Core Insights - The company reported strong financial results for Q4 and full-year 2025, with total payment volume (TPV) growing 14% year over year in Q4 and 19% for the full year, aligning with prior guidance of around 20% [1] - Management highlighted the successful launch of "Kaspi Alaqan" (pay-by-palm), which has rapidly gained traction, accounting for nearly 10% of transactions in enabled stores [2][3] - The company is focusing on long-term growth while proposing a dividend of KZT 850 per ADS, subject to shareholder approval [5][17] Payments Segment - Total payment volume (TPV) grew 14% year over year in Q4 and 19% for the full year, with transaction volumes increasing by 12% in Q4 and 14% for the year [1] - Revenue growth was 7% in Q4 and 12% for the year, impacted by a shift towards lower take-rate products [1] - Net income grew 4% in Q4 and 13% for the full year, with Q4 results affected by costs related to the Alaqan launch [1] Marketplace Segment - Marketplace GMV grew 12% in Q4 and 19% for the full year, despite a 24% decline in smartphone GMV in Q4 [7] - Marketplace purchases increased 34% in Q4 and 35% for the full year, with e-commerce take rate reaching all-time highs of 13.1% in Q4 [8] - E-commerce GMV grew 9% in Q4 and 16% for the year, with advertising revenue increasing by 45% year over year in Q4 [9] Fintech Segment - Total financing volume (TFV) grew 4% in Q4 and 13% for the full year, driven by merchant and micro business financing [12] - Net income in the fintech segment grew 4% in Q4 and 9% for the year, with higher interest rates and taxes impacting results [12] - Loan portfolio growth was 27% in Q4 and 31% for the year, while deposits grew 16% in Q4 [12] Türkiye Operations - Hepsiburada orders grew 19% in Q4, with a focus on increasing purchase frequency and engaged consumers [13] - Hepsiburada GMV grew 13% in Q4 and 7% for the full year in real terms, supported by take rate improvement [14] - The company is not planning to enter quick commerce, focusing instead on e-grocery for larger household shopping [15] 2026 Guidance - The company will include Türkiye in its 2026 guidance, focusing on GMV, TPV, and TFV on a consolidated basis [15] - Management expects around 5% adjusted EBITDA growth, with a base of KZT 1.6 trillion for 2025 [15] - The proposed dividend level of KZT 850 per share is expected to be sustainable through 2026 [17]

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]

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] - For Q4, net income growth reached 13%, indicating solid performance despite headwinds [3] - Revenue growth for the full year was 19%, with a 15% growth in Q4 [41] 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 [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, driven by merchant and micro business financing [33] Market Data and Key Metrics Changes - The smartphone category negatively impacted GMV, with a decline of around 24% in Q4, but it is expected to return to growth in 2026 [23] - e-Grocery is the fastest-growing e-Commerce business, with GMV growth of 53% for the year [26] Company Strategy and Development Direction - The company is focused on long-term growth and value creation while resuming dividends due to strong cash generation [2] - Emphasis on consumer engagement and the quality of products and services to drive repeat purchases and loyalty [6][19] - Plans to continue investing in technology and consumer engagement in Türkiye, aiming for EBITDA breakeven [20][54] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of external factors such as high interest rates and tax changes on performance [3][35] - The company is optimistic about future growth, particularly in e-Commerce and fintech, despite current challenges [20][36] Other Important Information - The proposed dividend is KZT 850 per ADS, subject to shareholder approval [2] - The company has a strong brand presence, with significant consumer engagement metrics [4][5] Q&A Session Summary Question: Can you comment on the order trajectory and potential peak losses in Türkiye? - Management indicated that they will manage the Türkiye business around EBITDA breakeven while investing in consumer engagement and technology [50][52] Question: What is the nature of the $300 million investment from Rabobank? - The investment will support the launch of a wider range of financial products and is already factored into dividend considerations [54][55] Question: How does the company view the competitive environment in Türkiye? - The focus remains on product quality and consumer engagement rather than competition, with a commitment to improving services [66][71] Question: Can you clarify the sustainability of the dividend payout? - The company confirmed that the proposed dividend is sustainable for the remainder of the year, despite potential regulatory and tax impacts [67][69]

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]

4Q & FY 2025 Results 2 March, 2026 1 Disclaimer-Forward-Looking Statements, Key Financial and Operating Metrics and Non-IFRS Measures Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws, which statements relate to our current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as "believe," "may," "might," "will," "expec ...