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][21] - For Q4, net income growth reached 13%, indicating solid performance despite headwinds [3][21] - Revenue growth for the full year was 19%, with a 15% growth in Q4 [39][21] 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, driven by consistent transaction volume trends [21] - Marketplace GMV growth was 12% in Q4 and 19% for the full year, with e-commerce being the fastest-growing segment at 9% GMV growth in Q4 and 16% for the full year [22][25] - Fintech growth was 4% in Q4 and 13% for the full year, with merchant financing being a key growth driver [32][34] Market Data and Key Metrics Changes - The smartphone category negatively impacted GMV, with a 24% decline in Q4, but is expected to return to growth in 2026 [23][25] - E-grocery is the fastest-growing e-commerce business, with a GMV growth of 53% for the year [26] - The number of engaged consumers in Kazakhstan increased by 66%, indicating strong consumer loyalty [19] Company Strategy and Development Direction - The company is focused on long-term growth and value creation, proposing a dividend of KZT 850 per ADS [2] - E-commerce and delivery services are prioritized for growth, with a focus on increasing consumer engagement and transaction frequency [11][12] - The strategy in Turkey mirrors that of Kazakhstan, emphasizing engaged consumers over total user count [16][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged external challenges such as high interest rates and tax changes but remains optimistic about future growth [3][20] - The company plans to manage the Turkey business around EBITDA breakeven while continuing to invest in consumer engagement [50][52] - There is an expectation for interest rates to potentially decrease in the medium term, which would benefit the business [43][70] Other Important Information - The company has launched innovative payment solutions like "pay by palm," achieving rapid adoption with nearly half a million customers in Almaty [8][9] - The brand is recognized as the number one consumer brand across various categories, significantly outpacing competitors [5][6] Q&A Session Summary Question: Can you comment on the order trajectory and potential peak losses in Turkey? - Management indicated that they will manage the Turkey business around EBITDA breakeven and focus on consumer engagement through faster delivery and technology investments [50][51] Question: What is the competitive environment in Turkey? - Management emphasized focusing on high-quality products and services rather than on competition, aiming to increase engaged customers and order frequency [72][73] Question: Can you provide insights on the sustainable dividend payout going forward? - The company declared a dividend of KZT 850 per share, which is expected to be sustainable for the remainder of the year, with no plans to cut dividends [67][70]