Financial Data and Key Metrics Changes - Total Payment Volume (TPV) increased by 21%, revenue grew by 16%, and net income rose by 19% in Q2 2025 [4] - Marketplace GMV increased by 15%, revenue grew by 25%, and net income rose by 13% [5] - Fintech volumes increased by 17%, revenue grew by 21%, and net income rose by 8% [6] - Overall, the company reported strong financial performance despite high interest rates [4][6] Business Line Data and Key Metrics Changes - E-grocery GMV grew by 57% year over year, with transactions up by 63% [6] - Payment volumes remained robust, up 14% year on year in Q2 [26] - Marketplace demand was strong, with overall growth of 35% year on year in Q2 [29] - Travel GMV growth was 16% in Q2, supported by international tours [32] Market Data and Key Metrics Changes - Smartphone sales declined by 17% year on year in Q2, impacting GMV but not overall volumes [29] - Excluding smartphones, ecommerce growth was up 31% year on year [30] - Growth in beauty and personal care and clothing categories was 63% and 54% respectively [19] Company Strategy and Development Direction - The company is focusing on expanding its grocery business across major cities in Kazakhstan [7] - A new deposit product has shown extraordinary growth, with amounts up by 207% and customer numbers up by 263% [8] - The company is leveraging its payment network to partner with other financial institutions, enhancing transaction capabilities [10] - The strategy includes entering new verticals such as restaurants and domestic tours, aiming for high growth potential [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate high interest rates and emphasized the importance of customer engagement [6][9] - The company anticipates that interest rates will eventually decline, benefiting profitability in the fintech segment [38] - Management reiterated that the third quarter has started well and is in line with full-year guidance [42] Other Important Information - The company is on track to complete the acquisition of a banking license, which is expected to enhance its competitive position in Turkey [43][87] - The company plans to balance capital returns to shareholders with ongoing investments in growth opportunities [43][82] Q&A Session Summary Question: What product improvements are being worked on at Hepsie Berada? - The focus is on ensuring existing customers are satisfied with current services while introducing new products [46][47] Question: What are the growth opportunities in Kazakhstan? - The market remains underpenetrated, with specific verticals like clothing and grocery showing high growth rates [50][51] Question: What is the outlook for funding costs and asset quality? - Funding costs are expected to stabilize, and asset quality trends remain stable despite slight increases in NPL ratios [60][64] Question: How will capital deployment be balanced between investments and returns to shareholders? - The company aims to prioritize investments while also considering dividends and share buybacks in the future [82][86]

Financial Data and Key Metrics Changes - Total Payment Volume (TPV) increased by 21%, revenue grew by 16%, and net income rose by 19% in Q2 2025 [4] - Marketplace GMV increased by 15%, revenue grew by 25%, and net income rose by 13% [5] - Fintech volumes increased by 17%, revenue grew by 21%, and net income rose by 8% despite high interest rates [6] - Overall, the company reported strong financial performance with net income growth across all segments [4][6][26] Business Line Data and Key Metrics Changes - E-grocery GMV grew by 57% year-over-year, with transactions up by 63% [6] - Payment volumes remained robust, up 14% year-on-year in Q2 [26] - Marketplace demand was strong, with overall growth of 35% year-on-year in Q2 [29] - Travel GMV growth was 16% in Q2, supported by international tours [33] Market Data and Key Metrics Changes - The smartphone category saw a decline in sales by 17% year-on-year in Q2, impacting GMV but not overall transaction volumes [29][30] - Other verticals such as beauty and personal care grew by 63% and 54% respectively, indicating strong market demand outside of smartphones [18][78] Company Strategy and Development Direction - The company is focusing on expanding its e-grocery business and enhancing its payment infrastructure [7][10] - There is a strategic emphasis on vertical-specific growth, targeting underpenetrated markets such as clothing and travel [52][54] - The introduction of new services, such as domestic tours, aims to promote local tourism and enhance customer engagement [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate high interest rates and anticipated future growth as rates decline [9][82] - The company is optimistic about the recovery of smartphone demand and is implementing services to facilitate transactions [76][79] - Future profitability is expected to improve as the user base grows and interest rates stabilize [82] Other Important Information - The company reported a significant increase in deposits, with a growth of 207% in amounts and 263% in customer numbers for new deposit products [8] - The company is actively working on acquiring a banking license in Turkey, which is expected to enhance its competitive position [44][91] Q&A Session Summary Question: What product improvements are being worked on at Hepsie Berada? - Management highlighted the focus on ensuring existing customers are satisfied with current services and emphasized innovation in delivery and user experience [47][50] Question: How does the company view growth opportunities in Kazakhstan? - Management noted that the market remains underpenetrated, with specific verticals like clothing and travel showing significant growth potential [52][54] Question: What is the outlook for funding costs and asset quality? - Management indicated that funding costs are expected to stabilize, and asset quality remains stable with a slight uptick in NPL ratios [63][66] Question: What is the company's approach to capital deployment in the future? - Management stated that there will be a balance between investments and returning capital to shareholders, with a focus on maintaining a profitable core business [86][90] Question: How will the banking license impact competitive positioning? - Management believes that obtaining the banking license will allow for the introduction of innovative financial services, enhancing the company's market position [91][92]