Slides
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1 10 November2025 3Q 2025 ResultsKaspi.kzConsumerSuper AppKaspiPayMerchant Super App
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2 CautionaryNoteRegardingForward-LookingStatementsThispresentationcontainsforward-lookingstatementswithinthemeaningoftheU.S.federalsecuritieslaws,whichstatementsrelatetoourcurrentexpectationsandviewsoffutureevents.Insomecases,theseforward-lookingstatementscanbeidentifiedbywordsorphrasessuchas“believe,”“may,”“might,”“will,”“expect,”“estimate,”“could,”“should,”“anticipate,”“aim,”“estimate,”“intend,”“plan,”“believe,”“potential,”“prospective,”“continue,”“is/arelikelyto”orothersimilarexpressions.Theseforward-lookingstatementsaresubjecttorisks,uncertaintiesandassumptions,someofwhicharebeyondourcontrol.Therefore,youshouldnotplaceunduerelianceontheseforward-lookingstatements.Inaddition,theseforward-lookingstatementsreflectourcurrentviewswithrespecttofutureeventsandarenotaguaranteeoffutureperformance.Actualoutcomesmaydiffermateriallyfromtheinformationcontainedintheforward-lookingstatementsasaresultofanumberoffactors,including,withoutlimitation,risksrelatedtothefollowing:ourabilitytoattractsufficientnewcustomers,engageandretainourexistingcustomersorselladditionalfunctionality,productsandservicestothemonourplatforms;ourabilitytomaintainandimprovethenetworkeffectsofourSuperAppbusinessmodel;ourabilitytoimproveormaintaintechnologyinfrastructure;ourabilitytosuccessfullyexecutethenewbusinessmodelandreachprofitabilityincertainofouroperations;ourabilitytopartnerwithsufficientnewmerchantsormaintainrelationshipswithourexistingmerchantpartners;ourabilitytoeffectivelymanagethegrowthofourbusinessandoperations;developmentsaffectingthefinancialservicesindustry;ourbrandortrustedstatusofourplatformsandSuperApps;ourabilitytoretainandmotivateourpersonnelandattractnewtalent,ortomaintainourcorporateculture;ourabilitytokeeppacewithrapidtechnologicaldevelopmentstoprovideinnovativeservices;ourabilitytoimplementchangestooursystemsandoperationsnecessarytocapitalizeonourfuturegrowthopportunities;changesinrelationshipswiththird-partyproviders,includingsoftwareandhardwaresuppliers,deliveryservices,creditbureausanddebtcollectionagencies;ourabilitytocompetesuccessfullyagainstexistingornewcompetitors;ourabilitytointegrateacquisitions,strategicalliancesandinvestmentsandrealizethebenefitsofsuchtransactions;ourabilitytoadequatelyobtain,maintain,enforceandprotectourintellectualpropertyandsimilarproprietaryrights;risksrelatedtoKazakhstanandtheothercountriesinwhichweoperate,includingwithregardtotheevolvingnatureoftheapplicablelegislativeandregulatoryframeworkandthatofotherjurisdictionsinwhichweoperate;ourabilitytoobtainorretaincertainlicenses,permitsandapprovalsinatimelymanner;thesignificantinfluenceofourexistingshareholdersandabilityofADSholderstoinfluencecorporatematters;differencesbetweentherightsofourshareholders,governedbyKazakhstanlawandourcharter,fromthetypicalrightsofshareholdersunderU.S.statelaws;ourabilitytosuccessfullyremediatetheexistingmaterialweaknessesinourinternalcontroloverfinancialreportingandourabilitytoestablishandmaintainaneffectivesystemofinternalcontroloverfinancialreporting;dependenceonoursubsidiariesforcashtofundouroperationsandexpenses,includingfuturedividendpayments,ifany;lackofprotectionsforADSholderscomparedtothoseaffordedtoshareholdersofcompaniesthatarenot“foreignprivateissuers;”thefactthatthepriceofourADSsmightfluctuatesignificantlyandthatanyfuturesalesorADSsorcommonsharesmaynegativelyimpactthestockprice;andrisksrelatedtootherfactorsdiscussedunderItem3.D.“RiskFactors”inourAnnualReportonForm20-FfiledwiththeU.S.SecuritiesandExchangeCommissiononMarch10,2025andourotherSECfilingswemakefromtimetotime.We operate in an evolving environment. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the effect of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.The forward-looking statements made in this presentation relate only to events or information as of the date on which the statements are made in this presentation. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Use of Key Financial and Operating Metrics Certain parts of this presentation contain our key financial and operating metrics, which we do not consider to be non-IFRS financial measures. We use these metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions. Our key operating metrics may be calculated in a manner different than similar key financial and operating metrics used by other companies. For definitions ofthese key financial and operating metrics, see the “Glossary” slides. Disclaimer
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3 3Q’25 underlying growth remained strong. Buyback to start in November Recovery in smartphones GMV delayed due to iPhone supply shortage. Now expected in ‘26 +18% YoYTPV +10% YoYRevenue +12% YoY+20% YoY(1) GMV+24% YoY+32% YoY(1)Revenue +16% YoYTFV +24% YoYRevenue +12% YoYNet Income+7% YoY+16% YoY(1)Net Income+15% YoY+28% YoY(1)Net Income +20% YoY+23% YoY(1)Revenue+12% YoY+21% YoY(1)Net Income 76 Monthly Transactions per Active Consumer FintechMarketplacePayments Consolidated Source Company dataData excludingTürkiye resultsNotes1.Growth if no adverse impact from Smartphones, Taxes, Minimumreserve requirements and Interest rates growth. Details of calculation in appendix $100mn ADS buyback to commence in November
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4Source Company dataNotes1. 3Q’25 impact. Details of calculation in appendix Growth in ’25 impacted by external factorsSmartphone regulation, iPhone shortage, tax, regulatory changes & cyclically high base rate Consolidated Net Income(1)-3% YoY Consolidated Net Income(1)-1% YoY Consolidated Net Income(1)-1% YoY Consolidated Net Income(1)-4% YoY Marketplace GMV(1)-8% YoY Effect on 3Q’25 Smartphone’s registration requirement & shortage of new iPhones 10% tax on revenue from government securitiesIncrease in Minimum Reserve Requirements,no interestearned Base rate increase from 15.25% to 16.5% Change Data excludingTürkiye results
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5 e-Com growth is expected to benefit from normalization in smartphone supply & favorable YoY comp from March ‘26e-Commerce demand is strong. Growth without smartphones +25% YoY Beauty and Personal careClothing and accessoriesHome, garden and furnitureElectronics (excl.Smartphones)Smartphones TOP 5 Categories(1)GMV Growth 3Q’25 YoY 69%51%35%18% -38% Source Company dataNotes1. Categories growth in e-Commerce platform General goodsData excludingTürkiyeresults
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6 e-Grocery GMV +53% YoY in 3Q’25 & 1.3mn consumerse-Grocery continues to scale fast 12.4B27.8B 1.0M2.0M 3Q’243Q’25 3Q’243Q’25 Active Consumers725K1.3M +53% +55% 50.5B 3.8M2.4M33.1B KZTe-GroceryGMV e-Grocery# of purchases Source Company dataNotesData excludingTürkiyeresults
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7 KaspiPay TPV from other banks and Alipay +176% since launchWe’re growing KaspiPay’s TAM by integrating with other banks & Alipay ++176% 3Q’244Q’241Q’252Q’25# of Banks +603% TPV# of transactions TPVKZT 50B53B57B25B 69B 1.6M2.3M3.4M0.8M 5.4M 3Q’25 2351 7 10M’2510M’249M’2412M’247M’25 Source Company dataNotesData excludingTürkiyeresults
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8 KaspiRestaurants billing TPV scaling fast since launch Prioritisingvertical specific innovations to create additional value for merchants+259x 4Q’241Q’252Q’25 +73x TPV# of transactions TPVKZT 1B4B13B50M 105.6K331.4K1.1M15.6K 3Q’25 Source Company dataNotesData excludingTürkiyeresults
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9 We have integrated Glovointo our Super AppGlovoowned by Delivery Hero is one of Kazakhstan’s leading restaurant delivery apps Source Company data A new partnerin theKaspi.kzecosystemSearch and selectfrom the catalogPlaceorderPaywith Kaspi.kzLog inwith Kaspi.kz
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10 Kaspi Key Note –presenting 3 new servicesPay by palm, advertising on 3rdparty platforms and Kaspi Ai for partners Source Company data
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11 KaspiAlaqanis one of our most important innovations Source Company data Pay by palm rollout to start in December ’25, free of charge to merchants in first 3 months Register palmin our appPay for purchaseswith palm Scan the QR on Kaspi Alaqan to connect
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12 Service video Kaspi Alaqan — pay without phone, card, or internet
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13 Advertising revenue +76% in 9M’25Advertising revenue is growing fast & above GMV growth Ad revenueKZT3Q’243Q’25 9M’249M’25 +56% +76% 9.1B 24.5B 5.8B 13.9B Source Company dataNotesData excludingTürkiyeresults
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14 We continue to build out KaspiAdvertising ServicesNow our merchants can advertise on Kaspi.kz & 3rd party platforms Source Company data A new addition to ouradvertising servicesAdvertiseon major 3rdparty platformsManagecampaignsReviewanalyticsMerchants set campaign terms
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15 Kaspi Ai assistant We have enriched over 500K of our most popular products with our proprietary Kaspi Ai. Expected to rollout to all merchants Jan’26
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16 KaspiAi can create product rich content in Kazakh, Turkish & RussianKaspiAi creates photos, product description & characteristics Source Company data KaspiAicreates rich product content when merchants list items Ai-powered photocreation Preview & publishAi-powered descriptionand characteristics
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17 Kaspi Ai creates visually more attractive content More attractive content for consumers, saves merchants time & meaningful sales uplift Source Company dataNotesData excludingTürkiyeresults +35%clicks +83%sales
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18 KaspiAi creates more useful product descriptionsMore useful descriptions for consumers & easier for merchants Source Company data BeforeAi-powered photowithinfographicAi-powereddescription
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19 KaspiAi creates a more informative product pageConsumers can make better buying decisions & merchants get more sales Source Company dataNotesData excludingTürkiyeresults +40%clicks +53%sales
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20 We’re seeing very encouraging resultsTests show a significant uplift in click rates & sales conversionIncrease in clicksthrough enrichingcontent of product page via Kaspi AiProducts with improvedproduct pages via AI Control group 30 days before improvement30 days afterimprovement0Enrichment Source Company dataNotesData excludingTürkiyeresults
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21 Multiple product improvement initiatives launched at HepsiburadaWe believe we have significant potential to improve Hepsiburada’sproduct proposition DeliveryBNPL from banksMarketingUser experience Reducing shipping costs anticipated to make it more economical formerchantsto deliver low ticket itemsWeekend delivery launched Wider selection of banks and payment termsExpect faster growth in low-ticket, everyday purchases Optimisation of performance marketing on 3rdparty platformsExpected to results in growth in traffic and views Redesigning consumer shopping journey on appExpected to lead to higher conversion of traffic into sales Source Company data
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22 Hepsiburadapurchases +16% in 3Q’25We are prioritizing growth in orders. Dynamics are improving since Kaspi.kz acquisition Source HepsiburadaEarnings ReleasesNotesEach metric is in accordancewith KaspiGlossary definitions +16% +7% 1Q’241Q’25 -11% Marketplace#of purchases 3Q’243Q’252Q’242Q’25 16.6M18.6M 20.1M17.3M17.2M16.0M
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23 Improving payment optionsWe show consumersbuy-now-pay-later options available fromtheir banks Source Company data A/B test results+4.5% GMV Added badge and details on which banks providebuy-now-pay-later options Before After
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24 Improving UX for homepageUpdatedhomepage withpersonalized sections for greater engagement Source Company data Added ‘Recently viewed’ and ‘Especially for you’ sections to the top area of the main pageAfter CTR doubled from 15% to 31% For ‘Recently viewed’ sectionCTR improved from 18% to 23%For ‘Especiallyfor you’ section Before A/B test results
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25 Improving marketing toolsWe have improved the offer algorithm and user experience for marketers Source Company data A/B test results+9.1% GMV Added promo badges to better highlight offersand the viewing resultseach offer is expected to bring AfterBefore
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26 Making easier for influencersto share recommendationsWith one click access user can share promotional offers A/B test results Source Company data +9.1% GMV Offer cards are easy to share and displaynecessaryinformationAfterBefore
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27 Payments Platform
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28 TPV transactions +14% & +15% YoY in 3Q/9M’25KaspiQR, B2B Payments & Bill Payments continue to see robust transactions growth 10.5M# of transactionsTPV TPV# of transactions3Q’243Q’25 9M’249M’25 +14% +15% 1.8B 5.0B1.6B 4.3B Source Company dataNotesData excludingTürkiyeresults
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29 TPV +18% & +21% YoY in 3Q & 9M’25Strong TPV growth reflects fast transactions growth & growth in ticket size Source Company data KZT NotesData excludingTürkiyeresults +18% 10.5M P2PPaymentsB2B Payments Kaspi QR & Card Transactions Household Bill Payments 6% 69% 17%8% 3Q’243Q’25 9.8T11.6T 9M’25 9M’259M’24 32.0T +21% 1.19%1.11%TPV breakdown 26.6T 1.18%1.09%Take Rate TPV
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30 Payments revenue +10% & net income +12% YoY in 3Q’25Tight cost control & operating gearing means bottom-line growth > top-line growth +14% +12% +17% +10% Segment RevenueKZT Net IncomeKZT 3Q’243Q’25 3Q’243Q’259M’249M’25 9M’249M’25 481B421B172B156B 103B115B 319B272B Source Company dataNotesData excludingTürkiyeresults
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31 Marketplace Platform
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32 Marketplace purchases +36% YoY in 3Q/9M’25Transaction growth on Marketplace remains fast Source Company dataNotesData excludingTürkiyeresults Marketplace#of purchases3Q’243Q’25 9M’249M’25 +36% +36% 83.7M 224.3M 61.4M 165.1M Marketplace#of purchases
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33 Marketplace GMV +20% YoY in 3Q’25 excluding smartphones GMVAdvertising, Delivery & Classifieds have boosted take rate to all time high Source Company dataNotes1. Take Rate is calculated based on GMV 3P onlyData excludingTürkiyeresults2. Growth excluding smartphones. Details of calculation in appendix 9.5%10.3%Take Rate(1) KZTGMV 9.5%10.3% 47%44% 9% 6M’25 KaspiTravel e-Commerce m-Commerce Marketplace GMV breakdown 1.7T +12% 1.5T +15% 4.1T4.7T+20%(2) +21%(2) 10.5M3Q’243Q’25 9M’259M’24
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34 e-Commerce GMV +25% YoY in 3Q’25 excluding smartphones GMVe-Commerce take rate up at all time high Notes1. Number of ordersSource Company data2. Take rate is calculated based on GMV 3P only 3. e-cars consists of GMV 1P (KZT 25 bn) and 3P (KZT 610 bn) for 9M’2025. e-grocery GMV is 1P . Other categories GMV is 3PData excludingTürkiyeresults4. Growth excluding smartphones. Details of calculation in appendix 65%29%6% 9M’25 e-Grocery General Goods e-Cars(3) e-Commerce GMV breakdownTake Rate KZTGMV 3Q’243Q’259M’249M’25e-Commerce#of purchases(1) 11.1%12.5%10.9%12.5%(2) e-Commerce +25%(4)+12%+29%(4)+19% 795B 2.2T712B 1.9T +86%+90% 50.3M125.1M27.1M 66.0M
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35 m-Commerce GMV +17% YoY in 3Q’25 if no impact of smartphones GMVm-Commerce growth still solid & important for onboarding merchants Source Company dataData excludingTürkiyeresults 9.0%9.1% +12%9.0%9.2% +12% 1.9T2.1T652B730BKZTm-CommerceGMV Take Rate +17%(1) +15%(1) -3% 0% 85.9M85.6M29.9M29.0Mm-Commerce#of purchases3Q’243Q’259M’249M’25Notes1. Growth excluding smartphones. Details of calculation in appendix
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36 KaspiTravel GMV +13% YoY in 3Q’25 & healthy take-rate improvementTravel take rate up to 5.1% driven by KaspiTours. Domestic tours recently launched Source Company dataNotesData excludingTürkiyeresults 70%20%10% 9M’25 Rail Air Tours KaspiTravel GMV breakdown +3%+1% +17%+13% Take Rate KZTGMV 3Q’243Q’259M’249M’25Tickets sold#of purchases 129B146B354B414B 4.4M4.4M13.2M13.6M 4.5%5.1%4.5%5.0%
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37 Revenue +32% & net income +16% YoY in 3Q’25 excluding smartphones Fast growth in VAS revenue results in Marketplace revenue growth > GMV growth Source Company dataNotesData excluding Türkiyeresults. Here Marketplace segment presented without Türkiye(Hepsiburada, FX revaluation related to Hepsiburadaacquisition and interest expenses for Eurobonds issued to fund our Türkiyebusiness).Full Marketplace Segment is presented in appendix, under Operating Segments 1. Growth excluding smartphones. Details of calculation in appendix +7%+24% Segment RevenueKZT Net IncomeKZT 3Q’243Q’25 3Q’243Q’25 9M’249M’25 9M’249M’25 +13% 633B222B179B 84B89B 262B498B 233B +32%(1) +16%(1) +20%(1)+27%+34%(1)
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38 Fintech Platform
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39 TFV +16% and +17% YoY in 3Q/9M’25Financing for merchants & micro businesses is our fastest growing Fintech product KZTTFV 37%39% 19%5% Buy Now Pay LaterGeneral purpose Car FinanceMerchant & MicroBusiness Finance TFV breakdown 3Q’253Q’24 3.0T +16% 2.6T 10.5M +17% 10.5M9M’249M’25 7.4T8.6T Source Company dataNotesData excludingTürkiyeresults 9M’25
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40 Average net loan portfolio +30% YoY & deposits +18% YoY in 3Q’25Our new saving products are resulting in solid deposit growth Source Company dataNotes1. Loans to Deposits ratio is calculated based on end of period numbers, not average.2. Total savings including individuals and legal entities 3. Calculated for the period, not annualized. Data excludingTürkiyeresults +18% 18%18%+32% +19% +30% 5.5T6.5T5.8T6.9T 4.7T6.2T5.0T6.6T Fintech Yield KZTAverage net loan portfolio 3Q’243Q’259M’249M’25 Loans/Deposits Average SavingsKZT 88%97% 6%6% (1) (2) (3)
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41 Cost of Risk of 0.6% in 3Q 2025Credit trends strong and consistent in 2025 & our collection results keep improving Source Company dataNotes1. Gross non-performing loans divided by gross loans2. Total allowancefor impairment divided by gross NPL 3Q’243Q’25 FY’249M’25 0.6% 5.8%0.5% 5.4% 90%82% NPL(1)ratioNPL Coverage(2) Cost of risk Data excludingTürkiyeresults
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42 Revenue +24% & net income +28% YoY in 3Q’25 adjusting for higher interest ratesFintech growth impacted by higher interest rates & regulatory/tax changes Segment RevenueKZT Net IncomeKZT Source Company dataNotesData excludingTürkiyeresults1. Growth excluding increase in interest rates. Details of calculations in appendix +21% +15% +10% +24% 3Q’243Q’25 3Q’243Q’25 1.1T930B410B332B 88B101B 260B235B 9M’249M’25 9M’249M’25 +28%(1) +18%(1)
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44 Hepsiburadapurchases +16% in 3Q’25Purchase trends accelerating as we implement improvement & growth initiatives Source Hepsiburada3Q’25 Earnings ReleaseNotesEach metric is in accordancewith KaspiGlossary definitions 3Q’243Q’25 9M’249M’25 +16% +4% 20.1M 54.0M17.3M 51.9M Marketplace#of purchases
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45 Hepsiburada GMV +15% in 3Q’25Growth initiatives include investments in delivery, advertising, BNPL payments & UX +15% +5% 3Q’243Q’25 51.2B 9M’259M’24 135.3B129.2B GMVTRY 44.7B 1P 3P 69%9M’2531% Marketplace GMV breakdown Source Hepsiburada3Q’25 Earnings ReleaseNotesEach metric is in accordance with KaspiGlossary definitions All amounts presented in real terms, i.e. adjusted for inflation
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46 Hepsiburadarevenue +22% & EBITDA-74% YoYTop line growth accelerating due to targeted investments +22% 10.5M10.5M3Q’243Q’25 20B16B +11% 9M’249M’25 54B49B 3Q’253Q’24 174M -74% 677M 9M’259M’24 1.1B -35% 1.7B RevenueTRY EBITDA(1)TRY Notes1. EBITDAasprofitor lossfortheperiodplustaxationonincomelessfinancial incomeplusfinancialexpenses,plusdepreciationandamortizationplusmonetarygains/lossesSource Hepsiburada3Q’25 Earnings ReleaseAll amounts presented in real terms, i.e. adjusted for inflation
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47 -223% We’re investing to create a bigger, more valuable businessHigher losses reflect investments in payments options, advertising & delivery Source Hepsiburada3Q’25 Earnings Release Net IncomeTRY LoanProvision expensesRegular business Notes1. Exchange rate used to translate TRY 4.17 billion is 41.7196 Share capital increase expected to raise approximately $100 million(1) Main investments within regular businessTRY Performance marketingDelivery 3Q’243Q’25 -47M -410M-1.3B -363M-138M-1.2B -2.7B-4.0B -2.1B -993M-243M-528M-2.8BFinancial expenses All amounts presented in real terms, i.e. adjusted for inflation
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48 Consolidated performance & 2025 Guidance
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49 3Q’25 revenue & net income +23% & 21% excluding external factorsGeographical segment results excluding TürkiyeSegment RevenueKZT Net IncomeKZT Source Company dataNotesData excludingTürkiyeresults consistent with geographical segments’ presentation as disclosed in appendix1. Growth excluding smartphones, minimum reserve requirements, tax on liquidityand increased interest rates. Details of calculation in appendix 2.2T797B 307B 842B 3Q’243Q’25 3Q’243Q’259M’249M’25 9M’249M’25 +20%+23%(1) 663B +20%+22%(1) 1.8T +12%+21%(1) 274B +14%+20%(1) 740B
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50 Net income growth +1% YoY in 3Q’25We believe investments in Türkiyesignificantly enhance our TAM and long-term growth The exchange rates used by us for the presentation of certain financial, operating and other data denominated in tenge and included in this presentation are₸549.06 per $1 and ₸13.23 per TRY 1 as of September 30, 2025Source Company data Kazakhstan & Other Türkiye 328B1.1T 724B$1.3B 2.9T 3Q’243Q’25 3Q’243Q’259M’249M’25 9M’249M’25-29B 307B-51B-$0.09B 842B$1.5B278B 791B+7% +1% +60% +70% Segment RevenueKZT Net IncomeKZT 797B1.8T2.2T$4.0B 740B274B663B
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51 FY 2025guidance excluding Türkiye(1): Source Company dataNotes1. Please see "Disclaimer--Cautionary Note Regarding Forward-Looking Statements."2.Excluding impact of GMV of smartphones. Details of calculation in appendix3.Excluding impact of Smartphones, Tax, Minimumreserve requirements and growth in interest rates. Details of calculation in appendix $100mn ADS buyback to commence in November 2025GuidancePRIOR 15% -20%YoYGrowthGMV TPV TFV Net Income 15% -20%YoYGrowth Around 15%YoYGrowth Around 15%YoYGrowth 2025GuidanceUPDATED 12% -14%YoYGrowth Around 20%YoYGrowth Around15%YoYGrowth 10% -12%YoYGrowth 2025GuidanceUPDATED(excluding external factors) 19% -21%(2)YoYGrowth Around 20%YoYGrowth Around15%YoYGrowth 18% -20%(3)YoYGrowth
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52 Appendix
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53 Average DAU +8% & Average DAU/Average MAU engagement up to 68%Kaspi.kz’sconsumer & merchant user base continues to grow +4%+8% +6% 10.4M 15.3M732K764K14.4M9.6M AverageDAU/MAU AverageDAU AverageMAU # of Active Merchants 67%68% 9M’249M’259M’249M’25 9M’249M’25 Source Company dataNotesData excludingTürkiyeresults
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54 Kaspi.kz consumers grow across all segmentsFintech Deposits Active Consumers growing the fastest +11% YoY in 3Q’25 9M’249M’25 -2%+11% +10%+7% 6.4M6.3M5.5M6.1M 7.8M8.6M13.4M14.4MPayments ActiveConsumers FintechActiveConsumers(deposits) Marketplace ActiveConsumers FintechActiveConsumers(loans)9M’249M’25Source Company dataNotesData excludingTürkiyeresults
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55 Average balances on current accounts +5% YoY in 9M’25Growth in balances stable Average Balances on current accounts3Q’243Q’259M’249M’25 +2% +5% 1.0T 964B992B 916B Source Company dataNotesData excludingTürkiyeresults
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56 Delinquency Rate(2)First and Second Payment Default(1) %% 90+ Collection Vintages(4)Loss Rate Vintages(3) %% MonthMonth 0,70,3 6 2 01 345 3Q243Q224Q22 1Q241Q232Q234Q233Q232Q244Q241Q242Q243Q24FPDSPD 024681012141618202224262830323436 1 0 2 3 1Q24 4Q24 1Q232Q233Q234Q23 2Q24 1Q25 3Q24 2025 -042025 -052025 -060102030405060 024681012141618202224262830323436 1Q23 1Q24 2Q233Q234Q23 2Q243Q24 1Q254Q24 2025 -012025 -022025 -03 2,2 0 312 7 4568910 4Q223Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q25 Our data and technology led risk management continues to prove itselfCredit risk metrics remain very strong Source Company dataNotes1.First payment default (FPD) is the share of loans with the missed first payment. Second payment default (SPD) is the share ofloans with the missed first and second payments2.The share of loans that were not delinquent in the previous month but missed their current due date payment3.Expected loss rate of portfolio originated in specific quarter/month as a combination of actual NPL as of reporting date and expected recovery of NPL based on statistics4.The share of recovery (repayment) of loans that became delinquent more than 90 days in specific quarter/monthData excludingTürkiyeresults
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57 FY’24 18.0% 9M’25 18.3%19.5% Additional Fintech Platform metrics 22.4M 12.7% Basel III Capital Adequacy RatioDeposits by typeRWA, KZT Total Capital, KZT Regulatory Capital Adequacy Ratio RWA, KZT Total Capital, KZT Tier I BnKZT BnKZT FY’24 12.6% 12.6% 9M’25 Deposits by currency TermCurrent KZTFCYTier I 22.4M17.6% 22.4M FY’249M’25 6,562 22.4M22.4M83%85% 17%15% 6,5627,01013% FY’24 22.4M22.4M91%92% 9% 1,019B5,577B6,449B 1,027B8,059B 1,257B 1,189B9,424B Interest revenue split (Fintech)BnKZT LoansSecurities&Deposits 9M’249M’25 993681 22.4M22.4M89%96%11%4% 8% 12.6% 19.5% 9M’25 7,010 Source Company dataNotesData excludingTürkiyeresults 12.6%
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58 Consolidated Income Statement (unaudited) Source Company data 3Q2024, KZT MM3Q 2025, KZT MM9M2024, KZT MM9M 2025, KZT MM9M 2025, USD MMRevenue 649,754 1,110,174 1,801,805 2,899,526 5,281 growth, % - 71% -61%-NetFeeRevenue 329,430 419,250 907,495 1,160,455 2,114 Interest Revenue 283,620 429,237 773,757 1,138,270 2,073 Retail Revenue 39,542 250,275 115,216 585,597 1,066 Othergains (losses) (2,838)11,412 5,337 15,204 28 Costs and operating expenses(316,441)(763,660)(903,108)(1,923,604)(3,504)growth, % - 141% -113%-% of revenue 48.7%68.8% 50.1%66.3%-Interest Expenses (158,937)(246,110)(451,521)(647,464)(1,179)Transaction Expenses (8,009)(8,090)(21,418)(24,335)(44)Cost of Goods Sold and Services(76,449)(343,955)(212,147)(823,620)(1,500)Technology & product development(27,538)(58,052)(80,212)(151,838)(277)Sales and marketing (10,651)(43,927)(31,058)(95,917)(175)General and administrative expenses(7,293)(22,122)(22,458)(56,598)(103)Provision expense (27,564)(41,404)(84,294)(123,832)(226)Net income beforetax 333,313 346,514 898,697 975,922 1,777 growth, % - 4% - 9%-margin, % 51.3%31.2% 49.9%33.7%-Income tax (58,937)(68,468)(158,264)(185,198)(337)Net income 274,376 278,046 740,433 790,724 1,440 growth, % - 1% - 7%-margin, % 42.2%25.0% 41.1%27.3%-
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59 Consolidated Balance Sheet (unaudited)31-Dec-2024, KZT MM30-Sep-2025, KZT MM30-Sep-2025, USD MMCash and cash equivalents 619,470501,519913Mandatory cash balances with NBK57,307301,537549Due from banks 37,90846,969 86Investment securities and derivatives1,506,8311,308,3212,383Loans to customers 5,746,6006,801,54912,388Property, equipment and intangible assets 269,289427,927779Goodwill 17,438617,7191,125Inventory 16,164142,275259Other assets 106,094200,928366Total assets 8,377,10110,348,74418,848Due to banks 24,47481,856 149Customer accounts 6,561,9507,010,08412,767Debt securities issued 51,050356,010648Subordinated debt 62,416 188 0Trade liabilities 22,454370,181674Other liabilities 81,896187,647343Total liabilities 6,804,240 8,005,966 14,581Issued capital 130,144130,144237Treasury shares (151,521)(148,092)(270)Additional paid-in-capital 506 506 1Revaluation (deficit)/ reserve of financial assets41,026 373 1Share-Based Compensation reserve31,77418,880 34Retained earnings 1,465,2952,270,1444,135Total equity attributable to Shareholders of the Company1,517,2242,271,9554,138Non-controlling interests 55,63770,823 129Total equity 1,572,8612,342,7784,267Total liabilities and equity 8,377,10110,348,744 18,848 Source Company data
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60 KZT mm Results of Operations—Segments:Payment revenueMarketplace revenueFintech revenuePayment net incomeMarketplace net incomeFintech net income 155,980178,940331,605102,55183,87387,952 Operating Segment Revenue & Net Income (unaudited) 3Q’24 Source Company dataNotesTürkiyeis fully included in Marketplace Segment 3Q’259M’249M’25 172,130549,317409,716115,19161,798101,057 421,293497,996929,691272,195232,761235,477 480,8171,357,7501,123,244319,027211,717259,980
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61 KZT mm Segments Revenue:Kazakhstan and OtherTürkiyeNet Income:Kazakhstan and OtherTürkiye Geographic Segment Revenue & Net Income (unaudited) 3Q’24 Source Company data 3Q’259M’249M’25 662,536662,536-274,376274,376- 1,124,796797,110327,686278,046306,651(28,605) 2,941,1262,216,711724,415790,724841,928(51,204) 1,841,2101,841,210-740,433740,433-
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62 External factors calculation TocalculateNetIncomegrowthwithoutsmartphones,weremovesmartphonesNIfromrespectiveperiodsof2024and2025.e-Commercenetincomefromsmartphones=(Sellerfeessmartphonesine-commerce-deliveryexpenses)x(1-corporatetaxrate)m-Commercenetincomefromsmartphones=(Sellerfeessmartphonesinm-commerce)x(1-corporatetaxrate)Whileine-commercewehaveexactamountofSellerfeesandtakerates,m-commerceSellerfees=m-commercesmartphonesGMVxe-Commercesmartphonestakerate Smartphones P&L effect TocalculateGMVgrowthwithoutsmartphoneseffect,weremovesmartphonesGMVfromrespectiveperiodsof2024and2025.Whileine-commercewehaveexactamountofGMVforsmartphones,inm-commercewehaveonlytotalforelectronicsGMVm-CommerceGMVfromsmartphonesisderivedanalyticallyaccordingtothefollowingcalculation:(e-commercesmartphonesGMV/e-commerceelectronicsGMV)xm-commerceelectronicsGMVSmartphones GMV (InterestIncomefromgovernmentsecurities+interestincomefromdepositswithNBRK+netinterestincomefromrepooperations+netincomefromswapswithmaturitylessthan1year)x10%.Allamountsreferto2025only10% tax on revenue from government securitiesIncrease in Minimum Reserve Requirements, no interestBase rate increase from 15.25% to 16.5% (Minimumreserverequirementsaftertheincrease–minimumreserverequirementsbeforetheincrease)xaverageeffectiveinterestrateonKZTdenominatedsecurities.Allamountsreferto2025only (EffectiveinterestrateonKZTdenominatedtermdepositsofindividualsforrespectiveperiodof2025–effectiveinterestrateonKZTdenominatedtermdepositsofindividualsin4Q’24)xaverageKZTdenominatedtermdepositsofindividualsduringrespectiveperiodof2025 Source Company data
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63 EBITDA reconciliation Hepsiburada Source Hepsiburada3Q’25 Earnings Release Net loss for the periodFinancial incomeFinancial expensesDepreciation and amortizationMonetary gain/(loss)EBITDA 3Q'243Q'259M'249M'25 410 1,099 (2,161) 634 609 677 (1 325) (1,155) (2,836) (764) 946 174 (1,174)3,260(6,243)(1,851)1,9661,693 (2,508)3,484(7,393)(2,272)2,5811,093 TRYmm
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64 TerminologyDefinition Fintech YieldThe sum of Fintech interest income on loans to customers and Fintech fee revenue divided by Average Net Loan Portfolio Costof RiskThe total provision expense for loans divided by the average balance of gross loans to customers for the same period Average DAU (Average Daily ActiveUsers)The monthly average of the daily number of users with at least one discrete session (visit) in excess of 10 seconds on the Kaspi.kz Super App in the last three months of each relevant period Average DAU to Average MAUIt is the ratio of Average DAU to Average MAU for the same period Delinquency RateThe share of loans that were not delinquent in the previous month but missed their current due date payment FPD (First Payment Default Rate)The share of loans where borrowers failed to pay the first payment under their loan agreements. Last quarter is estimated based on months, matured as of reporting date GMV (Gross Merchandise Value)The total transaction value of goods and services sold within Marketplace (on an aggregate, “third-party” or “first-party” basis, as applicable) Loss Rate VintagesExpected loss rate of portfolio originated in specific quarter/month as a combination of actual NPL as of reporting date and expected recovery of NPL based on statistics Average MAU (Average Monthly Active Users)The monthly average number of users with at least one discrete session (visit) in excess of 10 seconds on the Kaspi.kz Super Appin the last three months of each relevant period Glossary (cont’d)
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65 TerminologyDefinition Marketplace Active ConsumersThe total number of consumers that completed at least one purchase of goods and services within Marketplace during the prior 12 months Payments Active ConsumersThe total number of consumers that completed at least one transaction within Payments during the prior 12 months Fintech Active Consumers (deposits) The total number of consumers that had a deposit for at least one day within Fintech during the prior 12 months Fintech Active Consumers (loans) The total number of consumers that received at least one financing product within Fintech during the prior 12 months Active MerchantsThe total number of merchant stores that completed at least one sale of goods or services, or a transaction to or with a consumer,during the prior 12 months Average Balanceson Current AccountsThe average monthly total balance of Payments Platform’s accounts (including KaspiPay and KaspiGold accounts) for the respective period Monthly Transactions per Active Consumer The ratio of the total number of transactions for the prior 12 months to the total number of active consumers (the total number of consumers which have used any of our products or services at least once during the prior 12 months), divided by 12 Average Net Loan PortfolioThe average monthly balance of the Fintech net loan portfolio for the respective period Glossary
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66 TerminologyDefinition TPV (Total Payment Value)The total value of B2B and payment transactions made by Active Consumers within our Payments Platform, excluding free P2P andQR payments SPD (Second Payment Default Rate) The share of loans where borrowers failed to pay the first and the second payments under their loan agreements Marketplace Take Rate The ratio of Marketplace fee revenue to Marketplace 3P GMV e-CommerceTakeRateThe ratio of fee revenue generated in the e-Commerce business of Marketplace to e-Commerce 3P GMV m-CommerceTakeRateTheratiooffeerevenuegeneratedinthem-CommercebusinessofMarketplacetom-CommerceGMV KaspiTravelTakeRateTheratiooffeerevenuegeneratedintheKaspiTravelbusinessofMarketplacetoKaspiTravelGMV Payments Take Rate The ratio of fees generated from B2B transactions, consumer card and QR transactions and membership fees included in Paymentsfee revenue to TPV for the same period e-Cars Take RateThe ratio of fee revenue generated in the e-Cars business of Marketplace to e-Cars 3P GMV TPV Payments TransactionsThe total number of TPV transactions Glossary (cont’d)
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67 TerminologyDefinition TFV (Total Finance Value)The total value of loans to customers issued and originated within Fintech for the period indicated Average SavingsThe monthly average of customer accounts, which consists of total deposits of individuals and legal entities, for the respectiveperiod e-Commerce GMV (GrossMerchandiseValue)Thetotaltransactionvalueofgoodsandservicessoldwithinthee-Commerce businessof Marketplace(onan aggregate,“third-party”or “first-party”basis,as applicable).Our“first-party”e-CommerceGMV reflectse-Grocery’sGMVstartingfromFebruary2023 and e-cars GMV starting October 2023;priortothat,e-Grocery’sGMVwaspartofour“third-party”e-Commerce GMV. e-Grocery GMV (GrossMerchandiseValue)The total transaction value of goods and services sold within the e-Grocery business of Marketplace e-Cars GMV (GrossMerchandiseValue) The total transaction value of goods and services sold within the e-Cars business of Marketplace m-Commerce GMV (GrossMerchandiseValue)Thetotaltransactionvalueofgoodsandservicessoldwithinthem-Commerce businessofMarketplace KaspiTravel GMV (Gross Merchandise Value)The total transaction value of services sold within the KaspiTravel business of Marketplace Marketplace purchasesThe total number of goods or services purchase transactions made by consumers within Marketplace Glossary (cont’d)
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68 TerminologyDefinition e-Commerce purchasesThe total number of goods or services purchase transactions completed by consumers within the e-Commerce business of Marketplace e-Grocery purchasesThe total number of goods or services purchase transactions made by consumers within the e-Grocery business of Marketplace KaspiTravel purchasesThe total number of services purchase transactions made by consumers within the KaspiTravel business of Marketplace m-Commerce purchasesThe total number of goods or services purchase transactions made by consumers within the m-Commerce business of Marketplace Glossary (cont’d)