Kaspi.kz JSC Sponsored GDR RegS

Q1 performance: strong growth but EBITDA only modestly up (profitability remains solid) - Consolidated revenue +31% YoY; adjusted EBITDA +9% YoY. - Management: “on track” vs expectations; no change to guidance today. - Net income flat / -1% YoY, mainly due to higher interest expense and COGS impact from Hepsiburada consolidation (3 months this year vs ~2 months prior year).

E-commerce is the key growth engine (engagement monetization accelerating) - E-commerce GMV +41% YoY (constant currency, pro forma); transactions +43% YoY. - Purchase frequency reached 15% of consumers’ quarterly purchasing activity, +44% YoY—a key engagement/monetization driver. - Take rate improved +90 bps YoY to 15.8%. - Advertising + delivery value-added services +73% YoY, growing faster than GMV—signals monetization scaling ahead of volume. - Investors should note: e-commerce revenue growth is outperforming GMV because of take-rate expansion and value-added services.

Marketplace (Hepsiburada) integration: revenue up, EBITDA growth constrained by consolidation timing - Marketplace GMV +19% YoY (constant currency, pro forma). - Reported results include Hepsiburada acquired end of Jan 2025 → 3-month consolidation in Q1 2026 vs ~2 months in Q1 2025. - Guidance target for Hepsiburada/overall Turkey strategy is EBITDA around breakeven this year, but near-term margins are influenced by investment and consolidation effects.