SCHEDULE 13D/A 0001985487 XXXXXXXX LIVE 4 Ordinary Shares, nominal value TRY 0.20 per share 12/03/2025 false 0001850235 23292B104 D-MARKET Electronic Services & Trading

KUSTEPE MAHALLESI MECIDIYEKOY YOLU Caddesi NO: 12 TRUMP TOWERS KULE 2 K2 Sisli Istanbul W8 34387

David Ferguson 7 727 3306710 154A Nauryzbai Batyr Street Almaty 1P 050013 Copy to: Era Anagnosti (202) 799-4000 DLA Piper LLP (US) 500 8th Street, N.W. Washington DC 20004 0001985487 N Joint Stock Company Kaspi.kz WC N 1P 233229889 0.00 233229889 0.00 233229889 N 72.57 CO Ordinary Shares, nominal value TRY 0.20 per share D-MARKET Electronic Services & Trading KUSTEPE MAHALLESI MECIDIYEKOY YOLU Caddesi NO: 12 TRUMP TOWERS KULE 2 K2 Sisli Istanbul W8 34387 This Amendment No. 4 (this "Amendment No. 4") 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"); Amendment No. 2 to the Schedule 13D filed by the Reporting Person with the SEC on November 13, 2025 ("Amendment No. 2"); and Amendment No. 3 to the Schedule 13D filed by the Reporting Person with the SEC on November 18, 2025 ("Amendment No. 3" and, together with the Schedule 13D and Amendment Nos. 1, 2 and 3, 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"), including such Ordinary Shares as are represented by American depositary shares (the "ADSs"), with each ADS representing one Ordinary Share, which are listed on the Nasdaq Global Select Market under the symbol "HEPS." Except as specifically provided herein, this Amendment No. 4 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. The disclosure in Item 3 of the Schedule 13D, as amended, is hereby supplemented by adding the following: On December 3, 2025, the Reporting Person agreed to purchase, in two separate transactions, an aggregate of 9,983,669 Ordinary Shares (represented by ADSs) of the Issuer from two unrelated counterparties at a purchase price of $2.95 per share for an aggregate purchase price of USD 29,451,823.55. The source of funding for the purchases is the working capital of the Reporting Person. 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. 4. As of the date of this Amendment No. 4, the Reporting Person beneficially owns 233,229,889 Ordinary Shares of the Issuer, representing 72.57% of the total outstanding Ordinary Shares.(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. As of the date of this Amendment No. 4, the Reporting Person beneficially owns 233,229,889 Ordinary Shares of the Issuer, representing 72.57%(1) of the total outstanding Ordinary Shares, as set forth below: Sole power to vote or direct the vote of: 233,229,889 Shared power to vote or to direct the vote of: 0 Sole power to dispose of or to direct the disposition of: 233,229,889 Shared power to dispose of or to direct the disposition of: 0 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. The information set forth in Item 3 and Item 4 of this Amendment No. 4 is incorporated by reference into this Item 5(c). No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any of the Ordinary Shares beneficially owned by the Reporting Person, other than as described herein. Not applicable. Joint Stock Company Kaspi.kz /s/ Mikheil Lomtadze 12/05/2025