Core Viewpoint - Kaspi.kz is set to report its financial results for the quarter and year ending December 31, 2025, on March 2, 2026, with a conference call scheduled for 8:00 am EST to discuss the results [1]. Group 1: Company Overview - Kaspi.kz aims to enhance people's lives through innovative mobile products and services, operating a unique two-sided Super App model for consumers and merchants [3]. - The Super Apps provide access to leading Payments, Marketplace, and Fintech Platforms, facilitating transactions between consumers and merchants [4]. - The company has a significant stake in Hepsiburada, owning 85.17%, which is a leading e-commerce platform in Türkiye [5]. Group 2: Business Model and Growth - The combination of a large, engaged consumer and merchant base, along with high-quality digital products and a capital expenditure-light approach, contributes to strong top-line growth and a profitable business model [5]. - Kaspi.kz has been recognized in academia, with Harvard Business School producing two case studies on the company, which are taught to MBA students [6]. - The company has been publicly listed on Nasdaq since January 2024 [6].

Group 1 - Kaspi.kz signed a share purchase agreement with Rabobank Group for the acquisition of Rabobank's Turkish subsidiary Rabobank A.Ş., with the transaction expected to close in mid-2026 pending regulatory approvals [1] - Kaspi.kz operates a unique two-sided Super App model, which includes the Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants, aimed at improving people's lives through innovative mobile products and services [2] - The company provides leading Payments, Marketplace, and Fintech Platforms through its Super Apps, facilitating connections and transactions between consumers and merchants [3] Group 2 - Kaspi.kz has a significant presence in Türkiye, owning a 69.46% stake in Hepsiburada, a leading e-commerce company in the country, contributing to its strong top-line growth and profitable business model [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, indicating its growth and expansion in the financial markets [5]

Financial Data and Key Metrics Changes - Total Payment Volume (TPV) grew by 18%, revenue increased by 10%, and net income rose by 12% [3] - Excluding the impact of smartphone supply issues, revenue would have increased by 32% and net income by 16% [3][4] - The fintech segment showed a 16% growth in Total Financial Volume (TFV) and a 24% increase in revenue [4][41] Business Line Data and Key Metrics Changes - Payments segment experienced a TPV growth of 18% and revenue growth of 10% [3][31] - Marketplace GMV grew by 12%, but would have been 20% without smartphone supply issues [3][34] - E-grocery business saw a GMV increase of 53% and transaction growth of 55% [7] - Advertising revenue grew by 56% year-over-year [13][38] Market Data and Key Metrics Changes - The smartphone supply disruption impacted GMV by approximately 8% and consolidated income by 3% [5][34] - The overall market environment is expected to improve as supply issues resolve, particularly for smartphones [6][34] Company Strategy and Development Direction - The company is focusing on enhancing its core business performance while navigating external challenges [6][49] - Plans to initiate a $400 million ADS buyback program to return cash to shareholders while investing in growth [4][49] - Emphasis on improving user experience and expanding advertising services to drive revenue growth [13][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering demand in the next year despite current supply constraints [5][6] - The competitive landscape remains stable, with a focus on quality service delivery rather than traditional competition [56] - Future growth is anticipated as supply issues resolve and the company continues to innovate [34][48] Other Important Information - The company is integrating new payment options and enhancing its advertising capabilities to drive engagement [12][66] - The introduction of innovative payment methods, such as "Pay by Palm," is expected to enhance consumer experience [12][13] Q&A Session Summary Question: Updates on Hepsiburada and investment levels - Management highlighted the focus on quality products and user experience as key priorities for growth, with no significant need for capital investments anticipated [53][55] Question: Advertising product growth and potential - Management indicated strong growth in advertising services, with expectations for continued acceleration as the company enhances merchant experiences [57][59] Question: Marketplace take rate increase - The increase in take rate is driven by additional services such as advertising and delivery, rather than higher seller fees [64] Question: Smartphone supply impact and trends - Management confirmed ongoing supply constraints for new smartphone models, with expectations for improvement in the coming months [70][72]

Financial Data and Key Metrics Changes - Total Payment Volume (TPV) grew by 18%, revenue increased by 10%, and net income rose by 12% year-over-year [3][4] - Excluding the impact of smartphone supply issues, GMV growth would have been 20%, with revenue up 32% and net income growth at 16% [3][4][5] - The fintech segment reported a 16% growth in Total Financial Volume (TFV) and a 24% increase in revenue [4][41] Business Line Data and Key Metrics Changes - Payments segment showed robust growth with TPV up 18% and revenue growth of 10% [31][32] - Marketplace GMV grew by 12%, but would have been 20% without smartphone supply disruptions [33][34] - E-grocery business saw a GMV increase of 53% and transaction growth of 55% [7][8] - Advertising revenue grew by 56% year-over-year, indicating strong performance in the marketplace [13][38] Market Data and Key Metrics Changes - The smartphone supply disruption had an 8% impact on GMV and a 3% impact on consolidated income [5][6] - The competitive position in e-commerce remains strong, with expectations for recovery as supply issues resolve [35][36] - The travel segment's GMV grew by 13% in Q3, with a take rate increase of 50 basis points [37] Company Strategy and Development Direction - The company is focusing on enhancing user experience and product quality to drive growth [55][56] - Plans to expand the e-grocery business and integrate more banks into the payment platform [8][9] - The introduction of innovative payment methods, such as "Pay by Palm," aims to enhance consumer flexibility [12][13] Management's Comments on Operating Environment and Future Outlook - Management expects a favorable recovery in smartphone supply starting March 2026, which will positively impact growth [35][49] - The high-interest rate environment is anticipated to normalize, providing additional performance positives for the next year [6][42] - The company is optimistic about the growth potential in advertising services, which are expected to outpace other revenue streams [57][59] Other Important Information - The company announced a $400 million ADS buyback program to return cash to shareholders [4][49] - The introduction of new technologies, such as Kaspi Ai, aims to improve merchant experiences and drive sales [16][22] Q&A Session Summary Question: Updates on Hepsiburada and competitive environment in Turkey - Management emphasized the focus on high-quality products and user experience as key growth drivers, with no significant need for capital investments anticipated [55][56] Question: Insights on advertising product growth and potential - Management highlighted the development of a full range of advertising services, with expectations for faster growth than other revenue streams [57][59] Question: Clarification on marketplace take rate increase - The increase in take rate is driven by additional services such as advertising and delivery, rather than higher seller fees [64] Question: Current trends regarding smartphone supply impact - Management noted that supply remains constrained, particularly for new models, but expects a favorable comp starting in March 2026 [70][71]

Financial Data and Key Metrics Changes - Total Payment Volume (TPV) grew by 18%, revenue increased by 10%, and net income rose by 12% year-over-year [3] - Excluding the impact of smartphone supply issues, revenue would have increased by 32% and net income by 16% [3][5] - The fintech segment reported a 16% growth in Total Financial Volume (TFV) and a 24% increase in revenue [4][39] Business Line Data and Key Metrics Changes - The marketplace experienced a 12% growth year-over-year, with a 20% GMV growth when excluding smartphone impacts [3][33] - E-grocery GMV grew by 53%, with transaction growth at 55%, reaching 1.3 million customers [7] - Advertising revenue surged by 56% year-over-year, indicating strong growth in this segment [13][36] Market Data and Key Metrics Changes - The smartphone supply disruption had an 8% impact on GMV and a 3% impact on consolidated income [5][33] - The overall e-commerce market remains strong, with GMV growth of 12% in the third quarter, and 19% for the nine-month period, excluding smartphones [33][34] Company Strategy and Development Direction - The company is focusing on enhancing its payment options, marketing, delivery, and user experience to drive growth [25][42] - Plans to expand into new cities and increase the number of dark stores for e-grocery services are underway [7][8] - The introduction of innovative payment methods, such as Pay by Palm, aims to enhance consumer flexibility [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering demand in the next year despite current supply chain challenges [5][62] - The competitive position in e-commerce remains strong, with expectations for normalization of growth as supply issues resolve [34][62] - The company anticipates a favorable base effect starting in March 2026, which should support growth [46][62] Other Important Information - A $400 million ADS buyback program is set to commence, reflecting strong cash generation and performance [4][47] - The company is also exploring the introduction of dividend payments in the future [47] Q&A Session Summary Question: Updates on Hepsiburada and investment levels - Management emphasized the focus on quality services and consumer engagement as key priorities for growth, with no significant need for capital investments unless justified [51][52] Question: Insights on advertising product growth - Management highlighted the development of a full range of advertising services, with expectations for faster growth than overall revenue [54] Question: Marketplace take rate increase - The increase in take rate is driven by additional services, particularly advertising and delivery, rather than higher seller fees [56] Question: Smartphone supply impact - Management confirmed ongoing supply constraints for new smartphone models but expects normalization in the coming months, with strong growth in non-smartphone categories [60][62]

Core Insights - Kaspi.kz reported a 20% year-over-year revenue increase and a 12% net income increase for 3Q 2025, with underlying revenue and net income growth of 23% and 21% respectively when excluding smartphone GMV and regulatory changes [2][3] - The company anticipates a net income growth of 10-12% YoY for 2025, with underlying growth expected to be around 18-20% YoY, excluding smartphone GMV and regulatory impacts [3] Financial Performance - For 3Q 2025, total revenue increased by 20% YoY, while net income rose by 12% YoY; for the first nine months of 2025, revenue and net income both increased by 20% and 14% YoY respectively [2] - Monthly Transactions per Active Consumer stood at 76, indicating strong customer engagement [2] - Payments segment saw a total payment volume (TPV) increase of 18% YoY in 3Q 2025, with transactions up 14% YoY; for 9M 2025, TPV and transactions increased by 21% and 15% YoY respectively [2] Marketplace and E-Commerce - Marketplace revenue growth significantly outpaced GMV growth, with purchases up 36% YoY in both 3Q and 9M 2025; revenue increased by 24% YoY in 3Q 2025, while GMV grew by 12% [2] - Excluding smartphone GMV, Marketplace GMV increased by 20% and 21% YoY in 3Q and 9M 2025, with revenue growth of 32% and 34% respectively [2] - e-Grocery GMV grew by 53% YoY in 3Q 2025, showcasing rapid growth in this segment [2] Advertising and Innovation - Advertising revenue surged by 56% and 76% YoY in 3Q and 9M 2025, respectively, driven by new advertising services for merchants [2] - The company is set to roll out Kaspi Alaqan, a pay-by-palm innovation, in 4Q 2025, aimed at enhancing customer value [2] Strategic Developments - Kaspi.kz has integrated with six banks in Kazakhstan and expanded its partnerships with O!Bank in Kyrgyzstan and AliPay+ [2] - The company is working on acquiring Rabobank A.Ş. and has announced a modest share capital increase expected to raise approximately $100 million [3] - A $100 million ADS repurchase program has been initiated, reflecting the company's strong cash generation capacity and long-term growth prospects [3]

Core Insights - Kaspi.kz will report its financial results for the quarter and nine months ending September 30, 2025, on November 10, 2025, with a conference call scheduled for 8.00am EST [1][2] Company Overview - Kaspi.kz aims to improve people's lives through innovative mobile products and services, operating a unique two-sided Super App model for consumers and merchants [3] - The Super Apps provide access to leading Payments, Marketplace, and Fintech Platforms, facilitating transactions between consumers and merchants [4] Business Model and Growth - The combination of a large, engaged consumer and merchant base, along with best-in-class digital products and a capex lite approach, results in strong top-line growth and a profitable business model [5] - In January 2025, Kaspi.kz acquired a 66.35% stake in Hepsiburada, a leading e-commerce company in Türkiye, enhancing its market position [5] Academic Recognition - Harvard Business School has developed two case studies on Kaspi.kz, which are used in its MBA curriculum [6] - Kaspi.kz has been listed on Nasdaq since January 2024, indicating its growth and recognition in the financial markets [6]

Financial Performance - Kaspi.kz consolidated revenue increased by 61% YoY to KZT 967501 million in 2Q'25[133] - Kaspi.kz consolidated net income increased by 7% YoY to KZT 258629 million in 2Q'25[133] - The company reiterates its FY 2025 guidance, expecting around 15% net income growth, excluding Türkiye[111] Segment Performance - Payments platform revenue increased by 16% YoY to KZT 161216 million in 2Q'25, with net income up 19% YoY to KZT 105697 million[49, 135] - Marketplace platform revenue increased by 25% YoY to KZT 459088 million in 2Q'25, but net income increased 13% YoY to KZT 70477 million[69, 135] - Fintech platform revenue increased by 21% YoY to KZT 370717 million in 2Q'25, with net income up 8% YoY to KZT 82455 million[88, 135] Key Growth Drivers - E-Grocery GMV grew by 57% YoY in 2Q'25, surpassing 1 million consumers[11, 12] - Advertising revenue on Kaspi.kz increased by 91% YoY in 1H'25[26] - Kaspi Pay TPV from other banks and Alipay increased by 128% since launch[19] Hepsiburada (Türkiye) Performance - Hepsiburada's revenue increased by 23% in 2Q'25[98] - Hepsiburada's EBITDA increased by 42% in 2Q'25[98] - Hepsiburada's net income decreased 39% YoY in 2Q'25[100]

Core Insights - Kaspi.kz reported a strong financial performance for 2Q and 1H 2025, with revenue increasing by 20% YoY and net income rising by 14% YoY for the second quarter [4][5] - The company continues to expand its services and market presence, particularly in Kazakhstan and Türkiye, with a focus on enhancing customer engagement and transaction volume [4][8] Financial Performance - 2Q 2025 revenue increased by 20% YoY, while net income rose by 14% YoY; for 1H 2025, revenue and net income were up 20% and 15% YoY respectively [4] - Monthly Transactions per Active Consumer stood at 75, indicating strong customer engagement [4] - Payments segment saw a 21% increase in Total Payment Volume (TPV) and a 14% increase in transactions YoY for 2Q 2025 [4] - Marketplace revenue grew by 25% YoY in 2Q 2025, significantly outpacing GMV growth of 15% [4] - e-Grocery within the Marketplace achieved a GMV increase of 57% YoY in 2Q 2025 [4] Strategic Developments - Kaspi Pay expanded its addressable market through integration with local banks and AliPay+ [4] - New services such as Kaspi Restaurants and enhanced advertising tools were launched to provide additional value to merchants [4][7] - The company is focused on improving Hepsiburada's operations and customer experience following its acquisition [8][9] - The acquisition of Rabobank A.Ş is expected to enhance the company's financial service offerings [9] Future Outlook - The company anticipates around 15% consolidated net income growth YoY for 2025, with potential benefits from a decrease in interest rates [4][10] - Plans for 2026 include balancing capital returns to shareholders with investments in long-term growth [10]

Core Insights - Kaspi.kz will report its financial results for the quarter and half ending June 30, 2025, on August 4, 2025, with a conference call scheduled for 8.00am EST [1] - The company operates a unique two-sided Super App model, which includes Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants [3][4] - Kaspi.kz acquired a 65.41% stake in Hepsiburada, a leading e-commerce company in Türkiye, in January 2025 [5] Company Overview - Kaspi.kz aims to improve people's lives through innovative mobile products and services [3] - The Super Apps provide access to Payments, Marketplace, and Fintech Platforms, designed to meet everyday needs of users [4] - The company has a large, engaged consumer and merchant base, which contributes to strong top-line growth and a profitable business model [5] Academic Recognition - Harvard Business School has developed two case studies on Kaspi.kz, which are used in its MBA curriculum [6] - The company has been listed on Nasdaq since January 2024 [6]