Core Insights - Hepsiburada, a leading Turkish e-commerce platform, will report its financial results for Q4 and the full year ending December 31, 2024, on April 30, 2025 [1] - The company will host a conference call and live webcast to discuss these results, scheduled for 16:00 Istanbul time [2] - Hepsiburada operates a hybrid model combining first-party direct sales and a third-party marketplace with around 100,000 merchants [4] Company Overview - Hepsiburada aims to lead the digitalization of commerce in Türkiye, providing a wide range of services including last-mile delivery, fulfillment, advertising solutions, cross-border sales, and payment services [5] - The integrated fintech platform, Hepsipay, offers secure payment solutions such as digital wallets, general-purpose loans, BNPL, and one-click checkout, enhancing consumer convenience and merchant sales [5] - Since its inception in 2000, Hepsiburada has focused on empowering women in the Turkish economy, supporting nearly 57,500 female entrepreneurs through its 'Technology Empowerment for Women Entrepreneurs' program [6]

Core Viewpoint - Hepsiburada, a leading Turkish e-commerce platform, has successfully completed its third bond issuance through its subsidiary Hepsi Finansman A.Ş., raising TRY 100 million to support the growth of its consumer finance business [1][2]. Group 1: Bond Issuance Details - Hepsifinans's third bond issuance was closed on March 4, 2025, with a total principal amount of TRY 100 million and a maturity of six months [2]. - The bonds will accrue interest at a rate of 43.00% per annum, with both principal and coupon to be repaid at maturity [2]. - This issuance is part of a larger plan approved by the Capital Markets Board, allowing for a total bond issuance of up to TRY 1,050 million within one year [2]. Group 2: Company Overview - Hepsiburada operates as a hybrid e-commerce platform combining first-party direct sales and a third-party marketplace, featuring approximately 100,000 merchants [4]. - The platform offers a wide range of services including last-mile delivery, fulfilment services, advertising solutions, cross-border sales, payment services, and affordability solutions [5]. - Hepsiburada's fintech platform, Hepsipay, enhances shopping convenience with secure payment solutions, digital wallets, general-purpose loans, and buy now pay later options [5]. Group 3: Social Impact - Since its founding in 2000, Hepsiburada has focused on empowering women in the Turkish economy, launching a program in 2017 that has supported nearly 57,500 female entrepreneurs [6].

Core Insights - Hepsiburada has concluded its "Trade and Technology Empowerment for the Earthquake Region" program, which ran from March 6, 2023, to March 11, 2025, aimed at supporting merchants in the earthquake-affected areas of Turkey [1] Group 1: Program Outcomes - The program resulted in approximately 10,400 active merchants in the earthquake region, with over 6,500 new businesses utilizing Hepsiburada to sell products online [5] - Active sellers in the earthquake region completed 9.1 million orders, selling a total of 13.5 million products and generating a trade volume exceeding TRY 9.6 billion [5] - Over 4,100 women entrepreneurs and women's cooperatives in the region contributed to a trade volume of approximately TRY 840 million [5] - Approximately 5,000 SMEs and tradespeople received training at E-Commerce Specialization Centers located in Adana, Hatay, and Kahramanmaraş [5] Group 2: Company Overview - Hepsiburada operates as a leading e-commerce technology platform in Turkey, utilizing a hybrid model that combines first-party direct sales and a third-party marketplace with around 100,000 merchants [6] - The company aims to lead the digitalization of commerce, providing a comprehensive ecosystem for merchants and consumers, including last-mile delivery, fulfillment services, advertising solutions, cross-border sales, and payment services [7] - Hepsipay, the integrated fintech platform of Hepsiburada, offers secure payment solutions such as digital wallets, general-purpose loans, buy now pay later (BNPL), and one-click checkout, enhancing shopping convenience and driving sales conversions [7] - Since its establishment in 2000, Hepsiburada has focused on empowering women in the Turkish economy, having supported nearly 57,500 female entrepreneurs through its 'Technology Empowerment for Women Entrepreneurs' program launched in 2017 [8]

Core Insights - Hepsiburada has concluded its "Trade and Technology Empowerment for the Earthquake Region" program, which ran from March 6, 2023, to March 11, 2025, aimed at supporting merchants in the earthquake-affected areas of Turkey [1] Group 1: Program Outcomes - The program resulted in approximately 10,400 active merchants in the earthquake region, with over 6,500 new businesses utilizing Hepsiburada's platform for online sales [5] - Active sellers in the earthquake region achieved a total sales volume of 13.5 million products through 9.1 million orders, generating a trade volume exceeding TRY 9.6 billion [5] - Over 4,100 women entrepreneurs and women's cooperatives in the region contributed to a trade volume of approximately TRY 840 million [5] - Approximately 5,000 SMEs and tradespeople received training at E-Commerce Specialization Centers located in Adana, Hatay, and Kahramanmaraş [5] Group 2: Company Overview - Hepsiburada operates as a leading e-commerce technology platform in Turkey, utilizing a hybrid model that combines first-party direct sales and a third-party marketplace with around 100,000 merchants [6] - The company aims to lead the digitalization of commerce, providing a comprehensive ecosystem for merchants and consumers, including last-mile delivery, fulfillment services, advertising solutions, cross-border sales, payment services, and affordability solutions [7] - Hepsipay, the integrated fintech platform of Hepsiburada, offers secure payment solutions such as digital wallets, general-purpose loans, buy now pay later (BNPL), and one-click checkout, enhancing shopping convenience and driving higher sales conversions [7] - Since its inception in 2000, Hepsiburada has focused on empowering women in the Turkish economy, having supported nearly 57,500 female entrepreneurs through its 'Technology Empowerment for Women Entrepreneurs' program launched in 2017 [8]

Core Viewpoint - Hepsiburada, a leading Turkish e-commerce platform, has announced the issuance of TRY 500 million in asset-backed securities to support its Buy Now Pay Later (BNPL) business and improve working capital management [1][2]. Group 1: Financial Issuance Details - The fourth issuance of asset-backed securities amounts to TRY 500 million, part of a TRY 2 billion limit set by the Capital Markets Board for Pasha Yatırım Bank Hepsiburada Varlık Finansmanı Fonu, settled on March 12, 2025 [2]. - This issuance consists of five tranches with an average maturity of 70 days and an annual average interest rate of 42.75% [2]. - Previous issuances include TRY 150 million on June 5, 2024, TRY 350 million on September 27, 2024, and TRY 450 million on December 4, 2024 [3]. Group 2: Company Overview - Hepsiburada operates as a hybrid e-commerce platform combining first-party direct sales and a third-party marketplace with approximately 100,000 merchants [5]. - The platform offers a wide range of services including last-mile delivery, fulfillment services, advertising solutions, cross-border sales, payment services, and affordability solutions [6]. - Hepsipay, the integrated fintech platform of Hepsiburada, provides secure payment solutions such as digital wallets, general-purpose loans, BNPL, and one-click checkout [7]. Group 3: Social Impact - Since its founding in 2000, Hepsiburada has focused on empowering women in the Turkish economy, launching the 'Technology Empowerment for Women Entrepreneurs' program in 2017, which has supported nearly 57,500 female entrepreneurs [8].

Group 1 - The core thesis regarding Hepsiburada (NASDAQ: HEPS) is that profits are becoming visible as the leading Turkish e-commerce platform experiences growth in revenues, GMV (Gross Merchandise Volume), and membership [1] - The stock of Hepsiburada has appreciated over 140% since the last analysis, indicating strong market performance [1] Group 2 - The author expresses a long position in Hepsiburada shares, indicating confidence in the company's future performance [2] - The article reflects a personal investment philosophy focused on finding value in emerging markets and emphasizes an owner-mindset approach to investing [1]

Core Viewpoint - Hepsiburada, a leading Turkish e-commerce platform, held an Extraordinary General Assembly Meeting (EGM) on January 31, 2025, where significant changes to its Board of Directors and corporate governance structure were approved [1][2]. EGM Voting Results - The EGM was conducted in compliance with the Turkish Commercial Code and the company's Articles of Association, with a quorum present [2]. Changes to the Composition of the Committees of the Board - The election of new Board members was approved, reducing the total number of Board members from eleven to nine, with Mikheil Lomtadze appointed as Chairman and Yuri Didenko as Vice Chairman [4]. - Amendments to the Articles of Association were made, including the removal of privileges for Class A shares and various articles related to share classes and voting rights [4]. Appointment of a General Counsel and Corporate Secretary - Güneş Akman Özcan was appointed as General Counsel and Corporate Secretary, effective January 1, 2025, after serving in an acting capacity since January 1, 2024 [6]. Board Committees Composition - The newly appointed Board established the following Committees: Audit Committee, Early Detection of Risk Committee, and Corporate Governance Committee, with specific members assigned to each [10].

Core Viewpoint - D-MARKET Electronic Services & Trading, operating as Hepsiburada, has completed a significant transaction where Joint Stock Company Kaspi.kz has acquired 65.41% of Hepsiburada's shares for approximately $1,127 million, marking a change in controlling ownership [1][2]. Group 1: Transaction Details - The Buyer purchased all outstanding Class A and Class B shares from the Sellers, representing 65.41% of Hepsiburada's total shares [2]. - The total consideration for the shares was approximately $1,127 million, with $600 million paid in cash on the Closing Date and $526.9 million as Deferred Cash Consideration to be paid within six months [2]. - As collateral for the Deferred Cash Consideration, the Buyer pledged 65,199,658 Class B shares of Hepsiburada [2]. Group 2: Company Overview - Hepsiburada is a leading e-commerce technology platform in Türkiye, utilizing a hybrid model that includes both first-party direct sales and a third-party marketplace with around 100,000 merchants [3]. - The platform aims to lead the digitalization of commerce, providing a wide range of services such as last-mile delivery, fulfillment, advertising solutions, cross-border sales, and payment services [4]. - Hepsiburada's fintech platform, Hepsipay, offers secure payment solutions, enhancing shopping convenience and driving higher sales conversions for merchants [4]. Group 3: Social Impact - Since its inception in 2000, Hepsiburada has focused on empowering women in the Turkish economy, launching the 'Technology Empowerment for Women Entrepreneurs' program in 2017, which has supported nearly 57,500 female entrepreneurs [5].

Core Viewpoint - D-MARKET Electronic Services & Trading (Hepsiburada) and Vodafone Türkiye have formed a strategic collaboration to enhance customer experience in e-commerce and telecommunications [1][4]. Group 1: Collaboration Details - The partnership integrates the "Hepsiburada for Vodafone Users" platform into the Vodafone Yanımda app, which has over 16 million users [2]. - Hepsiburada will manage e-commerce operations on this platform, providing access to 280 million SKUs across more than 30 product categories [2]. - Customers will receive rewards such as free data, special discounts, and promotions when shopping on this platform [2]. Group 2: Benefits for Vodafone Red Members - New Vodafone Red members will receive a complimentary one-year membership to Hepsiburada's loyalty program, Hepsiburada Premium [3]. - Hepsiburada Premium includes benefits like free delivery, scheduled shipping, 3% cashback, a 50% discount on furniture assembly services, and a complimentary subscription to BluTV [3]. Group 3: Strategic Importance - Vodafone Türkiye CEO Engin Aksoy emphasized that this partnership redefines e-commerce and aims to provide an excellent shopping experience with exclusive rewards [4]. - Hepsiburada CEO Nilhan Onal Gökçetekin stated that the collaboration combines the strengths of both companies to add value to millions of Vodafone Türkiye customers [4]. - The initiative is expected to expand the customer base for both companies while offering a fast and rewarding shopping experience [4]. Group 4: Company Background - Hepsiburada is a leading e-commerce technology platform in Türkiye, operating through a hybrid model that includes first-party direct sales and a third-party marketplace with approximately 100,000 merchants [9]. - The platform offers a broad ecosystem of capabilities, including last-mile delivery, fulfillment services, advertising solutions, cross-border sales, payment services, and affordability solutions [10]. - Hepsiburada's integrated fintech platform, Hepsipay, provides secure payment solutions, enhancing shopping convenience for consumers and driving higher sales conversions for merchants [10]. Group 5: Social Impact - Since its founding in 2000, Hepsiburada has focused on empowering women in the Turkish economy, supporting nearly 57,500 female entrepreneurs through its 'Technology Empowerment for Women Entrepreneurs' program [11].

Core Viewpoint - Hepsiburada has received all necessary regulatory approvals for the sale of 65.4% of its outstanding shares to Kaspi.kz, marking a significant step in the company's ownership transition [1]. Regulatory Approvals - As of January 2, 2025, the Turkish Competition Board, the Banking Regulation and Supervision Agency, the Information Technologies and Communications Authority, and the Central Bank of the Republic of Türkiye have granted the required approvals for the stock purchase agreement dated October 17, 2024 [1]. Extraordinary General Assembly - The Board of Directors has called for an Extraordinary General Assembly Meeting on January 31, 2025, at 15:00, to discuss various agenda items including the election of Board members and amendments to the Articles of Association [2][5]. Voting Rights - Holders of the Company’s American Depositary Shares (ADSs) must act through The Bank of New York Mellon to exercise their voting rights for the underlying shares [3]. Company Overview - Hepsiburada is a leading e-commerce technology platform in Türkiye, operating a hybrid model that includes first-party direct sales and a third-party marketplace with approximately 100,000 merchants [8]. Services Offered - The platform provides a wide range of services including last-mile delivery, fulfillment services, advertising solutions, cross-border sales, payment services, and affordability solutions, enhancing convenience for consumers and driving sales for merchants [9]. Social Impact - Since its founding in 2000, Hepsiburada has focused on empowering women in the Turkish economy, notably through its "Technology Empowerment for Women Entrepreneurs" program, which has supported nearly 57,500 female entrepreneurs [10].