Company Overview

Joint Stock Company Kaspi.kz, incorporated in 2008 and headquartered in Almaty, Kazakhstan, operates as a Kazakhstan-based financial technology company providing a range of services including online payments, e-commerce, and digital banking. The company completed its listing on Nasdaq in January 2024, expanding its presence beyond the Kazakhstan market where it has established its digital financial services ecosystem. The company has developed into Kazakhstan's dominant super app, serving 10 million monthly active users, which represents over half of Kazakhstan's population and nearly 70% of the country's 20 million people.

Business Segments Overview

Kaspi.kz operates through three core segments: Payments, Marketplace, and Fintech.

Payments Platform

The Payments segment offers a comprehensive platform facilitating transactions between merchants and consumers. Key features include:

- Payment solutions for shopping transactions, regular household bills, and peer-to-peer payments.

- Merchant capabilities to accept payments online and in-store, issue and settle invoices, pay suppliers, and monitor merchant turnover.

- A proprietary payment network launched in mid-2019, which rapidly grew market share from 2% in June 2019 to 66% in June 2020, becoming the largest payment network in Kazakhstan.

- Kaspi POS Register, launched in 2023, is now used by 35% of Kaspi Pay merchants, enabling them to create product catalogues, accept payments, and issue tax invoices.

Marketplace Platform

The Marketplace Platform segment connects both online and offline merchants with consumers, enabling merchants to increase sales through an omnichannel strategy. This segment includes:

- m-Commerce: A mobile solution for in-person shopping.

- e-Commerce: Allows consumers to shop anytime, anywhere with free delivery.

- Kaspi Travel: Enables consumers to book domestic and international flights, domestic rail tickets, and international package holidays.

- e-Grocery: Experienced GMV growth of 97% year-over-year in FY 2024 with 858,000 active consumers.

- e-Cars: Following the acquisition of Kolesa in 2023, e-Cars GMV showed strong momentum throughout the year. In 4Q 2024, it increased by 62% compared to 1Q 2024, reaching KZT239 billion.

Fintech Platform

The Fintech Platform segment provides consumers with buy-now-pay-later, finance, and savings products, and offers merchants finance services. Merchant & Micro Finance is the company's fastest-growing lending product, representing 17% of Total Finance Value (TFV) and showing increasing significance in size.

Financial Performance and Market Position

FY 2024 Results (as of December 31, 2024)

FY 2024 net income increased by 25% year-over-year, aligning with initial guidance. Key financial highlights include:

- Revenue growth of 32% year-over-year.

- In 4Q 2024, both revenue and net income increased by 28% year-over-year.

- The Marketplace segment demonstrated remarkable 39% growth in Gross Merchandise Volume (GMV) in the fourth quarter.

- e-Commerce emerged as the fastest-growing sector, achieving a GMV increase of 67% in 4Q and 85% for the fiscal year.

Platform Performance Metrics

- Payments: Payment transactions were up 33% and 40% year-over-year in 4Q and FY 2024, respectively.

- Marketplace: Marketplace GMV growth accelerated in the final quarter of the year.

- Cross-platform Engagement: Monthly transactions per active consumer reached a record high of 73, with Marketplace purchases up 42%.

Key Financial Metrics

- FY 2024 Performance: Net Income increased by 25% year-over-year. Revenue growth of 32% year-over-year.

- 4Q 2024 Performance: Revenue and Net Income increased by 28% year-over-year.

- Marketplace GMV Growth (4Q FY24): 39% year-over-year.

- e-Commerce GMV Growth (FY24): 85% year-over-year.

- Payments Transactions Growth (FY24): 40% year-over-year.

- Monthly Transactions per Active Consumer: 73 (record high).

Business Operations and Production Capacity

- Monthly Active Users: 10 million (over half of Kazakhstan's population).

- Merchant Payments Acceptance: 580,000 out of 2 million small and medium-sized merchants accept payments from Kaspi.kz.

- Kaspi Delivery: Orders delivered were up 128% year-over-year to 99 million in FY 2024.

- Kaspi Postomats: Accounted for more than 50% of e-Commerce deliveries.

Product Portfolio and Market Strategy

Kaspi.kz operates as a dominant super app, integrating various services to enhance user engagement and market penetration. The company's strategy focuses on leveraging its extensive user base and integrated platforms for continued growth.

Strategic Expansions and Initiatives

#### International Expansion

The transaction to acquire 65.41% of Hepsiburada closed in January 2025. An initial $600 million cash payment was made, with a further $526.9 million to be made no later than 6 months post-closing. Hepsiburada and the Turkish market significantly expand the company's addressable market and medium-term growth potential.

#### Product Innovation

Recent launches and developments include:

- Digital Gift Cards: Launched in 4Q 2024 as an innovative way to boost Super App engagement and drive Marketplace transactions.

- Kaspi Tours: A vacation package holidays marketplace launched approximately 18 months ago, with Tours GMV reaching 9% of Travel's GMV in FY 2024.

- Brand Advertising, Business Deposit, and Buy-Inventory-Now-Pay-Later service: These offerings further enhance merchant services and platform utility.

Future Growth Plans and Strategic Initiatives

The company expects to deliver another strong year of profitable growth and anticipates consolidated net income growth of around 20% year-over-year for 2025. This guidance excludes any impact from the business in Türkiye.

The company's Payments and Marketplace Platforms continue to grow their bottom line at a significantly faster rate than Fintech. In FY 2024, these platforms accounted for 69% of consolidated net income, up from 66% in FY 2023, indicating a strategic shift toward higher-margin platform businesses.

Joint Stock Company Kaspi.kz represents Kazakhstan's most successful fintech transformation story, evolving from a traditional bank into the country's dominant super app ecosystem that serves as the backbone of Kazakhstan's digital economy.