Payments: Total payment volume (TPV) grew 14% year over year in the fourth quarter and 19% for full-year 2025, in line with prior guidance of around 20%. Transaction volumes rose 12% in Q4 and 14% for the year. Ferguson said take rate dilution continued as lower take-rate products such as Kaspi Pay and Kaspi B2B grew in mix, resulting in revenue growth of 7% in Q4 and 12% for the year. Net income grew 4% in Q4 and 13% for full-year 2025, with Q4 impacted in part by costs tied to the Alaqan launch and scalin ...