X0202 SCHEDULE 13D/A 0001985487 XXXXXXXX LIVE 7 Ordinary Shares, nominal value TRY 0.20 per share 03/16/2026 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 306012232 0.00 306012232 0.00 306012232 N 85.66 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. 7 (this "Amendment No. 7") 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"); Amendment No. 3 to the Schedule 13D filed by the Reporting Person with the SEC on November 18, 2025 ("Amendment No. 3"); Amendment No. 4 to the Schedule 13D filed by the Reporting Person with the SEC on December 5, 2025; Amendment No. 5 to the Schedule 13D filed by the Reporting Person with the SEC on December 29, 2025 ("Amendment No. 5"); and Amendment No. 6 to the Schedule 13D filed by the Reporting Person on January 7, 2026 ("Amendment No. 6" and, together with the Schedule 13D and Amendment Nos. 1, 2, 3, 4, 5, and 6, 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. 7 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. On March 16, 2026, the Reporting Person agreed to purchase an aggregate of 1,773,645 Ordinary Shares (represented by ADSs) of the Issuer from an unrelated party at a purchase price of USD 2.95 per share, for an aggregate purchase price of USD 5,232,252.75. The source of funding for the purchases was the working capital of the Reporting Person. The purpose of the Reporting Person's transactions in the Issuer's securities, including the transaction reported in this Amendment No. 7, is to have a controlling interest in the Issuer. The Reporting Person re-examines its investment in the Issuer on a continuing basis. Any actions the Reporting Person might undertake with respect to its investment may be made at any time and from time to time and will be dependent upon the Reporting Person's review of numerous factors, including, but not limited to: ongoing evaluation of the Issuer's business, prospects and strategic alternatives; price levels of the Issuer's securities; general market, industry and economic conditions; and other factors and future developments. The Reporting Person may consider, explore and/or develop plans and/or formulate proposals with respect to its investment in the Issuer and propose or consider one or more of the actions described in subparagraphs (a) - (j) of Item 4 of Schedule 13D. As of the date of this Amendment No. 7, the Reporting Person beneficially owns 306,012,232 Ordinary Shares of the Issuer, representing 85.66% of the total outstanding Ordinary Shares.(1) (1) The percentage ownership is based on 357,225,200 Ordinary Shares, representing 321,382,906 Ordinary Shares as reported on the Issuer's Form 20-F filed with the SEC on April 30, 2025, plus 35,842,294 Ordinary Shares issued and outstanding as a result of the Issuer's Capital Increase, as reported on the Issuer's Form 6-K furnished to the SEC on December 29, 2025. As of the date of this Amendment No. 7, the Reporting Person beneficially owns 306,012,232 Ordinary Shares of the Issuer, representing 85.66(1) of the total outstanding Ordinary Shares, as set forth below: Sole power to vote or direct the vote of: 306,012,232 Shared power to vote or to direct the vote of: 0 Sole power to dispose of or to direct the disposition of: 306,012,232 Shared power to dispose of or to direct the disposition of: 0 (1) The percentage ownership is based on 357,225,200 Ordinary Shares, representing 321,382,906 Ordinary Shares as reported on the Issuer's Form 20-F filed with the SEC on April 30, 2025, plus 35,842,294 Ordinary Shares issued and outstanding as a result of the Issuer's Capital Increase, as reported on the Issuer's Form 6-K furnished to the SEC on December 29, 2025. The information set forth in Item 3 of this Amendment No. 7 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 03/18/2026