What happened with HEPS today?
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D-Market Electronic Services & Trading serves online shoppers through Hepsiburada. It buys goods from suppliers and resells them to customers; these sales generate most of its revenue. Third-party merchants account for most of the value of goods traded on the platform, however. They own their products and set prices, while the company collects commissions and transaction fees on their sales rather than the full purchase price.
The company also earns from moving those orders. Merchants and customers pay delivery charges, and Hepsijet delivers parcels for businesses outside the platform too. Delivery is its next-largest revenue source after direct product sales. Merchants can also pay HepsiLojistik to store and handle goods and HepsiAd to advertise to Hepsiburada shoppers.
Substantially all revenue comes from Türkiye, so the business depends on local purchasing power, repeat shopping and merchants continuing to offer products through Hepsiburada. It must renew its Turkish e-commerce license annually. Turkish law would also cap advertising and discount spending if its transaction volume crossed the applicable threshold; those caps do not currently apply.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Hepsiburada’s results hinge chiefly on Turkish consumers’ purchasing power, interest rates and demand for online shopping, which these peers capture only partly.
Kaspi.kz controls Hepsiburada, so its investment and integration decisions directly matter to Hepsiburada shareholders; its Kazakhstan apps provide shoppers and merchants with payments, shopping and financing services. Watch its integration plans: Hepsiburada said it intended to adopt Kaspi.kz’s definitions for order and sales-value metrics from Q1 2026 to support consolidation and align management.
Amazon competes with Hepsiburada in Türkiye for online shoppers and merchants: both sell goods to customers and let outside merchants sell through their platforms. Amazon’s Turkish marketplace pricing, product selection and delivery are the competitive moves to watch.
Apple supplies consumer electronics directly to Hepsiburada, which buys the goods and resells them to shoppers, so Apple’s launches and pricing matter to Hepsiburada’s electronics sales. Watch new smartphones, computers and tablets and their prices, especially as Hepsiburada attributed part of its lower average order value in 2025 to a greater share of cheaper non-electronics goods.
Fed Interest Rate Decision
Fed rate decisions track the cost of borrowing in the U.S.; for D-Market, higher rates could make short-term funding for consumer finance, suppliers, merchants and liquidity more expensive if they pass through to its borrowing conditions.
Expected4.0%Last release4.0%
If it comes in above expectations
If rates rise more than expected, D-Market could face higher costs on new or repriced short-term funding for consumer finance and supplier and merchant facilities, if U.S. rates pass through to its borrowing conditions.
If it comes in below expectations
If rates rise less than expected or fall, D-Market could face less upward pressure on new or repriced short-term funding costs for consumer finance and supplier and merchant facilities, if U.S. rates pass through to its borrowing conditions.
Amazon.Com Inc earningsAMZN
Amazon's online sales and third-party seller services offer a signal of how its competition with Hepsiburada for shoppers and merchants is developing.
Read Amazon's online-store sales alongside its third-party seller-services revenue. Strength in both would signal firmer activity across Amazon's shopping and seller businesses, raising the competitive pressure Hepsiburada may face for shoppers and merchants; weaker trends would soften that signal. These figures do not break out Türkiye, so they cannot show Amazon's local performance directly.
Apple Inc. earningsAAPL
Apple's product sales and product margins offer a signal of demand and pricing for electronics it supplies to Hepsiburada.
Compare Apple's product sales with its product gross margin. Strength in both would signal supported demand and pricing for Apple devices, a firmer basis for Hepsiburada to sell those electronics and lift average order value; weakness in both would suggest less support from electronics and make a rising share of lower-priced goods more consequential. Apple's margin reflects Apple's own costs and pricing, not Hepsiburada's purchase costs, and Apple does not report Turkish demand separately.
D-Market Electronic Services & Trading earningsThis company
Hepsiburada's report will show whether more orders are improving its business despite pressure from product mix and the cost of serving customers.
Read order count alongside average order value, then compare GMV, gross contribution margin and the company's EBITDA as a share of GMV. Rising orders and GMV with steady or improving margins show growth is not being swallowed by product costs and operating expenses; more orders with a lower average order value and weaker profit measures point to cheaper product mix or service costs squeezing the growth. Revenue alone can mislead: Hepsiburada records Direct Sales at the goods' selling value but mainly records Marketplace commissions, so a shift in mix can change revenue without a matching change in platform activity.
