D-MARKET Electronic Services & Trading Reports Deepening Losses, Persistent Internal Control Weaknesses, and CEO Transition in 2025 Annual Report

summarizeSummary

D-MARKET Electronic Services & Trading reported significantly wider net losses and declining EBITDA in 2025, alongside persistent material weaknesses in internal controls and a planned CEO transition, indicating substantial operational and governance challenges.

check_boxKey Events

• Net Loss Widens Significantly

  The company reported a net loss of TRY 5,699.2 million for the year ended December 31, 2025, a substantial increase from the TRY 2,100.7 million net loss in 2024.

• Persistent Material Weaknesses in Internal Controls

  Management identified material weaknesses in the control environment, information and communication, control activities, and monitoring components of internal control over financial reporting for 2025, a recurring issue from prior years.

• CEO Transition Announced

  Current Chief Executive Officer, Nilhan Onal, is scheduled to step down from her role by July 1, 2026, following an orderly transition period.

• Significant Capital Increase and Ownership Consolidation

  A capital increase of TRY 4,171,960,010.85 was approved in November 2025, with controlling shareholder Kaspi.kz subscribing for the majority, increasing its ownership to 85.66% as of March 16, 2026.

auto_awesomeAnalysis

D-MARKET Electronic Services & Trading's 2025 annual report reveals a significant deterioration in financial performance, with net losses widening substantially to TRY 5.7 billion from TRY 2.1 billion in 2024. This worsening profitability is compounded by a notable decline in EBITDA. Critically, the company continues to report material weaknesses in its internal control over financial reporting across multiple key areas, indicating ongoing challenges in financial oversight despite some remediation efforts. The planned departure of CEO Nilhan Onal by July 1, 2026, adds to leadership uncertainty during this challenging period. While a TRY 4.17 billion capital increase in late 2025, largely subscribed by controlling shareholder Kaspi.kz, provided necessary funding, it was dilutive to other shareholders. The company also faces continued regulatory scrutiny, evidenced by multiple administrative fines and ongoing investigations from Turkish authorities, highlighting persistent compliance risks.