Joint Stock Company Kaspi.kz American Depository Shares 2026 Q2 Earnings Call

Thanks, Sammy. Good morning. Good afternoon, everyone. I'm David Ferguson from Kaspi.kz. Welcome to our second quarter and first half 2026 financial results call. With me is Kaspi.kz's CEO and co-founder, Mikheil Lomtadze, and our deputy CEOs, Tengiz Mosidze and Yuri Didenko. As usual, Mikheil will take you through the financial and strategic highlights from the second quarter. I'll talk through the broader financials, and then we'll open the call up to Q&A. On that note, over to you, Mikheil.

Thank you, David. Thank you for everyone joining this call. Our financial performance for the second quarter is strong. The revenue went up 15%, adjusted EBITDA 5%. Considering the performance and the strong financial position of the company, the board is recommending to increase the dividends by 18% compared to the first Q dividend. Our core businesses continue to perform. The marketplace GMV plus 15% driven by the e-commerce, which is our strategic most important focus both in Kazakhstan and Türkiye. It's 28% growth on the constant currency basis. TPV, our major business in the payment, still continues to grow very nicely, around 13% growth quarter-on-quarter. Average net loan portfolio continues to grow strongly around 18% year-over-year. E-commerce is the area which we believe is extremely important for us.

That's the final destination for our consumers and merchants, is where we can add the most of the value in terms of enabling the purchases and connecting merchants and sellers. E-commerce GMV has grown nicely around 28% on the constant currency basis year-over-year. The take rate continues to expand. The main driver of the take rate is the value added services, which we continue scaling, and that's about delivery and advertising. What is important is how engaged the consumers remain and how frequently they transact with us. The number of purchases per consumer continue to grow in both Türkiye and Kazakhstan, and the e-com purchases grew 33%, which is a very nice growth, and we delivered in excess of 76 million purchases in the second quarter.

About 20% of our GMV is a 1P, that is 1P, mainly the e-grocery in Kazakhstan, which is the fastest growing e-commerce vertical for us, and the 1P in Türkiye, which is electronics, and historically has been a category for 1P in Türkiye. We are about 53% of our GMV in Kazakhstan and 47% in Türkiye. Again, both for us, the important priority is just continue building up our e-commerce capabilities and making sure that the delivery quality and the speed is improving. The value added services are monetized, and we just continue working on converting the traffic and the properties that we have into the purchases from our consumers. Connecting merchants and consumers to each other successfully. E-commerce has been growing the take rate with the value added services.

As you can see, the value added services grew 49% on a constant currency growth and 27% real growth. Growing faster on the constant currency basis than e-commerce revenue. Again, just to reinforce the fact that we are extremely responsible in terms of growing those additional sort of services and making sure that we deliver the value for the merchants and also we make sure that our services are highly reliable on the delivery side and highly relevant on the advertising side. If we sort of promote something to our consumers that actually is something they really need, and we deliver value to both merchants and the consumers through this experience. We're also approaching this new stage of our company's development. As you know, Kaspi.kz has done a sort of reinventions of itself or transformations multiple times during its history.

We've started from financial services, then we expanded into the ecosystem of everyday services, and then we united all these everyday services in a single Super App. Now we're approaching the stage when we want to develop the personal AI assistant, which will help with everyday tasks to our consumers and to our merchants. On the 1st of July, we launched Kasper, which is the assistant for our consumers. We started with the one task now, which is actually enabling shopping. Kasper actually is built on our technology and is built on our data and built on our consumer experience, and it's in a single mobile application, so it's actually integrated in our Super App. Kasper, we call him Kasper, our new personal assistant.

He can actually understand your needs, he can recommend the best products, he can engage in a conversation with you and ask the clarifying questions, compare different products, give you the reviews, and so on and so forth. It's enabled in voice and texts, so you can actually either type your task or you can record it by voice, and then Kasper helps you to find the right product for you among 20 million products in our Kazakhstan e-commerce platform. He can follow up with the smart questions, and then he can lead you to the right product for you, which you can after complete in our e-commerce. We have launched it in the 1st of July. We have been scaling during the month. Now it's available to everyone, to all our consumers in Kazakhstan. Has been very rapid sort of scaling.

It's still early to give you any sort of detailed performance metrics, but I think the metrics we already have are quite encouraging. One out of five customers whom Kasper was available actually used it. Response rate is around three seconds, this just tells you that all the sort of investments we have done both in the compute but also in optimizing the speed have played off really nicely. You as a consumer get response really quickly, which is extremely important for any AI model and assistant. The consumers are looking for the products across pretty much the entire catalog. 22 product categories have been covered so far, which is pretty much our entire catalog, which just tells you that the Kasper is performing the tasks across a wide range of the products that we have.

8 in 10 conversations, 80% of conversations actually end up with a product recommendation, 60% of those take customer through the specific product. If you are looking for vacuum cleaner, he will just guide you through the process, understand your needs, you basically have your product in the shopping cart. What is important is obviously the speed. With the Kasper is 50% faster than just a regular product discovery, 50% faster adding to favorites, 30% faster to the basket. Again, what we believe is that this sort of technology or this customer experience is leapfrogging all the traditional way of you to finding the products. You are scrolling, you are reading, you are analyzing the information on the screen, you are tapping buttons, and so on and so forth.

You are spending much more time going through multiple stages of the product discovery and understanding the product that you need yourself. Kasper is actually speeding up this process. Kasper is helping to find the products faster, he's really is working on the task with you, rather than you sort of typing in the search box name of the product. Highly relevant, highly reliable, faster, those are the most important metrics for us at the moment. Our goal is to build the trusted assistant. Assistant is equal trust, which means that if you don't trust your assistant, you can easily fire him.

We treat Kasper like your personal assistant, our priority now is to build the trust, which means highly reliable, highly relevant service that actually helps you to buy a product, which is exactly the product that you need. This is our priority as we're scaling Kasper. It's just one month, those are really very encouraging metrics that we observe with the Kasper interaction of consumers with Kasper. This is just an example of the queries, which basically tell you how different it is interacting with the Kasper, actually the traditional search or traditional way to find the products.

You usually type the product that you have in mind, traditional e-commerce or marketplace way to offer you a product is you are trying to give you a selection of the products, which you then are reading through, familiarizing yourself with the ratings, also narrowing down through filters and other navigation tools which have been developed over time. When customers are interacting with the Kasper now, they just give him a task. "I want to give my goddaughter a gift for her second birthday." "I want to have aftershave for consistency and effect that has a strong smell." "I want a sprayer that I can set up next to the house, it creates a cool mist." This type of interaction and the type of tasks which Kasper is getting and able to solve is really remarkable.

We're true sort of believers in this technology, which we have been developing already for quite some time behind the scenes and getting ready to scale it. It's really remarkable how consumers interact, how Kasper really helps. Those examples which you see here, they actually ended up in a real order. It's really important when you sort of think how customers do mission shopping, how they're focused on delivery, when give me the items which can be delivered within three hours. Solve this type of problem, which I have, like after double-sided tape, adhesive was left on the plastic window, what product will help to remove it? This is not the regular search. This is you asking someone to help with an advice. All those things are extremely encouraging for us. We're scaling Kasper as we speak in our e-commerce platform.

Again, our mission is to develop a personal assistant for everyday tasks, e-commerce and shopping is just the one task we're now focused on. In the future, we believe that Kaspi.kz can help with all other tasks across all our services in our Kaspi.kz Super App. Now I just would like to give you a bit of a demo. Some of you that actually watch the screen, I think it will be pretty cool. David, can we go to the demo? Kaspi.kz actually has a dedicated space in our e-commerce. You can basically type the task which you want Kaspi.kz to perform. For example, I need a vacuum cleaner. Kaspi.kz does basic analysis. He starts asking you clarifying questions. For example, what type of vacuum cleaner suits you best? He goes into the requirements.