Financial Performance - Kaspi.kz consolidated revenue increased by 61% YoY to KZT 967501 million in 2Q'25[133] - Kaspi.kz consolidated net income increased by 7% YoY to KZT 258629 million in 2Q'25[133] - The company reiterates its FY 2025 guidance, expecting around 15% net income growth, excluding Türkiye[111] Segment Performance - Payments platform revenue increased by 16% YoY to KZT 161216 million in 2Q'25, with net income up 19% YoY to KZT 105697 million[49, 135] - Marketplace platform revenue increased by 25% YoY to KZT 459088 million in 2Q'25, but net income increased 13% YoY to KZT 70477 million[69, 135] - Fintech platform revenue increased by 21% YoY to KZT 370717 million in 2Q'25, with net income up 8% YoY to KZT 82455 million[88, 135] Key Growth Drivers - E-Grocery GMV grew by 57% YoY in 2Q'25, surpassing 1 million consumers[11, 12] - Advertising revenue on Kaspi.kz increased by 91% YoY in 1H'25[26] - Kaspi Pay TPV from other banks and Alipay increased by 128% since launch[19] Hepsiburada (Türkiye) Performance - Hepsiburada's revenue increased by 23% in 2Q'25[98] - Hepsiburada's EBITDA increased by 42% in 2Q'25[98] - Hepsiburada's net income decreased 39% YoY in 2Q'25[100]

Group 1 - The core strength of Kaspi lies in its powerful three-sided network effect and the seamless integration of its services, with Kaspi Pay at the center [1] - Increased usage of the app leads to more merchants joining the Marketplace, creating a positive feedback loop [1] Group 2 - The investment approach focuses on building a concentrated, research-driven portfolio with an emphasis on free cash flow, capital allocation, and downside protection [1] - The investment philosophy is inspired by renowned investors like Warren Buffett and Charlie Munger, seeking businesses with durable economics and disciplined leadership [1]

1Q 2025 Performance Highlights - Kaspi.kz experienced strong consumer engagement, with 75 monthly transactions per active consumer[9] - Payments platform TPV increased by 23% year-over-year[9] - Marketplace GMV grew by 20% year-over-year[9] - Fintech TFV increased by 17% year-over-year[9] - Consolidated revenue increased by 21% year-over-year[9] - Consolidated net income increased by 16% year-over-year[9] E-Grocery Growth - E-Grocery GMV increased by 64% year-over-year, driven by approximately 1 million consumers[10, 11] Eurobond Issuance and Acquisition - Kaspi.kz successfully issued $650 million Eurobonds at 6250% due in 2030[17, 18] - The company signed an agreement to acquire Rabobank AŞ in Turkey, with an expected investment of approximately $300 million in 2025[19, 20, 21] Hepsiburada Performance - Hepsiburada Marketplace GMV decreased by 15% year-over-year[63, 64] - Hepsiburada revenue decreased by 8% year-over-year[66, 67]