VR Advisory Services Ltd - 31 Dec 2025 SCHEDULE 13G Report for D-MARKET Electronic Services & Trading Ordinary Shares, nominal value TRY 0.20 per share (HEPS)

Filing Manager: VR Advisory Services Ltd
Reporting Manager: VR Advisory Services Ltd
Security: D-MARKET Electronic Services & Trading Ordinary Shares, nominal value TRY 0.20 per share
Symbol: HEPS
Shares outstanding: 358,104,804 shares
Disclosed Ownership: 16,472,821 shares
Ownership: 4.6%
Form type: SCHEDULE 13G
Filing time: 17 Feb 2026, 16:05:49 UTC
Date of event: 31 Dec 2025
SEC: View on sec.gov

Reporting Managers (6)

Name	Ownership	Shares Owned	sole voting power	Signature	Title
VR Advisory Services Ltd	4.6%	16,472,821	16,472,821	/s/ Emile du Toit	Emile du Toit / Authorized Person
VR Global Partners, L.P.	4.6%	16,472,821	16,472,821	/s/ Emile du Toit	Emile du Toit / Authorized Person of VR Advisory Services Ltd, its general partner
VR Capital Participation Ltd.	4.6%	16,472,821	16,472,821	/s/ Emile du Toit	Emile du Toit / Authorized Person
VR Capital Group Ltd.	4.6%	16,472,821	16,472,821	/s/ Emile du Toit	Emile du Toit / Authorized Person
VR Capital Holdings Ltd.	4.6%	16,472,821	16,472,821	/s/ Emile du Toit	Emile du Toit / Authorized Person
Deitz Richard	4.6%	16,472,821	16,472,821	/s/ Richard Deitz	Deitz Richard / Self