[presentation?] .

Please go ahead. All right, thank you Harry.

Good morning, good afternoon to everyone on the call. Welcome to Kaspi's fourth quarter and full-year 2025 financial results.

I'm David Ferguson from Kaspi. As usual, I'm joined by Mikhail Lomtadze, CEO and co-founder of Kaspi, Tengiz Mosidze and Yuri Didenko, the deputy CEOs of the company.

We'll take you through the strategic highlights and financial results for the final quarter of last year and provide guidance for this year, and then we'll open up the call to Q&A as usual. On that note, first of all, I'll hand over to Mikhail.

Mikhail, over to you.

Hello, everyone. Yes, thank you, David.

Let's move straight to the to the presentation. Our results for the year have been quite strong.

We're obviously reviewing the the underlying performance without influence of external factors. At the same time, I do think that we are at the stage when we can continue investing into long-term growth and the value creation, which we always prioritized, and also start distribute the the and resume the dividends, considering the strong cash generation, which our business model allows.

We are proposing a dividend of 850 tenge per ADS, subject to shareholder approval. The the performance itself, underlying performance, have been quite strong.

Our net income has grown 18% without impact of some of the external factors which we've discussed during the year. Those are, the smartphones sales reductions and shortage of supply, some tax changes, minimum reserve capitals, and the interest rate high interest rate environment during 2025.

In spite of those, if we include those factors, our net profit consolidated grew around 10%, and underlying profit grew around 18% during the year. Next slide.

In terms of the last quarter, last quarter, considering all the headwinds, still was, quite solid. Underlying performance and the net income growth reached 13%.

We have had good, reasonable growth across all our businesses, and some of the most important metric for us, which is, consumer engagement, and one of those is monthly transactions per active consumer. It's 77 monthly transactions per consumer, which is we believe is a world-class indicator, and very few businesses can have such consumer engagement, and that is an important metric which, going forward, we can create more value for the for the company.

David will cover some of the verticals further, but, in general, we are we're pleased with performance in quite challenging environment in 2025. The biggest asset we have or I would say the reflection of the quality of our products and services is our brand, and our brand is number one consumer brand pretty much in every category and and by wide margin.

Here you can see just some of the selected metrics which which just tell you how strong our brand is. For example, the mobile application installed on your phone.

Almost half of the respondents surveyed during the year are having our mobile application on their smartphone, considering which is 6 times more than the nearest brand. The same sort of wide margin in payments, where like 13 times the second brand; e-commerce, 3 times; travel, more than 4 times; and we have a very strong position in the cars, for example, 9 times the nearest brand.

That's that's an important asset. That's something which, notwithstanding what's going on around in terms of the external factors which unfortunately are not entirely under our control, things we can we control and things we execute on are are are are reflected in in the consumers using our products, merchants using our products, and the brand indicators.

The trust that we have from the from the consumers and the merchants is extremely important for us, and that's the reason to create the value long-term and just testament to the management really being extremely focused on the quality of our products. Another example of how this quality is actually reflected in some of the innovations is the Pay by Palm, which Kaspi Alaqan, which we just launched under 90 days.

Clearly, we have unprecedented adoption. I think very few markets in the world can can showcase such an adoption of the innovative service.

We have now almost 0.5 million customers in Almaty registered for with Kaspi Alaqan, almost 6,000 merchants are accepting payments through the Alaqan, and that's almost 10% of the of the transactions in the stores where where we have been merchants connected to Alaqan. It's just tells you that Pay by Palm, it's it's it's truly changing the consumer behavior.

We have changed consumer behavior from cash to to cashless to the mobile payments, then to the QR code, and and and now to the to the Pay by Palm. We believe Pay by Palm has a has has a bright future.

Adoption has been remarkable, consumer feedback has been remarkable, everybody is really super excited, and achieving 10% penetration at the merchants just in 3 months and having 0.5 million customers By the way, to put the half 0.5 million customers into perspective, this is almost third of the population of the largest city of Kazakhstan, where we started to launch. We we are only in one city at the moment, and we're scaling city by city and across the board during the year.

We're replacing the old network and we're installing the new devices which are equipped to accept all all kinds of payments and and are purposely built for for Alaqan. As being an innovative company, that's a testament of how consumers are using every your next product, and the penetrations we're, again, achieving are unprecedented, remarkable, and in just 3 months having third of the population in the largest city registered in the service, that's really very encouraging.

We're extremely happy and we're just focused on really an execution and and and replacing the old network with the new devices. I also would like to walk you through some of the penetration numbers which we have across all our services.

Now, this is our key services. You don't really have here all our products and services, but just to give you a just to give you an an overview, the payments being the highest penetrated.

We still believe that B2B payments has a huge potential, and there is a range of innovations which we have been rolling out during the last year and and some of the services we plan to do this year. E-commerce e-commerce in general, we believe, will be the driver for the growth.

E-commerce is something where we create the most value for both the merchant and the consumer. E-commerce is when merchant is making the decision to sell something pretty much anywhere across the country and then hopefully in in other countries, and then consumer is making decision to buy something.

It's a front end of consumer and merchant relationship, all the services around e-commerce like delivery, advertising, value-added services around, financing, payments. When merchant sells, he needs to get a financing.

When consumer buys, he needs to pay for it and the merchant accept the payment. All the universe of our services is highly applicable to e-commerce.

E-commerce is our important focus, and it's focus in Kazakhstan and it will be focused in in Turkey as well. Then, of course, merchant finance, which which which has been the fastest-growing product.

The delivery and advertising, which we're scaling very responsibly. Again, we want to make sure that delivery is not going against consumer in terms of the organic search, for example.

The results have to be highly relevant, high accuracy. We have a very strong results, and, David will show you the the take rate is is increased due to the value-added services of delivery and advertising which we have launched.

On the consumer side, only half of our consumers is using e-commerce. As we get more merchants migrating to e-commerce, especially from m-commerce, when we have, more consumers and the more selection and more price competitiveness, which which we have been driving, we are regarded as one of the lowest and the and the best price e-comms in the country, so that really drives the liquidity and the transactions.

Of course, e-grocery, which we are scaling across the country. That's e-grocery is the fastest-growing e-commerce business for us.

Those are the things which will be focused during the during the year, and they will be driving our growth. The, Kaspi Delivery and Kaspi Advertising being highly scalable, high-margin businesses will contribute to the to our profitability.

Next slide is about Turkey. I just want to spend really more time about the the our progress in in in Turkey.

As you can as you can see from this slide, our focus has been the growth of number of orders, and we have been focused on growing number of orders through growing consumer engagement. Consumer engagement, in our case, is a very simple sort of metric which talks about the health of our services.

We we would rather have 1 million basically, of the engaged consumers which frequently transact with us and are coming back and like and love our service, than have, 10 million consumers which are one-offs, because of, whatever the promotion, one-time promotion or some other temporary benefit, which which after that they leave. We are focused on engaged consumers.

Engaged consumers will will drive future of the business. That has been the playbook and in Kazakhstan, it will be the same in Turkey.

We have tested different parts of our models, and are really happy that that all those, our expertise in technology, in in the personalization, in search, in the marketing, and improvements in delivery, they're giving and yielding very similar results. This is an example: we have been growing our orders quarter on quarter, and in a fourth quarter, we had, the the 19% growth, which is a very high growth for for some time already for for the for the company.

In terms of the some other improvements or yeah, improvements which we have we have received during the year is all our efforts around, again, which I mentioned, the consumer engagement. Engaged number of purchases, I've mentioned, increased 19%.

We are not a focused on growing monthly active consumers, right? We're really happy that the monthly active consumers grew 15%, which is a very good number in a 4Q.

What is more important for us that the growth of engaged consumers have been 29%. Those are the consumers which repeatedly buying with you and those are the ones which generate the value.

Then, of course, we understand the relationship between the quality and and speed of delivery with with a with a customer happiness and the growth of the business. Next-day shipping, we have improved also coverage from 47% to 63%.

Those those are not all metrics we're working around, but those are the ones which just give you a bit of a flavor what really we're focused on. Again, growing engaged consumers, growing number of purchases is for us the the the very important focus, which results in all the investments and the time we're spending on key components of that, right?

Again, that is about personalization, meeting customer demands with in a right product, in the right time, through the right channel. Then we have marketing, and we have focus on delivery and the quality and speed, and broadening the payment options.

The broadening payment options means actually that the customers can can buy more items more affordably. All those things, working together give us these results.

We're very encouraged and and and are really focused on yeah, we're just focused on continuously bringing the, the Turkey and Hepsiburada metrics to Kaspi. If you look at the and compare the Kaspi and Hepsiburada metrics, those are the ones which just give you a view of this what, what we call sort of engagement opportunity, right?

If you think about, compare just Kaspi and Hepsiburada across those metrics, you can see that active consumers in Kaspi is 7.4 million, which is and Hepsiburada, 11.8 million. Hepsiburada has 1.6 times more consumers.

However, GMV per consumer is 1.6 times less in Hepsiburada than in Kaspi. Then if you think, okay, what is actually driving such a such a difference, one simple metric that the the trend that the frequency of purchases in Kaspi is almost 4 times more than in Hepsiburada.

In Kaspi, 24.8 purchases per consumer per year and 6.7 in Hepsiburada. Then when when you think, okay, what drives that purchases which are translated into profits is actually the engaged consumers that are coming repeatedly, and and and the cost related to those consumers are are more and more sort of efficient, right?

The the consumers are coming back, there is limited marketing cost, and so on and so forth. So 66% growth of engaged consumers in Kaspi despite of its, scale continues to grow, and Hepsiburada with the opportunity in front of it 29%, 2.3 times less.

Again, everything we do is we're focused on growing number of engaged consumers, growing number of frequency of purchases and interactions, and those will result in the in the economics and profitability going forward. That's our strategy.

In 2026, we'll manage Hepsiburada around and Turkey business around EBITDA breakeven, and we'll continue targeted investments. We also believe, if there is a question always from investors, can you continue developing Hepsiburada and the and the Turkey, and at the same time, the resuming dividends and returning capital to shareholders?

The answer is yes, and we are, we're resuming that, and now we're comfortable with all the things we have actually tested that we're on the right right path, and we'll just continue executing to deliver the world-class services to consumers and merchants. David, back to you.

Great. All right, thanks a lot, Mikhail.

Let's run through the respective platforms. Payments in Kazakhstan: a TPV growth of 14% year-on-year in the fourth quarter, 19% for full-year '25, so that's pretty much bang in line with the guidance of around 20% TPV growth for the year, driven by solid and consistent trends in transaction volumes, up 12% for the fourth quarter and 14% for the full year.

As we've talked about many times before, slight take rate attrition, and that's just the result of Kaspi Pay and Kaspi B2B, lower take rate products growing in share. The combination of decent TPV growth with some take rate dilution is slightly lower revenue growth, 7% in the fourth quarter and 12% for the full year.

It's just the natural flow-through there. Overall, the more moderate rate of growth just reflects the scale now of this business.

At the bottom line, 4% growth in the fourth quarter and 13% for the full year. I'd just say to keep in mind on the fourth quarter, it was at least in part impacted by some of the costs related to the launch and scaling of Alaqan, so that will sort of normalize as we go into this year.

Moving on to Marketplace in Kazakhstan. Underlying growth strong, 12% in GMV growth in the fourth quarter, 19% for the full year.

That's after the effect of smartphones, sort of pre-smartphones, 11%, and that's just slightly lower than the full-year guidance of 12% to 14% GMV growth. On that, I would say, and I guess this would be a question, there was no improvement at all in smartphone dynamics in the fourth quarter.

GMV from smartphones was down around 24%, which is pretty consistent with the year trend. That's the explanation for Q4.

Although what I would say, more encouragingly, having been down materially throughout or since March of 2025, smartphones category did return to growth in January of this year, and from March we just have a favorable year-over-year comp. We do expect that sort of growth in Marketplace to normalize over the first half of this year, and that smartphone issue to be a 2025 issue rather than a 2026 issue.

That's on GMV growth. If you look at purchases, purchases very strong and consistent, 34% in the fourth quarter, 35% for the full year, not really impacted to a material extent by the smartphone issue, and you see that demand is strong.

As Mikhail talked about, you also see that ongoing trend of take rate expansion, take rates across Marketplace and specifically e-commerce hitting all-time highs driven on the back particularly of advertising and delivery, those value-added services. If we look specifically at e-commerce, the fastest-growing part of Marketplace, 9% GMV growth in the fourth quarter, 16% for the full year.

It's e-commerce that's really impacted by smartphones, and that's sort of pretty obvious when you look at ex-smartphones 27% GMV growth for full-year 2025. Again, same point on purchases.

If we want to look at sort of real demand on the e-commerce platform, growth in purchases up 70% and 83% for the fourth quarter and full year. It illustrates that demand is strong, and as we've said in sort of pre-prepared remarks, the competitive position of the e-commerce platform is unchanged.

The smartphones was a very sort of specific anomaly. Take rate hitting 13.1% for the fourth quarter and 12.7% for the full year.

Again, that point, all-time high take rate driven by advertising, driven by delivery. Here you see that: advertising growing quickly, up 45% year-on-year in the fourth quarter and up 64% for the full year.

We talked on our last call about some of the new advertising products that we launched at the end of last year, and they'll be very helpful for sustaining decent advertising growth both this year and into the medium term. The other driver of e-commerce is also grocery, which as Mikhail said, is sort of the fastest-growing major product line that we have, growth really not slowing down at all, up 53% for the GMV growth up 53% for the year, and number of consumers now well north of 1 million, approaching 1.4 million, continuing to scale very, very nicely.

Again, would expect grocery to keep posting very, very decent growth into the medium term. Part of a reason for our success in e-commerce is actually a result of the m-commerce business.

This is a sort of a bit more color on the dynamics within Marketplace. What you can see here is that migration of both merchants and consumers from m-commerce to e-commerce is taking place now at a very rapid rate.

Here's just two sort of vertical examples: m-commerce GMV down 5% for shoes and clothing category, but e-commerce GMV up 103%. Or for the health and beauty category, m-commerce growth of 1%—this is for full-year '25—versus e-commerce growth of 62%.

Of course, this means lower growth in m-commerce, but the value, even when m-commerce isn't growing, is that you've got those relationships with offline merchants through m-commerce, through the other products and services that we offer, and you're their first point of call as they migrate their businesses online. That's something pure online-only e-commerce players do not have.

This is a material sort of competitive advantage. Having said that, you shouldn't assume that m-commerce is completely sort of ex-growth.

If we ex out the smartphone issue for last year, it's still delivered 11% GMV growth, 7% including smartphones, and -4% growth in the fourth quarter including smartphones, +3% excluding. The m-commerce will be one of the things that drives the growth in e-commerce, and longer-term, e-commerce will just naturally evolve around the more services part of the economy which doesn't migrate to e-commerce: restaurants, beauty salons, gyms, those kind of areas.

That's over the sort of the medium term. M-commerce take rate strong and consistent, 9.4% in the fourth quarter, 9.2% up slightly for the full year.

Clearly, the growth driver of Marketplace is e-commerce, though. I think that's pretty clear.

Then on Kaspi Travel, this is also now a relatively at least more mature business within Marketplace, 6% GMV growth in the fourth quarter, 14% GMV growth for the full year with some take rate expansion. Again, I think the point's pretty clear.

The main driver now of the Marketplace business is the core e-commerce franchise and the value-added services around that: advertising, delivery, and financing for both the merchant and the consumer. The combination of decent GMV growth, but strong take rate improvement results in materially faster revenue growth, 13% and 23% ex-smartphones, up 21% for the fourth quarter and up 30% 30% revenue growth on Marketplace for full-year 2025.

Net income growth was down 7% in the fourth quarter, but up 6% for the full year. Now part of the reason here for the decline in the fourth quarter is again the smartphone issue.

Net income growth would have been positive otherwise, but also a lot of the growth in Marketplace, that growth in purchases is being driven by lower ticket size, frequently purchased but lower ticket size items where the cost of delivery is a higher part of the GMV. Now from the 1st of January or from the beginning of this year, we've raised the price of delivery to protect against that.

Again, that will sort of be an issue that is less obvious as we move into 2026. Increase in the price of delivery offsets the sort of the dilution from growth in small ticket items.

Then finally, moving on to Fintech in Kazakhstan: 4% growth, TFV growth in the fourth quarter. Again, lower growth in the Marketplace means lower growth in Fintech.

13% growth for the full year, growth driven across all products. Again, it's been the case now for several years, the merchant and micro business financing has really been the growth driver of the lending part of the business.

Other Fintech trends broadly stable over the year, those trends being both sort of pricing, yield flat at 24% over the year, and cost of risk broadly unchanged at 2.2%. We've talked about it on previous calls, the increase in the NPL ratio, that's just a function of as collections become more efficient, as we get better collecting, the probability of collection improves.

Those non-performing loans stay on the balance sheet, so that's the reason for the increase. Number one, number two, we'd expect it to stay broadly around that sort of 6% level for the remainder of this year.

The lower coverage, that just reflects, again, I've said this before, the growing share of car loans, that's a collateralized product, requires less coverage, and the growing share of the merchant financing, the fastest-growing lending product, which is a lower risk product. Again, we'd expect that coverage to stay around that level, although it just varies.

It will depend again on the exact pace of growth between the mix of different products. Loan portfolio growth was good both in the fourth quarter and for the year, up 27% and 31%, and growth in savings, growth in deposits up 16% and 18%, actually pretty consistent throughout the year.

Decent TFV growth with stable pricing translates into decent revenue growth, up 19% in the fourth quarter, up 20% for the full year. The net income growth was 4% and 9%.

Again, if Marketplace was affected by the smartphone issue, Fintech has been impacted by material increase in interest rates over the course of the year, higher taxes, and higher National Bank reserve requirements. If you ex out those factors, which is, with the position we were in 12 months ago when we started the year, our Fintech growth was around 18% for the fourth quarter and also 18% for the full-year 2025.

That just gives you a sense of the impact these external factors have had on the performance of the business, and particularly Fintech over the course of the year. On Hepsiburada, well Mikheil's already talked about it.

I think we said on the last call, a simple metric for investors to track the improvement in the performance of the business is just look at purchases, and you can see that purchase momentum at the end of the year, up 19%, was dramatically better than at any other point during the year and actually for some time. Here, too, similar strategy to the Marketplace in Kazakhstan, driving number of orders, which is frequency of purchase, the things that we all buy on a day-to-day basis to increase the relevancy and engagement on the platform.

That is clearly coming through and can improve further. That is partly at the expense of ticket size.

Frequently purchased items cost less, you have slightly lower GMV growth. Just to be clear, the 13% and the 7% growth in the fourth quarter and full year respectively, that's the real growth.

The 49% and the 45% is the nominal growth in the business. From our perspective, what's important, again, is that the momentum, where this business finished the year from a top-line perspective, is in a dramatically better position from where it started the year.

Of course, we're still in the early days of the plan for Hepsiburada and for Turkiye. With take rate improvement and with also fast growth in delivery revenue, that led to faster growth in revenue, 18% in the fourth quarter, 13% for the full year.

Again, you see that the revenue momentum is starting to get up in real terms to much better levels at Hepsiburada. Of course, the improvements that we're making, there's an investment behind that.

The aim here now is to sort of keep the business at around EBITDA breakeven, reinvest into improving the products and services, driving engagement, and driving the growth to create a much more bigger business. With scale, with a highly engaged user base is what will drive the profitability of the business.

We'll keep that strategy of investing to build a much bigger, much more valuable asset in the medium term. You can see that the results are starting to come through, and we've got a lot to continue working on.

That wraps up the review of the respective segments. Here is just the summary for Kazakhstan: 15% revenue growth in the fourth quarter, 19% for the full year, 18% and 21% underlying; net income growth 1% and 10% in the fourth quarter and full year, underlying 13% and actually 18% for the full year.

Again, just a really clear indication the impact that higher rates, higher taxes, and regulatory requirements and smartphones have had on the business in 2025. Including Turkiye, you see that revenue increased to just over 4 trillion tenge, which is just over $8 billion of revenue for the full year.

Again, sort of similar, you see on the bottom line, the net income growth for the full year was flat year-on-year, 1.1 trillion tenge, just around $2.1 billion. We've reinvested the profit growth into Hepsiburada.

I should have said just on this slide, that net income growth there of 10% for full-year '25, that compares with the revised guidance for last year of 10% to 12% at the lower end, reflecting again the absence of recovery in smartphones in the fourth quarter. Looking forward to 2026, a couple of points to make here.

Firstly, guidance as usual for GMV, TPV, and TFV. However, guidance now includes Hepsiburada and Turkiye.

Previously, last year's guidance was Kazakhstan only. This year's guidance is Kaspi.kz, it includes Kazakhstan and Turkiye.

To give you the base to work off, these are the GMV, TPV, and the TFV numbers including Hepsiburada in 2025. Clearly, the bulk of Hepsi business is Marketplace, it goes into GMV, although there are components of payments and Fintech as well.

If you want to work out those components, you can just compare these numbers with the respective segments for Kazakhstan that I've just ran through, and you can split out what's from Kazakhstan and what's from Turkiye. The growth, again, we've been pretty clear, the growth now going forward for '26 and medium term will be driven by Marketplace GMV, this around 20% is both Kazakhstan Marketplace and Turkiye Marketplace.

TPV and TFV the same. Then at the bottom line, or at the profitability level, we'll guide on adjusted EBITDA.

Here is the base to work off: 1.6 trillion tenge for 2025. This just reflects, now with Kazakhstan and Turkiye as a multi-country business, different interest rate environments and cycles, different tax levels, different regulatory changes.

This sort of exes out those things, is a better reflection of the sort of underlying business, and just aids comparability between the different countries. We're looking for around 5% EBITDA guidance.

Even here, just one point beyond the point about sort of reinvestment in Hepsi: from talking with investors, a lot of investors talked to me about the benefit from interest rates potentially moving down this year, and it's logical, but you just need to keep in mind it hasn't happened yet, and we don't assume in this guidance any sort of reduction in rates. I think that may be some of the sort of differences between where some sort of buy-side expectations are and where's are on.

Just let's keep that in mind. It is reasonable to assume that rates can come down over the medium term, and that would be a material benefit for us, but we're not there today.

Just on the Marketplace guidance, also what we will now do, again combining Kazakhstan and Turkiye, we'll guide for Marketplace as a whole. This gives you the 2025 reconciliation.

We'll split it as e-commerce. These are the two comparable businesses between Kazakhstan and Turkiye.

These relate to the metrics that Mikhail showed you, this is what we're focused on trying to drive. These two components in 2025 were 54% of Marketplace GMV.

We expect them to be around 60% of Marketplace GMV this year. Then m-commerce, Travel, and e-cars, the Kazakh-specific parts of Marketplace, we'll have them sort of separately.

This gives you a sense of how we will report from Q1 and going forward of Q1 2026. Here is the reconciliation from net income to adjusted EBITDA.

I won't go through it line by line. If people have questions, we can just take this offline.

That's on that side of things. I think that generally wraps up our comments.

Harry, let's open the call up to Q&A, please.

Good afternoon and thank you for taking my questions. I'm just going to center mine on Hepsi and Turkey.

The first is that you're obviously seeing more positive changes regarding the order trajectory, more same and next-day delivery. In that context, with two thirds of orders now same or next day, is this a year where we could potentially see peak losses, or do you see more investment required here to improve the selection and the delivery offering?

By extension on that, my second question is just more on Rabobank and the $300 million of investment. I'm just trying to work out, can you be clearer on what that investment looks like and the type of products that we could expect to see in timing should the acquisition complete?

Then the final question, again, just centering more on Turkey and the broadening of potentially e-grocery offerings. I'm just wondering where you stand, particularly in light of Uber's more activity with Getir and Trendyol Go in the sector, and whether you see it as a necessity at some stage for Hepsi's proposition.

Thank you.

All right, Luke, thanks a lot for your question. They're all on Turkey.

Maybe I'll just pass them all on to Mikhail: peak losses, Rabobank, and e-grocery in Turkey.

Yes, sure. Thank you for for your questions.

In terms of the In terms of our, strategy and and and investments, again, our our we'll manage, we'll manage the Turkey business around EBITDA breakeven, which basically means that we'll be investing into the consumer engagement, and the consumer engagement increase comes from, faster faster delivery, again, all around the data and personalization so that consumers can find their products. We're investing into technology and we're scaling technology out of out out of Kazakhstan as we speak.

We're we're we're making in in we're making investments in organizing data in in a way that it's 360 degrees around consumers, around the merchants, which enables us to deliver better quality services. All those are the investment areas.

When when you think about what what you call or think about the losses, we really think about that we're just investing into creating It's not necessarily we're not focused on the size, not bigger business, but definitely a more more valuable business which excites merchants and the customers. That would be our, strategy for for this year.

Then we will see how it goes in the future in terms of the Well, we'll be basically showing you the progress through the year, of course. In terms of the investments into things like delivery and marketing, those investments are, again, targeting at consumers, growing the share of engaged consumers which shop with us frequently.

In terms of the financial services or Fintech, first of all, we already have the capability to provide Fintech products through the microfinance company subsidiary, which is owned in full-owned subsidiary of Hepsiburada, and some of the products we plan to launch notwithstanding the full banking license. When we talk about the banking license, that just gives us an opportunity to launch the wider range of the of the financial products, especially around the consumers and the and the merchants, both on the saving side and and the lending side.

$300 million, it's an investment which comes together with the capital, and and yeah, we're just going through the regulatory approval. As soon as, those we'll be taking specific steps on the products, we'll be updating you in a due course.

We don't we don't really like to speak about the future products which will launch, but the one thing which we can clearly say, the investment of $300 million, which we are forecasting and also, actually did say about it last year, that is already taken into account when we're thinking about resuming the dividends. Then the third question was

E-grocery, what's Uber, Trendyol.

This is actually pretty exciting. I think the fact that Uber is doubling down on the investment just tells you that Turkey is an attractive destination, and there are several companies like that entering the market, it's just testament to its attractiveness.

That's on their move. We're not in a quick commerce business, so that's not the business which we have in Kazakhstan either, at least at this stage.

We're focused on the e-grocery business, which is not about small ticket fast commerce items, but it's about stuffing your fridge of your household. Even though we deliver very fast in Kazakhstan, we're not in the quick commerce business yet.

For the Turkey itself, we will see. The way we sort of operate, the data guides us what our consumers want.

Based on what our consumers want, we develop those services. When we talk about this year, our focus will continue to be on the same things which we worked on last year, and those would be growing engaged consumers, understanding what type of items our consumers want, and then working with the merchants to enable this assortment.

At this stage, we don't have intention to move into quick commerce.

Understood. Thank you.

Just to clarify, and there's no specific ring-fencing that this year will be peak investment to Turkey from what you've just said there? It just depends on ROI and trajectory through the course of this year?

If you're saying, will our profitability in 2027 will be higher compared to 2026? The investments that we're making are, again, if we see that investment gives us frequency, and we see investment gives us the consumers which are coming back, we will continue investing into those consumers.

If we believe that making improvements into delivery and increasing speed is something which retains those consumers and they come back to us, we will continue those investments. That's the way we have done in Kazakhstan, and that's the way we plan to do in Turkey, and we tested all those elements during 2025, and we do see how consumers are responding, merchants are responding, and we're very, very excited about it.

We've launched the weekend deliveries, which didn't exist before, and that's speeding up delivery again. Of course, temporarily, you're running operation which can potentially process more orders.

You're starting for the specific segments of the consumers on the lower volumes, and that means that you're running network not at the full utilization. When you look at Kaspi, Kaspi has almost 7 times, 6-7 times more order frequency per consumer during the year, so that just gives you a huge scale on the network of the delivery and the logistics, which gives you a very strong return.

At this stage, when we think about the Turkey, we are building up that capability. Utilization rates won't be as high as Kaspi during this year, because we're still have a long way to go to increasing frequency of the purchases.

Whether investment will be in 2027 less in 2026, I'm not going to give you such a forecast or guidance, but the one thing I can tell you that what we're investing into will, we believe will bring the growth and engagement of the consumers in the future. Kaspi now is a $2 billion net income business, and at some point it was -$60 million.

There are no miracles, but we know the playbook is there and we know how consumers and merchants react, and we're very excited about this opportunity to build up the very loyal, engaged consumer base which is happy with our services.

Understood. Thank you very much.

Thanks.

Hello, this is Gabor here from Autonomous. To continue on Turkey, can you comment a bit further on the competitive environment?

You obviously have one large competitor there, a number of smaller ones. I wondered how you perceive their behavior as you have been accelerating your volumes at Hepsi.

That's the first one. Second one is, we have an EBITDA guide.

Would you be able to give us a flavor of how you expect the bottom line to develop with all those moving parts around regulatory changes, taxation, reserves, etc.? That would be helpful to understand the dividend capacity of the business.

To follow up on that, can you give us a flavor on the sustainable dividend payout going forward? Thank you.

Gabor, maybe I'll take the second, then pass it to Mikhail to talk on Turkey. I think so we've declared 850 Kazakh tenge per share for the final quarter of last year, and we've said that we believe that that is sustainable for the remainder of this year.

You can extrapolate that to work out the total dividend for this year, potential total dividend for this year. That's the first thing I'd say there.

You asked about payout ratios. That 850 tenge per share was exactly the same as we paid in the final quarter just prior to Hepsiburada acquisition.

I think, again, you can see what kind of payout ratio that was in 2024, and you probably you'll get a similar number for 2026. Clearly, we've gone with an amount we believe will be sustainable going forward.

We're not looking to cut the dividend the next quarter. That's the main point to make there.

That should give people a decent level of predictability. We're giving guidance on EBITDA, we're not going to give guidance on net income.

I think just the things, though, to keep in mind at the net income level are: so as of today, no reduction in interest rates, number one. Number two, higher taxes in Kazakhstan in 2026.

This isn't just something that was a 2025 event. The bank tax only went up from the 1st of January this year, this is something that people need to be aware of.

That will add around 200 bps to the tax rate, so that's something to build in. Then there's also the higher National Bank reserve requirements, which will have an impact on the bottom line as well.

Clearly, there's a number of different factors that will weigh on the bottom line this year. Those factors should be in the base by the end of this year and you get the upside and return to growth next year.

We still need to work through them, and hopefully as we work through them, and we start to move in the second half of the year into interest rates moving down, which again would be a positive for next year, but as I said, we're not there yet. That's probably as much as I can say.

The question about the competitive dynamics, we're very respectfully observing the competitive dynamics, of course, and that's not different from Kazakhstan or Turkey, but at the same time, again, our priority is really just to focus on the very high quality of the products and services which is the final product the company needs to produce for consumers to come back and for the merchants to do business with you. That's basically where our focus is.

Our focus is on the operations, on increasing the engaged customers, which eventually will increase the frequency of the orders, and that's basically what we're focused on. I don't know if you have any specific questions.

Other than that, we're not waking up in the morning thinking about competition and we're not going to sleep in the evening to thinking about competition. We're thinking about consumers and we're thinking about merchants, and that's our priority.

This is the way we've done business in Kazakhstan, this is the way we do business in Turkey.

Fair enough. Thank you.

Thanks.

Hi, good evening, good morning. I wanted to ask first David a modeling-related question.

In terms of slide 19, is this fully pro forma? I'm looking at slide 19 in the press release, it's the one where it says the guidance slide.

The guidance now includes Turkey. I'm just trying to understand, is the '25 number fully pro forma, yes, that one, thank you, we get the underlying period of comparison?

Yes, sort of 2025 numbers, they include Hepsiburada. Number one, they include Hepsiburada.

Number two, it's relevant for all segments, but particularly GMV. Number three, the only thing you need to keep in mind, I would say, is that, and this is more when you're just forecasting forward, remember we closed the deal at the end of January of last year, it's approximately 12 months of Kaspi and 11 months of Hepsiburada.

They're the things to keep in mind there, but other than that, yes, this is the pro forma base to work from.

Got it. Then, Mikhail, in your prepared remarks, you were mentioning that you're focused on the frequency of use as opposed to the total number of users, like RPAC as opposed to accounts on file.

Can you elaborate on that as you migrate to Turkey with Hepsiburada?

Well, 2026 will be also almost a full year we can now make them comparable. That will make, I think, everybody's life easier, right?

We can actually pretty much compare consolidated business 2026 to 2025, so that would be good news for everyone. Number two is, because we acquired Hepsiburada early in January of last year.

Number two, in terms of the way we sort of manage, again, what we're saying is that the customers' growth was 15% in the last quarter, which is great headline. However, again, what is our focus?

Our focus is engaged consumers, because those are the ones which make business work and those are the ones which repeatedly come back and interact with you and buy from you. The things which you are right in a sense that those are the consumers which are basically buying with you, therefore you have less marketing costs, you have less operating costs to serve them, and that's what is giving you the very favorable economics on the consumer level going forward.

We know how that worked in Kazakhstan, and it will work exactly the same way in Turkey. The one thing which we should also keep in mind that we are also true believer in building up different services around the consumer needs and not just, let's say, e-commerce, for example.

Things which are related to the Fintech and others will be something which will be also working on during 2026 and onwards. When you think about the scale of the business and how much network effects and synergies that can have, you can extrapolate the way that Kaspi has been really doing.

The comparison we gave you, it was only on e-commerce side. The comparison, if you think about the breadth of the services around the consumers and merchants and if you go beyond e-commerce, it's massive.

I'm not saying that this will be automatically happening. Of course, it will take a lot of work from us, but the opportunity on a total level around household needs of the consumer and the business needs of the merchants, it's just massive.

We just gave you as something to compare between e-commerce, pure e-commerce comparable piece, because that's where our focus is, because we believe that if consumers are buying with you frequently and the merchants are selling with you frequently, this is the combination from which you can build, because this is the point when merchant making decision to sell and the consumer is making decision to buy. All the other services are built around that.

It's much more difficult to make a Fintech financial services into Marketplace, and it's much easier to make Marketplace into Fintech financial services.

Got it. Thank you.

I'll drop back in the queue.

Thanks.

Jamie said he was going to drop back into the queue, but if James has another question, we can take it, if you've got any follow-up, James. If not, don't worry.

Yes, thank you for for taking my follow-up. Just on the on Fintech, the TFV growth, which you expect to slow down to 5%, can you give us some context there?

Because I understand that you're not planning to change your the year the gross yield is expected to stay stable around 6%, presumably pricing stable, what is expected to drive the slowdown in lending?

I would just say one thing to think about is TFV growth is linked to GMV growth in Kazakhstan, and if you think about where the GMV growth is coming from, it's generally coming from lower ticket items. Sort of the extreme example of that is grocery, which is just less credit sensitive.

If people are still using the same amount of credit to buy the consumer electronics items, but that now is a mature, slower-growing category within Marketplace, at least one key reason is it just reflects the changing shift in the Marketplace business. Actually, that's a long-run trend.

Perfect. Thank you.

Thank you. In terms of what you were calling out earlier, David, about the e-commerce versus m-commerce relative growth rates, can you talk about how that impacts the consolidated take rate overall?

I think it's the one before.

It's take rate positive. Because if we look, e-commerce, well let's do the end of the year, e-commerce take rate finished last year at 12.7%, just short of 13%.

E-commerce is faster growing and it's higher take rate versus m-commerce, which is well just around sort of under 10% take rate. That's one thing.

Why? Because e-commerce well lends itself to delivery, so that's a clear value-added service that's not relevant for m-commerce.

M-commerce, you're going to the physical location. At least to date, the advertising products are all around e-commerce.

Again, the value-added services are all linked to e-commerce. It's not to say you can't have value-added services for m-commerce as well, and actually m-commerce take rate has consistently increased.

If you think about the two big ones that we've talked about, delivery and advertising, they are really relevant to e-commerce. It's actually a positive dynamic from a take rate and revenue perspective.

Got it.

Thank you.

I would like to make one quick comment on this. Even though it's a positive dynamic from the take rate and revenue perspective, e-commerce is more operations-heavy than m-commerce, right?

Let's say delivery. We are investing into delivery.

We're monetizing the delivery on the merchant side, but the build-up of delivery, especially on the lower ticket item side, we're still in investing. When you think about the take rate, take rate is higher, potential is much higher.

The services we develop around consumer and the merchants have a huge potential and deliver a lot of value for both, but a profitability of e-commerce is less than m-commerce just because of the operational side of working with on a delivery. On the long term, of course, that will be something different, but immediate effect, if you move the merchants' GMV from m-commerce, which is in-store experience, to e-commerce, and you add on top of it the operational costs related to the delivery investments, the take rate and the delivered take rate increase revenue, but the delivery is decreasing the profitability.

The margin of the e-commerce at that immediate migration will be less. The take rate and the future potential is much bigger.

Got it. Thank you.

Thanks.

Thank you. I just wanted if we could just touch on agentic AI or agentic commerce here, being the elephant in the room for e-commerce companies as well around the world.

Just your views on where we stand today regarding any partnerships you have, large language models or ChatGPT, and just considerations from your perspective, that would be interesting to hear. Thank you.

Yes, thank you for the call. That's a separate subject, maybe even the different call, I would say.

In general, we are working on the assistants to help our merchants to do business more efficiently, and help our consumers to make purchases as well seamlessly, navigating the help of the virtual assistants. We are already applying a lot of it internally, and yeah, I think it deserves a separate call and separate discussion maybe with you, too.

Thank you.

We're developing this in-house, and I think I mentioned this to you on the discussion we had recently.

Thank you.

thanks, Harry, for the call. Thank you all for joining.

Please get in touch with any questions. We are in the US this week.

Keep in touch, happy to take questions offline. Thanks everyone for your time, and speak to you soon.

Thanks a lot. Bye-bye.