Kaspi.kz JSC - ADR

Strong operating momentum; profitability only modestly growing - Q2 revenue +15% YoY (reported) and adjusted EBITDA +5% YoY, reflecting margin pressure despite continued growth. - Key driver: marketplace +15% YoY GMV (constant currency); e-commerce GMV +28% YoY (constant currency) and payments TPV +13% YoY. - Net income ~flat YoY due to higher interest rates + fintech/tech investments and reserve requirement impacts (regulatory phase II hit Q2).

E-commerce is the core growth engine; monetization improving - Marketplace take rate increased ~110 bps to 12.1%, driven mainly by e-commerce and value-added services (advertising + delivery). - Value-added services growth: +49% constant-currency (and +27% real), scaling faster than e-commerce revenue → supports take-rate expansion over time. - Engagement/upside metrics: e-com purchases +33%; 76M+ purchases in Q2; “Kaspi 1P” is ~20% of GMV (Kazakhstan e-grocery + fastest vertical; Turkey electronics remains meaningful).

Fintech/Payments: growth steady, but funding costs remain a near-term headwind - Payments TPV +13% (guidance ~15% originally), with the note that TPV growth will slow if inflation moderates. - Payments take rate -7 bps in Q2 (mix trend toward Kaspi Pay / long-term structural shift). - Fintech lending portfolio +18% YoY; revenue +23% YoY (mix shifting toward higher-revenue merchant/longer-duration loans). - Cost of funding up ~150 bps YoY remained the main profitability pressure; Kazakhstan cut rates end-June, and Kaspi cut a 3-month deposit rate from ~20% to ~19% effective last Wednesday (benefit mostly shows in Q3/Q4 and next year).