment for Women Entrepreneurs” (“TEWE”) program increased by an additional 1,910 women. To date, the TEWE program has supported approximately 67 thousand women entrepreneurs. Furthermore, as of September 30, 2025, the number of women’s cooperatives on our platform had reached 319. Hepsiburada launched the “Your Companion Is Here” program to support women entrepreneurs and women’s cooperatives in integrating into e-commerce through comprehensive training and mentorship opportunities. Hepsiburada has published its 2024 Sustainability Report, its third to date, which for the first time incorporates an assessment of climate-related risks and opportunities. The company unveiled its refreshed ESG strategy under the commitment of being “Hepsiburada, Always By Your Side,” redefining its sustainability priorities around three pillars: “Standing By the Planet”, “Standing By the Ecosystem” and “Standing By Trust”. Hepsiburada Financial Review Restatement of financial information: Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a hyperinflationary economy are reported in terms of the measuring unit current as of the reporting date of the financial statements. All amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period are restated applying the general price index. In summary: (i) Non-monetary items are restated from the date of acquisition to the end of the reporting period. (ii) Monetary items that are already expressed in terms of the monetary unit current at the end of the reporting period are not restated. (iii) Comparative periods are stated in terms of measuring unit current at the end of the reporting period. (iv) All items in the statement of comprehensive income/(loss) are stated in terms of the measuring unit current as of the date of the financial statements, applying the relevant (monthly) conversion factors. (v) The gain or loss on the net monetary position is included in the statement of comprehensive loss and separately disclosed. Revenue Our revenue increased by 22.1% to TRY 19,919.8 million in Q3 2025 compared to TRY 16,317.3 million in Q3 2024. This was due to a 24.8% increase in our (1P) revenue (comprising 67.1% of total revenue), an 8.4% increase in our (3P) revenue (comprising 12.1% of total revenue), a 24.4% increase in delivery service revenue (comprising 14.9% of total revenue) and an 18.4% increase in other revenue (comprising 5.9% of total revenue) compared to Q3 2024. The 21.9% increase in 1P and 3P revenue compared to Q3 2024 was mainly due to progress on our growth strategy including targeted marketing initiatives, initiatives for faster delivery and other customer & merchant focused actions. The 24.4% increase in delivery service revenue compared to Q3 2024 was mainly due to an increase in delivery service revenue from Hepsijet’s off-platform customers. The rise in other revenue was mainly attributable to growth in our Advertisement revenues. Gross Contribution The Gross Contribution margin improved by 0.5pp to 12.1% in Q3 2025 compared to 11.5% in Q3 2024. This margin improvement was mainly attributable to a 0.6pp increase in delivery service revenue. The table below shows the monthly inflation rates in 2025 and 2024. As of September 30, 2025, the annual inflation rate published by TurkStat was 33.3%, declining from 49.4% as of September 30, 2024, and 35.1% as of June 30, 2025. The monthly inflation rates during the third quarter of 2025 were 2.1%, 2.0% and 3.2% in July, August and September, respectively. Operating Expenses The table below shows our operating expenses for the three months and nine months ended September 30, 2025 and 2024 in absolute terms and as a percentage of GMV: Operating expenses, net, increased by 26.0% to TRY 20,510.5 million in Q3 2025 compared to TRY 16,274.1 million in Q3 2024. While cost of inventory sold increased by 27.4%, sales of goods grew by 24.8%. The 23.0% increase in shipping and packaging expense was offset by a 24.4% increase in delivery service revenue, which includes a decrease amounting to TRY 242.8 million arising from our merchant delivery cost reduction initiative. The main driver for the increase in the total operating expenses in Q3 2025 was the advertising expenses due to the investments made to accelerate our growth predominantly arising from the higher performance marketing spending amounting to TRY 993.0 million compared to TRY 528.1 million in Q3 2024. For the first nine months of 2025, performance marketing expenditures rose to TRY 1,851.7 million, up from TRY 1,291.3 million in the corresponding period of 2024. Other operating expenses, net increased to TRY 526.0 million in Q3 2025 from TRY 426.1 million in Q3 2024, reflecting higher provisions. Within this, provisions rose to TRY 138.3 million in Q3 2025 from TRY 46.9 million in Q3 2024, mainly driven by higher expected credit losses’ provisions. For the nine-month period, Other operating expenses, net increased to TRY 1,935.2 million in 2025 from TRY 1,165.4 million in 2024, primarily from provisions (TRY 586.3 million in 2025 vs. TRY 197.3 million in 2024), mainly driven by higher expected credit losses’ provisions, and one-off expenses arising from global operations amounting to TRY 240.6 million, a non-recurring item with no comparable impact in the prior year. Net Loss for the Period Net loss for the period was TRY 1,324.8 million in Q3 2025, compared to a net loss of TRY 409.7 million in Q3 2024. This negative change was mainly due to a TRY 618.9 million increase in net financial expenses (net of financial income) relating to higher commission expenses due to early collection of credit card receivables and a TRY 652.6 million increase in advertising expenses and partially offset by a TRY 337.5 million increase in monetary gain, in net loss for the period. EBITDA EBITDA as a percentage of GMV decreased by 0.9 pp in Q3 2025 to 0.3%, compared to 1.2% in Q3 2024. EBITDA decreased by 74.3%, or TRY 503 million, to TRY 173.8 million in Q3 2025 from TRY 676.8 million in Q3 2024. These decreases were driven by 0.9pp increase in advertising expenses, 0.4pp increase in shipping and packaging expenses, 0.1pp increase in other expenses, partially offset by a 0.5pp increase in gross contribution. Free Cash Flow Our Free Cash Flow increased to an inflow of TRY 2,584.3 million in Q3 2025 from an inflow of TRY 2,104.7 million in Q3 2024. The increase was mainly driven by a TRY 530.4 million increase in net cash provided by operating activities offset by TRY 50.8 million increase in tangible and intangible asset acquisitions. Other Key Operational and Financial Metrics D-MARKET Electronic Services & Trading CONSOLIDATED BALANCE SHEETS (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 September 2025 unless otherwise indicated. Unaudited.) D-MARKET Electronic Services & Trading CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 September 2025 unless otherwise indicated. Unaudited.) D-MARKET Electronic Services & Trading CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 September 2025 unless otherwise indicated. Unaudited.) Presentation of Financial and Other Information Use of Non-IFRS Financial Measures Certain parts of this press release contain non-IFRS financial measures which are unaudited supplementary measures and are not required by, or presented in accordance with, IFRS or any other generally accepted accounting principles. Such measures are IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution, IAS 29-Unadjusted EBITDA, EBITDA, Gross Contribution, Free Cash Flow and Net Working Capital. We define: IAS 29-Unadjusted Revenue as revenue presented on an unadjusted for inflation basis; IAS 29-Unadjusted Gross Contribution as Gross Contribution presented on an unadjusted for inflation basis; IAS 29-Unadjusted EBITDA as EBITDA presented on an unadjusted for inflation basis; EBITDA as profit or loss for the period plus taxation on income less financial income plus financial expenses, plus depreciation and amortization, plus monetary gains/(losses); Gross Contribution as revenues less cost of inventory sold; Free Cash Flow as net cash provided by operating activities less capital expenditures plus proceeds from sale of property and equipment; and Net Working Capital as current assets (excluding cash, cash equivalents and financial investments) minus current liabilities (excluding current bank borrowings and current lease liabilities). You should not consider them as: (a) an alternative to operating profit or net profit (net income) as determined in accordance with IFRS or other generally accepted accounting principles, or as measures of operating performance; (b) an alternative to cash flows from operating, investing or financing activities, as determined in accordance with IFRS or other generally accepted accounting principles, or as a measure of our ability to meet liquidity needs; or (c) an alternative to any other measures of performance under IFRS or other generally accepted accounting principles. These measures are used by our management to monitor the underlying performance of the business and our operations. However, not all companies calculate these measures in an identical manner and, therefore, our presentation may not be comparable with similar measures used by other companies. As a result, prospective investors should not place undue reliance on this data. This section includes a reconciliation of certain of these non-IFRS measures to the closest IFRS measure. EBITDA is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS. We have included EBITDA in this press release because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses and, from the date of applicability of IAS 29, related monetary gains/(losses), in calculating EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses (including monetary gains/(losses)) and non-operating expense/(income). One of the objectives of IAS 29 is to account for the financial gain or loss that arises from holding monetary assets or liabilities during a reporting period (i.e. the monetary gains/ (losses)). Therefore, the monetary gains/(losses) are excluded from EBITDA for a proper comparison of the operational performance of the Company. Accordingly, we believe that EBITDA provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors. Management uses EBITDA: as a measurement of operating performance because it assists us in comparing our operating performance on a consistent basis, as it removes the impact of non-cash and non-operating items; for planning purposes, including the preparation of our internal annual operating budget and financial projections; and to evaluate the performance and effectiveness of our strategic initiatives. EBITDA has limitations as a financial measure, including that other companies may calculate EBITDA differently, which reduces its usefulness as a comparative measure and you should not consider it in isolation or as a substitute for profit/(loss) for the period, as a profit measure or other analysis of our results as reported under IFRS. The following table shows the reconciliation of EBITDA to net loss for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 September 2025. Unaudited. Gross contribution is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS. We have included gross contribution in this press release because it is a key measure used by our management and board of directors to evaluate our operational profitability as it reflects direct costs of products sold to our buyers. Accordingly, we believe that gross contribution provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors. Gross contribution has limitations as a financial measure, including that other companies may calculate gross contribution differently, which reduces its usefulness as a comparative measure and you should not consider it in isolation or as a substitute for profit/(loss) for the period, as a profit measure or other analysis of our results as reported under IFRS. The following table shows the reconciliation of gross contribution to revenue for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 September 2025. Unaudited. IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA are supplemental non-IFRS financial measures that are not required by, or presented in accordance with, IFRS. We have included IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA in this press release because we believe their inclusion facilitates the understanding of Revenue, Gross Contribution and EBITDA restated in accordance with IAS 29. IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA have limitations as financial measures, including that other companies may calculate IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA differently, which reduces their usefulness as a comparative measure and you should not consider them in isolation or as substitutes for revenue or profit/(loss) for the period, as revenue or profit measures or other analysis of our results as reported under IFRS. The following table shows the reconciliation of IAS 29-Unadjusted Revenue to revenue for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 September 2025. Unaudited. The following table shows the reconciliation of IAS 29-Unadjusted Gross Contribution to revenue for the periods presented. Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 30 September 2025. Unaudited. The following tables show the reconciliation of IAS 29-Unadjusted EBITDA to income/(loss) for the periods presented. Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 30 September 2025. Unaudited. Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 30 September 2025. Unaudited. Free Cash Flow is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS. We have included Free Cash Flow in this press release because it is an important indicator of our liquidity as it measures the amount of cash we generate/(use) and provides additional perspective on whether we have sufficient cash after funding our operations and capital expenditures. Accordingly, we believe that Free Cash Flow provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors. Free Cash Flow has limitations as a financial measure, and you should not consider it in isolation or as substitutes for net cash used in operating activities as a measure of our liquidity or other analysis of our results as reported under IFRS. There are limitations to using non-IFRS financial measures, including that other companies may calculate Free Cash Flow differently. Because of these limitations, you should consider Free Cash Flow alongside other financial performance measures, including net cash used in operating activities, capital expenditures and our other IFRS results. The following table shows the reconciliation of Free Cash Flow to net cash provided by in operating activities for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 September 2025. Unaudited. Net Working Capital is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS. We have included Net Working Capital in this press release because it is used to measure the short-term liquidity of a business, and can also be used to obtain a general impression of the ability of company management to utilize assets in an efficient manner. Net Working Capital is critical since it is used to keep our business operating smoothly and meet all our financial obligations in the short-term. Accordingly, we believe that Net Working Capital provides useful information to investors in understanding and evaluating how we manage our short-term liabilities. The following table shows the reconciliation of Net Working Capital to current assets and current liabilities as of the dates indicated: Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 September 2025. Unaudited. Certain Definitions We provide a number of key operating performance indicators used by our management and often used by competitors in our industry. We define certain terms used in this press release as follows: GMV as gross merchandise value which refers to the total value of orders/products sold through our platform over a given period of time (including value added tax (“VAT”) without deducting returns and cancellations), including cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; GMV – Kaspi definition as gross merchandise value which refers to the total value of orders/products sold through our platform over a given period of time (including VAT but deducting returns and cancellations), excluding cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; IAS 29-Unadjusted GMV as GMV presented on an unadjusted for inflation basis; Marketplace GMV as total value of orders/products sold through our Marketplace over a given period of time (including VAT without deducting returns and cancellations), including cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; Marketplace GMV – Kaspi definition as total value of orders/products sold through our Marketplace over a given period of time (including VAT but deducting returns and cancellations), excluding cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; Share of Marketplace GMV as the portion of GMV sold through our Marketplace represented as a percentage of our total GMV; IAS 29-Unadjusted Revenue as Revenue presented on an unadjusted for inflation basis; IAS 29-Unadjusted Gross Contribution as Gross Contribution presented on an unadjusted for inflation basis; Gross Contribution margin as Gross Contribution represented as a percentage of GMV; IAS 29-Unadjusted EBITDA as EBITDA presented on an unadjusted for inflation basis; EBITDA as a percentage of GMV as EBITDA represented as a percentage of GMV; IAS 29-Unadjusted EBITDA as a percentage of GMV as IAS 29-Unadjusted EBITDA represented as a percentage of IAS 29-Unadjusted GMV; Number of orders1 as the number of orders we received through our platform including returns and cancellations but excluding orders for digital products and orders made on HepsiExpress; Number of orders excluding digitals – Kaspi definition as the number of orders we received through our platform excluding returns and cancellations and digital products; Order Frequency1 as the average number of orders per Active Customer over a 12-month period preceding the relevant date, but excluding orders for digital products and orders made on HepsiExpress; Active Merchant as merchants who sold at least one item within the 12-month period preceding the relevant date, including returns and cancellations; Active Customers1 as users (both unregistered users and members) who have purchased at least one item listed on our platform (excluding orders for digital products and orders made on HepsiExpress) within the 12-month period preceding the relevant date, including returns and cancellations; Digital products as non-cash games on our platform, such as sweepstakes and gamified lotteries, game pins and codes, gift vouchers, and the first monthly payment of Hepsiburada Premium membership subscription; and Average order value2 as GMV divided by the number of orders in a given period, excluding digital products and orders made on HepsiExpress from the nominator and the denominator. _________________ 1 The metrics disclosed in this press release as “Number of orders”, “Active Customers” and “Order Frequency” were referred to as “Number of orders (excluding digital products and HepsiExpress)”, “Active Customers (excluding digital products and HepsiExpress)” and “Order Frequency (excluding digital products and HepsiExpress)”, respectively, in the Q2 2025 Press Release published on July 31, 2025. Going forward, to streamline our financial disclosure, we refer to the names of these metrics as shown here, without the parentheticals. The components of these metrics and the method of their calculation have not changed. As previously disclosed, these metrics exclude orders for digital products and orders made on HepsiExpress (whose operations were discontinued in October 2024) to align better with management’s view of the business and with the way in which our controlling shareholder computes those metrics. Historical figures are reported on a basis consistent with the current definitions. 2 To align with the “Number of orders” definition, the computation of average order value excludes digital products and HepsiExpress. DISCLAIMER: Due to rounding, numbers presented throughout this press release may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. About Hepsiburada Hepsiburada is a leading e-commerce technology platform in Türkiye, operating through a hybrid model that combines first-party direct sales (1P) and a third-party marketplace (3P) with approximately 101 thousand merchants. With its vision of leading the digitalization of commerce, Hepsiburada serves as a reliable, innovative and purpose-driven companion in consumers’ daily lives. Hepsiburada’s e-commerce platform offers a broad ecosystem of capabilities for merchants and consumers including last-mile delivery, fulfilment services, advertising solutions, cross-border sales, payment services and affordability solutions. Hepsiburada’s integrated fintech platform, Hepsipay, provides secure payment solutions, including digital wallets, general-purpose loans, buy now pay later (BNPL) and one-click checkout, enhancing shopping convenience for consumers across online and offline while driving higher sales conversions for merchants. Since its founding in 2000, Hepsiburada has been purpose-driven, leveraging its digital capabilities to empower women in the Turkish economy. In 2017, Hepsiburada launched the ‘Technology Empowerment for Women Entrepreneurs’ program, which has supported approximately 67 thousand female entrepreneurs across Türkiye in reaching millions of customers. Investor Relations Contact [email protected] Media Contact [email protected] Forward Looking Statements This press release, the conference call webcast, presentation and related communications include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, and encompasses all statements, other than statements of historical fact contained in these communications, including but not limited to statements regarding (a) our future financial performance, including our revenue, operating expenses and our ability to achieve and maintain profitability; (b) our expectations regarding current and future GMV and EBITDA; (c) potential disruptions to our operations and supply chain that may result from (i) epidemics or natural disasters; (ii) global supply challenges; (iii) the ongoing conflicts in Ukraine and Syria, including their impact on Türkiye’s border regions; (iv) changes in the competitive landscape in the industry in which the Company operates; (v) the high inflationary environment and/or (vi) currency devaluation; (d) the impact of Kaspi’s acquisition of a controlling stake in the Company; (e) the anticipated launch of new initiatives, businesses or any other strategic projects and partnerships; (f) our expectations and plans for short- and long-term strategy, including our anticipated areas of focus and investment, market expansion, product and technology focus, and projected growth and profitability; (g) our ability to respond to the ever-changing competitive landscape in the industry in which we operate; (h) our liquidity, substantial indebtedness, and ability to obtain additional financing; (i) our strategic goals and plans, including our relationships with existing customers, suppliers, merchants and partners, and our ability to achieve and maintain them; (j) our ability to improve our technology platform, customer experience and product offerings to attract and retain merchants and customers; (k) our ability to expand our base of Hepsiburada Premium members, and grow and externalize the services of our strategic assets; and (l) regulatory changes in the e-commerce law, corporate tax law and income tax law. These forward-looking statements can be identified by terminology such as “may”, “could”, “will”, “seek”, “expects”, “anticipates”, “aims”, “future”, “intends”, “plans”, “believes”, “estimates”, “targets”, “likely to” and similar statements. Among other things, quotations from management in this announcement, as well as our strategic and operational plans, contain forward-looking statements. These forward-looking statements are based on management’s current expectations. However, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Hepsiburada’s actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including conditions in the U.S. capital markets, negative global economic conditions, potential negative developments resulting from epidemics or natural disasters, other negative developments in Hepsiburada’s business or unfavorable legislative or regulatory developments. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. For a discussion of additional factors that may affect the outcome of such forward looking statements, see our 2024 annual report filed with the SEC on Form 20-F (File No. 001-40553), and in particular the “Risk Factors” section, as well as the other documents filed with or furnished to the SEC by the Company from time to time. Copies of these filings are available online from the SEC at www.sec.gov, or on the SEC Filings section of our Investor Relations website at https://investors.hepsiburada.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to the Company, and the Company and its authorized representatives assume no obligation to update these forward-looking statements in light of new information or future events. Accordingly, undue reliance should not be placed upon the forward-looking statements. Non-IFRS Financial Measures This press release includes certain non-IFRS financial measures, including but not limited to, Gross Contribution, IAS 29-Unadjusted Gross Contribution, IAS 29-Unadjusted Revenue, EBITDA, IAS 29-Unadjusted EBITDA, Free Cash Flow and Net Working Capital. These financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to profit/loss for the period or other measures of profitability, liquidity or performance under IFRS. You should be aware that the Company’s presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See “Presentation of Financial and Other Information” in this press release for a reconciliation of certain of these non-IFRS measures to the most directly comparable IFRS measure. Statement Regarding Unaudited Financial Information This press release includes unaudited quarterly financial information as of and for the three months and nine months ended September 30, 2025, and September 30, 2024 and as of December 31, 2024. The financial information has not been audited or reviewed by the Company’s auditors. The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All periods presented have been accounted for in conformity with IFRS and pursuant to the regulations of the SEC.

ALMATY, Kazakhstan, Aug. 04, 2025 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”, “we”) (Nasdaq:KSPI) which operates the Kaspi.kz and Kaspi Pay Super Apps in Kazakhstan and owns 66.35% of Hepsiburada in Türkiye, today published its unaudited consolidated IFRS financial results for the quarter and first half ended 30 June 2025 (“2Q & 1H 2025”). 2Q & 1H 2025 Highlights 2Q 2025 revenue up 20% year-over-year (“YoY”) and net income up 14% YoY. For 1H 2025 revenue and net income up 20% and 15% YoY respectively. This and all references below exclude Türkiye unless otherwise stated. Customer engagement remains strong with Monthly Transactions per Active Consumer at 75. In Payments, operational gearing once again resulted in profit growth ahead of revenue growth. Payments TPV and transactions up 21% and 14% YoY, respectively in 2Q 2025. For 1H 2025, TPV and transactions up 22% and 15% YoY, respectively. Payments revenue and net income up 16% and 19% YoY, respectively in 2Q 2025 and up 16% and 20%, respectively for 1H 2025. Kaspi Pay QR’s addressable market expanded following integration with multiple local banks, AliPay+ and its global partners. Kaspi Restaurants launched. Vertical specific payments tools are another way for Kaspi Pay to deliver value to its merchants and to keep growing. Marketplace Platform revenue growth continued to significantly outpace GMV growth. Purchases up 35% YoY in 2Q 2025 and for 1H 2025, purchases up 36% YoY. Revenue up 25% YoY versus 15% GMV growth in 2Q 2025, with revenue boosted by the growth of Kaspi Delivery, Kaspi Advertising and Classifieds. For 1H 2025, revenue and GMV up 29% and 17% YoY, respectively. Within Marketplace, e-Grocery continues to deliver the standout performance, with GMV up 57% YoY in 2Q 2025. Now in 5 cities and further expansion planned. New advertising tools added and advertising revenue up 91% year-over-year in 1H 2025. Kaspi Travel’s take rate up 50 bps and 60 bps YoY, in 2Q 2025 and 1H 2025 respectively, due to the success of Kaspi Tours. Domestic holidays within Kazakhstan launched and should help Travel’s GMV remain strong. Marketplace net income up 13% and 16% YoY, for 2Q 2025 and 1H 2025 respectively. Fintech Platform TFV growth up 17% YoY in both 2Q 2025 and 1H 2025, with origination robust during the period. Fintech revenue growth up 21% and 19% YoY, respectively in 2Q 2025 and 1H 2025 on the back of healthy origination in previous periods and stable yield trends. Deposit inflows consistently improved over the second quarter of 2025. This should help us capture and fund faster transactions growth in the future. Underlying credit quality trends remain healthy and unchanged, with our Cost of Risk flat YoY. Net income growth up 8% YoY in both 2Q 2025 and 1H 2025, impacted by higher funding costs. Final $526.9 million payment for Hepsiburada made in July. Improving top-line momentum at Hepsiburada in 2Q 2025 followed on from a period of country wide retail disruption in March. EBITDA profitability up 42% YoY in 2Q 2025 vs. down 10% for 1H 2025, due to improving revenue trends. Expect to close our acquisition of Rabobank A.Ş in the second half of 2025. With a banking license we will be able to launch a range of financial services and with multiple projects underway at Hepsiburada, the foundations for our future growth in Türkiye are moving into place. With the second quarter of 2025 in line and the third quarter having started on track we continue to expect to deliver around 15% consolidated net income growth YoY in 2025. Given the higher interest rate environment, this still points to another year of decent bottom-line growth. If interest rates come down in the future our earnings growth will benefit. Türkiye is a significant and underappreciated opportunity for us. As we looking into next year, the cash generation capacity of our core business in Kazakhstan remains strong. As a result, in 2026 we currently envisage a balance between returning capital to our shareholders and investing in our long-term growth. To the shareholders of Kaspi.kz: Our financial results in the second quarter of 2025, were as we expected them to be. Consumer and merchant engagement in Kazakhstan remains strong, with 75 transactions per active consumer. Robust transaction trends, in turn contributed to solid top-line growth, with revenue excluding Türkiye up 20% year-over-year in both the second quarter and first half of 2025. In April we raised our main deposit rate and our new higher rate, fixed term deposit products are proving popular. As we explained at the time of our first quarter results, this is putting pressure on our near-term earnings and is an important reason why bottom-line growth in Kazakhstan is below top-line growth. However, we are first and foremost a transaction-based business and we expect more deposits today will lead to more transactions and faster growth in the future. We also keep adding new Super App services. In the last few months, e-Grocery has expanded into 2 new cities, making 5 so far. Kaspi Travel has just launched holidays within Kazakhstan, new advertising tools for merchants have been rolled out and we have connected Kaspi Pay QR to several local banks, as well as integrated with AliPay+. These are just a few examples, with the point being that as a long as we keep innovating in our home market, there’s no reason why we can’t keep delivering profitable growth. If interest rates come down, our bottom-line can benefit even more. The second quarter marked our first full quarter owning Hepsiburada. The teams in Türkiye are currently focussed on multiple business improvements, encompassing areas including delivery, fintech solutions and the mobile app experience to name a few. By re-engineering Hepsiburada’s processes our goal is to bring the customer experience up to Kaspi.kz’s levels as quickly as possible. At the same time, we’re working to secure the regulatory approvals to acquire Rabobank A.Ş. Our aim for this year remains to put the foundations of our long-term international growth strategy firmly in place. There is a lot of work to be done, and targeted investments will be required but we’re happy with the progress that has been made in a short period and as results start to come through, we will share them with you. The third quarter of the year has started well, and I’m pleased to reiterate our 2025 guidance of around 15% net income growth year-over-year, excluding Türkiye. As we look into 2026, we believe Kaspi.kz can achieve a healthy balance between investing to create a bigger business and returning excess capital to our shareholders. As always, I would like to thank every Kaspi.kz and Hepsiburada employee for their dedication to our consumers, merchants and partners. To our long-term shareholders, thank you for your ongoing trust and support. Mikheil Lomtadze Kaspi.kz CEO and co-founder Click on, or paste the following link into your web browser, to view the full announcement. http://ml.globenewswire.com/Resource/Download/68cb9688-e774-4b97-856e-80c8b79d6b79 For further information David Ferguson, [email protected] +44 7427 751 275

ISTANBUL, July 31, 2025 (GLOBE NEWSWIRE) -- D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform (referred to herein as “Hepsiburada” or the “Company”), today announces its unaudited financial results for the second quarter and the six months ended June 30, 2025. Restatement of financial information: Pursuant to the International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (“IAS 29”), the financial statements of entities whose functional currency is that of a hyperinflationary economy must be adjusted for the effects of changes in a general price index. Turkish companies reporting under International Financial Reporting Standards (“IFRS”), including the Company, have been required to apply IAS 29 to their financial statements for periods ended on and after June 30, 2022. The Company’s consolidated financial statements as of and for the three and six months ended June 30, 2025, including figures corresponding to the same periods of the prior year, reflect a restatement pursuant to IAS 29. Under IAS 29, the Company’s financial statements are presented in terms of the measuring unit current as of June 30, 2025. All the amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period, are restated applying the general price index. Adjustment for inflation has been calculated considering the price indices published by the Turkish Statistical Institute (TurkStat). Such indices used to restate the financial statements as at June 30, 2025 are as follows: Figures unadjusted for inflation in accordance with IAS 29, denoted as “IAS 29-unadjusted”, “unadjusted for IAS 29”, “unadjusted”, “unadjusted for inflation”, or “without adjusting for inflation”, are also included under the “Highlights” sections as relevant. Figures unadjusted for IAS 29 constitute non-IFRS financial measures. We believe that their inclusion facilitates the understanding of the restated financial statements in accordance with IAS 29. Please see the “Presentation of Financial and Other Information” section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of the non-IFRS measures to the most directly comparable IFRS measures. Second Quarter 2025 Financial and Operational Highlights (All financial figures are restated pursuant to IAS 29 unless otherwise indicated) Gross merchandise value (GMV) increased by 11.9% to TRY 51.1 billion compared to TRY 45.6 billion in Q2 2024. IAS 29-Unadjusted GMV increased by 52.2% to TRY 50.3 billion compared to Q2 2024. Revenue increased by 22.6% to TRY 16,743.8 million compared to TRY 13,657.3 million in Q2 2024. Number of orders (excluding digital products and HepsiExpress) increased by 8.1% to 18.9 million compared to 17.4 million in Q2 2024. Average order value (excluding digital products) grew by 5.3% in Q2 2025 compared to Q2 2024. Active Customers decreased by 0.8% to 12.0 million compared to 12.1 million as of June 30, 2024. Active Customers (excluding digital products and HepsiExpress)1 decreased by 1.2% to 11.6 million compared to 11.7 million as of June 30, 2024. Order Frequency decreased by 11% to 9.3 compared to 10.52 as of June 30, 2024. Order Frequency (excluding digital products and HepsiExpress)1 increased by 4% to 6.9 compared to 6.7 as of June 30, 2024 Active Merchant base decreased by 0.7% to 100.3 thousand compared to 100.9 thousand as of June 30, 2024. Share of Marketplace GMV was 68.2% compared to 71.1% in Q2 2024. EBITDA increased by 41.6% to TRY 739.5 million compared to TRY 522.1 million in Q2 2024. Accordingly, EBITDA as a percentage of GMV was at 1.4%, a 0.3 percentage point improvement compared to 1.1% in Q2 2024. IAS 29-Unadjusted EBITDA increased by 40.0% to TRY 1,102.6 million compared to TRY 787.4 million in Q2 2024. IAS 29-Unadjusted EBITDA as a percentage of GMV in Q2 2025 decreased by 0.2 percentage points to 2.2% compared to 2.4% in Q2 2024. Net loss for the period was TRY 723.8 million compared to a net loss of TRY 519.3 million for Q2 2024. Free cash flow was an inflow of TRY 3,405.2 million compared to an outflow of TRY 870.4 million in Q2 2024. First Half 2025 Financial and Operational Highlights (All financial figures are restated pursuant to IAS 29 unless otherwise indicated) Gross merchandise value (GMV) decreased by 2.5% to TRY 96.4 billion compared to TRY 98.8 billion in H1 2024. IAS 29-Unadjusted GMV increased by 34.9% to TRY 92.1 billion compared to H1 2024. Revenue increased by 5.9% to TRY 31,994.9 million compared to TRY 30,214.5 million in H1 2024. Number of orders (excluding digital products and HepsiExpress) increased by 0.1% to 37.1 million compared to 37.1 million in H1 2024. Average order value (excluding digital products) remained flat in H1 2025 compared to H1 2024. Active Customers decreased by 0.8% to 12.0 million compared to 12.1 million as of June 30, 2024. Active Customers (excluding digital products and HepsiExpress)1 decreased by 1.2% to 11.6 million compared to 11.7 million as of June 30, 2024. Order Frequency decreased by 11% to 9.3 compared to 10.52 as of June 30, 2024. Order Frequency (excluding digital products and HepsiExpress)1 increased by 4% to 6.9 compared to 6.7 as of June 30, 2024. Active Merchant base decreased by 0.7% to 100.3 thousand compared to 100.9 thousand as of June 30, 2024. Share of Marketplace GMV was 68.5% compared to 69.6% in H1 2024. EBITDA decreased by 9.6% to TRY 854.8 million compared to TRY 945.7 million in H1 2024. Accordingly, EBITDA as a percentage of GMV was at 0.9%, a 0.1 percentage point decrease compared to 1.0% in H1 2024. IAS 29-Unadjusted EBITDA increased by 21.6% to TRY 1,973.6 million compared to TRY 1,622.7 million in H1 2024. IAS 29-Unadjusted EBITDA as a percentage of GMV in H1 2025 decreased by 0.2 percentage points to 2.1% compared to 2.4% in H1 2024. Net loss for the period was TRY 1,100.2 million compared to a net loss of TRY 710.7 million for H1 2024. Free cash flow increased by 279.6% to an inflow of TRY 2,417.4 million compared to an inflow of TRY 636.9 million in H1 2024. __________ 1 Going forward, we expect to report Active Customers (excluding digital products and HepsiExpress) instead of Active Customers and Order Frequency (excluding digital products and HepsiExpress) instead of Order Frequency because these metrics align better with management’s view of the business and with the way in which our controlling shareholder computes these metrics. See “Certain Definitions” for more information. 2 Order Frequency as of June 30, 2024 was reported as 10.6 in the Company’s earnings release for the second quarter of 2024 published on September 11, 2024. Following the recognition of returns and cancellations made within the legally mandated consumer return period, the figure has been revised to 10.5. Commenting on the results, Nilhan Onal Gökçetekin, CEO of Hepsiburada said: “In the second quarter, we observed a gradual recovery in consumer demand in the market. Amid this recovery, we achieved 8.1% order growth and GMV growth of 11.9%, partially offsetting the decreases observed in the first quarter. Our revenue increased by 22.6% during the quarter, fully offsetting the contraction seen in Q1 2025 and bringing our year-to-date revenue growth to 5.9%. Compared to last year, our gross contribution margin improved by 40 basis points (bps) in the second quarter and 130 bps in the first half of 2025, driven mainly by a more diversified revenue composition across e-commerce and logistics. Our EBITDA as a percentage of GMV increased by 30 bps during the quarter, reaching 1.4%, supported by our topline and margin growth and a 41.6% increase in EBITDA corresponding to a year-on-year increase of TRY 217.4 million. In the second quarter, our net loss for the period increased by 39.4% compared to last year. This was mainly due to TRY 247.9 million in provision expenses compared to TRY 84.9 million in Q2 2024 and TRY 233.2 million in one-off expenses related to our global operations, and a TRY 206 million increase in net financial expenses (net of financial income), reflecting higher costs driven by increased competitiveness in end-user credit card installments, along with a decline in monetary gain and increased depreciation expenses compared to Q2 2024. We remain focused on executing with discipline, driving sustainable growth, improving margins, and strengthening the fundamentals of our business. We greatly value the continued support of our shareholders, the trust of our customers and partners, and the dedication of our entire team throughout the quarter.” Summary: Key Operational and Financial Metrics The following table sets forth a summary of the key operating and unaudited financial data as of and for the three months ended June 30, 2025 and June 30, 2024, and the six months ended June 30, 2025 and June 30, 2024 prepared in accordance with IFRS. Unless indicated otherwise, all financial figures in the tables provided are inflation-adjusted (in accordance with IAS 29). Note: All financial figures in the tables provided are expressed in terms of the purchasing power of the Turkish Lira on June 30, 2025 (in accordance with IAS 29) unless otherwise indicated. Note: The abbreviation “n.m.” stands for not meaningful throughout the press release. Note that Gross Contribution, EBITDA and Free Cash Flow are non-IFRS financial measures. See the “Presentation of Financial and Other Information” section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of non-IFRS measures to the most directly comparable IFRS measures. See the definitions of metrics such as GMV, Marketplace GMV, share of Marketplace GMV, Gross Contribution margin, EBITDA as a percentage of GMV, number of orders (excluding digital products and HepsiExpress) and Active Customers in the “Certain Definitions” section of this press release. Subsequent Events Cash settlement of equity awards On July 4, 2025, the Board of Directors approved the settlement of certain previously granted share based payment awards that became due and payable under the completed First, Second and Third periods of the existing Incentive Plan of the Company. As per the resolution, these rewards are settled by way of cash payments, instead of equity instruments, to entitled persons, with respect to 5,805,452 ADSs. Senior management change Erkin Aydın has decided to step down from his role as CEO of our subsidiary, Hepsi Finansal Danışmanlık A.Ş. (“Hepsi Finansal”) to pursue other opportunities. He will continue to lead the company until August 31, 2025 to facilitate an orderly transition. ESG Actions In Q2 2025, Hepsiburada continued its support in social, commercial and economic areas. The “Technology Empowerment for Women Entrepreneurs” (“TEWE”) program increased by an additional 1,790 women. To date, the TEWE program has supported approximately 65 thousand women entrepreneurs. Furthermore, as of June 30, 2025, the number of women’s cooperatives on our platform had reached 308. As the official sponsor of the Turkish National Women’s and Men’s Basketball Teams, Hepsiburada launched the “From the Court to the Paw” project in partnership with the Turkish Basketball Federation. Throughout the FIBA EuroBasket 2025 Championship, pet food will be donated to the Kurtaran Ev Association for every point scored by the national teams. Hepsiburada Financial Review Restatement of financial information: Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a hyperinflationary economy are reported in terms of the measuring unit current as of the reporting date of the financial statements. All amounts included in the financial statements which are not stated in terms of the measuring unit current as of the date of the reporting period are restated applying the general price index. In summary: Revenue 1: In 1P direct sales model, we act as a principal and initially recognize revenue from the sales of goods on a gross basis at the time of delivery of the goods to our customers. 2: In the 3P marketplace model, revenues are recorded on a net basis, mainly consisting of marketplace commission, transaction fees and other contractual charges to the merchants. Our revenue increased by 22.6% to TRY 16,743.8 million in Q2 2025 compared to TRY 13,657.3 million in Q2 2024. This was due to a 25.2% increase in our (1P) revenue (comprising 66.5% of total revenue), a 4.8% increase in our (3P) revenue (comprising 11% of total revenue), a 24.9% increase in delivery service revenue (comprising 15.6% of total revenue) and a 26.3% increase in other revenue (comprising 6.9% of total revenue) compared to Q2 2024. The 21.8% increase in 1P and 3P revenue compared to Q2 2024 was mainly due to targeted marketing initiatives and a gradual recovery in consumer demand compared to Q1 2025. The 24.9% increase in delivery service revenue compared to Q2 2024 was mainly due to an increase in delivery service revenue from the off-platform customers of Hepsijet. The rise in other revenue was mainly attributable to growth in our Hepsiburada Premium subscription revenues. Gross Contribution The Gross Contribution margin improved by 0.4pp to 12.4% in Q2 2025 compared to 12.0% in Q2 2024. This margin improvement was mainly attributable to a 0.5pp increase in delivery service revenue. The table below shows the monthly inflation rates in 2025 and 2024. Source: Data as announced by TurkStat As of June 30, 2025, the annual inflation rate published by TurkStat was 35.1%, declining from 71.6% as of June 30, 2024, and 38.1% as of March 31, 2025. The monthly inflation rates during the second quarter of 2024 were 3.0%, 1.5% and 1.4% in April, May and June, respectively. Operating Expenses The table below shows our operating expenses for the three months and six months ended June 30, 2025 and 2024 in absolute terms and as a percentage of GMV: Operating expenses, net, increased by 22.0% to TRY 16,709.7 million in Q2 2025 compared to TRY 13,701.0 million in Q2 2024. While cost of inventory sold increased by 27.1%, sales of goods grew by 25.2%. The main driver for the increase in operating expenses in Q2 2025 was the recognition of TRY 247.9 million in provision expenses compared to TRY 84.9 million last year and TRY 233.2 million in one-off expenses related to our global operations. For the 1st half of 2025 total provision expenses were TRY 413 million compared to TRY 139 million in the 1st half of 2024. Net Loss for the Period Net loss for the period was TRY 723.8 million in Q2 2025, compared to a net loss of TRY 519.3 million in Q2 2024. This negative change was mainly due to a TRY 206.2 million increase in net financial expenses (net of financial income) relating to higher commission expenses due to early collection of credit card receivables and a TRY 76.0 million decrease in monetary gain, partially offset by a TRY 77.7 million decrease in operating losses. EBITDA EBITDA as a percentage of GMV increased by 0.3 pp in Q2 2025 to 1.4% in Q2 2025, compared to 1.1% in Q2 2024. EBITDA grew by 41.6%, or TRY 217.4 million, to TRY 739.5 million in Q2 2025 from TRY 522.1 million in Q2 2024. These increases were driven by a 0.4pp rise in Gross Contribution margin, a 0.1pp decline in shipping and packaging expenses, a 0.1pp decline in technology expenses and a 0.3pp decline in advertising expenses, partially offset by a 0.7pp increase other operating expenses, due to (i) higher expected credit losses’ provisions and (ii) global operations provisions, in each case as a percentage of GMV. Free Cash Flow Our Free Cash Flow increased to an inflow of TRY 3,405.2 million in Q2 2025 from an outflow of TRY 870.4 million in Q2 2024. The increase was mainly driven by a TRY 4,193.3 million increase in net cash provided by operating activities and a TRY 82.2 million decrease in tangible and intangible asset acquisitions. Other Key Operational and Financial Metrics 1: Our controlling shareholder, Kaspi, uses key operational metric definitions that differ in some respects from those used by the Company. Please see the “Certain Definitions” section for definitions of the metrics shown here. D-MARKET Electronic Services & Trading CONSOLIDATED BALANCE SHEETS (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2025 unless otherwise indicated. Unaudited.) D-MARKET Electronic Services & Trading CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2025 unless otherwise indicated. Unaudited.) D-MARKET Electronic Services & Trading CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts expressed in thousands of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2025 unless otherwise indicated. Unaudited.) Presentation of Financial and Other Information Use of Non-IFRS Financial Measures Certain parts of this press release contain non-IFRS financial measures which are unaudited supplementary measures and are not required by, or presented in accordance with, IFRS or any other generally accepted accounting principles. Such measures are IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution, IAS 29-Unadjusted EBITDA, EBITDA, Gross Contribution, Free Cash Flow and Net Working Capital. We define: IAS 29-Unadjusted Revenue as revenue presented on an unadjusted for inflation basis; IAS 29-Unadjusted Gross Contribution as Gross Contribution presented on an unadjusted for inflation basis; IAS 29-Unadjusted EBITDA as EBITDA presented on an unadjusted for inflation basis; EBITDA as profit or loss for the period plus taxation on income less financial income plus financial expenses, plus depreciation and amortization, plus monetary gains/(losses); Gross Contribution as revenues less cost of inventory sold; Free Cash Flow as net cash provided by operating activities less capital expenditures plus proceeds from sale of property and equipment; and Net Working Capital as current assets (excluding cash, cash equivalents and financial investments) minus current liabilities (excluding current bank borrowings and current lease liabilities). You should not consider them as: (a) an alternative to operating profit or net profit (net income) as determined in accordance with IFRS or other generally accepted accounting principles, or as measures of operating performance; (b) an alternative to cash flows from operating, investing or financing activities, as determined in accordance with IFRS or other generally accepted accounting principles, or as a measure of our ability to meet liquidity needs; or (c) an alternative to any other measures of performance under IFRS or other generally accepted accounting principles. These measures are used by our management to monitor the underlying performance of the business and our operations. However, not all companies calculate these measures in an identical manner and, therefore, our presentation may not be comparable with similar measures used by other companies. As a result, prospective investors should not place undue reliance on this data. This section includes a reconciliation of certain of these non-IFRS measures to the closest IFRS measure. EBITDA is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS. We have included EBITDA in this press release because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses and, from the date of applicability of IAS 29, related monetary gains/(losses), in calculating EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses (including monetary gains/(losses)) and non-operating expense/(income). One of the objectives of IAS 29 is to account for the financial gain or loss that arises from holding monetary assets or liabilities during a reporting period (i.e. the monetary gains/ (losses)). Therefore, the monetary gains/(losses) are excluded from EBITDA for a proper comparison of the operational performance of the Company. Accordingly, we believe that EBITDA provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors. Management uses EBITDA: as a measurement of operating performance because it assists us in comparing our operating performance on a consistent basis, as it removes the impact of non-cash and non-operating items; for planning purposes, including the preparation of our internal annual operating budget and financial projections; and to evaluate the performance and effectiveness of our strategic initiatives. EBITDA has limitations as a financial measure, including that other companies may calculate EBITDA differently, which reduces its usefulness as a comparative measure and you should not consider it in isolation or as a substitute for profit/(loss) for the period, as a profit measure or other analysis of our results as reported under IFRS. The following table shows the reconciliation of EBITDA to net loss for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2025. Unaudited. Gross contribution is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS. We have included gross contribution in this press release because it is a key measure used by our management and board of directors to evaluate our operational profitability as it reflects direct costs of products sold to our buyers. Accordingly, we believe that gross contribution provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors. Gross contribution has limitations as a financial measure, including that other companies may calculate gross contribution differently, which reduces its usefulness as a comparative measure and you should not consider it in isolation or as a substitute for profit/(loss) for the period, as a profit measure or other analysis of our results as reported under IFRS. The following table shows the reconciliation of gross contribution to revenue for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2025. Unaudited. IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA are supplemental non-IFRS financial measures that are not required by, or presented in accordance with, IFRS. We have included IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA in this press release because we believe their inclusion facilitates the understanding of Revenue, Gross Contribution and EBITDA restated in accordance with IAS 29. IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA have limitations as financial measures, including that other companies may calculate IAS 29-Unadjusted Revenue, IAS 29-Unadjusted Gross Contribution and IAS 29-Unadjusted EBITDA differently, which reduces their usefulness as a comparative measure and you should not consider them in isolation or as substitutes for revenue or profit/(loss) for the period, as revenue or profit measures or other analysis of our results as reported under IFRS. The following table shows the reconciliation of IAS 29-Unadjusted Revenue to revenue for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2025. Unaudited. The following table shows the reconciliation of IAS 29-Unadjusted Gross Contribution to revenue for the periods presented. Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 30 June 2025. Unaudited. The following tables show the reconciliation of IAS 29-Unadjusted EBITDA to income/(loss) for the periods presented. Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 30 June 2025. Unaudited. Amounts expressed in millions of Turkish lira (TRY); IFRS figures (adjusted for IAS 29) in terms of the purchasing power of the TRY at 30 June 2025. Unaudited. Free Cash Flow is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS. We have included Free Cash Flow in this press release because it is an important indicator of our liquidity as it measures the amount of cash we generate/(use) and provides additional perspective on whether we have sufficient cash after funding our operations and capital expenditures. Accordingly, we believe that Free Cash Flow provides useful information to investors in understanding and evaluating our operating results in the same manner as our management and board of directors. Free Cash Flow has limitations as a financial measure, and you should not consider it in isolation or as substitutes for net cash used in operating activities as a measure of our liquidity or other analysis of our results as reported under IFRS. There are limitations to using non-IFRS financial measures, including that other companies may calculate Free Cash Flow differently. Because of these limitations, you should consider Free Cash Flow alongside other financial performance measures, including net cash used in operating activities, capital expenditures and our other IFRS results. The following table shows the reconciliation of Free Cash Flow to net cash provided by in operating activities for the periods presented. Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2025. Unaudited. Net Working Capital is a supplemental non-IFRS financial measure that is not required by, or presented in accordance with, IFRS. We have included Net Working Capital in this press release because it is used to measure the short-term liquidity of a business, and can also be used to obtain a general impression of the ability of company management to utilize assets in an efficient manner. Net Working Capital is critical since it is used to keep our business operating smoothly and meet all our financial obligations in the short-term. Accordingly, we believe that Net Working Capital provides useful information to investors in understanding and evaluating how we manage our short-term liabilities. The following table shows the reconciliation of Net Working Capital to current assets and current liabilities as of the dates indicated: Amounts expressed in millions of Turkish lira (TRY) in terms of the purchasing power of the TRY at 30 June 2025. Unaudited. Certain Definitions We provide a number of key operating performance indicators used by our management and often used by competitors in our industry. We define certain terms used in this press release as follows: GMV as gross merchandise value which refers to the total value of orders/products sold through our platform over a given period of time (including value added tax (“VAT”) without deducting returns and cancellations), including cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; GMV – Kaspi definition as gross merchandise value which refers to the total value of orders/products sold through our platform over a given period of time (including VAT but deducting returns and cancellations), excluding cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; IAS 29-Unadjusted GMV as GMV presented on an unadjusted for inflation basis; Marketplace GMV as total value of orders/products sold through our Marketplace over a given period of time (including VAT without deducting returns and cancellations), including cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; Marketplace GMV – Kaspi definition as total value of orders/products sold through our Marketplace over a given period of time (including VAT but deducting returns and cancellations), excluding cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants; Share of Marketplace GMV as the portion of GMV sold through our Marketplace represented as a percentage of our total GMV; IAS 29-Unadjusted Revenue as Revenue presented on an unadjusted for inflation basis; IAS 29-Unadjusted Gross Contribution as Gross Contribution presented on an unadjusted for inflation basis; Gross Contribution margin as Gross Contribution represented as a percentage of GMV; IAS 29-Unadjusted EBITDA as EBITDA presented on an unadjusted for inflation basis; EBITDA as a percentage of GMV as EBITDA represented as a percentage of GMV; IAS 29-Unadjusted EBITDA as a percentage of GMV as IAS 29-Unadjusted EBITDA represented as a percentage of IAS 29-Unadjusted GMV; Number of orders (excluding digital products and HepsiExpress) as the number of orders we received through our platform including returns and cancellations but excluding orders for digital products and orders made on HepsiExpress; Number of orders excluding digitals – Kaspi definition as the number of orders we received through our platform excluding returns and cancellations and digital products; Order Frequency as the average number of orders per Active Customer over a 12-month period preceding the relevant date; Order Frequency (excluding digital products and HepsiExpress) as the average number of orders per Active Customer over a 12-month period preceding the relevant date, but excluding orders for digital products and orders made on HepsiExpress; Active Merchant as merchants who sold at least one item within the 12-month period preceding the relevant date, including returns and cancellations; Active Customers as users (both unregistered users and members) who have purchased at least one item listed on our platform within the 12-month period preceding the relevant date, including returns and cancellations; Active Customers (excluding digital products and HepsiExpress) as users (both unregistered users and members) who have purchased at least one item listed on our platform (excluding orders for digital products and orders made on HepsiExpress) within the 12-month period preceding the relevant date, including returns and cancellations; Digital products as non-cash games on our platform, such as sweepstakes and gamified lotteries, game pins and codes, gift vouchers, and the first monthly payment of Hepsiburada Premium membership subscription; and Average order value (excluding digital products) as GMV divided by the number of orders in a given period, excluding digital products from the nominator and the denominator. DISCLAIMER: Due to rounding, numbers presented throughout this press release may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. About Hepsiburada Hepsiburada is a leading e-commerce technology platform in Türkiye, operating through a hybrid model that combines first-party direct sales (1P) and a third-party marketplace (3P) with approximately 100 thousand merchants. With its vision of leading the digitalization of commerce, Hepsiburada serves as a reliable, innovative and purpose-driven companion in consumers’ daily lives. Hepsiburada’s e-commerce platform offers a broad ecosystem of capabilities for merchants and consumers including last-mile delivery, fulfilment services, advertising solutions, cross-border sales, payment services and affordability solutions. Hepsiburada’s integrated fintech platform, Hepsipay, provides secure payment solutions, including digital wallets, general-purpose loans, buy now pay later (BNPL) and one-click checkout, enhancing shopping convenience for consumers across online and offline while driving higher sales conversions for merchants. Since its founding in 2000, Hepsiburada has been purpose-driven, leveraging its digital capabilities to empower women in the Turkish economy. In 2017, Hepsiburada launched the ‘Technology Empowerment for Women Entrepreneurs’ program, which has supported approximately 65 thousand female entrepreneurs across Türkiye in reaching millions of customers. Investor Relations Contact [email protected] Media Contact [email protected] Forward Looking Statements This press release, the conference call webcast, presentation and related communications include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, and encompasses all statements, other than statements of historical fact contained in these communications, including but not limited to statements regarding (a) our future financial performance, including our revenue, operating expenses and our ability to achieve and maintain profitability; (b) our expectations regarding current and future GMV and EBITDA; (c) potential disruptions to our operations and supply chain that may result from (i) epidemics or natural disasters; (ii) global supply challenges; (iii) the ongoing conflicts in Ukraine and Syria, including their impact on Türkiye’s border regions; (iv) changes in the competitive landscape in the industry in which the Company operates; (v) the high inflationary environment and/or (vi) currency devaluation; (d) the impact of Kaspi’s acquisition of a controlling stake in the Company; (e) the anticipated launch of new initiatives, businesses or any other strategic projects and partnerships; (f) our expectations and plans for short- and long-term strategy, including our anticipated areas of focus and investment, market expansion, product and technology focus, and projected growth and profitability; (g) our ability to respond to the ever-changing competitive landscape in the industry in which we operate; (h) our liquidity, substantial indebtedness, and ability to obtain additional financing; (i) our strategic goals and plans, including our relationships with existing customers, suppliers, merchants and partners, and our ability to achieve and maintain them; (j) our ability to improve our technology platform, customer experience and product offerings to attract and retain merchants and customers; (k) our ability to expand our base of Hepsiburada Premium members, and grow and externalize the services of our strategic assets; and (l) regulatory changes in the e-commerce law, corporate tax law and income tax law. These forward-looking statements can be identified by terminology such as “may”, “could”, “will”, “seek”, “expects”, “anticipates”, “aims”, “future”, “intends”, “plans”, “believes”, “estimates”, “targets”, “likely to” and similar statements. Among other things, quotations from management in this announcement, as well as our strategic and operational plans, contain forward-looking statements. These forward-looking statements are based on management’s current expectations. However, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Hepsiburada’s actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including conditions in the U.S. capital markets, negative global economic conditions, potential negative developments resulting from epidemics or natural disasters, other negative developments in Hepsiburada’s business or unfavorable legislative or regulatory developments. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. For a discussion of additional factors that may affect the outcome of such forward looking statements, see our 2024 annual report filed with the SEC on Form 20-F (File No. 001-40553), and in particular the “Risk Factors” section, as well as the other documents filed with or furnished to the SEC by the Company from time to time. Copies of these filings are available online from the SEC at www.sec.gov, or on the SEC Filings section of our Investor Relations website at https://investors.hepsiburada.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to the Company, and the Company and its authorized representatives assume no obligation to update these forward-looking statements in light of new information or future events. Accordingly, undue reliance should not be placed upon the forward-looking statements. Non-IFRS Financial Measures This press release includes certain non-IFRS financial measures, including but not limited to, Gross Contribution, IAS 29-Unadjusted Gross Contribution, IAS 29-Unadjusted Revenue, EBITDA, IAS 29-Unadjusted EBITDA, Free Cash Flow and Net Working Capital. These financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to profit/loss for the period or other measures of profitability, liquidity or performance under IFRS. You should be aware that the Company’s presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See “Presentation of Financial and Other Information” in this press release for a reconciliation of certain of these non-IFRS measures to the most directly comparable IFRS measure. Statement Regarding Unaudited Financial Information This press release includes unaudited quarterly financial information as of and for the three months and six months ended June 30, 2025, and June 30, 2024 and as of December 31, 2024. The financial information has not been audited or reviewed by the Company’s auditors. The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All periods presented have been accounted for in conformity with IFRS and pursuant to the regulations of the SEC.