Slides
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1 24 February, 2025 4Q & FY 2024 ResultsKaspi.kzConsumerSuper AppKaspiPayMerchant Super App
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2 DisclaimerCautionaryNote Regarding Forward-Looking StatementsThis presentation contains forward-looking statements within the meaning of the U.S. federal securities laws, which statements relate to our current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “believe,”“may,” “might,” “will,” “expect,” “estimate,” “could,” “should,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “prospective,” “continue,” “is/are likely to” or other similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. Therefore, you should not place undue reliance on these forward-looking statements. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, risks related to the following: our ability to attract sufficient new customers, engage and retain our existing customers or sell additional functionality, products and services to them on our platforms; our ability to maintain and improve the network effects of our Super App business model; our ability to improve or maintain technology infrastructure; our ability to successfully execute the new business model and reach profitability of certain of our operations; our ability to partner with sufficient new merchants or maintain relationships with our existing merchant partners; our ability to effectively manage the growth of our business and operations; developments affecting the financial services industry; our brand or trusted status ofour platforms and Super Apps; our ability to retain and motivate our personnel and attract new talent, or to maintain our corporate culture; our ability to keep pace with rapid technological developments to provide innovative services; our ability to implement changes to our systems and operations necessary to capitalize on ourfuture growth opportunities; changes in relationships with third-party providers, including software and hardware suppliers, delivery services, credit bureaus and debt collection agencies; our ability to compete successfully against existing or new competitors; our ability to integrate acquisitions, strategic alliances and investments and realize the benefits of such transactions; our ability to adequately obtain, maintain, enforce and protect our intellectual property and similar proprietary rights; evolving nature of Kazakhstan’s legislative and regulatory framework and that of other jurisdictions in which we operate; our ability to obtain or retain certain licenses, permits and approvals in a timely manner; our ability to maintain an effective system of internal control over financial reporting; dependence on our subsidiaries for cash to fund our operations and expenses, including future dividend payments, if any; and risks related to other factors discussed under Item 3.D. “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 29, 2024 and our other SEC filings we make from time to time.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 MetricsCertain 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 of these key financial and operating metrics, see the “Glossary” slides.
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3 We operate a unique two-sided Super App business modelOur Super Appsintegrate different services used by consumers & merchants on a daily basis Kaspi.kzConsumer Super App≈ 14.7m Average MAUKaspiPay Merchant Super App≈ 0.7m Active Merchants Data as of December 31, 2024NotesSource Company data
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4 We had a strong 4Q 2024Revenue & Net Income +28% YoY with good results from all platforms FintechMarketplacePayments+30% YoYTPV +19% YoYRevenue +22% YoYNet Income Consolidated+39% YoYGMV +43% YoYRevenue +32% YoYNet Income +21% YoYTFV +26% YoYRevenue +28% YoYNet Income +28% YoYRevenue +28% YoYNet Income 73 Monthly Transactions per Active Consumer Source Company data
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5 2024 was another year of strong top & bottom-line growth FY’24 Net Income +25% YoY in line with the guidance we provided in January 2024 FintechMarketplacePayments+31% YoYTPV +23% YoYRevenue +24% YoYNet Income Consolidated+44% YoYGMV +64% YoYRevenue +41% YoYNet Income +30% YoYTFV +25% YoYRevenue +12% YoYNet Income +32% YoYRevenue +25% YoYNet Income Source Company data
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6 Payments & Marketplace accounted for 69% of Net IncomeKaspi.kz’searnings profile well diversified across our platforms PaymentsMarketplaceFintech 66% 69%FY’23 FY’2434% 29% 37% 31% 33% 36% Source Company data
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7 e-CommerceClassifiedsm-CommerceKaspi travele-Grocery Consumer services penetrationEven our most penetrated consumer services continue to deliver strong growth % of 14.7M Average MAU Kaspi QR and Card TransactionsP2P (monetized)Household Bill Payments BNPLKaspi DepositGeneral Purpose LoansCar Finance PaymentsMarketplaceFintech % 2024YoY 94%85%37%43%33%19%18%6% 40%39%21%1% Source Company dataData as of December 31, 2024Notes Revenue+64%GMV+44%TPV+31%Revenue+23% Revenue+25%TFV+30%
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8 Kaspi Deliverye-Commercem-CommerceKaspi Advertising Merchant services penetrationWe are still in the early stages of developing a range of products for merchants % of 737K Active Merchants PaymentsMarketplaceFintech TPV+31%Revenue+23% Revenue+64%GMV+44% Revenue+25%TFV+30%% 2024YoY 95%77% 17% 41%11%11%7%26%Merchant Instant invoicingKaspi B2B PaymentsMerchant Aquiring Services Merchant & Micro Business Finance Source Company dataData as of December 31, 2024Notes 10%KaspiPay Business Deposit
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9 Source Company dataNotes1.Calculated as TPV for particular year cohort divided by respective cohort number of active consumers2.Year 0 is the year in which a consumers of each cohort made first transaction, while year 1, 2, 3, 4, 5refer to relevant subsequent years of each consumer cohort’s life3.Number of consumers of each cohort that were active consumers in current year All Payments Platform cohorts continue to see strong growthTPV per consumer(1)KZT year 0(2) TPV per consumer grows as we add new opportunities to pay
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10 GMV per consumer(1)KZT Marketplace Platform cohorts continue to see strong growth Source Company dataNotes1.Calculated as GMV for particular year cohort divided by respective cohort number of active consumers2.Year 0 is the year in which a consumers of each cohort made first transaction, while year 1, 2, 3, 4, 5refer to relevant subsequent years of each consumer cohort’s life3.Number of consumers of each cohort that were active consumers in current year year 0(2) GMV per consumer grows as we add more shopping features
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11 e-Grocery GMV +97% YoY & 9.6 million purchases in FY’24We expect to continue to scale in Kazakhstan’s 3 largest cities & enter 2 new cities 12.4B27.8B 1.0M2.0M FY’23FY’24 FY’23FY’24 Active ConsumersAverage Ticket sizeKZT496K858K 13K14K +97% +84% 135.1B 9.6M5.2M68.7BKZTe-GroceryGMV e-Grocery# of purchases Source Company data
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12 e-Cars GMV KZT785 billion equivalent to 28% of e-Commerce GMVOur e-Cars Marketplace includes the sale of 1P & 3P cars & auto-parts 10.5MKZTGMV1Q’244Q’24 239B +62% Source Company data 147B 77%18%5% FY’24 Cars3P e-CarsGMV breakdown Cars 1PAuto-parts 3P
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13 Our car services address many touchpoints related to car ownership We are creating digital services to improve user experience around car buying & ownership ShoppingFY’24 GovTechFY’24 CarRegistrationTaxese-Cars3P Auto-parts DrivingLicenseOnlineCar Financee-Cars 1P Source Company data
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14 Digital Gift Cards launched in 4Q’24Gift cards boost Super App engagement & drive higher Marketplace transactions 10.5M 10.5M KZTGMV # of purchases Source Company data Nov’24Oct’24Dec’24 +422% 218M147M43M 46.6K33.0K +407% 8.9K
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15 We delivered almost 100 million orders in 2024 +128% YoYOur last mile network of Kaspi Postomatsnow exceeds 8,000 84%Free for buyer47%Delivered in ≤2 days Source Company data 8,032KaspiPostomats # of OrdersDelivered FY’24FY’23 +128% 99M43M
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16 Kaspi POS Register is already used by 35% of our merchants Total TPV through POSRegisterKZT # of ActiveMerchants with POSRegister 1Q’244Q’24 257К 1.2T409B Share in total 18%35% POS Register enhances Kaspi Pay’s offering. Merchants can create product catalogue, accept payments & issue tax invoices Source Company data +196% +103% 126К
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17 Brand Advertising is our latest advertising productMerchants can promote specific products & now brands can promote themselves # of ActiveMerchants with KaspiAds 51K36K +42% Source Company data FY’24FY’23
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18 Business Deposit for merchants launched in 3Q’24We now have a dedicated deposit product for our merchants. Initial take-up impressive 12.4B8M’24 27.8B FY’24 77K +288% 20K 12.4B8M’24 27.8B FY’24 149B +443% 27B Number of merchants with depositMerchant depositsKZT Source Company data
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19 Buy-Inventory-Now-Pay-Later launched in 4Q’24We pay the suppliers & the merchant pays Kaspi.kz within 30 days Buy-inventory-now-pay up to 30 days laterSelect amount Scan supplier’s QR code & pay at deliverySet payment limit for an employee Source Company data
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20 Kaspi.kz Super App brand recognition 5x higher than nearest brand Source: “KResearchCentral Asia” LLC. Numbers represent % of respondents, calculated based on rolling 12 months average ended 31 December 2024 In payments, Kaspi.kz’sbrand recognition is extremely strong Which mobile applications are installed on your mobile phone?Which Payment apps/sites do you know? Nearestbrand 44 8 4 x5.5 Nearestbrand 79 Kaspi.kzKaspi.kzx19.8
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21 e-Commerce brand recognition around 3x higher than nearest brandKaspiTravel is N1 in travel brand awareness in Kazakhstan Which e-Commerce apps/sites do you know?Which Travel apps/sites do you know? Nearestbrand38 13 x2.9 x3.0 Nearestbrand5117 Kaspi.kzKaspi.kz Source: “KResearchCentral Asia” LLC. Numbers represent % of respondents, calculated based on rolling 12 months average ended 31 December 2024
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22 3.8x higher brand recognition vs. ‘incumbent’ in consumer lending Over the last 2 years KaspiDeposit has consistently gained market share Where would you takeout a loan?With whom would you deposit funds? Nearestbrand49 13 x3.8 x3.1 Nearestbrand56 18 Kaspi.kzKaspi.kz Source: “KResearchCentral Asia” LLC. Numbers represent % of respondents, calculated based on rolling 12 months average ended 31 December 2024
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23 Brand recognition for autos & real estate 10x and 4x ahead of nearest brand In classifieds brand leadership is very important & our brands stand out Which apps/sites to buy a car do you know?Which apps/sites to buy real estate do you know? Nearestbrand 73 x10.4 x4.4 Nearestbrand71 16 Kolesa.kzKrisha.kz Source: “KResearchCentral Asia” LLC. Numbers represent % of respondents, calculated based on rolling 12 months average ended 31 December 2024 7
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24 hepsiburada
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25 Kaspi.kz now owns 65.41% of Hepsiburada Transactionnext steps Financing & dividend •Outstanding $526.9 million payment to be made no later than six months post-closing •The transaction is being funded from Kaspi.kz’soperating cash flow •No dividend for 4Q 2024 or 1H 2025•We will update on the potential to return cash to our shareholders during the second half of the year Remaining $527 million due in July. Tobe funded from Kaspi.kz’soperating cash flow Closing•All regulatory approvals secured•Transaction closed on schedule •Hepsiburadato be consolidated by Kaspi.kz from January 29th2025•Initial $600 million cash payment made Source Company data
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26 e-Commerce penetration in both countries has a long growth runway ahead Source Stat.gov.kz, Turkish Statistical Institute, Euromonitor, EIU, Notes1. As of December 20242. Data for 2024, in case of Turkey Euromonitor forecast4. EIU growth forecast between 2023 and 2027, CAGR The exchange rate used by us for the presentation of Retail market in tengeis ₸525.11per $1 as of December 31, 2024 3. Data for 2023. Calculated as e-commerce market size divided by Retail market size5. 2025 forecasts by EIU 85М$172B16.3%+4.4%25.6% 20M$43B12.1%+3.6%6.4% Population(1) Retail(2) e-Comm Penetration(3) GDP Growth(4) Moderating inflation(5) Türkiye’smacro & inflation outlook is showing signs of normalisation
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27 Hepsiburada’smanagement have prioritisedprogress to profitability With financials now stabilized, the focus can switch to product development & innovation Q3’21Q4’21Q1’22Q2’22Q3’22Q4’22Q1’23Q2’23Q3’23Q4’23Q1’24Q2’24Q3’24-11.2%-10.4%-9.2%-7.2%-6.7% -2.2%-1.1%-0.3%-0.6%-0.6%-0.3%-0.1%0.1%Hepsiburadaoperating income/(loss) as % GMV Source: HepsiburadaQ3 2024 Results Presentation
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28 Hepsiburadaat glance $3.5B17%70%12M100K GMV(1)(2)(9M’24)GMV Growth (9M’24)Share of 3PActive ConsumersActive Merchants Hepsiburadais a strong e-Commerce platform with 12 million consumers Source HepsiburadaQ3 2024 Results Presentation with some numbers rounded for presentation purposes The exchange rates used by us for the presentation of GMV in Turkish Lira is TRY35.3438 per $1 as of December 31, 2024 1.Hepsiburadadefinition -“GMV” as gross merchandise value which refers to the total value of orders/products sold through our platform over a given period of time (including value added tax (“VAT”) without deducting returns and cancellations), including cargo income (shipping fees related to the products sold through our platform) and excluding other service revenues and transaction fees charged to our merchants.2.KaspiGMV compared to Hepsiburadadefinition is net of returns and cancelations and doesn't include cargo/deliveryincome.Notes
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29 Payments Platform
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30 TPV transactions +33% & +40% YoY in 4Q/FY’24KaspiQR, B2B Payments & Bill Payments keep contributing to fast transactions growth TPV# of transactions4Q’234Q’24 FY’23FY’24 +33% +40% 1.6B 5.9B 1.2B 4.2B TPV# of transactions Source Company data
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31 TPV +30% & +31% YoY in 4Q/FY’24B2B Payments is the fastest growing component of TPV & we expect this to remain the case in ‘25 +30% 10.5M P2PPaymentsB2B Payments Kaspi QR & Card Transactions Household Bill Payments 5% 71% 17%7% 4Q’234Q’24 8.2T10.7T FY’24 Take Rate1.25%1.16% FY’24FY’23 37.2T +31% 1.23%1.18%TPV breakdown 28.4T KZTTPV Source Company data
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32 Payments revenue +23% & net income +24% YoYTight cost control & operating gearing means strong top-line flows to the bottom-line +23% +22% +24% +19% RevenueKZT Net IncomeKZT 4Q’234Q’24 4Q’234Q’24FY’23FY’24 FY’23FY’24 587B479B166B140B 89B109B 382B309B Source Company data
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33 Marketplace Platform
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34 Marketplace purchases +48% & +42% YoY in 4Q/FY’24Marketplace is our fastest growing platform driven by e-Commerce, including e-Grocery Marketplace#of purchases4Q’234Q’24 FY’23FY’24 +48% +42% 68.6M 233.6M 46.2M 164.9M Marketplace#of purchases Source Company data
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35 Marketplace GMV +39% & +44% YoY 4Q/FY’24. Take Rate 10.1% in 4Q’24Advertising & delivery continue to boost Take Rate & represent around 1.7% of GMV 10.5M 46%46% 8% FY’24+39% 10.5M KaspiTravel e-Commerce m-Commerce 4Q’234Q’24 1.3T1.9T Marketplace GMV breakdown FY’24FY’23 6.0T +44% 4.2T KZTGMV(2) Take Rate10.1%10.1%9.2%9.7%(1) 1. Take Rate is calculated based on GMV 3P only2. Sum of GMV 3P and GMV 1P starting 1Q’23Source Company dataNotes
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36 e-Commerce GMV +67% & +85% in 4Q/FY’24e-Commerce growth supported by migration of merchants from m-Commerce 67%28%5% FY’24 e-Grocery General Goods e-Cars(3) e-Commerce GMV breakdown +123%+127% +85% +67% Take Rate KZTGMV 4Q’234Q’24FY’23FY’24e-Commerce#of purchases(1) 522B870B1.5T2.8T 15.4M35.0M45.3M101.0M 11.0%11.3%11.5%11.6%(2) e-Commerce 1. Number of orders 2. Take rate is calculated based on GMV 3P only3. e-cars consists of Cars GMV 1P (KZT 43 bn) and GMV 3P (KZT 741 bn) related to Cars and auto parts for FY’2024 Source Company dataNotes
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37 m-Commerce Take Rate all time high 9.4% in 4Q’24 m-Commerce is important channel for onboarding merchants 4Q’234Q’24 +9% 8.6%9.1%+19% +10% 9.0%9.4% +21% 104.6M115.1M26.8M29.2M 2.3T2.7T716B869BKZTm-CommerceGMV m-Commerce#of purchases FY’23FY’24 Take Rate Source Company data
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38 KaspiTravel GMV +30% & 34% YoY in 4Q/FY’24Travel Take Rate up to 5.0% driven by KaspiTours which is already 9% of KaspiTravel GMV 72%19%9% FY’24 Rail Air Tours KaspiTravel GMV breakdown +17%+11% +34%+30% Take Rate KZTGMV 4Q’234Q’24FY’23FY’24Tickets sold#of purchases 90B117B353B471B 3.9M4.4M15.1M17.6M 4.3%4.6%4.6%5.0% Source Company data
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39 Marketplace Platform revenue +64% & net income +41% YoYMarketplace is our fastest growing platform +64% +32% +41% +43% RevenueKZT Net IncomeKZT 4Q’234Q’24 4Q’234Q’24 733B448B235B165B 87B116B 348B248B Source Company data FY’23FY’24 FY’23FY’24
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40 Fintech Platform
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41 TFV origination at healthy levels 21% & +30% YoY in 4Q/FY’24Merchant & Micro Business Finance and BNPL are our fastest growing Fintech products +21% 10.5M4Q’234Q’24 2.4T2.9T FY’24FY’23 10.3T +30% 7.9T KZTTFV 2.2x2.1xTFV to Average Net LoanPortfolio Conversion Rate 34% 44% 17%5% Buy Now Pay LaterGeneral purpose Car FinanceMerchant & MicroBusiness Finance TFV breakdown FY’24 Source Company data
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42 Average Net Loan Portfolio +38% YoY & deposits +27% YoY in FY’24Loan growth > deposit growth contributed to higher Fintech NI growth in 2H’24 1. 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. +23% 26%24%+38% +27% +37% 4.5T5.7T5.0T6.2T 3.5T4.9T4.0T5.5T Fintech Yield(3) KZTAverage net loan portfolio 4Q’234Q’24FY’23FY’24 Loans/Deposits Average SavingsKZT 78%88% 6%6% (1) (2) Source Company dataNotes
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43 Credit risk metrics remain very strongDelinquency Rate(2)First and Second Payment Default(1) %% 90+ Collection Vintages(4)Loss Rate Vintages(3) %% MonthMonth 6 0 4 1 5 23 2Q24 0,73Q21 0,34Q211Q222Q223Q224Q221Q232Q233Q234Q231Q243Q244Q24SPDFPD 024681012141618202224262830323436 2 1 0 3 1Q22 4Q22 2024 -09 3Q222Q22 2Q231Q23 2024 -08 3Q234Q231Q242Q242024 -07 024681012141618202224262830323436 50 30 01020 40 1Q24 1Q23 1Q22 3Q222Q22 4Q23 4Q22 2Q233Q23 2Q242024 -072024 -082024 -09 6 01324 75 8910 3Q244Q224Q211Q222Q223Q221Q232Q233Q234Q231Q242Q244Q24 2,0 Our data & technology led risk management continues to prove itself 1.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/month Source Company dataNotes
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44 Cost of Risk of 2.1% in 2024 & underlying NPL trends stableCredit trends strong & consistent throughout 2024 & our collection results keep improving 1. Gross non-performing loans divided by gross loans2. Total allowance for impairment divided by gross NPL 2.0%2.1% 5.5%5.4% FY’23FY’24 FY’23FY’24 Cost of risk NPL(1)ratio NPL Coverage(2) 99%90% Source Company dataNotes
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45 Fintech Platform revenue +25% & net income +12% YoY Fintech profitability growth improved in 2H’24 inline with our guidance +25% +28% +12% +26% RevenueKZT Net IncomeKZT 4Q’234Q’24 4Q’234Q’24 1.3T1.0T352B279B 71B91B 327B292B Source Company data FY’23FY’24 FY’23FY’24
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46 4.55 4.55 Consolidated performance
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47 4.55 4.55 Growth across all our platforms has led to strong top & bottom-line results Strong growth & profitability results from our business model’s inherent network effects The exchange rate used by us for the presentation of certain financial, operating and other data denominated in tengeand included in this presentation is ₸525.11 per $1 as of December 31, 2024 +32% +28% +25% +28% RevenueKZT Net IncomeKZT 2.5T$4.8B1.9T730B571B 248B316B 1.1T$2.0B849B 4Q’234Q’24 4Q’234Q’24 Source Company data FY’23FY’24 FY’23FY’24
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48 4.55 4.55 1. Please see "Disclaimer--Cautionary Note Regarding Forward-Looking Statements." 25% bottom-line growth in 2024 inline with guidance NotesSource Company data Revenue Revenue Revenue Net Income Net Income Net Income Net Income Around 65%YoYGrowth Around 25%YoY Growth Around 40%YoYGrowth Around 15%YoY Growth Around 20%YoY Growth Around 25%YoY Growth Around 20%YoY Growth MarketplacePaymentsFintech +64%YoYGrowth +25%YoY Growth +41%YoYGrowth +12%YoY Growth +25%YoY Growth +24%YoY Growth +23%YoY Growth KZT 348B KZT 382B KZT 327B KZT 1.1T KZT 733B KZT 587B KZT 1.3T 2024A2024 YoY2024Guidance(1) Comments•Purchases +42% & GMV +44% YoY. Take-Rate up 50bps•e-Commerce stand out GMV growth +85%•VAS added 170 bps to Marketplace Take-Rate•3P e-Car’s grew faster than expected (lower revenue contribution) and cannibalised 1P e-Car sales (higher revenue)•NI growth the fastest of our 3 platforms•Purchases +40% and TPV +31% YoY•Interest revenue low growth due to lower interest rates•As in previous years, Take-rate continues to decline as KaspiPay & B2B outperform•Tight cost control & operational gearing as usual •TFV +30% YoY led by BNPL and Merchant & micro business finance•Yield down 200bps YoY due to mix •Cost of Risk & credit trends stable•Lower funding costs boosted profitability in 2H •In line with guidance provided in Feb’24
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49 4.55 4.55 Strategic prioritiesFY 2025guidance(1): We’re simplifying our approach 1. Please see "Disclaimer--Cautionary Note Regarding Forward-Looking Statements."Notes 2024A2025Guidance(excluding Türkiye) KZT 10.3T 25% -30%YoYGrowth Around 20%YoY Growth KZT 6.0T KZT 37.2T GMV TPV TFV15% -20%YoY Growth 15% -20%YoY Growth Net IncomeKZT 1.1T Source Company data •GMVgrowthagainpoweredbye-Commerce •RobustTPVgrowthledbyKaspiPayandB2B •RobustTFVgrowthfromBNPL,Merchantµbusinessfinancing&carfinancing •Anotheryearofstrongbottom-linegrowthforKaspi.kzinKazakhstan
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50 Q&A PRIVILEGED & CONFIDENTIAL
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51 Appendix
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52 Average DAU +11% & high 68% Average DAU/Average MAU engagementKaspi.kz’sconsumer & merchant user base continues to grow +27%+11%+6% 10.1M 14.7M581K737K14.0M9.1M FY’23FY’24FY’23FY’24 FY’23FY’24 AverageDAU/MAU AverageDAU AverageMAU # of Active Merchants 65%68% Source Company data
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53 Kaspi.kz consumers growing across all segmentsFintech Deposits Active Consumers growing the fastest +18% YoY +3%+18% +13%+6% 6.2M6.4M4.8M5.7M 7.1M8.1M12.9M13.6MPayments ActiveConsumers FintechActiveConsumers(deposits) Marketplace ActiveConsumers FintechActiveConsumers(loans)FY’23FY’24 FY’23FY’24Source Company data
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54 Average balances on current accounts +22% YoY in FY’24Growth in balances robust in FY24 but can fluctuate QoQ Average Balances on current accounts 1.0T 938B 4Q’234Q’24FY’23FY’24 +12% 893B +22% 769B Source Company data
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55 Additional Fintech Platform metrics 22.4M 12.7% FY’23FY’24 13.0% 12.6%12.5% Basel III Capital Adequacy RatioDeposits by typeRWA, KZT Total Capital, KZT Regulatory Capital Adequacy Ratio RWA, KZT Total Capital, KZT Tier I BnKZT BnKZTDeposits by currency TermCurrent KZTFCYTier I FY’23 18.0% FY’24 18.1%18.3% 22.4M17.4% 22.4M22.4M 22% FY’23FY’24 6,5625,441 22.4M22.4M80%83% 20%17% 5,441 FY’24 6,56213% FY’23 22.4M22.4M91%91% 9% 772B4,259B5,577B 767B5,917B 1,019B 1,027B8,059B Interest revenue split (Fintech)BnKZT LoansSecurities&Deposits FY’23FY’24 956724 22.4M22.4M86%90%14%10% 9% 12.6%12.6% 17.6% Source Company data
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56 Consolidated Income Statement4Q2023, KZT MM4Q 2024, KZT MMFY 2023, KZT MMFY 2024, KZT MMFY 2024, USD MMRevenue 570,793 730,351 1,913,490 2,532,156 4,822 growth, % - 28% -32% -NetFeeRevenue 305,680 367,631 987,967 1,275,125 2,428 Interest Revenue 230,912 308,911 833,516 1,082,668 2,062 Retail Revenue 31,674 47,918 68,807 163,134 311 Othergains (losses) 2,527 5,892 23,200 11,229 21 Costs and operating expenses(269,652)(346,759)(891,486)(1,249,867)(2,380) growth, % - 29% -40% - % of revenue 47.2%47.5%46.6%49.4% -Interest Expenses (133,579)(164,595)(478,010)(616,116)(1,172)Transaction Expenses (7,392)(8,076)(27,470)(29,494)(56)Cost of Goods Sold and Services(58,271)(91,711)(166,356)(303,858)(579)Technology & product development(28,578)(29,341)(88,657)(109,553)(209)Sales and marketing (8,089)(12,933)(21,891)(43,990)(84)General and administrative expenses(11,274)(10,441)(29,468)(32,899)(63)Provision expense (22,469)(29,663)(79,634)(113,957)(217)New income beforetax 301,141 383,592 1,022,004 1,282,289 2,442 growth, % - 27% -25% - margin, % 52.8%52.5%53.4%50.6% -Income tax (53,148)(67,191)(173,234)(225,455)(429)Net income 247,993 316,401 848,770 1,056,834 2,013 growth, % - 28% -25% - margin, % 43.4%43.3%44.4%41.7% - Source Company data
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57 Consolidated Balance Sheet31-Dec-2023, KZT MM31-Dec-2024, KZT MM31-Dec-2024, USD MMCash and cash equivalents 820,466619,4701,180Mandatory cash balances with NBK47,11057,307 109Due from banks 30,68337,908 72Investment securities and derivatives1,377,7721,506,8312,870Loans to customers 4,235,9575,746,60010,944Property, equipment and intangible assets 174,346269,289513Other assets 135,598 139,696266Total assets 6,821,9328,377,10115,954Due to banks 154 24,474 47Customer accounts 5,441,4566,561,95012,497Debt securities issued 99,46851,050 97Other liabilities 115,272 104,350199Subordinated debt 62,369 62,416 119Total liabilities 5,718,719 6,804,240 12,959Issued capital 130,144130,144248Treasury shares (152,001)(151,521)(289)Additional paid-in-capital 506 506 1Revaluation reserve of financial assets and other reserves9,719 41,026 78Share-Based Compensation reserve34,81031,774 61Retained earnings 1,054,9451,465,2952,790Total equity attributable to Shareholders of the Company1,078,1231,517,2242,889Non-controlling interests 25,09055,637 106Total equity 1,103,2131,572,861 2,995Total liabilities and equity 6,821,9328,377,101 15,954 Source Company data
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58 Segment Revenue & Net Income KZT mm Results of Operations—Segments:Payment revenueMarketplace revenueFintech revenuePayment net incomeMarketplace net incomeFintech net income FY’23FY’244Q’234Q’24 139,670164,657278,72989,37087,48171,142 587,097732,9431,281,827381,607348,400326,827 478,684448,2231,026,721308,901247,955291,914 165,804234,947352,136109,412115,63991,350 Source Company data
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59 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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60 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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61 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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62 TerminologyDefinition TFV (Total Finance Value)The total value of loans to customers issued and originated within Fintech for the period indicated TFV to Average Net LoanPortfolio Conversion Rate TFV for the prior 12 months divided by Average Net Loan Portfolio for the same period 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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63 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)