4Q & FY 2024 Results

Kaspi.kz Kaspi Pay

Consumer Super App Merchant Super App

24 February, 2025
1
Disclaimer
Cautionary Note Regarding Forward-Looking Statements

This 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 of our 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 our future 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 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.
2
We operate a unique two-sided Super App business model
Our Super Apps integrate different services used by consumers & merchants on a daily basis

Kaspi.kz Consumer Kaspi Pay Merchant

Super App Super App

≈ 14.7m Average MAU ≈ 0.7m Active Merchants

Source Company data

Notes Data as of December 31, 2024
3
We had a strong 4Q 2024
Revenue & Net Income +28% YoY with good results from all platforms

Payments Marketplace Fintech Consolidated

+30% YoY +39% YoY +21% YoY 73

Monthly Transactions
TPV GMV TFV
per Active Consumer

+19% YoY +43% YoY +26% YoY +28% YoY

Revenue Revenue Revenue Revenue

+22% YoY +32% YoY +28% YoY +28% YoY

Net Income Net Income Net Income Net Income

Source Company data

4
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

Payments Marketplace Fintech Consolidated

+31% YoY +44% YoY +30% YoY

TPV GMV TFV
+32% YoY
Revenue

+23% YoY +64% YoY +25% YoY

Revenue Revenue Revenue

+25% YoY
Net Income
+24% YoY +41% YoY +12% YoY
Net Income Net Income Net Income

Source Company data

5
Payments & Marketplace accounted for 69% of Net Income
Kaspi.kz’s earnings profile well diversified across our platforms

37% 36%

34% FY’23 66% 31% FY’24 69%

29% 33%

Payments Marketplace Fintech

Source Company data

6
Consumer services penetration
Even our most penetrated consumer services continue to deliver strong growth

TPV Revenue GMV Revenue TFV Revenue

% 2024YoY +31% +23% +44% +64% +30% +25%

94%
85%
43% 40% 39%
33%
37% 19% 21%
% of 14.7M 18%
Average MAU 6% 1%
Kaspi QR Household P2P e-Commerce m-Commerce Kaspi travel Classifieds e-Grocery BNPL Kaspi General Car Finance
and Card Bill (monetized) Deposit Purpose
Transactions Payments Loans

Payments Marketplace Fintech

Source Company data

Notes Data as of December 31, 2024
7
Merchant services penetration
We are still in the early stages of developing a range of products for merchants

TPV Revenue GMV Revenue TFV Revenue

% 2024YoY +31% +23% +44% +64% +30% +25%

95%
77%
41%
% of 737K 26%
Active 11% 11% 10%
17% 7%
Merchants
Merchant Merchant Kaspi B2B m-Commerce e-Commerce Kaspi Kaspi Merchant & Kaspi Pay
Aquiring Instant Payments Delivery Advertising Micro Business Business
Services invoicing Finance Deposit

Payments Marketplace Fintech

Source Company data

Notes Data as of December 31, 2024
8
All Payments Platform cohorts continue to see strong growth
TPV per consumer grows as we add new opportunities to pay
TPV per consumer(1)
KZT

year 0(2)

Source Company data

Notes 1. Calculated as TPV for particular year cohort divided by respective cohort number of active consumers
2. Year 0 is the year in which a consumers of each cohort made first transaction, while year 1, 2, 3, 4, 5 refer to relevant subsequent years of each consumer cohort’s life 9
3. Number of consumers of each cohort that were active consumers in current year
Marketplace Platform cohorts continue to see strong growth
GMV per consumer grows as we add more shopping features
GMV per consumer(1)
KZT

year 0(2)

Source Company data

Notes 1. Calculated as GMV for particular year cohort divided by respective cohort number of active consumers
2. Year 0 is the year in which a consumers of each cohort made first transaction, while year 1, 2, 3, 4, 5 refer to relevant subsequent years of each consumer cohort’s life 10
3. Number of consumers of each cohort that were active consumers in current year
e-Grocery GMV +97% YoY & 9.6 million purchases in FY’24
We expect to continue to scale in Kazakhstan’s 3 largest cities & enter 2 new cities

Average
Active
496K 858K Ticket size 13K 14K
Consumers KZT

+97% +84%

27.8B 2.0M

135.1B 1.0M 9.6M

12.4B

68.7B 5.2M
e-Grocery
GMV e-Grocery
KZT # of purchases
FY’23 FY’24 FY’23 FY’24

Source Company data

11
e-Cars GMV KZT785 billion equivalent to 28% of e-Commerce GMV
Our e-Cars Marketplace includes the sale of 1P & 3P cars & auto-parts

e-Cars
+62% GMV breakdown
Cars
1P
Auto-parts
3P
5%

18%
239B
FY’24 77%

147B

GMV
KZT
1Q’24 4Q’24
Cars
3P
10.5M

Source Company data

12
Our car services address many touchpoints related to car ownership
We are creating digital services to improve user experience around car buying & ownership

Online Car Driving

e-Cars 3P Auto-parts e-Cars 1P Taxes
Car Finance Registration License

Shopping GovTech
FY’24 FY’24

Source Company data

13
Digital Gift Cards launched in 4Q’24
Gift cards boost Super App engagement & drive higher Marketplace transactions

+407%

218M
10.5M
147M
GMV 43M
KZT

+422%

46.6K
33.0K

# of purchases 8.9K
Oct’24 Nov’24 Dec’24

10.5M
Source Company data

14
We delivered almost 100 million orders in 2024 +128% YoY
Our last mile network of Kaspi Postomats now exceeds 8,000

+128%

99M

43M
# of Orders
Delivered
FY’23 FY’24

8,032 84% 47%

Kaspi Postomats Free for buyer Delivered in ≤ 2 days

Source Company data

15
Kaspi POS Register is already used by 35% of our merchants
POS Register enhances Kaspi Pay’s offering. Merchants can create product catalogue, accept
payments & issue tax invoices

Share in total 18% 35%

+103%

# of Active
257К
Merchants with 126К
POS Register

+196%

1.2T
Total TPV through
POS Register
409B
KZT
1Q’24 4Q’24

Source Company data

16
Brand Advertising is our latest advertising product
Merchants can promote specific products & now brands can promote themselves

+42%

51K

36K

# of Active
Merchants
with Kaspi Ads
FY’23 FY’24

Source Company data

17
Business Deposit for merchants launched in 3Q’24
We now have a dedicated deposit product for our merchants. Initial take-up impressive

Number of merchants Merchant deposits

with deposit KZT

+288% +443%

27.8B
77K 27.8B
149B

20K
12.4B 12.4B
27B

8M’24 FY’24 8M’24 FY’24

Source Company data

18
Buy-Inventory-Now-Pay-Later launched in 4Q’24
We pay the suppliers & the merchant pays Kaspi.kz within 30 days

Buy-inventory-now-pay Select Set payment limit Scan supplier’s QR code

up to 30 days later amount for an employee & pay at delivery

Source Company data

19
Kaspi.kz Super App brand recognition 5x higher than nearest brand
In payments, Kaspi.kz’s brand recognition is extremely strong

Which mobile applications

Which Payment apps/
are installed on your
sites do you know?
mobile phone?

Kaspi.kz Kaspi.kz
x5.5 x19.8

44 79
Nearest Nearest
brand brand

8 4

Source: “KResearch Central Asia” LLC. Numbers represent % of respondents, calculated based on rolling 12 months average ended 31 December 2024
20
e-Commerce brand recognition around 3x higher than nearest brand
Kaspi Travel is N1 in travel brand awareness in Kazakhstan

Which e-Commerce Which Travel apps/sites

apps/sites do you know? do you know?

Kaspi.kz Kaspi.kz
x2.9 x3.0

Nearest
38 Nearest 51 brand
brand

17
13

Source: “KResearch Central Asia” LLC. Numbers represent % of respondents, calculated based on rolling 12 months average ended 31 December 2024
21
3.8x higher brand recognition vs. ‘incumbent’ in consumer lending
Over the last 2 years Kaspi Deposit has consistently gained market share

Where would you take With whom would you

out a loan? deposit funds?

Kaspi.kz Kaspi.kz
x3.8 x3.1

49 56 Nearest
Nearest brand
brand

13 18

Source: “KResearch Central Asia” LLC. Numbers represent % of respondents, calculated based on rolling 12 months average ended 31 December 2024
22
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 Which apps/sites to buy

a car do you know? real estate do you know?

Kolesa.kz Krisha.kz
x10.4 x4.4

73 71
Nearest
Nearest brand
brand

7 16

Source: “KResearch Central Asia” LLC. Numbers represent % of respondents, calculated based on rolling 12 months average ended 31 December 2024
23
hepsiburada

24
Kaspi.kz now owns 65.41% of Hepsiburada
Remaining $527 million due in July. To be funded from Kaspi.kz’s operating cash flow

• All regulatory approvals secured

• Transaction closed on schedule
Closing • Hepsiburada to be consolidated by Kaspi.kz from January 29th 2025
• Initial $600 million cash payment made

Transaction • Outstanding $526.9 million payment to be made no later than six months
next steps post-closing

• The transaction is being funded from Kaspi.kz’s operating cash flow

Financing & • No dividend for 4Q 2024 or 1H 2025
• We will update on the potential to return cash to our shareholders
dividend during the second half of the year

Source Company data

25
e-Commerce penetration in both countries has a long growth runway ahead
Türkiye’s macro & inflation outlook is showing signs of normalisation

Population(1) 85М 20M

Retail(2) $172B $43B

e-Comm Penetration(3) 16.3% 12.1%

GDP Growth(4) +4.4% +3.6%

Moderating inflation (5) 25.6% 6.4%

Source Stat.gov.kz, Turkish Statistical Institute, Euromonitor, EIU,

The exchange rate used by us for the presentation of Retail market in tenge is ₸525.11 per $1 as of December 31, 2024

Notes 1. As of December 2024

2. Data for 2024, in case of Turkey Euromonitor forecast
3. Data for 2023. Calculated as e-commerce market size divided by Retail market size 26
4. EIU growth forecast between 2023 and 2027, CAGR
5. 2025 forecasts by EIU
Hepsiburada’s management have prioritised progress to profitability
With financials now stabilized, the focus can switch to product development & innovation

Hepsiburada operating income/(loss) as % GMV

0.1%

-0.3% -0.3% -0.1%

-0.6% -0.6%
-1.1%
-2.2%

-6.7%
-7.2%

-9.2%
-10.4%
-11.2%

Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24

Source: Hepsiburada Q3 2024 Results Presentation

27
Hepsiburada at glance
Hepsiburada is a strong e-Commerce platform with 12 million consumers

GMV(1)(2) (9M’24) $3.5B

GMV Growth (9M’24) 17%

Share of 3P 70%

Active Consumers 12M

Active Merchants 100K

Source Hepsiburada Q3 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
Notes 1. Hepsiburada definition - “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. Kaspi GMV compared to Hepsiburada definition is net of returns and cancelations and doesn't include cargo/delivery income. 28
Payments Platform

29
TPV transactions +33% & +40% YoY in 4Q/FY’24
Kaspi QR, B2B Payments & Bill Payments keep contributing to fast transactions growth

+40%

+33%

5.9B

4.2B
1.6B
1.2B
TPV TPV
# of transactions # of transactions
4Q’23 4Q’24 FY’23 FY’24

Source Company data

30
TPV +30% & +31% YoY in 4Q/FY’24
B2B Payments is the fastest growing component of TPV & we expect this to remain the case in ‘25

Take Rate 1.25% 1.16% 1.23% 1.18% TPV breakdown

B2B Payments P2P
+31% Household Bill Payments
Payments

5%
7%
17%

+30% FY’24
37.2T
28.4T
71%
10.7T
8.2T
TPV
KZT Kaspi QR & Card
10.5M
4Q’23 4Q’24 FY’23 FY’24 Transactions

Source Company data

31
Payments revenue +23% & net income +24% YoY
Tight cost control & operating gearing means strong top-line flows to the bottom-line

Revenue Net Income

KZT KZT

+23% +24%

+19%
+22%
587B 382B
479B 309B
166B 109B
140B
89B

4Q’23 4Q’24 FY’23 FY’24 4Q’23 4Q’24 FY’23 FY’24

Source Company data

32
Marketplace Platform

33
Marketplace purchases +48% & +42% YoY in 4Q/FY’24
Marketplace is our fastest growing platform driven by e-Commerce, including e-Grocery

+42%

+48%

233.6M

164.9M
68.6M
46.2M

Marketplace Marketplace
# of purchases # of purchases
4Q’23 4Q’24 FY’23 FY’24

Source Company data

34
Marketplace GMV +39% & +44% YoY 4Q/FY’24. Take Rate 10.1% in 4Q’24
Advertising & delivery continue to boost Take Rate & represent around 1.7% of GMV

Take Rate (1) 10.1% 10.1% 9.2% 9.7%

Marketplace GMV
breakdown
Kaspi Travel
+44% m-Commerce

8%

+39%
46% FY’24 46%
6.0T

4.2T
1.9T
1.3T

GMV (2) e-Commerce

KZT
10.5M
10.5M
4Q’23 4Q’24 FY’23 FY’24

Source Company data

Notes 1. Take Rate is calculated based on GMV 3P only
2. Sum of GMV 3P and GMV 1P starting 1Q’23 35
e-Commerce GMV +67% & +85% in 4Q/FY’24
e-Commerce growth supported by migration of merchants from m-Commerce
(2)
Take Rate 11.5% 11.6% 11.0% 11.3%
e-Commerce GMV
+85% breakdown
e-Grocery
+67%
e-Cars(3)

2.8T 5%

e-Commerce 870B 28%

1.5T
GMV 522B
KZT
FY’24 67%
+123%

+127%

101.0M
35.0M General Goods
e-Commerce 45.3M
15.4M
# of purchases(1)
4Q’23 4Q’24 FY’23 FY’24

Source Company data

Notes 1. Number of orders
2. Take rate is calculated based on GMV 3P only 36
3. 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
m-Commerce Take Rate all time high 9.4% in 4Q’24
m-Commerce is important channel for onboarding merchants

Take Rate 9.0% 9.4% 8.6% 9.1%

+19%

+21%

2.7T
2.3T
m-Commerce 716B
869B
GMV
KZT

+10%

+9%

104.6M 115.1M
26.8M 29.2M
m-Commerce
# of purchases
4Q’23 4Q’24 FY’23 FY’24

Source Company data

37
Kaspi Travel GMV +30% & 34% YoY in 4Q/FY’24
Travel Take Rate up to 5.0% driven by Kaspi Tours which is already 9% of Kaspi Travel GMV

Take Rate 4.6% 5.0% 4.3% 4.6%

Kaspi Travel GMV
breakdown
+34%
Tours
+30%
Rail
471B 9%
117B 353B
90B
GMV 19%
KZT
FY’24 72%
+17%

+11%

17.6M
15.1M Air
3.9M 4.4M
Tickets sold
# of purchases
4Q’23 4Q’24 FY’23 FY’24

Source Company data

38
Marketplace Platform revenue +64% & net income +41% YoY
Marketplace is our fastest growing platform

Revenue Net Income

KZT KZT

+64% +41%

+43% +32%

733B 348B
248B
235B 448B 116B
165B 87B

4Q’23 4Q’24 FY’23 FY’24 4Q’23 4Q’24 FY’23 FY’24

Source Company data

39
Fintech Platform

40
TFV origination at healthy levels 21% & +30% YoY in 4Q/FY’24
Merchant & Micro Business Finance and BNPL are our fastest growing Fintech products

TFV to Average Net Loan

Portfolio Conversion Rate
2.2x 2.1x TFV breakdown
Merchant & Micro
Car Finance
Business Finance
+30%

5%

17%

+21% FY’24 44%

10.3T
7.9T 34%

2.4T
2.9T
General purpose Buy Now Pay Later
TFV
KZT
10.5M
4Q’23 4Q’24 FY’23 FY’24

Source Company data

41
Average Net Loan Portfolio +38% YoY & deposits +27% YoY in FY’24
Loan growth > deposit growth contributed to higher Fintech NI growth in 2H’24

Fintech Yield(3) 6% 6% 26% 24%

+37% +38%

5.5T 4.9T
Average net 4.0T 3.5T
loan portfolio
KZT

78% 88%
(1)
Loans/Deposits
+23% +27%

6.2T 5.7T
5.0T 4.5T
Average
Savings (2)
KZT
4Q’23 4Q’24 FY’23 FY’24

Source Company data

Notes 1. Loans to Deposits ratio is calculated based on end of period numbers, not average.
2. Total savings including individuals and legal entities 42
3. Calculated for the period, not annualized.
Our data & technology led risk management continues to prove itself
Credit risk metrics remain very strong

First and Second Payment Default(1) Delinquency Rate(2)

% %

10
6
9
5 8
7
4 6
5
3
4
2 3 2,0
2
0,7
1 1
0,3 0
0 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24
3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24

FPD SPD
Loss Rate Vintages(3) 90+ Collection Vintages(4)
% 1Q22 % 1Q22
3 2Q22 50 2Q22
3Q22 3Q22
4Q22
40 4Q22
2 1Q23 1Q23
30
2Q23 2Q23
3Q23 3Q23
20
1 4Q23 4Q23
1Q24 1Q24
10
2Q24 2Q24
2024 - 07 2024 - 07
0 0
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 2024 - 08 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 2024 - 08
2024 - 09 2024 - 09
Month Month

Source Company data

Notes 1. First payment default (FPD) is the share of loans with the missed first payment. Second payment default (SPD) is the share of loans with the missed first and second payments
2. The share of loans that were not delinquent in the previous month but missed their current due date payment
3. 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 statistics 43
4. The share of recovery (repayment) of loans that became delinquent more than 90 days in specific quarter/month
Cost of Risk of 2.1% in 2024 & underlying NPL trends stable
Credit trends strong & consistent throughout 2024 & our collection results keep improving

Cost of risk NPL(1) ratio

NPL
Coverage(2) 99% 90%

5.5% 5.4%
2.0% 2.1%

FY’23 FY’24 FY’23 FY’24

Source Company data

Notes 1. Gross non-performing loans divided by gross loans
2. Total allowance for impairment divided by gross NPL 44
Fintech Platform revenue +25% & net income +12% YoY
Fintech profitability growth improved in 2H’24 inline with our guidance

Revenue Net Income

KZT KZT

+25% +12%

+26% +28%

1.3T 327B
1.0T 292B

352B 91B
279B 71B

4Q’23 4Q’24 FY’23 FY’24 4Q’23 4Q’24 FY’23 FY’24

Source Company data

45
Consolidated
performance

46
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

Revenue Net Income

KZT KZT

+32% +25%

+28%
+28%

2.5T 1.1T
$4.8B 849B
$2.0B
1.9T
730B 316B
571B 248B

4Q’23 4Q’24 FY’23 FY’24 4Q’23 4Q’24 FY’23 FY’24

Source Company data

The exchange rate used by us for the presentation of certain financial, operating and other data denominated in tenge and included in this presentation is ₸525.11 per $1 as of December 31, 2024
47
25% bottom-line growth in 2024 inline with guidance

2024A 2024 YoY 2024 Guidance(1) Comments

• Purchases +42% & GMV +44% YoY. Take-Rate up

50bps
+64% Around 65%
Marketplace

Revenue KZT 733B YoY Growth

• e-Commerce stand out GMV growth +85%
YoY Growth
• VAS added 170 bps to Marketplace Take-Rate
• 3P e-Car’s grew faster than expected (lower
Net Income KZT 348B +41% Around 40% revenue contribution) and cannibalised 1P e-Car
YoY Growth YoY Growth sales (higher revenue)
• NI growth the fastest of our 3 platforms

• Purchases +40% and TPV +31% YoY

Revenue +23% Around 20%
KZT 587B • Interest revenue low growth due to lower
Payments

YoY Growth YoY Growth interest rates

• As in previous years, Take-rate continues to

Net Income +24% Around 25% decline as Kaspi Pay & B2B outperform
KZT 382B YoY Growth YoY Growth
• Tight cost control & operational gearing as
usual

Revenue +25% Around 20% • TFV +30% YoY led by BNPL and Merchant &
KZT 1.3T micro business finance
Fintech

YoY Growth YoY Growth

• Yield down 200bps YoY due to mix
• Cost of Risk & credit trends stable
Net Income +12% Around 15%
KZT 327B • Lower funding costs boosted profitability in 2H
YoY Growth YoY Growth

+25% Around 25%

Net Income KZT 1.1T • In line with guidance provided in Feb’24
YoY Growth YoY Growth

Source Company data

Notes 1. Please see "Disclaimer--Cautionary Note Regarding Forward-Looking Statements."
48
FY 2025 guidance(1): We’re simplifying our approach

2024A 2025 Guidance Strategic priorities

(excluding Türkiye)

GMV KZT 6.0T 25% - 30% • GMV growth again powered

YoY Growth by e-Commerce

15% - 20% • Robust TPV growth led by Kaspi Pay

TPV KZT 37.2T and B2B
YoY Growth

15% -20% • Robust TFV growth from BNPL,

TFV KZT 10.3T Merchant & micro business financing
YoY Growth & car financing

Net Around 20% • Another year of strong bottom-line

KZT 1.1T
Income YoY Growth
growth for Kaspi.kz in Kazakhstan

Source Company data

Notes 1. Please see "Disclaimer--Cautionary Note Regarding Forward-Looking Statements."
49
Q&A

PRIVILEGED & CONFIDENTIAL

50
Appendix

51
Average DAU +11% & high 68% Average DAU/Average MAU engagement
Kaspi.kz’s consumer & merchant user base continues to grow

Average
65% 68%
DAU/MAU

+6%
+11% +27%

14.0M 14.7M
10.1M 737K
9.1M 581K

Average Average # of Active

DAU MAU Merchants
FY’23 FY’24 FY’23 FY’24 FY’23 FY’24

Source Company data

52
Kaspi.kz consumers growing across all segments
Fintech Deposits Active Consumers growing the fastest +18% YoY

+6% +13%

12.9M 13.6M 8.1M

7.1M

Payments Active Marketplace Active

Consumers Consumers

+18% +3%

5.7M 6.2M 6.4M

4.8M
Fintech Active Fintech Active
Consumers Consumers
(deposits) (loans)
FY’23 FY’24 FY’23 FY’24

Source Company data

53
Average balances on current accounts +22% YoY in FY’24
Growth in balances robust in FY24 but can fluctuate QoQ

+12% +22%

1.0T 938B
893B
769B

Average Balances on
current accounts
4Q’23 4Q’24 FY’23 FY’24

Source Company data

54
Additional Fintech Platform metrics
Basel III Capital Adequacy Ratio Deposits by type Interest revenue split (Fintech)
Bn KZT Bn KZT
RWA, KZT 4,259B 5,577B

Total Capital, 772B 1,019B

KZT
6,562 956
18.1% 18.3% 5,441
22% 17% 724 10%
20%
Securities 14%
Tier I
Current
&Deposits 22.4M
22.4M 22.4M
18.0% Term 22.4M 22.4M
17.4% 17.6%
80%
83%
Loans 22.4M
86%
90%

FY’23 FY’24 FY’23 FY’24 FY’23 FY’24

Regulatory Capital Adequacy Ratio Deposits by currency

Bn KZT
RWA, KZT 5,917B 8,059B

Total Capital, 767B 1,027B

KZT
6,562
13.0% 5,441
12.7% 9%
9%
13%

FCY
Tier I 22.4M 22.4M KZT 22.4M 22.4M
91%
12.6%
12.6% 12.6%
12.5% 91%

FY’23 FY’24 FY’23 FY’24

Source Company data

55
Consolidated Income Statement

4Q 2023, KZT MM 4Q 2024, KZT MM FY 2023, KZT MM FY 2024, KZT MM FY 2024, USD MM
570,793 730,351 1,913,490 2,532,156 4,822
Revenue
- 28% - 32% -
growth, %
Net Fee Revenue 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
Other gains (losses) 2,527 5,892 23,200 11,229 21

(269,652) (346,759) (891,486) (1,249,867) (2,380)

Costs and operating expenses
- 29% - 40% -
growth, %
47.2% 47.5% 46.6% 49.4% -
% of revenue
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)

301,141 383,592 1,022,004 1,282,289 2,442

New income before tax
- 27% - 25% -
growth, %
52.8% 52.5% 53.4% 50.6% -
margin, %
Income tax (53,148) (67,191) (173,234) (225,455) (429)

247,993 316,401 848,770 1,056,834 2,013

Net income
- 28% - 25% -
growth, %
43.4% 43.3% 44.4% 41.7% -
margin, %

Source Company data

56
Consolidated Balance Sheet

31-Dec-2023, 31-Dec-2024, 31-Dec-2024,

KZT MM KZT MM USD MM

Cash and cash equivalents 820,466 619,470 1,180

Mandatory cash balances with NBK 47,110 57,307 109

Due from banks 30,683 37,908 72

Investment securities and derivatives 1,377,772 1,506,831 2,870

Loans to customers 4,235,957 5,746,600 10,944

Property, equipment and intangible assets 174,346 269,289 513

Other assets 135,598 139,696 266

Total assets 6,821,932 8,377,101 15,954

Due to banks 154 24,474 47

Customer accounts 5,441,456 6,561,950 12,497

Debt securities issued 99,468 51,050 97
Other liabilities 115,272 104,350 199
Subordinated debt 62,369 62,416 119
Total liabilities 5,718,719 6,804,240 12,959

Issued capital 130,144 130,144 248

Treasury shares (152,001) (151,521) (289)
Additional paid-in-capital 506 506 1
Revaluation reserve of financial assets and other reserves 9,719 41,026 78
Share-Based Compensation reserve 34,810 31,774 61
Retained earnings 1,054,945 1,465,295 2,790
Total equity attributable to Shareholders of the Company 1,078,123 1,517,224 2,889

Non-controlling interests 25,090 55,637 106

Total equity 1,103,213 1,572,861 2,995

Total liabilities and equity 6,821,932 8,377,101 15,954

Source Company data

57
Segment Revenue & Net Income

KZT mm 4Q’23 4Q’24 FY’23 FY’24

Results of Operations—Segments:

Payment revenue 139,670 165,804 478,684 587,097

Marketplace revenue 164,657 234,947 448,223 732,943

Fintech revenue 278,729 352,136 1,026,721 1,281,827

Payment net income 89,370 109,412 308,901 381,607

Marketplace net income 87,481 115,639 247,955 348,400

Fintech net income 71,142 91,350 291,914 326,827

Source Company data

58
Glossary
Terminology Definition

The total number of consumers that completed at least one purchase of goods and services within Marketplace during
Marketplace Active Consumers
the prior 12 months

Payments Active Consumers The total number of consumers that completed at least one transaction within Payments during the prior 12 months

Fintech Active Consumers

The total number of consumers that had a deposit for at least one day within Fintech during the prior 12 months
(deposits)

Fintech Active Consumers (loans) The total number of consumers that received at least one financing product within Fintech during the prior 12 months

The total number of merchant stores that completed at least one sale of goods or services, or a transaction to or with a consumer,
Active Merchants
during the prior 12 months

Average Balances on Current The average monthly total balance of Payments Platform’s accounts (including Kaspi Pay and Kaspi Gold accounts) for the respective
Accounts period

Monthly Transactions per Active The ratio of the total number of transactions for the prior 12 months to the total number of active consumers (the total number of
Consumer consumers which have used any of our products or services at least once during the prior 12 months), divided by 12

Average Net Loan Portfolio The average monthly balance of the Fintech net loan portfolio for the respective period

59
Glossary (cont’d)
Terminology Definition

Fintech Yield The sum of Fintech interest income on loans to customers and Fintech fee revenue divided by Average Net Loan Portfolio

Cost of Risk The total provision expense for loans divided by the average balance of gross loans to customers for the same period

Average DAU (Average Daily Active 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
Users) Super App in the last three months of each relevant period

Average DAU to Average MAU It is the ratio of Average DAU to Average MAU for the same period

Delinquency Rate The share of loans that were not delinquent in the previous month but missed their current due date payment

The share of loans where borrowers failed to pay the first payment under their loan agreements. Last quarter is estimated based on
FPD (First Payment Default Rate)
months, matured as of reporting date

The total transaction value of goods and services sold within Marketplace (on an aggregate, “third-party” or “first-party” basis, as
GMV (Gross Merchandise Value)
applicable)

Expected loss rate of portfolio originated in specific quarter/month as a combination of actual NPL as of reporting date and expected
Loss Rate Vintages
recovery of NPL based on statistics

Average MAU (Average Monthly The monthly average number of users with at least one discrete session (visit) in excess of 10 seconds on the Kaspi.kz Super App in
Active Users) the last three months of each relevant period

60
Glossary (cont’d)
Terminology Definition

The total value of B2B and payment transactions made by Active Consumers within our Payments Platform, excluding free P2P and
TPV (Total Payment Value)
QR payments

SPD (Second Payment Default

The share of loans where borrowers failed to pay the first and the second payments under their loan agreements
Rate)

Marketplace Take Rate The ratio of Marketplace fee revenue to Marketplace 3P GMV

e-Commerce Take Rate The ratio of fee revenue generated in the e-Commerce business of Marketplace to e-Commerce 3P GMV

m-Commerce Take Rate The ratio of fee revenue generated in the m-Commerce business of Marketplace to m-Commerce GMV

Kaspi Travel Take Rate The ratio of fee revenue generated in the Kaspi Travel business of Marketplace to Kaspi Travel GMV

The ratio of fees generated from B2B transactions, consumer card and QR transactions and membership fees included in Payments
Payments Take Rate
fee revenue to TPV for the same period

e-Cars Take Rate The ratio of fee revenue generated in the e-Cars business of Marketplace to e-Cars 3P GMV

TPV Payments Transactions The total number of TPV transactions

61
Glossary (cont’d)
Terminology Definition

TFV (Total Finance Value) The total value of loans to customers issued and originated within Fintech for the period indicated

TFV to Average Net Loan

TFV for the prior 12 months divided by Average Net Loan Portfolio for the same period
Portfolio Conversion Rate

Average Savings The monthly average of customer accounts, which consists of total deposits of individuals and legal entities, for the respective period

The total transaction value of goods and services sold within the e-Commerce business of Marketplace (on an aggregate, “third-
e-Commerce GMV (Gross party” or “first-party” basis, as applicable). Our “first-party” e-Commerce GMV reflects e-Grocery’s GMV starting from February 2023
Merchandise Value) and e-cars GMV starting October 2023; prior to that, e-Grocery’s GMV was part of our “third-party” e-Commerce GMV.

e-Grocery GMV (Gross

The total transaction value of goods and services sold within the e-Grocery business of Marketplace
Merchandise Value)

e-Cars GMV (Gross Merchandise

Value) The total transaction value of goods and services sold within the e-Cars business of Marketplace

m-Commerce GMV (Gross

The total transaction value of goods and services sold within the m-Commerce business of Marketplace
Merchandise Value)

Kaspi Travel GMV (Gross

The total transaction value of services sold within the Kaspi Travel business of Marketplace
Merchandise Value)

Marketplace purchases The total number of goods or services purchase transactions made by consumers within Marketplace

62
Glossary (cont’d)
Terminology Definition

The total number of goods or services purchase transactions completed by consumers within the e-Commerce business of
e-Commerce Purchases
Marketplace

e-Grocery Purchases The total number of goods or services purchase transactions made by consumers within the e-Grocery business of Marketplace

Kaspi Travel Purchases The total number of services purchase transactions made by consumers within the Kaspi Travel business of Marketplace

m-Commerce Purchases The total number of goods or services purchase transactions made by consumers within the m-Commerce business of Marketplace

63