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]