Kaspi.kz JSC Sponsored GDR RegS

Solid operating momentum; profit pressure remains (but at least “least pronounced”) - Q2: Revenue +15% reported (driven by e-commerce and fintech), adjusted EBITDA +5%. - Marketplace GMV +15% constant currency YoY, with e-commerce +28% constant currency YoY. - EBITDA vs revenue gap described as margin pressure from (1) Kaspi investments in Hepsiburada and (2) interest-rate environment; management said margin pressure is less severe than over the last couple of years. - Net income flat in Q2 due to the above + regulatory reserve requirement changes (already announced; phased in).

Marketplace economics improving: take rate up via value-added services - Take rate +110 bps to 12.1% in Q2, driven by e-commerce advertising and delivery. - Value-added services grew +49% constant currency (faster than e-commerce revenue), indicating monetization of engagement. - Purchases growth strong: e-commerce purchases +33% YoY; >76 million purchases in Q2. - 1P share: ~20% of GMV comes from first-party (e-grocery in KZ; electronics in TR).

Fintech: loan portfolio and revenue growth strong, funding cost still a key headwind - Average net loan portfolio +18% YoY. - Fintech revenue +23% YoY, outperforming loan growth (management attributes to mix shift toward longer-duration / higher-revenue products; pricing stable). - Deposit pricing dropped after Kazakhstan rate cut (first in ~2 years): lowered a key 3-month deposit product rate from 20% to 19% effective last Wednesday; management expects full benefit mostly in Q4 and into next year (repricing takes ~3 months; Q2 only partially captures). - Cost of funding issue remains: deposit/funding costs up ~150 bps YoY still pressuring EBITDA. - Credit quality: cost of risk 0.7% (slightly up YoY, flat QoQ) and internal real-time credit metrics remain low/stable; management expects slight moderation in H2.