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]

Core Insights - Kaspi.kz aims to build a user base of 100 million, with strategic decisions focused on product launches, investments in Türkiye, and dividend policies [3][4]. Financial Performance - For FY 2025, revenue and net income increased by 19% and 10% YoY, respectively, with underlying revenue and net income rising by 21% and 18% [20]. - In 4Q 2025, revenue grew by 15% YoY, while net income saw a modest increase of 1% YoY; underlying revenue and net income increased by 18% and 13% [20]. - Engagement metrics remained strong, with 77 monthly transactions per active consumer [20]. Dividend Policy - The company plans to pay a quarterly dividend of KZT 850 per ADS, which is expected to be sustainable for the remainder of 2026, subject to shareholder approval [5][20]. E-commerce Growth in Türkiye - Hepsiburada's consumer engagement metrics improved significantly, with monthly active consumers increasing by 15% YoY and engaged consumers growing by 29% YoY in 4Q 2025 [7][20]. - The company is focusing on enhancing order growth through better personalization, faster delivery, and improved marketing efficiency [6][7]. Investment Strategy - Kaspi.kz plans to invest approximately $300 million upon closing the acquisition of Rabobank A. Ş., which is expected to enhance e-commerce and fintech synergies [9]. - The company anticipates that e-commerce will be the main driver of future growth in both Kazakhstan and Türkiye, supported by fintech products and higher-margin services [17]. Market Dynamics - In Kazakhstan, e-commerce purchases per consumer reached 24.8 in 2025, while Hepsiburada's figure was around 6.7, indicating significant growth potential [12]. - The company expects to narrow the engagement gap in Türkiye over time, leveraging its experience and defined strategies [13]. Regulatory Environment - The corporate tax rate for banks in Kazakhstan increased to 25% from 20%, which is expected to raise the consolidated tax rate for Kaspi.kz by around 200 basis points YoY in 2026 [14]. - The National Bank of Kazakhstan raised minimum reserve requirements, which may impact interest revenue generation [15]. Future Outlook - The company expects consolidated Adjusted EBITDA growth of around 5% YoY for 2026, with guidance now including Türkiye for the first time [21].

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 21% year-over-year increase in revenue and a 16% increase in net income for Q1 2025, excluding Türkiye [3] - Monthly transactions per active consumer reached 75, indicating strong customer engagement [3] - The company experienced a 23% increase in total payment volume (TPV) and a 17% increase in transactions within its Payments segment [3] Financial Performance - Payments revenue grew by 16% year-over-year, while net income in this segment increased by 21% [3] - Marketplace platform revenue grew by 33% year-over-year, significantly outpacing the 20% growth in gross merchandise volume (GMV) [3] - e-Grocery within the Marketplace saw a remarkable GMV increase of 64% year-over-year [3] Fintech and Credit Quality - The Fintech platform's total financing volume (TFV) grew by 17% year-over-year, with revenue growth of 18% attributed to healthy origination levels [3] - Macro-provisioning increased to 0.6% of cost of risk in Q1 2025, up from 0.5% in the same period in 2024, but underlying customer credit quality trends remain healthy [3] Strategic Developments - The acquisition of 65.41% of Hepsiburada was completed in January 2025, with an initial cash payment of $600 million and an additional $526.9 million due within six months [3] - A $650 million Eurobond was successfully placed to support expansion plans in Türkiye [3] - The company is in the process of acquiring Rabobank A.Ş. to launch deposit products and fund other financial services, pending regulatory approval [3] Market Conditions and Outlook - New smartphone registration requirements in Kazakhstan temporarily reduced demand, resulting in a 7% lower e-commerce GMV growth in Q1 [3] - The company expects around 15% consolidated net income growth year-over-year in 2025, a more conservative outlook compared to the previous guidance of 20% [3]