Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 1 ...

Alistair Berg Investment Thesis Shares of Hepsiburada (NASDAQ:HEPS) have had a volatile ride, opening at $13 since inception and is now trading at around $1.50, a significant decline. Despite the market's pessimism around Turkey's economy and inflationary pressures, I believe the stock is a bargain because of the company's demonstrated resilience against the challenging macroeconomic backdrop of Turkey. Operating losses have narrowed from a trough of $294 million in December 2021 to $24.5 million in Dec ...

Financial Data and Key Metrics Changes - In Q3, the company achieved a GMV growth of 126% year-on-year, with an adjusted growth of 45% when accounting for inflation [22][70] - The EBITDA as a percentage of GMV rose by 690 basis points year-on-year to 2.7%, while adjusted for one-time income, it was at 2.2% [23][71] - The gross contribution margin improved to 11.6%, reflecting a 1.8 percentage point increase compared to the same quarter last year [43][72] Business Line Data and Key Metrics Changes - The retail revenue increased by 50% and marketplace revenue grew by 61%, contributing to a total revenue growth of around 52% [72] - The share of total non-card affordability solutions in GMV rose to 5.6%, up from 5% in the previous quarter [35] - Hepsipay issued 708,000 prepaid cards in six months, indicating strong demand for this product [10] Market Data and Key Metrics Changes - The company reported a significant increase in order frequency, with a 59% growth in order frequency and a 55% increase in order volume [32][59] - The HepsiJet service achieved an 82% next-day delivery ratio among 1P orders, confirming its importance in the delivery ecosystem [65] Company Strategy and Development Direction - The company focuses on a four-pillar strategy: loyalty, sustainable differentiation, cost streamlining, and expanding B2B revenue in fintech and logistics [33] - The Hepsiburada Premium program has over 2 million members, significantly influencing customer behavior and retention [62] - The company is committed to enhancing its advertising platform and expanding its non-electronics product mix to drive future growth [54] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macroeconomic environment, with inflation reaching 61.5%, but emphasized the company's robust performance [22] - The company expects GMV growth in Q4 to be between 93% to 95% compared to the same period last year, with an EBITDA margin of 0.5% to 1% [40] - Management expressed confidence in the sustainability of profitable growth despite potential consumer demand impacts from interest rate hikes [53] Other Important Information - The company reported a free cash flow of TRY 2 billion in Q3 2023, reflecting a significant improvement in operating profitability [74] - The Hepsipay wallet allows customers to use loans from partner banks for payments, enhancing the payment experience [63] Q&A Session Summary Question: What drives growth deceleration in Q4 2023 compared to Q3 2023? - Management indicated that the strong base in Q4 '22 and the VAT change in Q3 are key factors for expected deceleration [49] Question: Could you provide color on September sales and how the Legendary November event was relative to your expectations? - Management confirmed that the November campaign met expectations, driven by increased uptake from Premium consumers and strong performance in non-electronic categories [51][78] Question: What is the outlook for EBITDA margin in 2024? - Management stated that they are focused on sustainable profitability rather than a specific margin target for 2024 [82] Question: Can you provide an update on the recent competition authority investigation? - Management shared that they are cooperating with the investigation regarding price recommendations and are confident about the potential outcomes [96]

D-Market Elektronik Hizmetler ve Ticaret A.S. (NASDAQ:HEPS) Q2 2023 Earnings Conference Call August 24, 2023 9:00 AM ET Conference Call Participants Ladies and gentlemen, thank you for standing by. I am Geli, your Chorus Call operator. Welcome, and thank you for joining the Hepsiburada Conference Call and Live Webcast to present and discuss the Second Quarter 2023 Financial Results. [Operator Instructions] Thanks, operator. Thank you for joining us today for Hepsiburada's second quarter 2023 earnings call. ...

Financial Performance - Revenue increased by 42.8% YoY to TRY 5893.6 million in Q2 2023[96] - Gross Contribution margin increased by 4.4 percentage points YoY to 9.3% of GMV in Q2 2023[165] - Net income was TRY 881.1 million for Q2 2023, compared to a net loss of TRY 782.7 million for Q2 2022[96] - IAS 29-Unadjusted EBITDA reached 2.0% of GMV in Q2 2023, a 4.7 percentage points YoY increase[70] - GMV grew by 43% YoY, reaching TRY 19.0 billion in Q2 2023[165] Operational Metrics - Total orders increased by 95% YoY to 27.5 million in Q2 2023[70] - Active Customers increased by 3% YoY to 12.0 million in Q2 2023[101] - (LTM) Active Merchants increased by 14% YoY in Q2 2023[120] - Number of SKUs increased by 50% YoY from 130.3 million to 194.7 million in Q2 2023[82] Hepsipay and Affordability Solutions - Hepsipay wallet base reached 12.5 million users in Q2 2023[67] - BNPL solutions saw 207K+ clients using their limits as of Q2 2023[67]

Exhibit 99.1 Hepsiburada Announces Second Quarter 2023 Financial Results ISTANBUL, August 24, 2023 - 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 ended June 30, 2023. Restatement of financial information: Pursuant to the International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies ("IAS ...

Financial Data and Key Metrics Changes - The company achieved a positive EBITDA of TRY 176 million, marking the highest level since its IPO in July 2021, with a year-on-year EBITDA as a percentage of GMV rising by 4.8 percentage points [3][21][28] - Revenue growth was reported at 16% year-on-year, with adjusted for inflation GMV growth at 78%, reaching TRY 14.8 billion [51][55] - The gross contribution margin improved to 9.3%, reflecting a 5.6 percentage point increase compared to the same quarter last year [25][56] Business Line Data and Key Metrics Changes - The share of marketplace GMV reached 68%, up from 65% in Q1 2022, indicating a strategic advantage in third-party operations [24] - Non-electronics categories in GMV split rose by 1.6 percentage points to 43% year-on-year, showcasing diversification in product offerings [24] - HepsiPay Wallet users increased to 11.8 million, a 66% rise year-on-year, with 87% of GMV generated by HepsiPay customers [41] Market Data and Key Metrics Changes - The number of merchants on the platform exceeded 100,000, reflecting a 21% year-on-year increase, with total orders around 74 million, marking a 61% growth [9][37] - The company reported a significant improvement in next-day delivery capabilities, rising to 84% year-on-year [15] - The active customer base remained nearly TRY 11.9 million, with signs of recovery post-earthquake [37] Company Strategy and Development Direction - The company aims to focus on sustainable differentiators, including affordability solutions and superior delivery services, to enhance customer retention and competitive positioning [5][10] - A strategic priority is to offer logistics and fintech solutions to third parties, unlocking new revenue streams and enhancing operational efficiency [46] - The company is committed to profitability through core operations and cost optimization, with a focus on customer loyalty via the Hepsiburada Premium program [10][38] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the second quarter, expecting continued strong growth driven by improved merchant onboarding and a focus on non-electronics [60][62] - The company acknowledged the impact of the February earthquake but noted a return to pre-earthquake levels in customer engagement by March [37][49] - Management emphasized the importance of optimizing discounts and operational expenditures to maintain profitability [70][72] Other Important Information - The company launched the HepsiPay debit card and introduced new customer loan features to enhance financial flexibility for users [48] - HepsiJet's performance in logistics showed a solid increase in third-party delivery services, contributing to overall growth [17][44] - The company reported a negative free cash flow of TRY 154 million in Q1 2023, an improvement from negative TRY 2.3 billion in Q1 2022, due to better working capital management [27] Q&A Session Summary Question: What are the main drivers behind the robust growth expected in the second quarter? - Management indicated that the growth rate in Q1 was significantly hampered by the earthquake, and excluding this factor, stronger growth was observed, leading to confidence in future performance [60] Question: Do you expect a positive trend to continue in the rest of the year? - Management expressed optimism about maintaining a positive trend, particularly with the onboarding of new merchants and a focus on non-electronics, which are expected to enhance margins [62] Question: How is the company managing discounts and operational expenditures? - Management confirmed ongoing optimization of customer discounts and operational expenditures to ensure profitability moving forward [70][72]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 1 ...

Financial Data and Key Metrics Changes - In Q4 2022, the company generated positive free cash flow of TRY 1.1 billion compared to negative TRY 191 million a year ago, attributed to better working capital management and improved EBITDA [3][4] - For the full year 2022, free cash flow was nearly flat at negative TRY 416 million, with higher cash provided by operating activities [4] - The company achieved a negative 2.1% EBITDA as a percentage of GMV in 2022, marking a 4.4 percentage point year-on-year improvement [66] Business Line Data and Key Metrics Changes - The adjusted GMV grew by 104% in Q4 2022 compared to Q4 2021, with a full year GMV growth of around 4% [17][20] - Marketplace revenue grew by approximately 41%, while 1P revenue increased by 3% and other revenues, including advertising and fulfillment services, surged by 86% [24] - The share of non-electronics in GMV rose to 42% in 2022, reflecting the expansion of long-tail products [20] Market Data and Key Metrics Changes - E-commerce penetration in Turkey remains low at 15%, indicating significant growth potential [12] - The company reported a 39% increase in order frequency, reaching 6.6 orders per customer in 2022 [67] - The active customer base grew by over 900,000, totaling 12.2 million by year-end [42] Company Strategy and Development Direction - The company aims to focus on customer loyalty through its Hepsi Premium program, which has already attracted 840,000 members [54] - Plans to externalize payment services and logistics to other online retailers are in place, leveraging HepsiPay and HepsiJet for additional revenue streams [53][59] - The strategic focus includes improving profitability through a prioritized approach to core commerce and cost optimization [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA breakeven in Q1 2023, despite challenges posed by recent earthquakes [64] - The company anticipates GMV growth of around 70% in Q1 2023 compared to Q1 2022, which is expected to exceed inflation [64] - Management highlighted the importance of digitalization in Turkish e-commerce and the potential for sustainable profitability [37] Other Important Information - The company has initiated a two-year program to support small and medium-sized enterprises in earthquake-affected regions, aiming to generate TRY 10 billion in GMV during this period [63] - HepsiJet's operational footprint expanded significantly, delivering 65% of Hepsiburada parcels in 2022, up from 50% in 2021 [58] Q&A Session Summary Question: Impact of new e-commerce regulation on revenue and marketing costs - Management welcomed the new regulation, expecting a reduction in marketing investment aligned with improved performance marketing and customer retention strategies [9][10] Question: CapEx guidance for 2023 - Management indicated that CapEx for 2023 would be similar to 2022, primarily focused on R&D and technology investments [11][12] Question: Competitive environment and customer acquisition - Management noted that Hepsiburada's local agility and resources provide a competitive advantage over global players like Amazon, emphasizing a strong market position [34][35]

Exhibit 99.1 Hepsiburada Announces Fourth Quarter and Full Year 2022 Financial Results ISTANBUL, March 22, 2023 - 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 full year ended December 31, 2022. Restatement of financial information: Pursuant to the International Accounting Standard 29, Financial Reporting in Hy ...