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9:41 Kaspi Pay Partner SP Launch Product 店 D My Bank Shop Kaspi Pay Deposit Effective rate 14 % Buy Inventory Now and Pay Later Today's sales Kaspi Gold Kaspi Red Promo How to increase sales ? A Transfers Kaspi.kz 2Q 2026 Results 9:41 9:41 Q Search in Shop Take th device ! B < Q Search by partners Picnic time has arrived ! 0-0-24 Savings at the 6 ---- 40 % Gas Station Red + 10 % 5 Pa All categories Clothing m Magnum Pharmacy Phones and and footwear goods Lacoste 10 August 2026 -10 % A 3530 605,310 † 66 620,500 682 544,779 T including Bonus including Bonuses Bestway pool 28 ... Xiaomi scooter . 4.9✶ ( 338 ) 4.7 * ( 123 ) Kazakhstan 9:41 Kasper Hello , Mikheil ! I'm Kasper , your Ai assistant , what would you like to find ? Message .. Kasper can make mistakes , double - check his answers - × 9:41 Türkiye Search for products , categories , or brands - h for products , c ... RO ♡ Evini Kolayca Yenile Fırsatları Kaçırma Phones Hor Appliances Special campaigns for you PREMIUM AYIN ILK 3 AY 1TL BILGISAYAR VE EKIPMANLAR AK S10 Net indrim Uygun F Special brands for you Kacama % 40 Va HONOR Magic8 Lite® 3 pay for 2 deals ! ROUTE Ord October 30 Remove from broadcast Tree Group followers 9,7 > k - 5 % off - link October 20 - November 5 v Number of Sales 280 2 Cancelations 24 8,646.55 TRY > CASIO LEGO LOREAL Casper Video Similar products 25.300 TL'ye varan emen yenile wered 55 TL Kam tutar Devam ediyor Eskiyi yenile 32 These might also interest you Lite 5G 256 GB 8 GB Ram Garantii ) Orman Yeşili 4,4 90000 9.914 TL 1TL -50 % 757308 Open Kaspi Red EQ Home ♡ Favorites Shop ♡ Favorites 目 n ♡ → Add to cart Cart My orders Kasper Home Favorites Cart My Account Messages , get 3 times antage tag , and ssion Siyah geous offers were shared and received visits before the ad ypeformo des Order Customer inquiries More ance Influencer performance
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2 CautionaryNoteRegardingForward-LookingStatementsThispresentationcontainsforward-lookingstatementswithinthemeaningoftheU.S.federalsecuritieslaws,whichstatementsrelatetoourcurrentexpectationsandviewsoffutureevents.Insomecases,theseforward-lookingstatementscanbeidentifiedbywordsorphrasessuchas“believe,”“may,”“might,”“will,”“expect,”“estimate,”“could,”“should,”“anticipate,”“aim,”“intend,”“plan,”“potential,”“prospective,”“continue,”“is/arelikelyto”orothersimilarexpressions.Theseforward-lookingstatementsaresubjecttorisks,uncertaintiesandassumptions,someofwhicharebeyondourcontrol.Therefore,youshouldnotplaceunduerelianceontheseforward-lookingstatements.Inaddition,theseforward-lookingstatementsreflectourcurrentviewswithrespecttofutureeventsandarenotaguaranteeoffutureperformance.Actualoutcomesmaydiffermateriallyfromtheinformationcontainedintheforward-lookingstatementsasaresultofanumberoffactors,including,withoutlimitation,risksrelatedtothefollowing:ourabilitytoattractsufficientnewcustomers,engageandretainourexistingcustomersorselladditionalfunctionality,productsandservicestothemonourplatforms;ourabilitytomaintainandimprovethenetworkeffectsofourSuperAppbusinessmodel;ourabilitytoimproveormaintaintechnologyinfrastructure;ourabilitytosuccessfullyexecutethenewbusinessmodelandreachprofitabilityincertainofouroperations;ourabilitytopartnerwithsufficientnewmerchantsormaintainrelationshipswithourexistingmerchantpartners;ourabilitytoeffectivelymanagethegrowthofourbusinessandoperations;developmentsaffectingthefinancialservicesindustry;ourbrandortrustedstatusofourplatformsandSuperApps;ourabilitytoretainandmotivateourpersonnelandattractnewtalent,ortomaintainourcorporateculture;ourabilitytokeeppacewithrapidtechnologicaldevelopmentstoprovideinnovativeservices;ourabilitytoimplementchangestooursystemsandoperationsnecessarytocapitalizeonourfuturegrowthopportunities;changesinrelationshipswiththird-partyproviders,includingsoftwareandhardwaresuppliers,deliveryservices,creditbureausanddebtcollectionagencies;ourabilitytocompetesuccessfullyagainstexistingornewcompetitors;ourabilitytointegrateacquisitions,strategicalliancesandinvestmentsandrealizethebenefitsofsuchtransactions;ourabilitytoadequatelyobtain,maintain,enforceandprotectourintellectualpropertyandsimilarproprietaryrights;risksrelatedtoKazakhstanandtheothercountriesinwhichweoperate,includingwithregardtotheevolvingnatureoftheapplicablelegislativeandregulatoryframeworkandthatofotherjurisdictionsinwhichweoperate;ourabilitytoobtainorretaincertainlicenses,permitsandapprovalsinatimelymanner;thesignificantinfluenceofourexistingshareholdersandabilityofADSholderstoinfluencecorporatematters;differencesbetweentherightsofourshareholders,governedbyKazakhstanlawandourcharter,fromthetypicalrightsofshareholdersunderU.S.statelaws;ourabilitytoremedyadditionalmaterialweaknesses(ifany)orthoseofcertainofoursubsidiariesinourinternalcontroloverfinancialreportingandourabilitytoestablishandmaintainaneffectivesystemofinternalcontroloverfinancialreporting;dependenceonoursubsidiariesforcashtofundouroperationsandexpenses,includingfuturedividendpayments,ifany;lackofprotectionsforADSholderscomparedtothoseaffordedtoshareholdersofcompaniesthatarenot“foreignprivateissuers;”thefactthatthepriceofourADSsmightfluctuatesignificantlyandthatanyfuturesalesofADSsorcommonsharesmaynegativelyimpactthestockprice;andrisksrelatedtootherfactorsdiscussedunderItem3.D.“RiskFactors”inourAnnualReportonForm20-FfiledwiththeU.S.SecuritiesandExchangeCommissiononMarch16,2026andourotherSECfilingswemakefromtimetotime.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 containedinany 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 Metrics Certain 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.Non-IFRS Financial Measures To supplement our results presented in accordance with IFRS, we present Adjusted EBITDA for both the Company and Hepsiburadaon a standalone basis. The Company provides a reconciliation of Adjusted EBITDA, a non-IFRS financial measure for historical periods. However, the Company does not provide guidance on net income/(loss), and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income/(loss) without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts, the probable significance of which cannot be determined. The adjustments from net income/(loss) for these forward-looking amounts include, for Adjusted EBITDA of the Company, earnings before interest revenue from other operations, interest expenses and fees from other operations, share-based compensation expense, other gains (losses), income taxexpense, and depreciation and amortization expenses, and for Adjusted EBITDA of Hepsiburadaon a standalone basis, taxation on income, financial income, financial expenses, depreciation and amortization, and monetary gain/(loss). Disclaimer-Forward-Looking Statements, Key Financial and Operating Metrics and Non-IFRS Measures
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3 Revenue +15% YoY, adjusted EBITDA +5% & dividend +18% to KZT 1000/ADSe-Commerce leads growth with GMV +28% YoY &orders +33% The exchange rates used by us for the presentation of certain financial, operating and other data denominated in tenge and included in this presentation are ₸480.72 per $1 and ₸10.30 per TRY 1 as of June 30, 2026Source Company dataNotes1. Constant currency growth +15%+5%+18%from KZT 850+15%(1) +28%(1) +13%+18% 2Q 2026YoY Growth$2.3B$826MKZT 1000$4.8B$2.6B$26B$15B RevenueAdjusted EBITDADividend per ADSMarketplace GMVe-Commerce GMVTPVAverage Net Loan Portfolio
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4Source Company data e-Commerce growth is increasingly driven by frequency & monetizationConstant currency GMV +28% YoY, orders +33% & take rate +160 bps Notes1. Number of orders2. Take rate is calculated based on GMV 3P only3. GMV of the e-Commerce business of Marketplace in Kazakhstan and Türkiye(“3P” and “1P”) including e-Grocery’s GMV in Kazakhstan. e-Cars are now excluded from e-СommerceGMV4. Constant currency growth KZTe-CommerceGMV(3) Take Rate(2) 2Q’252Q’26 2Q’252Q’26 e-Commerce GMV breakdown 2Q’26 1P 3P TR KZ 1.3T$2.6B 76.2M 14.5%16.1% 11.615.8+28%(4) +33% 1.1T 80% 20% 2Q’2653%47% 57.4M e-Commerce#of purchases(1) # of purchases per consumers
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5 Constant currency ad & delivery revenue +49% YoY >e-Commerce +35%VAS continue to deepen e-Commerce monetization 2Q’252Q’26 2Q’252Q’26 +13% +27% 394B$820M 87B$182M348B 69B e-Commerce revenue(2)KZT VAS(1)revenueKZT Source Company dataNotes1. VAS –Value Added Services, include advertising and delivery revenue +35%(3) +49%(3) 3. Constant currency growth2. e-Commerce revenue (including VAS revenue) is a component of Marketplace segment revenue and is not separately presented on theface of the statement of profit or loss.
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6 KASPER: PERSONAL AI ASSISTANTLAUNCHED ON JULY 1st
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7 Kasper understands your needs & recommends best products for youVoice or text search across >20m products, smart follow-ups & seamless path to purchase Search via voice or text across >20 million productsSmart follow-up questionsA selection of the most relevant productsSeamless transitionto purchase Source Company data
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8 Customers for whom Kasper is available have used it conversations produce a product recommendation of those take the customer through to a product to add product to favorites product categories discovered Data through 3 August 2026. Customer numbers exclude Kaspi employees. General customer availability began 15 July 2026. Recommendation and click-through measured within the Kasper session, non-attributed. Reach measured against Shop search users in the rollout perimeter. Strong early adoption with clear evidence of relevanceKasper takes customers seamlessly from need to product faster, via voice or text Reach and adoptionHow well Kasper did average response time to add item to basket Source Company data
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9 Users give Kasper tasks, not product namesReal customer queries, translated into English. Every query below resulted in an order Source Company dataNotesAll queries are anonymized
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10 Bank license secured. Türkiyefintech testing underway Source Company data Rabobank A.Ş acquisition completed in July Deal completed in July, Banking license obtained As previously flagged, $300M balance sheet investment in 2026 Fintech products being tested now. Scaling next year No material impact on P&L expected this year
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11 Hepsicreditembeds financing directly into the shopping journey Source Company data Product detail pageHepsicreditdetails widgetCheck outHepsicreditselectedScoring and loan approvalConfirmation of product purchase New shopping loan 0.4% of GMV in June
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12 Marketplace monetization continues to expandGMV +15% YoY, take rate +110 bps; revenue +11% & adjusted EBITDA +9% +9% +15%(2) +11% 2.3T$4.8B508B$1.1B118B128B$266M459B2.2T Take Rate(1)11.0%12.1% 2Q’252Q’262Q’252Q’26 2Q’252Q’26 RevenueKZT Adjusted EBITDAKZTGMVKZT Notes 1. Take Rate is calculated based on GMV 3P only2. Constant currency growthSource Company data
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13 Payments is a large, capital-light, profit engine & daily engagement driverTPV +13% YoY, revenue +5% & adjusted EBITDA broadly flat as we roll out pay-by-palm -1% +13% +5% 12.7T$26.3B169B$351M99B98B$204M161B11.2T Take Rate1.07%1.00% RevenueKZT Adjusted EBITDAKZTTPVKZT 2Q’252Q’262Q’252Q’26 2Q’252Q’26 Source Company data
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14 Fast Fintech revenue growth results from loan portfolio growth Average net loan portfolio +18% YoY, revenue +23%, adjusted EBITDA +6% despite high rates Notes1. Calculated for the period, not annualized. Fintech Yield(1) +18% +23% +6% RevenueKZT2Q’252Q’26 2Q’252Q’26 Average net loan portfolioKZT Adjusted EBITDAKZT 6%6%Loan Duration,months7.79.0 161B171B$356M371B455B$946M 6.2T7.3T$15.2B Source Company data Average(2)SavingsKZT 2. Total savings including individuals and legal entities +21% 6.4T7.8T$16.2B Cost of funding13.0%14.5%
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15 Credit quality remains controlled as lending growsCost of risk 0.7%, NPL ratio 7.0% & NPL coverage 76% Source Company dataNotes 1. Gross non-performing loans divided by gross loans2. Total allowancefor impairment divided by gross NPL Delinquency Rate(4)First & Second Payment Default(3) %% 3. 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 payments. Data excludingTürkiye4. The share of loans that were not delinquent in the previous month but missed their current due date payment. Data excludingTürkiye NPL(1)ratioCost of risk NPL Coverage(2) 2Q’252Q’26 FY’256M’26 0.7% 7.0%0.6% 6.1% 80%76% 0123456 2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q260,30,8 012345678910 2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26 2,1
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16 Consolidated revenue +15% YoY & adjusted EBITDA +5% Net income stable even in an investment year, with high funding costs & regulatory changes Source Company data Revenue Net IncomeKZT KZTAdjusted EBITDAKZT +5% +15% 0%1.1T$2.3B 259B$0.5B378B397B$0.8B259B968B 2Q’252Q’262Q’252Q’262Q’252Q’26
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17 Higher funding costs explain most of the net income margin declineIn August, we reduced the interest rate on our 3-month deposit product by 100bps. This accounts for around a third of our deposits Source Company dataNotesNet Income margin is calculated as Net Income divided by Revenue 26.7% 23.3%-3.1%1.1%-0.5%-0.4%-0.2%-0.6%0.3% Int.Expense 2Q’26G&A and otherSales & marketingCOGS ProvisionsIncome tax2Q’25 T ech&Product
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18 FY 2026guidance reiterated(1): 1. Please see "Disclaimer--Cautionary Note Regarding Forward-Looking Statements."2. Constant currency growth and pro-forma growth.Source Company dataNotes 6M 20262026Guidance +20% Around 20%YoYGrowth+17%(2) +13% GMV TPV Average net loan portfolioAdjusted EBITDA+7% Around 15%YoYGrowth Around 15%YoYGrowth Around 5%YoYGrowth
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19 Q&A
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20 Appendix
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21 Revenue +23% YoY & adjustedEBITDA +7%Growth driven by e-Commerce GMV +33% YoY with orders +38% Source Company dataNotes 1. Constant currency growth and pro-forma growth 6M2026YoY Growth $4.6B$1.6B$9.3B$5.2B$50B$15B +23%+7%+17%(1) +33%(1) +13%+20% RevenueAdjusted EBITDAMarketplace GMVe-Commerce GMVTPVAverage Net Loan Portfolio
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22 Notes1. Number of ordersSource Company data e-Commerce growth due to existing customers shopping more frequentlyOrders +38% YoY & purchases per consumer up to 15.8 from 11.6. Take rate up 120 bps 5. Pro-forma growth2. Take rate is calculated based on GMV 3P only3. GMV of the e-Commerce business of Marketplace in Kazakhstan and Türkiye(“3P” and “1P”) including e-Grocery’s GMV in Kazakhstan. e-Cars are now excluded from e-СommerceGMV4. Constant currency growth and pro-forma growth KZTe-CommerceGMV(3) Take Rate(2) 6M’256M’26 6M’256M’26 e-Commerce GMV breakdown 6M’26 1P 3P TR KZ 2.5T$5.2B 149.6M 14.7%15.9% 11.615.8 +33%(4) +38%(5) 2.0T 80% 20% 6M’2651%49% 103.7M e-Commerce#of purchases(1) # of purchases per consumers
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23 Advertising & delivery revenue +46% 6M’256M’26 6M’256M’26 +32% +46% 788B$1.6B 173B$359M599B 119B e-Commerce revenue(2)KZT VAS(1)revenueKZT VAS continue to outpace e-Commerce revenue growth Source Company dataNotes1. VAS –Value Added Services, include advertising and delivery revenue2. e-Commerce revenue (including VAS revenue) is a component of Marketplace segment revenue and is not separately presented on theface of the statement of profit or loss.
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24Notes 1. Take Rate is calculated based on GMV 3P only Marketplace revenue growing faster than GMV as take rate expandsGMV +17% YoY, take rate +110bps, revenue +27% & adjusted EBITDA +10% 2. Constant currency growth and pro-forma growth +10% +17%(2) +27% 4.5T$9.3B1.0T$2.1B223B246B$512M808B4.0T Take Rate(1)11.0%12.1% 6M’256M’266M’256M’26 6M’256M’26 RevenueKZT Adjusted EBITDAKZTGMVKZT Source Company data
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25 Payments is a large, capital-light, profit engine & daily engagement driverTPV +13% YoY, revenue +6% & adjusted EBITDA stable as we roll out pay-by-palm 0%+6% 24.0T$49.9B 327B$681M189B188B$391M309B Take Rate1.08%1.01% RevenueKZT Adjusted EBITDAKZTTPVKZT 6M’256M’266M’256M’26 6M’256M’26 Source Company data +13% 21.2T
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26 Fast Fintech revenue growth results from higher revenue generating loans Source Company dataNotes1. Calculated for the period, not annualized. Fintech Yield(1) +20% +24% +9% RevenueKZT6M’256M’26 6M’256M’26 Average net loan portfolioKZT Adjusted EBITDAKZT 12%12%Loan Duration,months7.89.1 303B331B$688M714B884B$1.8B 6.0T7.3T$15.1B Average net loan portfolio +20% YoY, revenue +24%, adjusted EBITDA +9% despite high rates 2. Total savings including individuals and legal entities Cost of funding12.5%14.4% +20% 6.4T7.6T$15.9BAverage(2)SavingsKZT
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27 Net income stable even in an investment year, with high funding costs & regulatory changes Source Company data Revenue Net IncomeKZT KZTAdjusted EBITDAKZT +7% +23% 0%2.2T$4.6B 511B$1.1B715B765B$1.6B513B1.8T 6M’256M’266M’256M’266M’256M’26 Consolidated revenue +23% YoY & adjusted EBITDA +7% even in an investment year
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28 Consumer base continues to grow across our ecosystemPayments, Marketplace & Fintech active consumers all increased YoY Source Company data Payments ActiveConsumers Marketplace ActiveConsumersTotal ActiveConsumers 26.6M 20.5M +3% 25.7M +5% 19.6M FintechActiveConsumers6M’256M’26 6M’256M’26 8.7M14.8M +2% 8.6M +5% 14.1M
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29 90+ Collection Vintages(2)Loss Rate Vintages(1) Vintage performance remains stable across cohortsLoss rates & collections remain controlled due to disciplined underwriting & efficient collections Source Company dataNotes1.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 statistics2.The share of recovery (repayment) of loans that became delinquent more than 90 days in specific quarter/monthData excluding Türkiyeresults % Month0246810121416182022242628303234360 1 2 3 4Q20231Q20242Q20243Q20244Q20241Q20252Q20253Q20254Q20252026 -012026 -022026 -03 % Month0102030405060 024681012141618202224262830323436 3Q20234Q20231Q20242Q20243Q20244Q20241Q20252Q20253Q20254Q20252026 -012026 -022026 -03
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30 Additional Fintech Platform metrics Source Company dataNotesData excludingTürkiyeresults FY’25 18.0% 6M’26 19.6%20.8% 20.8% 12.7% Basel III Capital Adequacy RatioDeposits by typeRWA, KZT Total Capital, KZT Regulatory Capital Adequacy Ratio RWA, KZT Total Capital, KZT Tier I BnKZT BnKZT FY’25 12.6% 14.1% 6M’26 Deposits by currency TermCurrent KZTFCYTier I 19.6% 12.7% FY’256M’26 7,531 22.4M22.4M85%87% 15%13% 7,5318,132 13% FY’25 22.4M22.4M93% 7% 1,329B6,796B7,348B 1,271B9,979B 1,526B 1,481B10,501B Interest revenue split (Fintech)BnKZT LoansSecurities&Deposits 6M’256M’26 824620 22.4M22.4M95%97%5%3% 7% 6M’26 8,132 14.1%93%
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31 Consolidated Income Statement (unaudited) Source Company data 2Q2025, KZT MM2Q 2026, KZT MM6M2025, KZT MM6M 2026, KZT MM6M 2026, USD MM Revenue 967,501 1,112,152 1,789,352 2,192,782 4,561 growth, % - 15% -23%-NetFeeRevenue 387,464 408,234 741,205 794,815 1,653 Interest Revenue 381,069 483,205 709,033 935,092 1,945 Retail Revenue 200,979 212,592 335,322 431,160 897 Othergains (losses) (2,011)8,121 3,792 31,715 66 Costs and operating expenses(645,545)(784,171)(1,159,944)(1,542,500)(3,208)growth, % - 21% -33%-% of revenue 66.7%70.5%64.8%70.3%-Cost of Goods and Services(278,688)(308,896)(479,665)(621,590)(1,293)Interest Expenses and fees(218,287)(285,596)(401,354)(553,546)(1,151)Transaction Expenses (8,459)(10,152)(16,245)(18,902)(39)Technology & product development(50,889)(63,704)(93,786)(125,283)(261)Sales & marketing (29,762)(38,702)(51,990)(72,669)(151)General & administrative expenses(17,523)(21,033)(34,476)(43,582)(91)Provision expense (41,937)(56,088)(82,428)(106,928)(222)Net income beforetax 321,956 327,981 629,408 650,282 1,353 growth, % - 2% - 3%-margin, % 33.3%29.5%35.2%29.7%-Income tax (63,327)(69,092)(116,730)(139,486)(290)Net income 258,629 258,889 512,678 510,796 1,063 growth, % - 0% - 0%-margin, % 26.7%23.3%28.7%23.3%-
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32 Consolidated Balance Sheet (unaudited)31-Dec-2025, KZT MM30-June-2026, KZT MM30-June-2026, USD MMCash and cash equivalents 903,143998,6102,077Mandatory cash balances with NBK305,126469,802977Due from banks 51,95155,520 116Investment securities and derivatives1,179,8191,574,3043,275Loans to customers 7,172,1627,439,81215,476Property, equipment and intangible assets 714,361748,2351,557Goodwill 447,128459,118955Inventory 124,522110,641230Other assets 183,536201,451419Total assets 11,081,74812,057,49325,082Due to banks 16,1836,943 14Customer accounts 7,531,2868,132,00716,917Debt securities issued 331,992605,3681,259Trade liabilities 346,401304,384633Deferred tax liabilities 71,40973,209 152Other liabilities 182,900205,077427Total liabilities 8,480,171 9,326,988 19,402Issued capital 130,144130,144271Treasury shares (169,985)(187,713)(390)Additional paid-in-capital 506 506 1Revaluation deficit of financial assets and other reserves (40,545)(19,735)(41)Share-Based Compensation reserve27,93814,182 30Retained earnings 2,543,7852,701,7325,619Total equity attributable to Shareholders of the Company2,491,8432,639,1165,490Non-controlling interest 109,73491,389 190Total equity 2,601,5772,730,5055,680Total liabilities and equity 11,081,748 12,057,493 25,082 Source Company data
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33 Operating Segments (unaudited) KZT mm2Q’252Q’26 161,216459,088370,717 168,880508,173454,915 Payment revenueMarketplace revenueFintech revenue Revenue—Segments: 6M’25 308,687808,433713,528 6M’26 327,1741,028,033884,468 Payment adjusted EBITDAMarketplace adjusted EBITDAFintech adjusted EBITDA Adjusted EBITDA—Segments:98,729117,879161,247 98,183128,055171,004 188,720223,276303,425 187,918246,266330,917 Source Company data
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34 Geographic Segment Revenue (unaudited) Source Company data Segments Revenue: Kazakhstan and OtherTürkiye 2Q’252Q’26 982,259734,115248,144 1,122,138858,641263,497 6M’256M’26 1,816,3301,419,601396,729 2,214,8511,663,099551,752 KZT mm
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35 Adjusted EBITDA reconciliation KZT mm Net IncomeInterest Revenue from other operationsInterest Expenses and fees from other operations Share-based compensation expenseOther gains/lossesIncome tax expenseDepreciation and amortization expensesAdjusted EBITDA 1Q’262Q’25 258,629(57,332) 89,122 2,126 2,01163,32719,972377,855 3Q’25 278,046(62,474) 103,787 2,100 (11,412)68,46823,452401,967 4Q’25 276,983(50,827) 107,786 9,089 (3,046)79,01319,986438,984 251,907 (62,983) 106,558 2,735 (23,594)70,39422,842 367,859 2Q’26 258,889 (69,094) 119,982 2,749 (8,121)69,09223,745 397,242 Source Company data
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36 e-Commerce and VAS revenue reconciliation Source Company dataNotes1. VAS –Value Added Services, include advertising and delivery revenue KZT e-Commerce revenue(2) VAS revenue(1) 2Q’25 2Q’26 348B 69B 2Q’26 394B 87B % +13% +27% 2Q’25 348B69B472B 102B % +35%+49% As reportedConstantcurrency measure(3) 2. e-Commerce revenue (including VAS revenue) is a component of Marketplace segment revenue and is not separately presented on theface of the statement of profit or loss.3. Translated in KZT using 2Q’25 exchange rate As reported
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37 GlossaryTerminologyDefinition Marketplace Active ConsumersThe total number of consumers, including consumers in Türkiye, 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 ConsumersThe total number of consumers that had a deposit for at least one day within Fintech during the prior 12 months or received at least one financing or savings product within Fintech during the prior 12 months e-Commerce Active ConsumersThe total number of consumers, including consumers in Türkiye, that completed at least one purchase of goods and services within e-Commerce 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 Loans Duration (months)Average effective maturity of loans measured in months 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 who 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 Cost of fundingAverage effective rate paid on term deposits of individuals and legal entities
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38 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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39 TerminologyDefinition TPV (Total Payment Value)The total value of B2B and payment transactions made by Active Consumers within our Payments Platform, excluding free P2P andQRpayments 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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40 Glossary (cont’d)TerminologyDefinition TFV (Total Finance Value)The total value of loans to customers issued and originated within Fintech for the period indicated 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 includese-Grocery’sGMV. Starting from January 2026 e-Commerce GMV also includes GMV of Hepsiburada.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 Constant currency growthThe constant currency growth is calculated by using end of period exchange rate for previous year reporting period and applying it to the corresponding current year reporting period, so as to calculate what our results would have been had exchange rates remained stable from one year to the next.
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41 Glossary (cont’d)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 Adjusted EBITDA(Kaspi.kz, Consolidated)Profit or loss for the period less interest revenue from other operations, plus interest expense and fees from other operations,plus share-based compensation expense, plus other gains (losses), less income tax expense, less depreciation and amortization expenses Pro-forma growthIncludes full 1Q’25 result of Hepsiburadaincluding the amounts which were prior to acquisition of Hepsiburadaon 28 January 2025, for comparability purposes in 1Q’26 Total Active ConsumersThe total number of consumers, including consumers in Türkiye, that completed at least one transaction with Kaspior Hepsiburadaduring the prior 12 months