Financial Data and Key Metrics Changes - The company's net income grew by 18% excluding external factors, while consolidated net profit grew around 10% including those factors [3][38] - For Q4 2025, net income growth reached 13%, indicating solid performance despite headwinds [3][38] - Revenue growth for the full year was 19%, with a 15% growth in Q4 [38] Business Line Data and Key Metrics Changes - Payments in Kazakhstan saw a TPV growth of 14% year-over-year in Q4 and 19% for the full year [20] - Marketplace GMV growth was 12% in Q4 and 19% for the full year, with e-commerce being the fastest-growing segment [22][24] - Fintech growth was 4% in Q4 and 13% for the full year, driven by merchant and micro business financing [31][33] Market Data and Key Metrics Changes - The smartphone category negatively impacted GMV, with a decline of around 24% in Q4, but it returned to growth in January 2026 [22] - E-commerce purchases grew by 70% in Q4 and 83% for the full year, indicating strong demand [24] - The number of engaged consumers in Turkey increased by 29%, reflecting a focus on consumer engagement [17] Company Strategy and Development Direction - The company aims to continue investing in long-term growth while resuming dividends, proposing a dividend of KZT 850 per ADS [2] - E-commerce is a key focus area, with plans to enhance delivery and advertising services to drive growth [10][11] - The strategy in Turkey mirrors that of Kazakhstan, focusing on engaged consumers rather than just total user count [14][80] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from high interest rates, tax changes, and smartphone supply issues but remains optimistic about future growth [3][38] - The company is focused on creating a valuable business through high-quality products and services, rather than merely expanding size [70][71] - There is an expectation for interest rates to potentially decrease in the medium term, which would benefit the business [42] Other Important Information - The company reported a strong brand presence, with significant consumer engagement metrics, including 77 monthly transactions per active consumer [4][5] - The launch of the "pay by palm" service has seen rapid adoption, with nearly half a million customers registered in Almaty [7][8] - The company plans to manage Hepsiburada towards EBITDA breakeven while continuing to invest in consumer engagement [19] Q&A Session Summary Question: Can you clarify the investment related to Rabobank and the $300 million investment? - The investment will enhance consumer engagement and improve delivery offerings, with specific product launches to be announced as regulatory approvals are obtained [47][52] Question: How do you perceive the competitive environment in Turkey? - The company focuses on high-quality products and services rather than on competition, prioritizing consumer and merchant satisfaction [63][70] Question: What is the expected bottom line development considering regulatory changes? - The company anticipates higher taxes and reserve requirements to impact the bottom line, but expects to return to growth in the second half of the year [68][69]