1Q 2025 Performance Highlights - Kaspi.kz experienced strong consumer engagement, with 75 monthly transactions per active consumer[9] - Payments platform TPV increased by 23% year-over-year[9] - Marketplace GMV grew by 20% year-over-year[9] - Fintech TFV increased by 17% year-over-year[9] - Consolidated revenue increased by 21% year-over-year[9] - Consolidated net income increased by 16% year-over-year[9] E-Grocery Growth - E-Grocery GMV increased by 64% year-over-year, driven by approximately 1 million consumers[10, 11] Eurobond Issuance and Acquisition - Kaspi.kz successfully issued $650 million Eurobonds at 6250% due in 2030[17, 18] - The company signed an agreement to acquire Rabobank AŞ in Turkey, with an expected investment of approximately $300 million in 2025[19, 20, 21] Hepsiburada Performance - Hepsiburada Marketplace GMV decreased by 15% year-over-year[63, 64] - Hepsiburada revenue decreased by 8% year-over-year[66, 67]

Core Insights - Kaspi.kz reported a 21% year-over-year increase in revenue and a 16% increase in net income for Q1 2025, excluding Türkiye [3] - Monthly transactions per active consumer reached 75, indicating strong customer engagement [3] - The company experienced a 23% increase in total payment volume (TPV) and a 17% increase in transactions within its Payments segment [3] Financial Performance - Payments revenue grew by 16% year-over-year, while net income in this segment increased by 21% [3] - Marketplace platform revenue grew by 33% year-over-year, significantly outpacing the 20% growth in gross merchandise volume (GMV) [3] - e-Grocery within the Marketplace saw a remarkable GMV increase of 64% year-over-year [3] Fintech and Credit Quality - The Fintech platform's total financing volume (TFV) grew by 17% year-over-year, with revenue growth of 18% attributed to healthy origination levels [3] - Macro-provisioning increased to 0.6% of cost of risk in Q1 2025, up from 0.5% in the same period in 2024, but underlying customer credit quality trends remain healthy [3] Strategic Developments - The acquisition of 65.41% of Hepsiburada was completed in January 2025, with an initial cash payment of $600 million and an additional $526.9 million due within six months [3] - A $650 million Eurobond was successfully placed to support expansion plans in Türkiye [3] - The company is in the process of acquiring Rabobank A.Ş. to launch deposit products and fund other financial services, pending regulatory approval [3] Market Conditions and Outlook - New smartphone registration requirements in Kazakhstan temporarily reduced demand, resulting in a 7% lower e-commerce GMV growth in Q1 [3] - The company expects around 15% consolidated net income growth year-over-year in 2025, a more conservative outlook compared to the previous guidance of 20% [3]

Core Insights - Kaspi.kz has filed its Annual Report on Form 20-F for the year ended December 31, 2024 with the U.S. SEC, indicating ongoing compliance and transparency in financial reporting [1] - The company operates a unique two-sided Super App model, which includes the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants, aimed at improving users' lives through innovative mobile products and services [2][3] Company Overview - Kaspi.kz provides access to leading Payments, Marketplace, and Fintech Platforms through its Super Apps, facilitating transactions between consumers and merchants [3] - The company boasts a large and highly engaged consumer and merchant base, which, combined with its capex lite approach, results in strong top-line growth and a profitable business model [4] Recent Developments - In January 2025, Kaspi.kz acquired a 65.41% stake in Hepsiburada, a leading e-commerce technology platform in Türkiye, expanding its market presence and capabilities [4] - The company has been recognized academically, with Harvard Business School writing two case studies on Kaspi.kz, which are taught to MBA students [5] - Kaspi.kz has been listed on Nasdaq since January 2024, enhancing its visibility and credibility in the financial markets [5]