Financial Data and Key Metrics Changes - Total Payment Volume (TPV) grew by 18%, revenue increased by 10%, and net income rose by 12% [3] - Excluding the impact of smartphone supply issues, revenue would have increased by 32% and net income by 16% [3][4] - The fintech segment showed a 16% growth in Total Financial Volume (TFV) and a 24% increase in revenue [4][41] Business Line Data and Key Metrics Changes - Payments segment experienced a TPV growth of 18% and revenue growth of 10% [3][31] - Marketplace GMV grew by 12%, but would have been 20% without smartphone supply issues [3][34] - E-grocery business saw a GMV increase of 53% and transaction growth of 55% [7] - Advertising revenue grew by 56% year-over-year [13][38] Market Data and Key Metrics Changes - The smartphone supply disruption impacted GMV by approximately 8% and consolidated income by 3% [5][34] - The overall market environment is expected to improve as supply issues resolve, particularly for smartphones [6][34] Company Strategy and Development Direction - The company is focusing on enhancing its core business performance while navigating external challenges [6][49] - Plans to initiate a $400 million ADS buyback program to return cash to shareholders while investing in growth [4][49] - Emphasis on improving user experience and expanding advertising services to drive revenue growth [13][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering demand in the next year despite current supply constraints [5][6] - The competitive landscape remains stable, with a focus on quality service delivery rather than traditional competition [56] - Future growth is anticipated as supply issues resolve and the company continues to innovate [34][48] Other Important Information - The company is integrating new payment options and enhancing its advertising capabilities to drive engagement [12][66] - The introduction of innovative payment methods, such as "Pay by Palm," is expected to enhance consumer experience [12][13] Q&A Session Summary Question: Updates on Hepsiburada and investment levels - Management highlighted the focus on quality products and user experience as key priorities for growth, with no significant need for capital investments anticipated [53][55] Question: Advertising product growth and potential - Management indicated strong growth in advertising services, with expectations for continued acceleration as the company enhances merchant experiences [57][59] Question: Marketplace take rate increase - The increase in take rate is driven by additional services such as advertising and delivery, rather than higher seller fees [64] Question: Smartphone supply impact and trends - Management confirmed ongoing supply constraints for new smartphone models, with expectations for improvement in the coming months [70][72]

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][4] - Excluding the impact of smartphone supply issues, GMV growth would have been 20%, with revenue up 32% and net income growth at 16% [3][4][5] - The fintech segment reported a 16% growth in Total Financial Volume (TFV) and a 24% increase in revenue [4][41] Business Line Data and Key Metrics Changes - Payments segment showed robust growth with TPV up 18% and revenue growth of 10% [31][32] - Marketplace GMV grew by 12%, but would have been 20% without smartphone supply disruptions [33][34] - E-grocery business saw a GMV increase of 53% and transaction growth of 55% [7][8] - Advertising revenue grew by 56% year-over-year, indicating strong performance in the marketplace [13][38] Market Data and Key Metrics Changes - The smartphone supply disruption had an 8% impact on GMV and a 3% impact on consolidated income [5][6] - The competitive position in e-commerce remains strong, with expectations for recovery as supply issues resolve [35][36] - The travel segment's GMV grew by 13% in Q3, with a take rate increase of 50 basis points [37] Company Strategy and Development Direction - The company is focusing on enhancing user experience and product quality to drive growth [55][56] - Plans to expand the e-grocery business and integrate more banks into the payment platform [8][9] - 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 expects a favorable recovery in smartphone supply starting March 2026, which will positively impact growth [35][49] - The high-interest rate environment is anticipated to normalize, providing additional performance positives for the next year [6][42] - The company is optimistic about the growth potential in advertising services, which are expected to outpace other revenue streams [57][59] Other Important Information - The company announced a $400 million ADS buyback program to return cash to shareholders [4][49] - The introduction of new technologies, such as Kaspi Ai, aims to improve merchant experiences and drive sales [16][22] Q&A Session Summary Question: Updates on Hepsiburada and competitive environment in Turkey - Management emphasized the focus on high-quality products and user experience as key growth drivers, with no significant need for capital investments anticipated [55][56] Question: Insights on advertising product growth and potential - Management highlighted the development of a full range of advertising services, with expectations for faster growth than other revenue streams [57][59] Question: Clarification on marketplace take rate increase - The increase in take rate is driven by additional services such as advertising and delivery, rather than higher seller fees [64] Question: Current trends regarding smartphone supply impact - Management noted that supply remains constrained, particularly for new models, but expects a favorable comp starting in March 2026 [70][71]

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]

Q3 2025 Financial Performance - Kaspi.kz's Total Payment Value (TPV) increased by 18% year-over-year (YoY)[10] - Kaspi.kz's Revenue increased by 10% YoY[10] - Kaspi.kz's Net Income increased by 12% YoY[10] Marketplace Platform Growth - Marketplace purchases increased by 36% YoY in 3Q'25[93] - Excluding smartphones, Marketplace Gross Merchandise Value (GMV) increased by 20% YoY[96] - e-Commerce GMV increased by 25% YoY excluding smartphones[99] Fintech Platform Performance - Total Finance Value (TFV) increased by 16% YoY[114] - Average net loan portfolio increased by 30% YoY[117] - Deposits increased by 18% YoY[117] - Fintech revenue increased by 24% YoY adjusting for higher interest rates[122] Hepsiburada Performance - Hepsiburada purchases increased by 16% in 3Q'25[64, 128] - Hepsiburada GMV increased by 15% in 3Q'25[131] - Hepsiburada revenue increased by 22% YoY[134]

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]