# EDGAR Filing Document

**Accession Number:** 0001850235
**File Stem:** 0001193125-25-285301
**Filing Date:** 2025-11
**Character Count:** 7668
**Document Hash:** 15691ddb48b10263ec2503801a337a51
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-285301.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001193125-25-285301

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** D-MARKET Electronic Services & Trading
- **CENTRAL INDEX KEY:** 0001850235
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** W8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93506
- **FILM NUMBER:** 251492795

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** KUSTEPE MAHALLESI MECIDIYEKOY YOLU
- **STREET 2:** CADDE NO: 12 TRUMP TOWERS KULE 2 K2
- **CITY:** SISLI ISTANBUL
- **PROVINCE COUNTRY:** W8
- **BUSINESS PHONE:** 90 (0) 212 304 20 00

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** KUSTEPE MAHALLESI MECIDIYEKOY YOLU
- **STREET 2:** CADDE NO: 12 TRUMP TOWERS KULE 2 K2
- **CITY:** SISLI ISTANBUL
- **PROVINCE COUNTRY:** W8
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Joint Stock Co Kaspi.kz
- **CENTRAL INDEX KEY:** 0001985487
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 1P
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 154A NAURYZBAI BATYR STREET
- **CITY:** ALMATY
- **STATE:** 1P
- **ZIP:** 050013
- **BUSINESS PHONE:** 7 727 3306710

**MAIL ADDRESS:**
- **STREET 1:** 154A NAURYZBAI BATYR STREET
- **CITY:** ALMATY
- **STATE:** 1P
- **ZIP:** 050013

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 3)**

**D-MARKET Electronic Services & Trading**

*(Name of Issuer)*

**Ordinary Shares, nominal value TRY 0.20 per share**

*(Title of Class of Securities)*

**23292B104**

*(CUSIP Number)*

**David Ferguson**<br>154A Nauryzbai Batyr Street<br>Almaty 1P 050013<br>7 727 3306710

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/17/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **23292B104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Joint Stock Company Kaspi.kz** | Name of reporting person<br>**Joint Stock Company Kaspi.kz** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**1P** | Citizenship or place of organization<br>**1P** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**223246220.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**223246220.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**223246220.00** | Aggregate amount beneficially owned by each reporting person<br>**223246220.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**69.46%** | Percent of class represented by amount in Row (11)<br>**69.46%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Ordinary Shares, nominal value TRY 0.20 per share

**(b) Name of Issuer:**
D-MARKET Electronic Services & Trading

**(c) Address of Issuer's Principal Executive Offices:**
KUSTEPE MAHALLESI MECIDIYEKOY YOLU, Caddesi NO: 12 TRUMP TOWERS KULE 2 K2, Sisli Istanbul, W8, 34387

This Amendment No. 3 (this "Amendment No. 3") amends and supplements the Schedule 13D originally filed by Joint Stock Company Kaspi.kz, a joint stock company incorporated under the laws of Kazakhstan (the "Reporting Person"), with the Securities and Exchange Commission (the "SEC") on February 5, 2025 (the "Schedule 13D"), as amended by Amendment No. 1 to the Schedule 13D filed by the Reporting Person with the SEC on July 30, 2025 ("Amendment No. 1") and Amendment No. 2 to the Schedule 13D filed by the Reporting Person with the SEC on November 13, 2025 ("Amendment No. 2" and, together with the Schedule 13D and Amendment No. 1, the "Schedule 13D, as amended"), relating to the ordinary shares, nominal value TRY 0.20 per share (the "Ordinary Shares") of D-MARKET Electronic Services & Trading (the "Issuer"). Except as specifically provided herein, this Amendment No. 3 does not modify or amend any of the information previously reported on the Schedule 13D, as amended. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Schedule 13D, as amended.

**Item 4. Purpose of Transaction**

The disclosure in Item 4 of the Schedule 13D, as amended, is hereby supplemented to incorporate the supplemental disclosure set forth in Item 3 of this Amendment No. 3.

**Item 5. Interest in Securities of the Issuer**

**(a)**
As of the date of this Amendment No. 3, the Reporting Person beneficially owns 223,246,220 Ordinary Shares of the Issuer, representing 69.46% of the total outstanding Ordinary Shares.(1)

(1) The percentage ownership is based on 321,382,906 Ordinary Shares as reported on the Issuer's Form 20-F filed with the Securities and Exchange Commission on April 30, 2025.

**(b)**
As of the date of this Amendment No. 3, the Reporting Person beneficially owns 223,246,220 Ordinary Shares of the Issuer, representing 69.46%(1) of the total outstanding Ordinary Shares, as set forth below:
Sole power to vote or direct the vote of: 223,246,220
Shared power to vote or to direct the vote of: 0
Sole power to dispose of or to direct the disposition of: 223,246,220
Shared power to dispose of or to direct the disposition of: 0

(1) The percentage ownership is based on 321,382,906 Ordinary Shares as reported on the Issuer's Form 20-F filed with the Securities and Exchange Commission on April 30, 2025.

**(c)**
The information set forth in Item 3 and Item 4 of this Amendment No. 3 is incorporated by reference into this Item 5(c).

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Joint Stock Company Kaspi.kz

**Signature:** /s/ Mikheil Lomtadze

**Name/Title:** Mikheil Lomtadze/Chief Executive Officer

**Date:** 11/18/2025