D-MARKET Electronic Services & Trading GAAP EPS of -TRY1.10, revenue of TRY14.37M
Q1 Financial Performance: D-MARKET Electronic Services & Trading reported a Q1 GAAP EPS of -TRY1.10 and revenue of TRY14.37M.
Q4 Results Overview: For Q4 2024, the company had a GAAP EPS of -TRY5.00 with revenue reaching TRY18.14B, indicating significant financial activity.
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- Contract Signing: Hepsor E18 and Mitt & Perlebach signed a €5.25 million construction contract on December 30, 2025, marking a significant expansion for the company in the Dzirciems neighborhood of Riga.
- Development Scale: The project consists of two residential buildings with a total of 54 apartments and a gross building area of 4,040 m², addressing the market's diverse housing needs while enhancing Hepsor's competitive position.
- Sustainable Design: The development adheres to Hepsor's sustainable and energy-efficient principles, achieving an A+ energy efficiency rating with heat recovery ventilation and underfloor heating, further solidifying the company's leadership in green building.
- Market Pre-Sales: As of the contract signing, 38% of the apartments have been reserved or pre-sold, indicating strong market demand for the project, which is expected to drive future sales growth.

- Financial Reporting Schedule: Hepsor AS plans to disclose its unaudited interim report for Q4 and the full year of 2025 on February 18, 2026, followed by the audited annual report on April 24, enhancing transparency and investor confidence.
- Project Progress: Over the past 14 years, Hepsor AS has successfully developed 2,003 homes and nearly 44,787 square meters of commercial space, demonstrating robust growth and strong market demand in the real estate sector.
- Innovative Engineering Solutions: As the first developer in the Baltic states to implement several innovative engineering solutions, Hepsor is committed to enhancing energy efficiency in its buildings, aligning with global sustainability trends.
- International Expansion: Hepsor is actively involved in five projects in Canada, focusing on preparing detailed spatial plans for land to achieve greater building rights, thereby expanding its international market share.
Analyst Downgrades: JP Morgan's Hanzade Kilickiran downgraded D-MARKET Electronic from Overweight to Neutral, lowering the price target from $4.85 to $3.07, with shares closing at $2.31.
Federal Realty Investment Trust: Barclays analyst Richard Hightower downgraded Federal Realty Investment Trust from Overweight to Equal-Weight, reducing the price target from $113 to $106, while shares closed at $96.00.
Auna SA: JP Morgan's Joseph Giordano downgraded Auna SA from Overweight to Neutral, cutting the price target from $13.5 to $6, with shares closing at $5.00.
Honeywell International Inc: B of A Securities analyst Andrew Obin downgraded Honeywell from Buy to Underperform, slashing the price target from $265 to $205, as shares closed at $196.08.
Financial Results Announcement: Hepsiburada will release its unaudited financial results for Q3 2025 on November 5, 2025, before the U.S. market opens.
E-commerce Platform Overview: Hepsiburada operates a hybrid e-commerce model in Türkiye, combining first-party sales and a third-party marketplace with around 100,000 merchants.
Innovative Services: The platform offers a wide range of services including last-mile delivery, fulfilment, advertising, payment solutions, and an integrated fintech platform called Hepsipay for secure transactions.
Empowerment Initiatives: Since its inception in 2000, Hepsiburada has focused on empowering women in the Turkish economy, notably through its program that has supported approximately 67,000 female entrepreneurs.
Company Announcement: D-MARKET Elektronik Hizmetler ve Ticaret Anonim Şirketi submitted an amendment to its Form 6-K regarding the Annual General Assembly Meeting of Shareholders for the financial year 2024, scheduled for September 15, 2025.
Amendment Details: The amendment corrects a clerical error in Exhibit 99.4 (Board of Directors' Annual Report for 2024) while leaving the rest of the Original Form 6-K unchanged.
Hepsiburada Overview: Hepsiburada is a prominent e-commerce platform in Türkiye, utilizing a hybrid model that includes both direct sales and a marketplace with around 100,000 merchants.
Empowerment Initiatives: Since its inception in 2000, Hepsiburada has focused on empowering women in the Turkish economy, notably through its 'Technology Empowerment for Women Entrepreneurs' program, which has aided approximately 65,000 female entrepreneurs.

Financial Performance: D-MARKET reported a Q2 GAAP EPS of -TRY 2.30, with revenue increasing by 22.5% year-over-year to TRY 16.74 billion and EBITDA rising by 41.6% to TRY 739.5 million.
Customer Metrics: The number of orders grew by 8.1% to 18.9 million, while active customers decreased slightly by 0.8% to 12 million, and order frequency dropped by 11% to 9.3.








