Joint Stock Company Kaspi.kz Q4 FY2025 earnings call

• Brand is number one consumer brand in every category by wide margin. Mobile app installed on almost half of surveyed smartphones, six times more than nearest brand. Payments 13 times, e-commerce 3 times, travel more than 4 times, cars nine times.
• Pay-by-palm launched, has half a million customers in Almaty, 6,000 merchants accepting payments, 10% transactions in connected stores.
• In Turkey, focused on growing number of orders through consumer engagement. 4Q orders grew 19%, engaged purchases up 19%, monthly active consumers up 15%, engaged consumers up 29%, next day shipping coverage from 47% to 63%.

Payments in Kazakhstan: 4Q TPV growth 14%, full year 19%; revenue growth 7% 4Q, 12% full year. Marketplace in Kazakhstan: 4Q GMB growth 12%, full year 19%; revenue growth 13% 4Q, 23% full year. FinTech in Kazakhstan: 4Q TFV growth 4%, full year 13%. Turkey: Revenue over 4 trillion tenge full year, net income growth flat year on year. GMV, TPV, TFV growth driven by marketplace, with adjusted EBITDA guidance around 5%.

• 2026 growth driven by marketplace GMV, TPV, TFV. Guidance includes Kazakhstan and Turkey. Adjusted EBITDA guidance around 5%. No assumption of interest rate reduction in 2026 guidance. Marketplace GMV components expected to be around 60% this year.
• Recommending dividend of 850 TGAP or ADA subject to shareholder approval.

• External factors like smartphones sales reductions, shortage of supply, tax changes, minimum reserve capitals, high interest rate environment impact performance. Higher taxes in Kazakhstan in 2026, higher national bank reserve requirements impact bottom line.

Q: On Hep C and Turkey, peak losses, Rabobank investment, e-grocery.

A: Invest in consumer engagement, technology, delivery. 300 million investment in regulatory approval, e-grocery focus on household items not quick commerce.

Q: Competitive environment in Turkey, EBIT guide, dividend capacity.

A: Focus on engaged customers, not competition. Dividend of 850 Kazakh tenge per share sustainable. Net income affected by interest rates, taxes, reserve requirements.

Q: Fintech TFV growth slowdown.

A: TFV growth linked to GMV growth in Kazakhstan, changing shift in marketplace with lower ticket items like grocery.

Q: E-commerce vs m-commerce impact on take rate.

A: E-commerce has higher take rate due to delivery and advertising, but more operations heavy; take rate positive overall.