D-MARKET Electronic Services & Trading

	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18
Total revenue	84.65	57.05	35.56	38.23	24.79	15.17	2.60	1.96
Cost of revenue	53.98	35.66	28.31	29.92	19.44	11.85	1.85	1.52
Gross profit	30.67	21.39	7.25	8.31	5.35	3.32	0.76	0.44
Total operating expenses +	31.57	21.37	7.97	15.69	12.13	4.15	0.66	0.49
Selling, general and administrative	9.96	0.13	3.94	4.80	2.89	0.84	0.19	0.17
Research and development		0.74	0.93	0.38	0.23	0.08	0.02	0.02
Other operating expenses	21.62	20.50	3.11	10.51	9.01	3.23	0.44	0.30
Operating income	-0.90	0.02	-0.72	-7.38	-6.78	-0.83	0.10	-0.05
Non-operating income (net)	-4.84	-1.62	0.80	0.46	3.45	-0.11	-0.23	-0.11
Income before tax	-5.74	-1.60	0.08	-6.92	-3.33	-0.94	-0.13	-0.16
Income tax expense	-0.04		2.65	0.01	2.70	0.12	0.07	0.05
Net income	-5.70	-1.60	0.08	-6.92	-3.33	-0.94	-0.13	-0.16

Show Quarterly Income Statement

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20
Total revenue	23.14	30.34	19.92	16.74	14.39	20.44	12.24	13.66	15.62	11.31	12.04	8.06	7.80	16.71	5.54	5.30	2.53	2.53	3.07	3.18	1.39	2.20	1.67	1.67	0.84
Cost of revenue	14.64	19.95	12.51	10.41	9.06	12.82	7.37	8.19	10.37	7.51	8.43	5.64	5.43	14.61	4.01	3.82	2.12	1.84	2.60	2.36	1.19	1.74	1.29	1.22	0.60
Gross profit	8.50	10.38	7.41	6.34	5.32	7.62	4.87	5.47	5.25	3.80	3.61	2.41	2.37	2.09	1.52	1.48	0.41	0.69	0.47	0.83	0.19	0.46	0.38	0.45	0.23
Total operating expenses +	8.94	10.11	8.00	6.30	5.87	20.24	4.84	5.51	5.39	3.90	3.85	2.58	2.66	4.73	1.95	2.67	0.77	1.05	1.80	1.31	0.32	0.67	0.40	0.40	0.24
Selling, general and administrative	2.72	3.60	2.25	1.81	1.89	6.34	1.50	1.63	1.65	1.20	1.21	0.81	0.82	0.03	0.59	0.67	0.35	0.34	0.33	0.23	0.00	0.14	0.08	0.07	0.06
Research and development			0.20		0.31		0.15	0.15	0.13	0.13	0.12	0.09	0.06	0.76	0.26	0.04	0.06	0.06	0.01	0.01	0.01	0.04	0.01	0.01	0.01
Other operating expenses	6.21	6.51	5.55	4.49	3.67	13.90	3.18	3.73	3.60	2.57	2.52	1.68	1.78	3.94	1.10	1.95	0.36	0.65	1.46	1.07	0.31	0.49	0.31	0.32	0.17
Operating income	-0.44	0.28	-0.59	0.03	-0.55	0.20	0.03	-0.04	-0.14	-0.10	-0.25	-0.16	-0.29	-2.63	-0.42	-1.19	-0.37	-0.37	-1.34	-0.48	-0.13	-0.21	-0.01	0.05	0.00
Non-operating income (net)	-0.52	-3.51	-0.73	-0.76	0.19	-0.92	-0.34	-0.48	-0.05	-0.03	-0.04	-0.03	-0.04	0.03	-0.12	0.27	0.13	0.13	-0.17	0.00	-0.11	-0.11	-0.07	-0.07	-0.05
Income before tax	-0.96	-3.23	-1.32	-0.72	-0.36	-0.72	-0.31	-0.52	-0.18	-0.13	-0.29	-0.19	-0.32	-2.61	-0.55	-0.92	-0.24	-0.24	-1.51	-0.48	-0.24	-0.32	-0.08	-0.02	-0.06
Income tax expense	0.03	-0.04							0.96	0.96	0.32	1.00	0.31	-0.14	-0.14	-0.02	-0.29	-0.29	0.09	0.04	0.05	-0.27	0.05	0.02	0.03
Net income	-0.99	-3.19	-1.32	-0.72	-0.36	-0.72	-0.31	-0.52	-0.18	-0.13	-0.29	-0.19	-0.32	-2.61	-0.41	-0.92	-0.24	0.05	-1.51	-0.48	-0.24	-0.32	-0.08	-0.02	-0.06

5 days ago

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	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18
Total cash and short-term investments +	13.52	9.13	10.43	8.71	8.17	0.59	0.28	0.14
Cash and cash equivalents	11.51	6.75	7.94	8.68	6.26	0.59	0.28	0.14
Short-term investments	2.02	2.38	2.49	0.03	1.90	0.00
Accounts receivable, net	6.24	5.12	3.96	1.68	0.59	0.21	0.11	0.06
Inventories	8.72	6.00	5.72	2.95	2.88	0.77	0.37	0.20
Other current assets	1.17	0.60	1.00	0.47	0.19	0.11	0.02	0.02
Total current assets	29.65	20.85	21.11	13.80	11.82	1.69	0.78	0.42
Total non-current assets +	7.28	5.29	4.27	2.78	1.56	0.28	0.18	0.22
Property, plant and equipment, net					0.30	0.18	0.11	0.16
Goodwill	0.00	0.00	0.00	0.00	0.00
Intangible assets	3.87	3.06	2.68	1.39	0.41	0.09	0.06	0.05
Long-term investments
Other non-current assets
Total assets	36.93	26.14	25.38	16.59	13.39	1.96	0.96	0.64

Total current liabilities +	33.37	21.59	19.70	12.76	8.22	2.66	1.21	0.89
Accounts payable	25.87	14.97	15.25	9.70	6.67	1.42	1.01	0.49
Short-term debt	1.65	1.65	0.49	0.28	0.50	0.40	0.05	0.15
Current portion of long-term debt	0.60	1.24	0.18	0.01	0.19	0.35	0.02	0.10
Deferred revenue
Other current liabilities	3.08	1.63	0.94	1.34	0.52	0.83	0.03	0.24
Total non-current liabilities +	1.54	1.24	0.91	0.46	0.36	0.10	0.06	0.11
Long-term debt			0.00	0.01				0.00
Capital lease obligations	1.83	0.99	0.28	0.26	0.21	0.14	0.08	0.15
Other non-current liabilities				0.15	0.10		0.00	0.00
Total liabilities	34.92	22.82	20.61	13.22	8.57	2.75	1.27	1.00

Total stockholders' equity +	2.01	3.32	4.77	3.37	4.81	-0.79	-0.31	-0.36
Common stock and paid-in capital	32.15	22.49	22.31	6.32	6.55	0.24	0.25	0.07
Retained earnings	-30.14	-19.16	-17.54	-2.95	-1.74	-1.03	-0.56	-0.42
Common shares outstanding	317	321	325	326	305	326	326	326

Show Quarterly Balance Sheet

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20
Total cash and short-term investments +	9.84	13.52	9.31	8.90	7.29	11.96	8.13	6.86	7.97	7.97	6.40	6.40	4.99	8.71	5.28	4.34	3.62	3.62	4.04	0.71	0.39	0.59	0.00	0.00	0.28
Cash and cash equivalents	7.93	11.51	7.41	7.09	6.70	8.84	4.26	3.68	3.56	3.56	5.71	5.71	4.97	8.68	5.27	3.47	2.33	2.33	4.04	0.71	0.39	0.59			-0.28
Short-term investments	1.92	2.02	1.91	1.81	0.60	3.12	3.87	3.18	4.40	4.40	0.69	0.69	0.02	0.03	0.02	0.87	1.29	1.29							0.56
Accounts receivable, net	4.86	6.24	5.53	5.78	5.14	6.60	3.38	3.09	3.01	3.01	1.57	1.57	0.57	1.68	1.12	0.29	0.35	0.35	0.30	0.19	0.17	0.21
Inventories	8.21	8.72	9.59	7.40	7.00	7.86	6.91	5.61	4.83	4.83	3.82	3.82	1.96	2.95	1.79	2.17	1.94	1.94	0.92	0.61	0.73	0.77
Other current assets	1.52	1.17	1.35	0.93	0.91	0.06	1.44	0.98	1.04	1.04	1.10	1.10	0.63	0.47	0.47	0.62	0.32	0.32	0.27	0.11	0.09	0.11
Total current assets	24.44	29.65	25.79	23.01	20.35	27.30	19.86	16.54	16.85	16.85	12.89	12.89	8.13	13.80	8.38	7.43	6.23	6.23	5.53	1.61	1.37	1.69			0.28
Total non-current assets +	7.95	7.28	7.00	6.16	6.02	6.92	4.62	4.02	3.47	3.47	2.58	2.58	1.93	2.78	1.69	1.46	0.93	0.93	0.40	0.38	0.31	0.28			-0.28
Property, plant and equipment, net											0.96	0.81			0.71	0.61	0.33	0.30	0.25	0.24	0.20
Goodwill		0.00			0.00	0.00			0.00	0.00			0.00	0.00	0.00
Intangible assets	3.87	3.87	3.94	3.65	3.44	4.00	2.75	2.50	2.22	2.22	1.57	1.57	1.07	1.39	0.85	0.66	0.27	0.27	0.15	0.13	0.11	0.09
Long-term investments
Other non-current assets
Total assets	32.39	36.93	32.79	29.17	26.37	34.22	24.48	20.56	20.32	20.32	15.47	15.47	10.05	16.59	10.07	8.89	7.16	7.16	5.94	1.99	1.69	1.96

Total current liabilities +	29.80	33.37	30.48	24.98	21.64	28.25	19.51	15.94	15.79	15.79	11.19	11.19	7.64	12.76	7.73	6.24	4.49	4.49	3.81	3.18	2.62	2.66
Accounts payable	22.30	25.87	23.14	18.59	15.45	19.60	14.89	12.34	11.96	11.96	8.88	8.88	5.80	9.70	9.70	4.74	3.52	3.52	2.97	2.46	1.20	1.42
Short-term debt	1.66	1.65	2.01	1.77	2.03		1.05	0.59	0.44	0.44	0.34	0.34	0.18	0.28	0.28	0.21	0.30	0.30	0.21	0.23	0.50	0.40
Current portion of long-term debt	0.34	0.60	1.00	1.22	1.52	2.20	0.95	0.47	0.31	0.18	0.20	0.08	0.03	0.01	0.05	0.26	0.18	0.19	0.13	0.16	0.43	0.35
Deferred revenue
Other current liabilities	3.13	3.08	5.33	2.21	2.10	0.10	1.49	1.29	3.38	1.20	1.96	0.84	1.67	1.34	-3.61	1.29	0.67	0.37	0.63	0.49	0.92	0.83
Total non-current liabilities +	1.36	1.54	1.45	1.35	1.39	1.62	1.30	0.98	0.84	0.84	0.57	0.57	0.30	0.46	0.28	0.28	0.21	0.21	0.10	0.13	0.09	0.10
Long-term debt									0.00	0.00	0.00	0.01	0.01	0.01	0.01	0.02	0.00
Capital lease obligations	1.93	1.83	1.77	1.22	1.23	1.30	0.75	0.45	0.31	0.28	0.24	0.23	0.26	0.26	0.27	0.23	0.23	0.21	0.18	0.19	0.16	0.14
Other non-current liabilities	0.45		0.49	0.50	0.51		0.53	0.53	0.54		0.39	0.21	0.16	0.15	0.15	0.13	0.09	0.10
Total liabilities	31.17	34.92	31.93	26.33	23.03	29.87	20.81	16.92	16.62	16.62	11.76	11.76	7.94	13.22	8.01	6.52	4.70	4.70	3.91	3.31	2.71	2.75

Total stockholders' equity +	1.22	2.01	0.86	2.84	3.34	4.35	3.67	3.63	3.69	3.69	3.71	-9.46	2.12	3.37	2.06	2.37	2.46	2.46	2.03	-1.32	-1.03	-0.79			-0.31
Common stock and paid-in capital	22.38	32.15	26.82	26.30	24.79	29.43	21.05	19.31	17.80	17.80	14.17	0.99	10.62	6.32	5.01	8.70	4.44	4.44	4.40	0.28	0.24	0.24	0.00	0.00	-0.31
Retained earnings	-21.16	-30.14	-25.96	-23.46	-21.45	-25.09	-17.38	-15.68	-14.11	-14.11	-10.45	-10.45	-8.50	-2.95	-2.95	-6.33	-1.98	-1.98	-2.38	-1.60	-1.27	-1.03
Common shares outstanding	367	308	323	323	323	326	320	320	327	327	324	324	327	325	325	327	324	324	326	326	326	279	326	326	326

5 days ago

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	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18
Operating cash flow +	4.81	0.02	0.10	-0.03	-0.05	0.02	0.36	0.17
Net income
Depreciation, depletion and amortization	3.44	0.06	0.05	0.03	0.02	0.01	0.07	0.08
Stock-based compensation	0.22	0.36	0.11	0.25	0.28	0.00	0.00
Change in inventory	-1.26	-0.01	-0.05	0.07	-0.10	-0.06	-0.16	-0.09
Other working capital changes	2.41	-0.39	-0.01	-0.37	-0.25	0.07	0.46	0.18
Cash flow from investing +	-1.52	-0.03	-0.09	0.05	-0.12	-0.01	-0.05	-0.05
Capital expenditures	-2.62	-0.06	-0.05	-0.05	-0.01	0.00	-0.05	-0.05
Others incl. marketable securities changes	1.10	0.04	-0.04	0.11	-0.12	-0.01	0.00	0.00
Cash flow from financing +	1.71	0.03	-0.01	-0.03	0.43	0.04	-0.17	-0.19
Dividend payout	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Common stock repurchases	0.00	0.00	0.00	0.00	0.00
Net Debt Issuance	1.71	0.03	0.00	-0.03	0.43	0.04	-0.17	-0.19

Change in cash	5.00	0.02	0.00	0.00	0.26	0.05	0.14	-0.07

Show Quarterly Cash Flow

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20
Operating cash flow +	-2.35	1.47	0.04	3.85	-0.03	2.30	0.03	-0.03	0.03	1.46	0.06	2.15	-0.01	0.07	1.23	0.02	-0.10	-1.24	-0.09	0.75	-0.12	0.26	-0.05	0.15	0.08
Net income
Depreciation, depletion and amortization	0.86	0.81	0.02	0.74	0.02	0.66	0.01	0.01	0.01	0.39	0.01	0.35	0.01	0.01	0.20	0.01	0.00	0.06	0.00	0.03	0.03	0.03	0.02	0.02	0.02
Stock-based compensation	0.04	0.00	0.14	0.03	0.04	0.12	0.02	0.02	0.03	0.03			0.02	0.14	0.14	0.04	0.03	0.03	0.06	0.01	0.12
Change in inventory	1.55	1.44	-0.04	-0.23	-0.01	1.54	-0.03	-0.01	-0.01	-0.46	-0.03	-0.69	0.00	0.03	0.60	0.01	-0.02	-0.30	-0.04	0.13	0.04	-0.17	-0.03	-0.17	-0.04
Other working capital changes	-4.80	-0.79	-0.08	3.31	-0.08	-0.02	0.03	-0.04	-0.01	1.51	0.08	2.49	-0.04	-0.12	0.28	-0.04	-0.11	-1.03	-0.11	0.58	-0.31	0.40	-0.04	0.31	0.10
Cash flow from investing +	-0.56	-0.73	-0.01	-0.61	0.04		-0.03	0.02	-0.09		-0.02	-0.46	-0.01	0.04	0.48	0.03	-0.01	-0.96	-0.01	-0.04	-0.04	-0.04	-0.03	-0.02	-0.02
Capital expenditures	-0.74	-0.72	-0.02	-0.51	-0.02	-0.69	-0.01	-0.01	-0.01	-0.43	-0.01	-0.35	-0.01	-0.01	-0.28	-0.01	-0.01	-0.12	-0.01	-0.04	-0.04	-0.04	-0.03	-0.02	-0.02
Others incl. marketable securities changes	0.18	-0.01	0.00	-0.10	0.06	0.69	-0.02	0.04	-0.08	0.43	0.00	-0.12	0.00	0.05	0.76	0.05	0.00	-0.84	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash flow from financing +	-0.63	3.54	-0.01	-2.84	-0.01	-2.29	0.01	0.00	0.00	-1.02	0.00	-0.88	0.00	-0.01	-0.72	-0.02	0.00	-0.20	0.50	-0.39	-0.05	-0.01	-0.11	-0.03	0.13
Dividend payout	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Common stock repurchases		0.00							0.00	-0.05
Net Debt Issuance	-0.63	3.54	-0.01	-2.84	-0.01	-2.29	0.01	0.00	0.00	-0.97	0.00	-0.88	0.00	-0.01	-0.72	-0.02	0.00	-0.20	0.50	-0.39	-0.05	-0.01	-0.11	-0.03	0.13

Change in cash	-3.54	4.28	0.01	0.40	0.00	0.01	0.01	0.00	-0.07	0.44	0.05	0.81	-0.02	0.09	0.99	0.04	-0.11	-2.40	0.40	0.31	-0.20	0.21	-0.19	0.11	0.19