D-MARKET’s Financial Results to Test Resilience in Turkish E-Commerce

D-MARKET Elektronik Hizmetler ve Ticaret A.S. (B) (B) US23292B1044

Investors are awaiting the audited financial statements from D-MARKET Elektronik Hizmetler ve Ticaret A.S., operating as Hepsiburada, for the final quarter and full year of 2025. The upcoming report will provide a critical look at the company's profitability and operational efficiency, following the release of unaudited figures last November. The core question for the market is whether the firm can strengthen its position despite ongoing macroeconomic pressures in Turkey.

• Full-year and Q4 2025 results are imminent
• Management of high inflation remains a central challenge
• Expansion into logistics and fintech services is a key growth focus

The Turkish market continues to present a demanding environment, primarily shaped by persistent high inflation. This economic reality adds a layer of complexity to financial reporting and corporate strategy. For Hepsiburada, a sustainable expansion of its active user base and overall transaction volume is viewed as a crucial driver for future performance. Success will largely depend on the management team's effectiveness in steering the platform's diverse service pillars to maintain stable margins.

The soon-to-be-released audited annual figures will reveal how resilient the business model has been against inflationary pressures over the past year. This data is also expected to offer insights into the company's strategic direction for 2026.

Ecosystem Growth Beyond Core Retail

Analysts are paying increasing attention to Hepsiburada's expansion beyond its online marketplace roots. The development of its broader service ecosystem is now a significant factor in its valuation. Key segments under observation include the logistics units, Hepsilojistik and HepsiJet, and the financial technology services, Hepsipay and Hepsifinans. This strategic push towards integrated digital services aims to deepen customer loyalty and unlock new revenue streams.

Furthermore, the establishment of Hepsiburada Global in late 2023 highlights the company's ambitions to broaden its operational footprint geographically. The coming weeks will be pivotal in assessing the progress of this multifaceted strategy.

@ boerse-global.de | US23292B1044 D-MARKET’S