HEPS

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 los...

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 measu...

ISTANBUL, April 16, 2026 (GLOBE NEWSWIRE) -- D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform, will report its unaudited financial results for the first quarter ending March 31, 2026 after the U.S. market closes on Thursday, May 7, 2026. 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 and buy now pay later (BNPL), 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]

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. Fourt...

ISTANBUL, Feb. 12, 2026 (GLOBE NEWSWIRE) -- D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform, will report its unaudited financial results for the fourth quarter and full year ending December 31, 2025 after the U.S. market closes on Thursday, February 26, 2026. 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]

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 1...

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. T...

ISTANBUL, Oct. 31, 2025 (GLOBE NEWSWIRE) -- D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform, will report its unaudited financial results for the third quarter ending September 30, 2025 before the U.S. market opens on Wednesday, November 5, 2025. 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 67 thousand female entrepreneurs across Türkiye in reaching millions of customers. Investor Relations Contact [email protected] Media Contact [email protected]

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 o...

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 Fina...

ISTANBUL, July 22, 2025 (GLOBE NEWSWIRE) -- D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform, will report its unaudited financial results for the second quarter ending June 30, 2025 before the U.S. market opens on Thursday, July 31, 2025. 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]

ISTANBUL, May 08, 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 first quarter ended March 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 months ended March 31, 2025, 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, 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 March 31, 2025 are as follows: Date Index Conversion Factor 31 March 2025 2,954.7 1.00 31 December 2024 2,684.6 1.10 31 March 2024 2,139.5 1.38 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 no...