A.OPERATING RESULTS You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes included elsewhere in this annual report. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in “Item 3. Key Information-D. Risk Factors.” Actual results could differ materially from those contained in any forward-looking statements. See “Cautionary Statement Regarding Forward-Looking Statements and Risk Factor Summary” for more information. Overview In Kazakhstan we operate a two-sided Super App business model which we believe is unique: the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants and entrepreneurs. All discussion of our results described in this Item 5. Operating and Financial Review and Prospects—A. Operating Results before the section “Components of Our Results of Operations” is without Hepsiburada/Türkiye except where otherwise stated. Increased use of our existing products by merchants and consumers, along with a growing range of new products, facilitates a greater number of transactions across more areas of household spending and merchants’ business activity. As of December 31, 2025, the number of Monthly Transactions per Active Consumer was 77. 89 Our offerings include payments, marketplace and fintech solutions for both consumers and merchants. We believe our business model, reinforced by our highly recognizable brand and continuing product innovation, generates powerful network effects, which have resulted in growth across all our platforms and strong financial performance. With the Kaspi.kz Super App, consumers can shop online with fast, and in most cases free delivery, find and shop at local merchants, book travel and holidays with Kaspi Travel, pay with Kaspi QR throughout Kazakhstan, shop with our BNPL products, purchase and redeem gift certificates, pay their household bills, receive consumer and car finance, and save for the future with our deposit products, among other services. With integrated Government Services, consumers can also access digital documents, including passports, renew their driving license, transfer car ownership, register their businesses, pay taxes, apply to register a marriage and obtain a birth certificate, amongst other government services. With the Kaspi Pay Super App, merchants can promote their business and sell products through our Marketplace Platform, organize nationwide delivery using Kaspi Delivery Smart Logistics Platform, run product ad campaigns with Kaspi Advertising and participate in our promotional events. Our Business Deposit product enables merchants to earn interest on their excess cash balances and they can also access merchant and Buy-inventory-now-pay-later financing. Merchants can also issue and instantly settle invoices, accept payments, pay suppliers, track their turnover and use complimentary cash register software, among other services. Merchants have access to Government Services, including tools to issue fiscal receipts for all types of payments, calculate and pay their taxes, and file tax reports. Kaspi Classifieds allows merchants and consumers to advertise used and new goods, services and jobs to consumers. Kolesa.kz and Krisha.kz extend our classified to include Kazakhstan’s leading car and real estate online marketplaces, respectively. We believe that the combination of integrated merchant and consumer Super Apps, with multiple services, creates a more powerful business model than single-purpose payments or shopping apps. Users of our Super Apps value our existing products and, as a result, they can quickly adopt new products as they are introduced. We believe that our integrated merchant and consumer Super Apps enable a faster user adoption of new features and products with lower marketing and operating costs than if the same service was provided through separate apps with different brands. Segments Our segment reporting is based on our three business platforms: Payments, Marketplace and Fintech. We present segment revenue and net income after elimination of intercompany transactions. In general, revenue and costs and operating expenses are directly attributable, or are allocated, to each segment. We allocate costs and expenses that are not directly attributable to a specific segment, such as those that support general infrastructure and customer engagement in our Super Apps, to different segments on the basis of various factors depending on the nature of the relevant costs and expenses. For example, cost of goods and services is mainly based on usage of the particular expense, technology and product development expenses are primarily based on segment employees and the number of segment consumers, sales and marketing expenses are mainly based on the number of segment consumers, and general and administrative expenses are primarily based on the number of segment employees. Payments Our Payments Platform facilitates transactions between and among merchants and consumers. For consumers, our Payments Platform is a highly convenient way to pay for shopping transactions, pay regular household bills and make peer-to-peer payments. For merchants, our Payments Platform enables them to accept payments online and in-store, issue and instantly settle invoices, pay suppliers and monitor merchants’ turnover. We consider our Payments Platform to be fundamental for high levels of customer engagement. Having achieved scale with consumers and merchants, our Payments Platform brings disproportionately more value to consumers and merchants. Payments Platform proprietary data facilitates informed decision-making across multiple areas of our business. Payments revenue is mainly generated from fees paid by our Payments merchants and consumers and, to a lesser extent, interest income, which we generate on interest-free cash balances of current accounts of Payments merchants and consumers. Our TPV has been, and is expected to continue to be, primarily driven by the increasing number of payments that we enable through our Payments Platform. This is a direct result of the attractiveness of our payments products and services, such as Kaspi Gold, Household Bill Payments, P2P Payments and Kaspi B2B Payments, as well as the increasing number of Payments merchants. As part of our acquiring services, we also accept other cards besides Kaspi Gold in our POS; however, such transaction volumes are significantly lower than payments through Kaspi QR and Kaspi Gold card. 90 Our TPV increased by 19% to ₸44,219 billion for the year ended December 31, 2025, from ₸37,229 billion for the year ended December 31, 2024 which in turn increased by 31% from ₸28,406 billion for the year ended December 31, 2023. The growth in TPV was mainly driven by an increased number of transactions per Payments Active Consumers and growth in the number of Payments Active Consumers. For the year ended December 31, 2025, P2P transactions accounted for 8% of our TPV, while Household Bill Payments, payments through Kaspi QR and card transactions, and Kaspi B2B Payments accounted for 16%, 69% and 7% of TPV, respectively. Our Kaspi B2B Payments’ TPV was ₸2,833 billion for the year ended December 31, 2025, a 45% increase from ₸1,951 billion for the year ended December 31, 2024, and the number of Kaspi B2B Payments’ transactions was 79.7 million for the year ended December 31, 2025, a 39% increase from 57.5 million transactions for the year ended December 31, 2024. The number of Payments Active Consumers was 14.6 million for the year ended December 31, 2025, increasing by 7% from 13.6 million for the year ended December 31, 2024, which in turn increased by 6% from 12.9 million for the year ended December 31, 2023. The number of TPV Payments Transactions was 6,724 million, 5,890 million, and 4,219 million in the years ended December 31, 2025, 2024 and 2023, respectively, representing an increase of 14% (the year ended December 31, 2025 compared to the year ended December 31, 2024) and 40% (the year ended December 31, 2024 compared to the year ended December 31, 2023). Our Payments Take Rate has remained relatively stable and amounted to 1.10% for the year ended December 31, 2025, 1.18% for the year ended December 31, 2024 and 1.23% for the year ended December 31, 2023. Our Average Balances on Current Accounts comprised ₸981 billion for the year ended December 31, 2025, ₸938 billion (a 5% increase year-on-year) and ₸769 billion (a 22% increase year-on-year), for the years ended December 31, 2024 and 2023 respectively. The increase in Average Balances on Current Accounts was driven by the increase in the number of Active Payments Consumers. The table below sets forth the key operating metrics for Payments as of and for the periods indicated: As of or for the year endedDecember 31, 2023 2024 2025 2025 (in ₸ billion, except as indicated) (in $ billion) TPV(1) 28,406 37,229 44,219 87 Growth rate 43 % 31 % 19 % Payments Active Consumers, millions(2) 12.9 13.6 14.6 TPV Payments Transactions, millions(3) 4,219 5,890 6,724 Growth rate 38 % 40 % 14 % Payments Take Rate(4) 1.23 % 1.18 % 1.10% Average Balances on Current Accounts(5) 769 938 981 2 TPV including Hepsiburada(1) 28,406 37,229 46,350 92 TPV Payments Transactions including Hepsiburada, millions(3) 4,219 5,890 6,813 (1)Total Payment Value (TPV) is the total value of B2B and payment transactions made by Active Consumers within our Payments Platform, excluding free P2P and QR payments. (2)Payments Active Consumers is the total number of consumers that completed at least one transaction within Payments during the prior 12 months. (3)TPV Payments Transactions is the total number of TPV transactions. (4)Payments Take Rate is the ratio of fees generated from B2B transactions, consumer card and QR transactions and membership fees included in Payments fee revenue to TPV for the same period. (5)Average Balances on Current Accounts is the average monthly total balance of Payments Platform’s accounts (including Kaspi Pay and Kaspi Gold accounts) for the respective period. Marketplace Our Marketplace Platform connects both online and offline merchants with consumers, enabling merchants to increase their sales through an omnichannel strategy and allowing consumers to purchase a broad selection of products and services from a wide range of merchants. Marketplace has three main propositions: m-Commerce, e-Commerce and Kaspi Travel. m-Commerce is our mobile solution for shopping in person, while consumers can use 91 e-Commerce to shop anywhere, anytime and typically with free delivery. Kaspi Travel allows consumers to book domestic and international flights, domestic rail tickets and international package holidays. We help merchants increase their sales by connecting them to our Payments and Fintech products, Kaspi Advertising and our delivery services. Since 2025 we operate the Hepsiburada marketplace in Türkiye. Hepsiburada is included in our Marketplace segment. As there was no meaningful prior period comparison due to Hepsiburada acquisition in 2025, all numbers in this section are provided excluding Türkiye, unless explicitly said otherwise. We generate Marketplace revenue primarily from fees paid by our merchants. We also charge our merchants for delivery fees for certain deliveries of products purchased through Marketplace and for product advertising services as part of Kaspi Advertising. Since February 2023, our Marketplace revenue also includes retail revenue generated by our “first-party” e-Grocery business, which is part of the e-Commerce business of our Marketplace, and since the acquisition of Kolesa in October 2023 also includes retail revenue generated by our “first-party” car e-commerce business. Our Marketplace GMV has been, and is expected to continue to be, primarily driven by growth in the number of purchases that we enable through our Marketplace. In recent periods, we have focused on driving consumer engagement through increasing the number of merchants on our platform, and the number of e-Commerce SKUs they offer and offering free delivery opportunities for our consumers. We have also expanded into new business lines, namely e-grocery in conjunction with Magnum, cars following the acquisition of Kolesa, and rail, flight and package holidays through Kaspi Travel, which has diversified our Marketplace revenue. Our Marketplace GMV increased by 11% to ₸6,657 billion for the year ended December 31, 2025, from ₸5,975 billion for the year ended December 31, 2024, which in turn increased by 44% from ₸4,161 billion for the year ended December 31, 2023. The growth in Marketplace GMV was mainly driven by growth of our e-Commerce GMV and growth in the number of purchases as a result of the growth of the number of Marketplace Active Consumers and the number of purchases per Marketplace Active Consumer. Regulatory developments in Kazakhstan in 2025 have included requirements for the registration of smartphones, which, combined with a shortage of new iPhones resulting from such requirements, adversely affected sales of smartphones through our Marketplace Platform and therefore Marketplace GMV. The number of Marketplace Active Consumers was 8.8 million for the year ended December 31, 2025, increase by 9% from 8.1 million for the year ended December 31, 2024, which in turn increased by 13% from 7.1 million for the year ended December 31, 2023. Our e-Commerce GMV increased by 16% to ₸3,183 billion for the year ended December 31, 2025 from ₸2,755 billion for the year ended December 31, 2024, which in turn increased by 85% from ₸1,487 billion for the year ended December 31, 2023. Our e-Commerce GMV breakdown for the year ended December 31, 2025 was 66% general goods GMV, 27% of e-Cars GMV and 7% of e-Grocery GMV. Our e-Commerce GMV accounted for 48%, 46%, and 36% of our Marketplace GMV for the years ended December 31, 2025, 2024, and 2023, respectively. We launched e-Cars in October 2023 following the acquisition of Kolesa. e-Car’s GMV grew during the year ended December 31, 2025 from ₸186 billion in the first quarter to ₸236 billion in the fourth quarter, totaling ₸872 billion for the year. Our e-Cars GMV breakdown for the year ended December 31, 2025 was 79% of Cars (3P) GMV, 18% of Auto-parts GMV and 3% of Cars (1P) GMV. In the fourth quarter of 2025, we decided to discontinue the “1P” part of our e-Cars business because it is a capital-intensive business with limited possibility to replicate in other markets. Following the acquisition of Magnum E-commerce Kazakhstan in February 2023, we changed the business model of our e-Grocery operations from a “third-party” business to a “first-party” business due to the more complex operational and logistical requirements of the grocery business. e-Grocery’s GMV increased by 53% to ₸206.3 billion for the year ended December 31, 2025 from ₸135.1 billion for the year ended December 31, 2024. Number of e-Grocery’s purchases increased by 56% to 15.0 million for the year ended December 31, 2025 from 9.6 million for the year ended December 31,2024 while e-Grocery’s Active consumer grew from 858 thousand to 1.4 million during the same period. Our m-Commerce GMV increased by 7% to ₸2,936 billion for the year ended December 31, 2025, from ₸2,749 billion for the year ended December 31, 2024, which in turn increased by 19% from ₸2,310 billion for the year ended December 31, 2023. Our m-Commerce GMV accounted for 44%, 46%, and 56% of our Marketplace GMV for the years ended December 31, 2025, 2024, and 2023, respectively. 92 Kaspi Travel’s GMV increased by 14% to ₸538 billion for the year ended December 31, 2025, from ₸471 billion for the year ended December 31, 2024, which had increased by 34% from ₸353 billion for the year ended December 31, 2023. Our Kaspi Travel GMV breakdown for the year ended December 31, 2025 was 70% of Air tickets GMV, 20% of Railway tickets GMV and 10% of International and domestic package holidays (Tours) GMV. Kaspi Travel’s GMV accounted for 8.1%, 7.9% and 8.5% of our Marketplace GMV for the years ended December 31, 2025, 2024 and 2023, respectively. Our Marketplace Take Rate amounted to 10.5%, 9.7% and 9.2% for the years ended December 31, 2025, 2024 and 2023, respectively. Our e-Commerce Take Rate increased to 12.7% for the year ended December 31, 2025 from 11.3% and 11.0% for the years ended December 31, 2024 and 2023, respectively. Our m-Commerce Take Rate increased to 9.2% for the year ended December 31, 2025 from 9.1% and 8.6% for the years ended December 31, 2024 and 2023 respectively. The growth in the Marketplace Take Rate is mainly due to growth in e-commerce take rate, which in turn is reflection of growth in delivery and marketing revenue due to our ability to monetize Kaspi Delivery, Kaspi Advertising and Kaspi Classifieds. For the years ended December 31, 2025, 2024 and 2023 revenue from Advertising (including Classifieds) and Delivery was equivalent to 2.3%, 1.7%, and 0.8% of Marketplace 3P GMV, respectively. Kaspi Travel’s Take Rate increased to 5.1% for the year ended December 31, 2025 from 4.6% and 4.3% for the years ended December 31, 2024 and 2023, respectively. The increase in Kaspi Travel’s Take Rate reflects an increase in fees from railway tickets and holiday packages, which have a higher take rate than flights. The table below sets forth the key operating metrics for Marketplace as of and for the periods indicated: As of or for the year ended December 31, 2023 2024 2025 2025 (in ₸ billion, except as indicated) (in $ billion) Marketplace GMV(1) 4,161 5,975 6,657 13 Growth rate 45 % 44 % 11 % Marketplace 3P GMV(1) 4,085 5,797 6,423 13 Marketplace 1P GMV(1) 76 178 234 0.5 Marketplace Active Consumers, millions(2) 7.1 8.1 8.8 Marketplace Purchases millions(3) 165 234 316 Growth rate 38 % 42 % 35 % Marketplace Take Rate(4) 9.2 % 9.7 % 10.5 % Marketplace GMV(1) including Hepsiburada 4,161 5,975 9,053 18 Marketplace Purchases including Hepsiburada millions(3) 165 234 391 (1)Marketplace Gross Merchandise Value (GMV) is the total transaction value of goods and services sold within Marketplace (on an aggregate, “third-party” or “first-party” basis, as applicable). Our “first-party” Marketplace GMV reflects e-Grocery’s GMV starting from February 2023 (prior to that, e-Grocery’s GMV was part of our “third-party” Marketplace GMV) and car e-Commerce GMV starting from October 2023. (2)Marketplace Active Consumers is the total number of consumers that completed at least one purchase of goods and services within Marketplace during the prior 12 months. (3)Marketplace Purchases is the total number of goods or services purchase transactions made by consumers within Marketplace. (4)Marketplace Take Rate is the ratio of Marketplace fee revenue to Marketplace 3P GMV 93 The table below sets forth the key operating metrics for our e-Commerce business of Marketplace as of and for the periods indicated: As of or for the year ended December 31, 2023 2024 2025 2025 (in ₸ billion, except as indicated) (in $ billion) e-Commerce GMV(1) 1,487 2,755 3,183 6 Growth rate 53 % 85 % 16 % e-Commerce 3P GMV(1) 1,422 2,577 2,949 6 e-Commerce 1P GMV(1) 65 178 234 — e-Commerce Active Consumers, millions(2) 4.7 6.3 7.4 e-Commerce Purchases millions(3) 45.3 101.0 184.7 Growth rate 122 % 123 % 83 % e-Commerce Take Rate(4) 11.0 % 11.3 % 12.7 % e-Commerce GMV including Hepsiburada (1) 1,487 2,755 5,579 11 e-Commerce Purchases including Hepsiburada millions(3) 45.3 101.0 259.6 (1)e-Commerce Gross Merchandise Value (GMV) is the total transaction value of goods and services sold within the e-Commerce business of Marketplace (on an aggregate, “third-party” or “first-party” basis, as applicable). Our “first-party” e-Commerce GMV reflects e-Grocery’s GMV starting from February 2023; prior to that, e-Grocery’s GMV was part of our “third-party” e-Commerce GMV. (2)e-Commerce Active Consumers is the total number of consumers that completed at least one purchase within the e-Commerce business of Marketplace during the prior 12 months. (3)e-Commerce Purchases is the total number of goods or services purchase transactions completed by consumers within the e-Commerce business of Marketplace. (4)e-Commerce Take Rate is the ratio of fee revenue generated in the e-Commerce business of Marketplace to e-Commerce 3P GMV. The table below sets forth the key operating metrics for our m-Commerce business of Marketplace as of and for the periods indicated: As of or for the year ended December 31, 2023 2024 2025 2025 (in ₸ billion, except as indicated) (in $ billion) m-Commerce GMV(1) 2,310 2,749 2,936 6 Growth rate 38 % 19 % 7 % m-Commerce Active Consumers, millions(2) 4.6 4.9 4.7 m-Commerce Purchases millions(3) 104.6 115.1 114.1 Growth rate 19 % 10 % -1 % m-Commerce Take Rate(4) 8.6 % 9.1 % 9.2 % (1)m-Commerce Gross Merchandise Value (GMV) is the total transaction value of goods and services sold within the m-Commerce business of Marketplace. (2)m-Commerce Active Consumers is the total number of consumers that completed at least one purchase within the m-Commerce business of Marketplace during the prior 12 months. (3)m-Commerce Purchases is the total number of goods or services purchase transactions made by consumers within the m-Commerce business of Marketplace. (4)m-Commerce Take Rate is the ratio of fee revenue generated in the m-Commerce business of Marketplace to m-Commerce GMV. 94 The table below sets forth the key operating metrics for the Kaspi Travel business of Marketplace as of and for the periods indicated: As of or for the year ended December 31, 2023 2024 2025 2025 (in ₸ billion, except as indicated) (in $ billion) Kaspi Travel GMV(1) 353 471 538 1 Growth rate 53 % 34 % 14 % Kaspi Travel Active Consumers, millions(2) 2.4 2.8 3.0 Kaspi Travel Purchases millions(3) 15.1 17.6 17.6 Growth rate 35 % 17 % 0 % Kaspi Travel Take Rate(4) 4.3 % 4.6 % 5.1 % (1)Kaspi Travel Gross Merchandise Value (GMV) is the total transaction value of services sold within the Kaspi Travel business of Marketplace. (2)Kaspi Travel Active Consumers is the total number of consumers that completed at least one purchase within the Kaspi Travel business of Marketplace during the prior 12 months. (3)Kaspi Travel Purchases is the total number of services purchase transactions made by consumers within the Kaspi Travel business of Marketplace. (4)Kaspi Travel Take Rate is the ratio of fee revenue generated in the Kaspi Travel business of Marketplace to Kaspi Travel GMV. Fintech Our Fintech Platform provides consumers with BNPL, finance and savings products, and merchants with merchant finance services. All Fintech services can be accessed through our Super Apps, fully digitally, with users identified using Kaspi ID biometrics technology. With our proprietary technology, we originate 99.9% of our lending transactions in less than six seconds, while maintaining a consistently low Cost of Risk. We incentivize consumers and merchants to prepay any finance products prior to contractual maturity without penalty, which helps to drive frequency of transactions. We lend only in local currency and we fund our financing products mainly using customer accounts, which are primarily local currency savings accounts. As we add more opportunities to transact with the Kaspi.kz Super App, consumers typically keep more of their deposits with us. During the periods presented, the majority of our total revenue was attributable to interest and fees earned on the products and services offered through Fintech, although the share of this segment in our net income slightly increased to 33% for the year ended December 31, 2025 from 31% in prior year, due to losses for 2025 for the acquired Hepsiburada which is reflected in the Marketplace segment. Our TFV has been, and is expected to continue to be, primarily driven by the increasing number of loans and installment finance products originated with customers within Fintech as a result of the convenience of online access through our Kaspi.kz Super App, our quick data-driven loan approval process, our excellent customer service and our high level of consumer loyalty. Recently, higher than normal interest rates have increased the cost of funding our deposit base and directly contributed to declining profitability in the Fintech segment of our business. We expect the profitability of our Fintech segment to increase when interest rates decrease from current levels. Our TFV increased by 13% to ₸11,652 billion for the year ended December 31, 2025 from ₸10,305 billion for the year ended December 31, 2024, which in turn increased by 30% from ₸7,930 billion for the year ended December 31, 2023. The growth in TFV was mainly a result of increases in the amount of loans issued as part of our Merchant and Micro Business Finance by 22%, general purpose loans by 18% albeit a 3% decrease in the number of Fintech Active Consumers (loans) for the years ended December 31, 2025. The growth in TFV for year ended December 31, 2024 was mainly a result of increases in the amount of loans issued as part of our Merchant and Micro Business Finance by 48%, general purpose loans by 22% due to a 3% increase in the number of Fintech Active Consumers (loans) for the respective year. For the year ended December 31, 2025, BNPL accounted for 41% of our TFV, while general purpose loans, Merchant and Micro Business Finance and car finance accounted for 36%, 18% and 5% of our TFV, respectively. 95 The number of Fintech Active Consumers (loans) was 6.3 million for the year ended December 31, 2025, decreasing by 3% from 6.4 million for the year ended December 31, 2024, which in turn increased by 3% from 6.2 million for the year ended December 31, 2023. Fintech Yield was 26% for the year ended December 31, 2023 and 24% for the year ended December 31, 2024, mainly due to the change in product mix, including a growing share of BNPL and micro business and merchant financing. For the year ended December 31, 2025, Fintech Yield remained stable at 24%. Our TFV to Average Net Loan Portfolio Conversion Rate decreased to 1.8 for the year ended December 31, 2025 from 2.1 for the year ended December 31, 2024, which in turn decreased from 2.2 for the year ended December 31, 2023. Our Average Savings increased by 18% to ₸6,697 billion for the year ended December 31, 2025 from ₸5,688 billion for the year ended December 31, 2024, which in turn increased by 27% from ₸4,492 billion for the year ended December 31, 2023, which was mainly due to an increase in the number of Fintech Active Consumers (deposits). Our Cost of Risk was 2.2% for year ended December 31, 2025 and 2.1% and 2.0% for the years ended December 31, 2024 and 2023, respectively. Our low and stable levels of Cost of Risk are primarily due to ongoing improvements to our data-driven origination and collection capabilities. The table below sets forth the key operating metrics for Fintech as of and for the periods indicated: As of or for the year ended December 31, 2023 2024 2025 2025 (in ₸ billion, except as indicated) (in $ billion, except as indicated) TFV(1) 7,930 10,305 11,652 23 Growth rate 47 % 30 % 13 % Fintech Active Consumers (loans), millions (2) 6.2 6.4 6.3 Fintech Active Consumers (deposits), millions (3) 4.8 5.7 6.2 Average Net Loan Portfolio (4) 3,542 4,895 6,415 13 Fintech Yield (5) 26 % 24 % 24 % TFV to Average Net Loan Portfolio Conversion Rate(6) 2.2 2.1 1.8 Average Savings(7) 4,492 5,688 6,697 13 Cost of Risk(8) 2.0 % 2.1 % 2.2 % TFV including Hepsiburada(1) 7,930 10,305 11,717 23 (1)Total Finance Value (TFV) is the total value of loans to customers issued and originated within Fintech for the period indicated. (2)Fintech Active Consumers (loans) is the total number of consumers that received at least one financing product within Fintech during the prior 12 months. (3)Fintech Active Consumers (deposits) is the total number of consumers that had a deposit for at least one day within Fintech during the prior 12 months. (4)Average Net Loan Portfolio is the average monthly balance of the Fintech loans to customers for the respective period. (5)Fintech Yield is the sum of Fintech interest income on loans to customers and Fintech fee revenue divided by Average Net Loan Portfolio. (6)TFV to Average Net Loan Portfolio Conversion Rate is TFV for the prior 12 months divided by Average Net Loan Portfolio for the same period. (7)Average Savings is the monthly average of customer accounts, which consists of total deposits of individuals and legal entities, for the respective period. (8)Cost of Risk is the total provision expense for loans divided by the average balance of gross loans to customers for the same period (see “Selected Statistical Information-Distribution of Assets, Liabilities and Equity”). Key Factors Affecting Our Financial Condition and Results of Operations Our financial condition and results of operations are driven by the following key factors, which our management believes will continue to affect our results of operations in the future. 96 Ability to grow the number of transactions from customers Our ability to increase customer engagement on our platforms is critical to the growth of our business. As our Kaspi.kz Super App enables our consumers to conveniently shop and pay across all areas of day-to-day household spending and access financing, we have focused on the introduction of various complimentary services and additional payment methods to improve user engagement and increase the number of transactions made on our platforms. For example, in 2025 we introduced Kaspi Alaqan, pay-by-palm. We believe that high daily usage of transaction- based services creates a self-reinforcing network effect within our Kaspi.kz Super App, leading to cost synergies and operational leverage. We have also prioritized rapid merchant onboarding for our Payments Platform to increase the number of transactions across our platforms. Our Kaspi Pay Super App, implemented in 2020, enables merchants to access Payments, Marketplace and Fintech services that are designed for SMEs and entrepreneurs, which has significantly driven our merchant growth. With a large, growing and highly engaged merchant base, we expect to scale earlier-stage merchant services, including Kaspi Advertising, Kaspi Delivery and financing for merchants and SMEs. These products are all designed to help our merchants sell more, driving growth in the number of transactions per Active Consumer. We measure the engagement of our customers through the Average DAU to Average MAU ratio, as well as the value of products and services transacted on our platforms. As our Active Consumers have increased transaction activity, each of our TPV, Marketplace GMV and TFV, as well as the Average DAU to Average MAU ratio, have grown, and we expect that each such measure will continue to grow in the near future. In order to continue engaging our customers and grow the number of their transactions, we plan to further enhance and expand our product and service offerings and improve the overall user experience in our Super App business model. Ability to retain and attract consumers and merchants We significantly depend on the growth and retention of our large consumer and merchant customer base. The number of our Active Consumers and Active Merchants has grown significantly over time, which we believe has been driven by a high-quality user experience. Our high customer retention rate has also reduced the need for us to incur significant marketing expenses. Growth and retention of customers is based, in part, on the availability of a wide range of product and services on our Kaspi.kz Super App, which increases the number of use cases and enhances the overall value of our platforms. The number of Active Consumers is also driven by the number and engagement of our merchants. Leverage of big data, technology and risk management High-quality user data enables us to ensure that our products and services are highly relevant and personalized, contributing to higher Super App engagement and growth in the number of transactions per Active Consumer. The success of our new product and service development is dependent on our ability to collect and analyze transaction data covering all aspects of consumer spending habits. When combined with social, financial and behavioral digital data derived through our Super Apps, high levels of transactions per consumer provide us with significant volumes of proprietary data and unique consumer insights. We continually use technology to optimize our cost structure and improve operational efficiency. Our proprietary voice assistant and automated Kaspi Chat have enabled us to automate more of our day-to-day interactions with customers, improving customer service and reducing expenses. In addition, our big data-driven and adaptable scoring models allow us to enhance the effectiveness of our credit and transaction risk management. Our low and stable levels of Cost of Risk are primarily due to ongoing improvements to our data-driven origination and collection capabilities. We believe that our ability to maintain a broadly stable Cost of Risk, despite an increase in our consumer loan portfolio and a volatile macroeconomic backdrop in recent years, demonstrates the efficiency of our risk management system based on our big data and technology capabilities. 97 Balanced and profitable product and service mix We have a diverse product and service mix across our platforms, which allows us to deliver fast and profitable growth in new areas, leading to more diverse net income sources. In the periods under review, the net income generated by our Payments and Marketplace segments has grown at a faster rate than the net income of our Fintech segment, and our Payments and Marketplace segments have higher profit margins. We expect that the share of net income generated from our Payments and Marketplace segments will continue to increase, with the share of net income generated from our Fintech segment declining further. The relative usage of our products and platforms with high or low profitability and the business model of our platforms could have an impact on our performance in the future. For example, as our e-Grocery business continues to grow and given the operating and profitability model of the business, we expect a reduction in the profit margin of our Marketplace segment in the near term. In addition, the product mix within each of our three segments affects performance of the respective segment. For example, in 2025, the regulatory requirements for the registration of smartphones in Kazakhstan, combined with a shortage of new iPhones resulting from such requirements, adversely affected sales of smartphones through our Marketplace Platform during fiscal year 2025, negatively impacting our revenue and net income for our Marketplace segment. Expansion and innovation of our products, services and Super App functionality We plan to continue to invest in expanding and enhancing the products, services and functionality available through our platforms and Super Apps for our consumers and merchants. On our Marketplace Platform, we plan to increase consumer engagement by increasing the number of relevant goods and services offered, supporting digital shopping and fulfillment tools and expansion into new verticals. Investments in free nationwide delivery for consumers and growth of our Kaspi Postomats locations have helped us attract new e-Commerce consumers and merchants, with higher delivery volumes leading to reduced unit costs of delivery. We may also seek to enter new lines of business through acquisitions, which may involve greater risk and upfront investment than organic growth. Any factors that adversely affect our ability to innovate our product and service offerings may negatively affect our efforts towards retaining and attracting consumers and merchants and increasing the number of transactions made on our platforms and through our Super Apps. These efforts may also require more sophisticated and costly development, sales or engagement efforts, increasing our costs. Macroeconomic conditions Our business is affected by the overall economic environment and macroeconomic conditions in the jurisdictions in which we operate, particularly in Kazakhstan, where our customers are primarily located, and in Türkiye. Macroeconomic conditions affecting disposable consumer income include, among other factors, employment levels, inflation, business conditions, availability of consumer credit, interest rates, tax rates and fuel and energy costs. Positive economic conditions generally promote greater consumer spending, including spending on our Marketplace Platform and use of the services of our Payments Platform, while uncertain economic conditions generally result in a reduction in consumer spending and a decrease in purchases on our platforms and associated payments. Since the majority of our expenses are denominated in tenge, inflationary pressures in Kazakhstan are a significant factor affecting our expenses. Kazakhstan has over the last several years experienced a series of base rate increases. Most recently, the National Bank of Kazakhstan raised its base rate from 15.25% — the rate in effect as of December 4, 2024 — to 18.00%, effective December 1, 2025. Higher than normal interest rates have directly contributed to declining profitability in the Fintech segment of our business, as the cost of our KZT-denominated deposit funding has increased. While we expect the profitability of our Fintech segment to recover when interest rates normalize, further periods of high and sustained inflation could lead to interest rates remaining elevated for longer, which could continue to adversely affect the profitability of our Fintech segment and, consequently, have a material adverse effect on our business, financial condition or results of operations. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Kazakhstan and the Other Countries in Which We Operate—Local inflationary pressures have increased the prices of goods and services, which could raise the costs associated with providing our services, diminish our ability to compete or reduce consumer buying power.” 98 In addition, the tenge’s exchange rate has fluctuated significantly over the years, particularly during periods of volatility on the global financial and commodity markets. Any significant devaluation of the tenge against the U.S. dollar or other foreign currencies will increase our interest expense and fees. Any such devaluation of the tenge against the U.S. dollar or other foreign currencies could negatively affect us in a number of ways, including, among others, by causing a further outflow of tenge deposits and increasing our actual interest expense and fees on our foreign currency denominated liabilities. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Kazakhstan and the Other Countries in Which We Operate —Exchange rate fluctuation could have an adverse impact on our business.” Regulation As a company providing financial services, we must comply with regulations adopted by governmental and state authorities, particularly the ARDFM and the NBK. Any regulatory change might positively or negatively impact our revenue, net income and capital and liquidity requirements. For example, changes in 2025 to minimum reserve requirements imposed by the NBK — which require us to hold reserve assets with the NBK that do not earn interest — have reduced the effective yield on a portion of our asset base. See ““Item 4. Information on the Company—B. Business Overview—Regulation—Regulation of Banking Activities—Minimum Reserve Requirements.” In addition, a new 10% tax on revenue from government securities resulted in higher tax expenses negatively impacting our net income in 2025. A failure to comply with applicable laws or regulations could result in the withdrawal of our banking license. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Legal and Regulatory Framework—-We require certain licenses, permits and approvals in the ordinary course of business, and the failure to obtain or retain them in a timely manner may materially adversely affect our operations.” Seasonality Our business is affected by customer behavior throughout the year and demonstrates seasonality effects. Historically, we have benefitted from higher revenue in the second half of the year, which was primarily due to the holiday season and our promotional activities. The timing of our promotional activities and how often we determine to hold such promotions, will impact our quarterly revenues. For example, our promotional event “Juma” took place three times in 2025, with those campaigns being held in the first quarter, second quarter and fourth quarter of 2025. As a result of seasonality fluctuations caused by these and other factors, comparisons of our results of operations across different periods may not be accurate indicators of our future performance. Competition We compete across our platforms with a variety of competitors, including international marketplaces, traditional retailers, traditional banks and payments providers. We expect our competition to continue to increase. Existing or future competitors may seek to increase their market share by undercutting pricing terms prevalent in a market, which could negatively impact our market share for any of our products, reduce our profitability or require us to incur higher customer acquisition costs. The success and profitability of our business depend on our ability to compete effectively, which depends on many factors, both within and beyond our control. Components of Our Results of Operations Revenue Our revenue is comprised of net fee revenue, interest revenue, retail revenue and other gains/(losses). Net fee revenue is comprised of fee revenue less rewards. Fee revenue includes Payments fee revenue, Marketplace fee revenue and Fintech fee revenue. Rewards relate to bonuses earned and expected to be spent by consumers for transactions with our merchant customers, which are deducted from fee revenue. Consumers can then use bonuses earned for future transactions. 99 Payments fee revenue includes transaction revenue and membership revenue. We earn transaction revenue at the point in time when we process payments for regular household needs, payments for purchases both online and in-store, other debit card transactions, online money wire transfers both inside the country and globally, and transactions by SMEs and corporate customers. It also includes transaction revenue from our payments business in Ukraine. We recognize membership revenue, which includes annual fees paid by individual customers, SMEs and corporate customers for the use of our products and services, in equal parts on a monthly basis. Marketplace fee revenue includes seller fees paid by merchants from our 3P marketplace business in Kazakhstan and Türkiye, Kaspi Travel, advertising and delivery transactions originated during both online and in-store shopping. It also includes revenue from Kolesa group, the largest car and real estate classifieds platform in Kazakhstan, Autoelon.uz, a car marketplace and member of the Kolesa group in Uzbekistan, and Digital Classifieds LLC, a mobile classified app in Azerbaijan. Fintech fee revenue mainly includes banking service fees and commissions, which are paid by customers on a monthly basis. Interest revenue is from interest-earning assets and includes interest originated from the financing of customers through our Kaspi.kz Super App or from financing purchases on our Marketplace, third-party merchant sites and third-party mobile apps and interest from Merchant and Micro Business Finance. It also includes interest revenue from securities, reverse repurchase agreements and deposits placed with other banks. Retail revenue includes revenue from e-Grocery transactions for the sale of products and related delivery fees and is recognized when control of the goods is transferred to the customer, which generally occurs when we deliver the order to the customer. Since 2023, retail revenue also includes revenue from our car e-commerce transactions and since 2025 it also includes revenue from 1P business of Hepsiburada in Türkiye. Other gains/(losses) mainly include net gains or losses on foreign exchange operations and financial assets and liabilities at fair value through profit or loss as well as since 2025 certain other financial income and expenses and monetary gains/losses of Hepsiburada. Costs and Operating Expenses Costs and operating expenses include interest expenses and fees, transaction expenses, cost of goods and services, technology and product development expenses, sales and marketing expenses, general and administrative expenses and provision expenses. Interest expenses and fees include interest expenses on customer accounts, mandatory insurance of retail deposits, fees for early collection of credit card receivables and interest expenses on debt securities, including subordinated debt and due to banks. Transaction expenses are mainly composed of the costs associated with accepting, processing and otherwise enabling payment transactions. Those costs include fees paid to payment processors, payment networks and various service providers. Cost of goods and services. Cost of goods include the purchase price of consumer products, the subsequent sale of which generates Retail revenue, including supplier’s rebates and subsidies, write-downs and losses of inventories. Cost of services include costs incurred to operate retail network, 24-hour call support and communication with customers, product packaging and delivery, and other expenses which can be attributed to the Group’s operating activities related to the provision of the products and services. Technology and product development expenses consist of staff and contractor costs that are incurred in connection with the research and development of new and maintenance of existing products and services, development, design, data science and maintenance of our products and services, and infrastructure costs. Infrastructure costs include depreciation of servers, networking equipment, data center, Kaspi Kartomats, Kaspi Postomats and payment equipment, rent, utilities and other expenses necessary to support our technologies and platforms. Collectively, these costs reflect the investments we make in order to offer a wide variety of products and services to our customers. Sales and marketing expenses consist primarily of online and offline advertising expenses, promotion expenses, any charity and sponsorship expenses, staff costs and other expenses that are incurred directly to attract, engage or retain consumers and merchants to our platforms. 100 General and administrative expenses consist primarily of costs incurred to provide support to our business, including legal, human resources, finance, risk, compliance, executive, professional services fees, office facilities and other support functions. Provision expenses. Impairment gains and losses recognized on financial assets are recorded in the “provision expenses” line item in our consolidated statements of profit or loss. Provision expense is recognized based on the expected credit loss (“ECL”) measurement in accordance with IFRS 9. ECL is a probability-weighted measurement of the present value of future cash shortfalls (i.e., the weighted average of credit losses, with the respective risks of default occurring in a given time period used as weights). Income Tax Income tax includes current income and deferred tax expense with respect to our net income before tax under the tax regulations of Kazakhstan, Azerbaijan, Uzbekistan, Ukraine and Türkiye. We are subject to certain permanent tax differences due to non-tax deductibility of certain expenses and a tax-free regime for certain income. The statutory income tax rate is 20% in Kazakhstan and Azerbaijan, 18% in Ukraine, 15% in Uzbekistan and 25% in Türkiye. Income taxes are substantially paid in Kazakhstan, which are paid in tenge. Results of Operations Years Ended December 31, 2025 and 2024 Below are our results of operations for the years ended December 31, 2025 and 2024 as derived from our audited consolidated statements of profit or loss included elsewhere in this annual report: As of or for the year ended December 31, 2024 2025 2025 (in ₸ million) (in $ million) % Change Revenue: Net fee revenue 1,275,125 1,598,351 3,162 25 Fee revenue 1,329,350 1,654,238 3,273 24 Rewards (54,225 ) (55,887 ) (111 ) 3 Interest revenue 1,082,668 1,579,346 3,124 46 Retail revenue 163,134 850,127 1,682 421 Other gains 11,229 18,250 36 63 Total revenue 2,532,156 4,046,074 8,004 60 Costs and operating expenses: Interest expenses and fees (616,116 ) (908,698 ) (1,797 ) 47 Transaction expenses (29,494 ) (31,603 ) (63 ) 7 Cost of goods and services (303,858 ) (1,179,141 ) (2,332 ) 288 Technology and product development (109,553 ) (208,580 ) (413 ) 90 Sales and marketing (43,990 ) (146,231 ) (289 ) 232 General and administrative expenses (32,899 ) (78,252 ) (155 ) 138 Provision expenses (113,957 ) (161,651 ) (320 ) 42 Total costs and operating expenses (1,249,867 ) (2,714,156 ) (5,369 ) 117 Net income before tax 1,282,289 1,331,918 2,635 4 Income tax (225,455 ) (264,211 ) (523 ) 17 Net income 1,056,834 1,067,707 2,112 1 Revenue Our total revenue increased by 60% to ₸4,046,074 million for the year ended December 31, 2025 from ₸2,532,156 million for the year ended December 31, 2024, due to growth in revenue across all our platforms, revenue attributable to Hepsiburada acquired in 2025 and partially offset by increase in rewards. Total revenue attributable to Türkiye is ₸1,018,830 million for the year ended December 31, 2025. Net fee revenue. Net fee revenue increased by 25% to ₸1,598,351 million from ₸1,275,125 million for the year ended December 31, 2024, due to a 24% increase in fee revenue, as a result of growth in fee revenue of Payments and Marketplace platforms, ₸290,159 million attributable to Hepsiburada, partially offset by increase in rewards by 3%, and decrease in Fintech fee revenue. 101 Interest revenue. Interest revenue increased by 46% to ₸1,579,346 million from ₸1,082,668 million for the year ended December 31, 2024, as a result of a ₸475,489 million increase attributable to revenue from Loans to Customers, ₸54,269 million attributable to Hepsiburada and partially offset by ₸33,080 million decrease attributable to revenue from debt securities, deposits placed with other banks and reverse repurchase agreements. Retail revenue. Retail revenue was ₸850,127 million for the year ended December 31, 2025, compared to ₸163,134 million for year ended December 31, 2024, with ₸63,646 million increase as a result of growth in e-Grocery business, ₸638,164 million attributable to Hepsiburada and partially offset by ₸14,817 million decrease in revenue of our e-Cars 1P business, which we decided to discontinue in the 4th quarter of 2025. Other gains and losses. Our other gains of ₸18,250 million for the year ended December 31, 2025 and ₸11,229 million for year ended December 31, 2024 primarily represented foreign exchange operations and financial assets and liabilities, gains related to net monetary position. From other gains for the year ended December 31, 2025 total amount of ₸36,238 million was attributable to Hepsiburada, of which ₸33,313 million net gain was on monetary position. Other gains for the year ended December 31, 2025 also included ₸2,746 million gain as a result of changes in the currency exchange rate of the tenge to the U.S. dollar, and a net loss from financial assets and liabilities of ₸27,785 million. Costs and Operating Expenses Costs and operating expenses increased by 117% to ₸2,714,156 million for the year ended December 31, 2025 from ₸1,249,867 million for the year ended December 31, 2024, primarily due to acquisition of Hepsiburada, growth in interest expenses and fees and to a lesser extent due to changes in other expenses as explained below. Costs and Operating Expenses attributable to Türkiye is ₸1,108,903 million for the year ended December 31, 2025. Costs and operating expenses as a percentage of revenue were 67% and 49% for the years ended December 31, 2025 and 2024, respectively. Interest expenses and fees. Interest expenses and fees increased by 47% to ₸908,698 million for the year ended December 31, 2025 from ₸616,116 million for the year ended December 31, 2024, mainly as a result of an increase in the average balances of customer term deposits by 21% driven by a 9% increase in the number of Fintech Active Consumers (deposits), increase in the average interest rate paid on customer accounts to 13.0% for the year ended December 31, 2025 from 12.5% for the year ended December 31, 2024 and ₸144,734 million attributable to Türkiye including interest expenses on Eurobonds issued in March 2025. Transaction expenses. Transaction expenses increased by 7% to ₸31,603 million for the year ended December 31, 2025 from ₸29,494 million for the year ended December 31, 2024, primarily due to a 14% increase in the number of TPV Payments Transactions, partially offset by a growing share of proprietary network transactions where we do not pay third-party providers. Transaction Expenses attributable to Türkiye is ₸865 million for the year ended December 31, 2025. Cost of goods and services. Cost of goods and services increased by 288% to ₸1,179,141 million for the year ended December 31, 2025 from ₸303,858 million for the year ended December 31, 2024, mainly due to an increase in cost of goods and services of Marketplace, of which ₸767,466 million is attributable to Türkiye, a 83% increase in the number of e-Commerce Purchases and therefore growth in delivery expenses, as well as growth in cost of goods sold due to the growth related to e-Grocery business. Technology and product development. Technology and product development expenses increased by 90% to ₸208,580 million for the year ended December 31, 2025 from ₸109,553 million for the year ended December 31, 2024, of which ₸62,323 million attributable to Türkiye in 2025, increased expenses of ₸23,261 million to support the growth of our technology and delivery infrastructure, such as Kaspi Postomats, which increased in number by 30% to 10,441 in 2025 from 8,032 in 2024, as well as higher compensation expenses of ₸13,443 million due to growth in the number of technology personnel and higher remuneration. Sales and marketing. Sales and marketing expenses increased by 232% to ₸146,231 million for the year ended December 31, 2025 from ₸43,990 million for the year ended December 31, 2024, of which ₸84,240 million is primarily attributable to Türkiye and increased internet marketing activity and growth in corresponding expenses by ₸12,187 million and ₸5,814 million increase in other marketing expenses. 102 General and administrative expenses. General and administrative expenses increased by 138% to ₸78,252 million for the year ended December 31, 2025 from ₸32,899 million for the year ended December 31, 2024, of which ₸38,551 million primarily attributable to Türkiye, growth in miscellaneous office maintenance and administrative expenses of ₸5,477 million and general and administrative personnel expenses of ₸1,325 million. Provision expenses. Provision expenses increased by 42% to ₸161,651 million for year ended December 31, 2025 from ₸113,957 million for the year ended December 31, 2024, mainly as a result of a 31% increase in our Average Net Loan Portfolio, ₸10,722 million provision expenses attributable to Türkiye, and partially due to increase in Cost of Risk to 2.2% from 2.1% in Kazakhstan. Net Income before Tax For the reasons described above, our net income before tax increased by 4% to ₸1,331,918 million for the year ended December 31, 2025 from ₸1,282,289 million for the year ended December 31, 2024. Income Tax Our income tax expenses increased by 17% to ₸264,211 million for the year ended December 31, 2025 from ₸225,455 million for the year ended December 31, 2024, primarily due to 4% growth in Net Income before tax, ₸13,996 million additional tax from changes in tax legislation relating to taxation of revenue from government securities, and an effect of non-taxable income equal to ₸34,038 million in 2025 compared to ₸36,797 million in 2024. Net Income As a result of the above factors, our net income increased by 1% to ₸1,067,707 million for the year ended December 31, 2025 from ₸1,056,834 million for the year ended December 31, 2024. Net loss attributable to Türkiye is ₸89,564 million for the year ended December 31, 2025. Payments Below are the results of operations for Payments for the year ended December 31, 2025 and 2024: For the year ended December 31, 2024 2025 2025 (in ₸ million) (in $ million) % Change Segment revenue: Payments fee revenue 458,953 510,763 1,010 11 Interest revenue 128,144 147,963 293 15 Total segment revenue 587,097 658,726 1,303 12 Net income (Payments) 381,607 433,001 857 13 Segment Revenue Total segment revenue of Payments increased by 12% to ₸658,726 million for the year ended December 31, 2025 from ₸587,097 million for the year ended December 31, 2024 due to increases in Payments fee revenue and interest revenue as explained below. Payments fee revenue. Payments fee revenue increased by 11%, or ₸51,810 million, to ₸510,763 million for the year ended December 31, 2025 from ₸458,953 million for the year ended December 31, 2024. The increase was mainly attributable to a ₸35,038 million increase in revenue from Kaspi QR and card transactions, a ₸2,649 million increase in revenue from Household Bill Payments, a ₸8,193 million increase in revenue from monetized P2P transactions and a ₸2,999 million increase in revenue from Kaspi B2B Payments. The growth in revenue across all products was driven by a 19% increase in TPV which was driven by a 14% increase in the number of TPV Payments Transactions and a 7% increase in the number of Payments Active Consumers. 103 Payment fee revenue increased due to an increase in Payment transaction revenue. Payments transaction revenue from merchants increased by 17%, or ₸43,423 million, to ₸304,213 million for the year ended December 31, 2025 from ₸260,790 million for the year ended December 31, 2024, due to a 4% increase in the number of Active Merchants. Payments transaction revenue from retail customers increased by 3%, or ₸4,882 million, to ₸170,562 million for the year ended December 31, 2025 from ₸165,680 million for the year ended December 31, 2024, due to a 7% increase in the number of Payments Active Consumers. Interest revenue. Interest revenue increased by 15%, or ₸19,819 million, to ₸147,963 million for the year ended December 31, 2025 from ₸128,144 million for the year ended December 31, 2024. Of such increase, ₸5,686 million was attributable to a 5% increase of Average Balances on Current Accounts which was driven by a 7% increase in the number of Payments Active Consumers, who are holders of current accounts and ₸8,272 million increase was due to an increase in average yield on debt securities, ₸5,861 million was due to intergroup interest income related to merchant deposits. Net Income Net income of Payments increased by 13% to ₸433,001 million for the year ended December 31, 2025 from ₸381,607 million for the year ended December 31, 2024, driven by increases in Payments fee revenue and interest revenue, as well as continuing adoption of proprietary QR transactions, which eliminates interchange fees paid to third-party payment solutions providers. Marketplace Below are the results of operations for Marketplace for the years ended December 31, 2025 and 2024: For the year ended December 31, 2024 2025 2025 (in ₸ million) (in $ million) % Change Segment revenue: Marketplace fee revenue 562,283 974,269 1,927 73 Retail revenue 163,134 850,127 1,682 421 Interest revenue 6,304 69,886 138 1,009 Other gains 1,222 37,190 74 2,943 Total segment revenue 732,943 1,931,472 3,821 164 Net income (Marketplace) 348,400 279,773 553 (20) Segment Revenue Total segment revenue of Marketplace increased by 164% to ₸1,931,472 million for the year ended December 31, 2025 from ₸732,943 million for the year ended December 31, 2024, primarily due to an increase in Marketplace fee revenue and Retail revenue and acquisition of Hepsiburada as explained below. Marketplace fee revenue. Marketplace fee revenue increased by 73%, or ₸411,986 million, to ₸974,269 million for the year ended December 31, 2025 from ₸562,283 million for the year ended December 31, 2024. The ₸302,921 million increase was attributable to Hepsiburada, ₸19,504 million increase in revenue from m-Commerce due to a 7% increase in m-Commerce GMV and growth in m-Commerce Take Rate, a ₸83,858 million increase in revenue from e-Commerce due to a 16% increase in e-Commerce GMV and growth in e-Commerce Take Rate, a ₸5,703 million increase in revenue from Kaspi Travel due to a 14% increase in Kaspi Travel’s GMV and growth in Kaspi Travel’s Take Rate. The growth in Marketplace GMV across all products was due to the growth in the number of transactions, mainly driven by a 9% increase in the number of Marketplace Active Consumers. Retail revenue. Retail revenue was ₸850,127 million for year ended December 31, 2025, compared to ₸163,134 million in the prior year period, with ₸638,164 million increase attributable to Hepsiburada, ₸63,646 million growth in e-Grocery business, driven by a 56% increase in the number of e-Grocery purchases, partially offset by ₸14,817 million decrease in car e-Commerce business which we decided to discontinue in the 4th quarter of 2025. Interest revenue. Interest revenue was ₸69,886 million for year ended December 31, 2025, compared to ₸6,304 million in the prior period ended December 31, 2024 with ₸54,269 million increase attributable to Hepsiburada and ₸9,313 million increase in interest revenue of business deposits of merchants. 104 Other gains and losses. Other gains for the year ended December 31, 2025 amounted to ₸37,190 million compared to ₸1,222 million other gains for the year ended December 31, 2024 with ₸36,238 million increase in gains attributable to Hepsiburada. Other gains for the year ended December 31, 2025 of Türkiye consisted primarily of ₸33,313 million net gain on monetary position. Net Income Net income of Marketplace decreased by 20% to ₸279,773 million for the year ended December 31, 2025 from ₸348,400 million for the year ended December 31, 2024, driven primarily by ₸93,018 million net losses of Hepsiburada, partially offset by growth in Marketplace fee revenue, offset by faster growth in the number of e-Commerce Purchases than e-Commerce GMV (83% compared to 16%), which resulted in growth of delivery expenses outperforming growth of revenue. Fintech Below are the results of operations for Fintech for the years ended December 31, 2025 and 2024: For the year ended December 31, 2024 2025 2025 (in ₸ million) (in $ million) % Change Segment revenue: Interest revenue 955,528 1,383,465 2,736 45 Fintech fee revenue 316,292 178,409 353 (44) Other gains/(losses) 10,007 (18,940 ) (37 ) (289 ) Total segment revenue 1,281,827 1,542,934 3,052 20 Net income (Fintech) 326,827 354,933 702 9 Segment Revenue Total segment revenue of Fintech increased by 20% to ₸1,542,934 million for the year ended December 31, 2025 from ₸1,281,827 million for the year ended December 31, 2024, primarily due to an increase in interest revenue as explained below. Interest revenue. Interest revenue increased by 45%, or ₸427,937 million, to ₸1,383,465 million for the year ended December 31, 2025 from ₸955,528 million for the year ended December 31, 2024. Of such increase, ₸474,844 million was attributable to a 31% increase in our Average Net Loan Portfolio, including an increase of ₸303,659 million in revenue from consumer lending through our BNPL, general purpose loans and car loans and an increase of ₸171,185 million in revenue from micro business and merchant financing and ₸46,907 million decrease was attributable to a lower amount of liquidity allocated to debt securities, deposits placed with other banks and reverse repurchase agreements. Fintech fee revenue. Fintech fee revenue decreased by 44% to ₸178,409 million for the year ended December 31, 2025 from ₸316,292 million for the year ended December 31, 2024. The decrease was primarily due to the fact that we removed Banking service fees from most of new contracts with customers, while under old contracts, consumers continue to pay monthly Banking service fees starting in the third quarter of 2024. Based on this, Fintech fee, revenue is expected to continue to decrease. Other gains and losses. Other losses for the year ended December 31, 2025 amounted to ₸18,940 million and other gains for the year ended December 31, 2024 amounted to ₸10,007 million, with the decrease primarily as a result of changes in the currency exchange rate of the tenge to the U.S. dollar, as well as changes in gains/(losses) on financial assets and liabilities. Net Income Net income of Fintech increased by 9% to ₸354,933 million for the year ended December 31, 2025 from ₸326,827 million for the year ended December 31, 2024, driven by growth in interest revenue, partially offset by growth in interest expenses and fees. 105 Total Revenue by Geographic Market As required by Item 4.B of Form 20-F, the following table sets forth the breakdown of our total Segment revenue by geographic market for the periods indicated: For the year ended December 31, 2024 2025 2025 (in ₸ million) (in $ million) Kazakhstan and other 2,586,381 3,070,369 6,073 Türkiye — 1,031,592 2,041 Total revenue 2,586,381 4,101,961 8,114 Years Ended December 31, 2024 and 2023 For a comparison of our results of operations for the years ended December 31, 2024 and 2023, and for a breakdown of our revenues by geographic market in 2023, see “Item 5. Operating and Financial Review and Prospects-A. Operating Results-Results of Operations-Years Ended December 31, 2024 and 2023,” each in the annual report on Form 20-F filed with the SEC on March 10, 2025, which information is herein incorporated by reference. Non-IFRS Measures of Financial Performance To supplement our consolidated financial statements presented in accordance with IFRS Accounting Standards as issued by the IASB, we present earnings before interest revenue from other operations, interest expense and fees from other operations, share-based compensation expense, other gains (losses), income tax expense, depreciation and amortization expenses (“Adjusted EBITDA”). This non-IFRS financial measure should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards as issued by the IASB and may be different from non-IFRS measures used by other companies. In addition, this non-IFRS financial measure is not based on any comprehensive set of accounting rules or principles. Non-IFRS financial measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with IFRS Accounting Standards as issued by the IASB. This non-IFRS financial measure should only be used to evaluate our results of operations in conjunction with the most comparable financial measure under IFRS Accounting Standards as issued by the IASB. We believe that reconciliation of this non-IFRS financial measure to the most directly comparable IFRS measure provides investors an overall understanding of our current financial performance and its prospects for the future. Adjusted EBITDA Adjusted EBITDA is a non-IFRS measure that represents our net income, adjusted to eliminate the effect of interest revenue from other operations, interest expense and fees from other operations, share-based compensation expense, other gains/(losses), income tax expense, depreciation and amortization expenses. Interest revenue from other operations and interest expense and fees from other operations are operations other than those associated with loans to customers. We have included this non-IFRS financial measure because it is used by our management to evaluate our operating performance and trends, make strategic decisions and calculate leverage ratios. Accordingly, we believe this measure provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management. In addition, it provides a useful measure for period-to-period comparisons of our business by excluding potential differences caused by non-operational and unusual or non-recurring items. 106 The following table presents a reconciliation of net income to adjusted EBITDA for the years indicated: As of or for the year endedDecember 31, 2023 2024 2025 2025 (in ₸ million, except as indicated) (in $ billion) Net Income 848,770 1,056,834 1,067,707 2.1 Adjustments Interest revenue from other operations(1) (209,810 ) (220,263 ) (219,957 ) Interest expense and fees from other operations(1) 185,361 203,450 368,933 Share-based compensation expense(2) 20,859 16,963 15,476 Other gains (3) (23,200 ) (11,229 ) (18,250 ) Income tax expense 173,234 225,455 264,211 Depreciation and amortization expenses 25,554 28,834 78,252 Adjusted EBITDA 1,020,768 1,300,044 1,556,372 3.1 (1)Interest revenue earned on operations other than loans to customers. Interest expenses and fees other than those attributable to financing of loans to customers. (2)We believe that the exclusion of share-based compensation expense provides a clearer view of the operating performance of our business and is appropriate, given that grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time. (3)Other gains represent recurring operations results of foreign exchange and financial assets and liabilities operations and revaluation and net monetary position, and other not core or normal course of business operations. B. LIQUIDITY AND CAPITAL RESOURCES As of December 31, 2025 and 2024, we had cash and cash equivalents of ₸903,143 million and ₸619,470 million, respectively. Our cash and cash equivalents mainly comprise short-term deposits and current accounts with other banks, and cash on hand, which includes cash balances with our ATMs and cash in transit. Our primary sources of liquidity are customer deposits, the repayment of customer loans and other funds generated from operating activities. We invest excess liquidity in high-quality interest-bearing financial instruments. Our primary uses of funds are withdrawals of customer deposits on demand or at contractual maturity, repayment of borrowings at maturity and amounts due to banks under collateralized repurchase agreements, funding new and existing loans to customers, funding our current and planned capital expenditures, and working capital. Our material cash requirements from known contractual and other obligations are primarily customer deposits and current accounts. Based on our planned operations, we believe our existing cash and cash equivalents and projected cash inflows from operating activities, as well as other sources of liquidity, will be sufficient to meet our working capital and capital expenditure needs over the next twelve months and in the long term. We have based these estimates on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we expect. Our ability to meet liquidity needs may be affected by a number of factors, including loan and deposit demand from our customers in Kazakhstan, asset and liability mix, changes in interest rates and general economic conditions, and competition from other retail banks and financial institutions in Kazakhstan. In addition, our growth strategy contemplates future acquisitions for which we will need sufficient access to capital. To finance future acquisitions, particularly larger acquisitions, we may issue additional equity or incur additional indebtedness. 107 Cash Flows The below table summarizes our cash flows for the periods indicated. For a discussion of our cash flows for the years ended December 31, 2024 and 2023, see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Cash Flows” in the annual report on Form 20-F filed with the SEC on March 10, 2025, which comparative information is herein incorporated by reference. For the year ended December 31, 2024 2025 2025 (in ₸ million) (in $ million) Net cash inflow from operating activities 581,892 673,611 1,332 Net cash outflow from investing activities (108,364 ) (507,803 ) (1,004 ) Net cash (outflow)/inflow from financing activities (709,771 ) 150,251 297 Net (decrease)/increase in cash and cash equivalents (200,996) 283,673 561 Cash and cash equivalents, beginning of period 820,466 619,470 1,225 Cash and cash equivalents, end of period 619,470 903,143 1,787 Net Cash Inflow from Operating Activities During the year ended December 31, 2025, we generated ₸673,611 million of cash from our operating activities, a 16% increase from ₸581,892 million generated during the year ended December 31, 2024. This increase was primarily due to ₸588,345 million increase in interest received from loans to customers driven by a 31% increase in average net loan portfolio, ₸336,231 million increase in net fee revenue driven by Hepsiburada as well as 9% increase in Marketplace Active consumers, ₸686,993 million increase in retail revenue mainly due to Hepsiburada. These factors were partially offset by ₸885,628 million increase in cost of goods and services purchased, primarily due to Hepsiburada, ₸277,188 million increase in interest paid primarily due to an 21% increase average volume of customer term deposits and growth in average interest paid on customer deposits to 13.0% for year ended December 31, 2025 vs 12.5% in prior year, ₸237,622 million increase in mandatory cash balances with NBRK due to change in the MRR regulation during 2025. Net Cash Outflow from Investing Activities During the year ended December 31, 2025, we used ₸507,803 million of cash from our investing activities, a 369% increase from ₸108,364 million used during the year ended December 31, 2024. This increase was primarily due to a ₸552,834 million acquisition and investment into subsidiaries, net of cash acquired. Net Cash Outflow from Financing Activities During the year ended December 31, 2025, we received ₸150,251 million of cash from our financing activities, an increase from ₸709,771 million used during the year ended December 31, 2024. This net positive inflow was primarily due to ₸326,047 million proceeds from issue of debt securities due to issuance of Eurobonds in the year ended December 31, 2025 and no payment of dividends in 2025. Principal Assets The following tables and narrative set forth the principal components of our total assets as derived from our audited consolidated statements of financial position as of December 31, 2025 and 2024 included elsewhere in this annual report. The following tables and narrative also set forth the principal components of our total assets as of December 31, 2023, which are not included in our audited consolidated statements of financial position. We provide data on our assets as of December 31, 2023 in this Item 5.B on a voluntary basis only. We do so to align with the disclosures 108 included in this annual report under “—Selected Statistical Information”, which, because they show a variety of data on our loan portfolios derived from throughout our consolidated financial statements, cover three years of data. As of December 31, 2023 2024 2025 Amount in₸ million % of totalassets Amount in₸ Million % of totalassets Amount in₸ Million % of totalassets Amount in$ Million Loans to customers 4,235,957 62 5,746,600 69 7,172,162 65 14,187 Investment securities and derivatives 1,377,772 20 1,506,831 18 1,179,819 11 2,334 Cash and cash equivalents 820,466 12 619,470 7 903,143 8 1,787 Property, equipment and intangible assets 174,346 3 269,289 3 714,361 6 1,413 Goodwill 17,438 — 447,128 4 884 Mandatory Cash Balance With the NBK 47,110 1 57,307 1 305,126 3 604 Other Assets 135,598 2 106,094 2 183,536 2 363 Inventory — 16,164 — 124,522 1 246 Due from banks 30,683 1 37,908 — 51,951 — 103 Total Assets 6,821,932 100 8,377,101 100 11,081,748 100 21,921 Our total assets increased by 32% to ₸11,081,748 million as of December 31, 2025 from ₸8,377,101 million as of December 31, 2024, which in turn increased by 23% from ₸6,821,932 million as of December 31, 2023. During the reporting period NBRK increased the requirements of mandatory cash balances for Bank’s liabilities denominated in national and foreign currencies from 0-2% to 3.5% and from 1-3% to 10%, respectively. The increase in our total assets as of December 31, 2025 compared to December 31, 2024 was a result of a 25% increase in loans to customers mainly driven by the growth in our TFV by 13%, 46% increase in cash and cash equivalents, as part of our liquidity management, increase in Mandatory Cash Balances with NBK by ₸247,819 million due to change in the MRR regulations, increase in the goodwill by ₸429,690 million and growth in inventory by ₸108,358 million due to acquisition of Hepsiburada. Our total assets increased by 23% to ₸8,377,101 million as of December 31, 2024 from ₸6,821,932 million as of December 31, 2023. The increase in our total assets as of December 31, 2024 compared to December 31, 2023 was a result of a 36% increase in loans to customers mainly driven by the growth in our TFV by 30% and a 9% increase in investment securities and derivatives, mainly driven by the growth of our debt securities portfolio as part of our liquidity management. Loans to Customers Loans to customers comprise the largest component of our assets, accounting for 65%, 69% and 62% of our total assets as of December 31, 2025 and December 31, 2024 and 2023, respectively. The following table sets forth our loan portfolio as of the dates indicated: As of December 31, 2023 2024 2025 2025 (in ₸ million) (in $ million) Gross loans to customers 4,478,489 6,042,443 7,543,926 14,923 Less as allowance for impairment losses (242,532 ) (295,843 ) (371,764 ) (735 ) Total loans to customers 4,235,957 5,746,600 7,172,162 14,187 109 Our loans to customers increased by 25% to ₸7,172,162 million as of December 31, 2025 from ₸5,746,600 million as of December 31, 2024, mainly due to growth in TFV (loans) by 13%. Our loans to customers increased by 36% to ₸5,746,600 million as of December 31, 2024 from ₸4,235,957 million as of December 31, 2023, mainly due to growth in TFV (loans) by 30%. The following table sets forth the breakdown of our loan portfolio by remaining contractual maturity dates as of December 31, 2025: Maturing (in ₸ million) As of December 31, 2025 In one year or less After one year through five years After five years through 15 years After 15 years Gross loans to customers 7,543,926 4,795,082 2,744,993 3,669 182 Loans with principal or accrued interest overdue by more than 90 days are classified as NPLs. Allowance for impairment losses to gross NPLs reflects total provision as a percentage of NPL. Considering that the ratio represents allowance for impairment losses for all loans as a percentage of NPLs, the ratio can exceed 100%. The following table sets forth the breakdown of our NPLs, total allowance for impairment and total allowance for impairment to gross NPLs as of the dates indicated: Gross NPLs Total allowance for impairment Total allowance for impairment to gross NPLs in ₸ million % NPLs to customers as of December 31, 2025 466,845 371,764 80 % NPLs to customers as of December 31, 2024 327,730 295,843 90 % NPLs to customers as of December 31, 2023 244,161 242,532 99 % The following table sets forth the breakdown of NPLs as a proportion of our gross loan portfolio as of the dates indicated: December 31, 2023 December 31, 2024 December 31, 2025 Gross NPLs, ₸ million % of gross loans Gross NPLs ₸ million % of gross loans Gross NPLs ₸ million % of gross loans 244,161 5 % 327,730 5 % 466,845 6 % Our NPLs accounted for 6%, 5% and 5% of our gross loan portfolio as of December 31, 2025, 2024 and 2023, respectively. Our first payment default rate (the share of loans where borrowers failed to pay the first payment under their loan agreements) increased to 0.8% as of December 31, 2025 from 0.7% as of December 31, 2024, and was 0.9% as of December 31, 2023. Our second payment default rate (the share of loans where borrowers failed to pay the first and the second payments under their loan agreements) remained unchanged at 0.3% as of December 31, 2025, December 31, 2024, and December 31, 2023, respectively. Our delinquency rate (the share of loans that were not delinquent in the previous month but missed their current due date) was 2.0% as of December 31, 2025, 2024 and 2023. Our loss rate vintages (expected loss rate of portfolio originated in specific quarter or month as a combination of actual NPL as of reporting date and expected recovery of NPL based on statistics) were below 2% throughout the period between December 31, 2025 and December 31, 2024. We believe that our ability to maintain a sustainable ratio of NPLs and improve other metrics, despite a rapid growth of our consumer loan portfolio, demonstrates the efficiency of our risk management system. 110 The following tables set forth the movements in loss allowance with regard to loans to customers as of the dates indicated: Year ended December 31, 2025 (in ₸ million) Stage 1 Stage 2 Stage 3 POCI Total(1) Loss allowance as of December 31, 2024 77,521 22,378 193,759 2,185 305,640 Changes in provisions Transfer to Stage 1(2)(3) 31,006 (3,095 ) (27,911 ) — — Transfer to Stage 2(2)(4) (11,830 ) 18,565 (6,735 ) — — Transfer to Stage 3(2)(5) (26,981 ) (13,731 ) 40,712 — — Net changes resulting from changing in credit risk parameters (39,150 ) 3,189 118,230 (702 ) 84,883 New assets issued or acquired 78,682 — — — 78,704 Repaid assets (except for write-off) (35,531 ) (1,966 ) (12,576 ) — (50,168 ) Modification effect — — 48,232 — 48,232 Total effect on consolidated statements of profit or loss 4,001 1,223 153,886 (702 ) 161,651 Write-off, net of recoveries — — (85,959 ) — (85,959 ) On acquisition of subsidiary 539 856 2,783 — 4,016 Other changes (94 ) (135 ) (582 ) — (361 ) Foreign exchange difference — — 105 — 105 Loss allowance as of December 31, 2025 74,162 26,061 270,058 1,483 385,092 Year ended December 31, 2024 (in ₸ million) Stage 1 Stage 2 Stage 3 POCI Total(1) Loss allowance as of December 31, 2023 59,939 16,290 166,042 261 249,644 Changes in provisions Transfer to Stage 1(2)(3) 27,424 (3,919 ) (23,505 ) — — Transfer to Stage 2(2)(4) (11,051 ) 20,608 (9,557 ) — — Transfer to Stage 3(2)(5) (25,149 ) (7,250 ) 32,399 — — Net changes resulting from changing in credit risk parameters (27,598 ) (1,896 ) 65,061 1,924 41,013 New assets issued or acquired 86,095 — — — 86,237 Repaid assets (except for write-off) (32,139 ) (1,455 ) (13,333 ) — (46,927 ) Modification effect — — 33,634 — 33,634 Total effect on consolidated statements of profit or loss 26,358 (3,351 ) 85,362 1,924 113,957 Write-off, net of recoveries — — (56,973 ) — (57,952 ) Foreign exchange difference — — (9 ) — (9 ) Loss allowance as of December 31, 2024 77,521 22,378 193,759 2,185 305,640 111 Year ended December 31, 2023 (in ₸ million) Stage 1 Stage 2 Stage 3 POCI Total(1) Loss allowance as of December 31, 2022 67,604 11,785 135,313 — 223,282 Changes in provisions Transfer to Stage 1(2)(3) 15,923 (1,448 ) (14,475 ) — — Transfer to Stage 2(2)(4) (10,396 ) 16,184 (5,788 ) — — Transfer to Stage 3(2)(5) (25,126 ) (5,745 ) 30,871 — — Net changes resulting from changing in credit risk parameters (25,885 ) (2,531 ) 61,320 261 35,883 New assets issued or acquired 75,077 — — — 75,105 Repaid assets (except for write off) (37,258 ) (1,955 ) (12,662 ) — (51,875 ) Modification effect — — 20,521 — 20,521 Total effect on consolidated statements of profit or loss 11,934 (4,486 ) 69,179 261 79,634 Write-off, net of recoveries — — (49,055 ) — (53,269 ) Foreign exchange difference — — (3 ) — (3 ) Loss allowance as of December 31, 2023 59,939 16,290 166,042 261 249,644 (1)Total amounts also include changes in provisions related to due from banks (Stage 1), financial assets at fair value through other comprehensive income (Stages 1, 2 and 3), cash and cash equivalents (Stage 1), other assets (Stage 3) and contingencies (Stage 1). See note 7 to our audited consolidated financial statements as of December 31, 2025 and 2024 and 2023 and for each of the three years in the period ended December 31, 2025 included elsewhere in this annual report. (2)For financial assets that are not purchased or originated credit impaired (“POCI”) assets, ECLs are generally measured based on the risk of default over one of two different time periods, depending on whether the borrower’s credit risk has increased significantly in a three-stage model for ECL measurement. See note 3 to the consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 included elsewhere in this annual report. (3)Stage 1 comprises those financial instruments for which no significant increase in the credit risk level has been recorded since the initial recognition, and provisions for this group are created as a 12-month ECL amount. Interest income is calculated based on the gross carrying amount of the financial asset. (4)Stage 2 comprises those financial instruments for which a significant increase in the credit risk level has been recorded since the initial recognition and provisions for which equal the ECL amount for the instrument’s lifetime. Interest income is calculated based on the gross carrying amount of the financial asset. (5)Stage 3 comprises credit-impaired financial instruments for which provisions equal the ECL amount for the instrument’s lifetime. Interest income is accrued based on the carrying amount of the asset, net of the loss allowance. ECL for POCI financial assets is always measured on a lifetime basis (Stage 3), and at the reporting date, the Group only recognizes the cumulative changes in lifetime expected credit losses since initial recognition. Our loss allowance for loans to customers increased by 26% to ₸371,764 million as of December 31, 2025 from ₸295,843 million as of December 31, 2024, mainly as a result of growth in our loan portfolio. Our loss allowance for loans to customers increased by 22% to ₸295,843 million as of December 31, 2024 from ₸242,532 million as of December 31, 2023, mainly as a result of growth in our loan portfolio. 112 Investment Securities and Derivatives As of December 31, 2025 and 2024, we had total investment securities and derivatives of ₸1,179,819 million and ₸1,506,831 million, respectively, which primarily consisted of debt securities. The following table sets forth information relating to securities held as of the dates indicated: As of December 31, 2023 2024 2025 2025 (in ₸ million) (in ₸ million) (in ₸ million) (in $ million) Debt securities 1,376,728 1,489,205 1,154,800 2,284 Equity investments 402 477 482 1 Total financial assets at fair value through other comprehensive income 1,377,130 1,489,682 1,155,282 2,285 Investment funds — — 21,717 43 Derivative financial instruments 642 17,149 747 1 Total financial assets at fair value through profit or loss 642 17,149 22,464 44 Total financial assets at amortized cost — — 2,073 5 Total investment securities and derivatives 1,377,772 1,506,831 1,179,819 2,334 In line with our liquidity management policy, we primarily invest in short-term (with average maturity below two years), high-quality debt securities, which primarily include government or quasi-government issued debt such as treasury notes of the Ministry of Finance of Kazakhstan, Discount notes of the NBK, U.S. Treasury notes and high- grade “blue-chip” corporate debt. For the year ended December 31, 2025, average yield on debt securities was 11.9%, compared to 12.4% and 13.9% for the years ended December 31, 2024 and 2023, respectively. In terms of derivative instruments, we engage primarily in currency derivatives in the process of managing our open currency position. Our investment securities and derivatives decreased by 22% to ₸ 1,179,819 million as of December 31, 2025 from ₸1,506,831 million as of December 31, 2024. Our investment securities and derivatives increased by 9% to ₸1,506,831 million as of December 31, 2024 from ₸1,377,772 million as of December 31, 2023. These changes were attributable to our liquidity management policy pursuant to which we invest excess liquidity in high quality debt securities or lend to other banks on the interbank market. As of December 31, 2025 and 2024, we had unrealized losses and gains of ₸40,545 million and ₸41,026 million, respectively. Non-Current Assets by Geographic Market As required by Item 4.B of Form 20-F, the following table sets forth the breakdown of our non-current assets (excluding financial instruments, deferred tax assets and other financial assets) by geographical market as of the dates indicated: As of December 31, 2024 2025 2025 (in ₸ million) (in ₸ million) (in $ million) Kazakhstan and other 284,909 371,170 734 Türkiye — 347,867 688 Total non-current assets 284,909 719,037 1,422 For a breakdown of our non-current assets by geographic market in 2023, see “Item 5. Operating and Financial Review and Prospects—A. Operating Results-Results of Operations—Years Ended December 31, 2024 and 2023” in the annual report on Form 20-F filed with the SEC on March 10, 2025, which information is herein incorporated by reference. Liabilities Our liabilities primarily consist of customer accounts, which consist of term deposits and current accounts. Our other liabilities include debt securities issued, including subordinated debt, and amounts due to banks. The following table sets forth our primary liabilities as derived from our audited consolidated statements of financial position as of December 31, 2025 and 2024 included elsewhere in this annual report. The following tables and narrative also set forth our primary liabilities as of December 31, 2023, which are not included in our audited 113 consolidated statements of financial position. We provide data on our liabilities as of December 31, 2023 in this Item 5.B on a voluntary basis only. We do so to align with the disclosures required of us as a banking registrant pursuant to Regulation S-K 1400 of the SEC (included in this annual report under “—Selected Statistical Information”), which cover three years of data. As of December 31, 2023 2024 2025 Amount in ₸ million % of total funding Amount in ₸ million % of total funding Amount in ₸ million % of total funding Amount in $ million Term deposits 4,361,058 78 5,434,135 81 6,392,628 81 12,645 Current accounts 1,080,398 19 1,127,815 17 1,138,658 14 2,253 Total customer accounts 5,441,456 97 6,561,950 98 7,531,286 96 14,898 Total debt securities issued 99,468 2 51,050 1 331,992 4 657 Total subordinated debt 62,369 1 62,416 1 161 — — — — Repurchase agreements 154 — 24,151 — — — — Time deposits of banks and other financial institutions — — 323 — 16,183 — 32 Total due to banks 154 — 24,474 — 16,183 — 32 Total funding 5,603,447 100 6,699,890 100 7,879,622 100 15,587 Customer Accounts Term deposits and current accounts by customers are the largest component of our liabilities and constitute our main source of funding. See “Selected Statistical Information.” We open interest-bearing term deposits for a specified period and non-interest-bearing current accounts for retail customers and legal entities. We believe that our deposit base is highly diversified with an average term deposit per retail customer (calculated as the total amount of term retail deposits divided by the total number of retail deposit customers holding a term deposit as of the respective date) of ₸1,296,278 as of December 31, 2025, ₸1,188,169 as of December 31, 2024 and ₸1,099,831 as of December 31, 2023. In 2025, 92% of deposits maturing in 2025 were extended. The following table sets forth the breakdown of our customer accounts as of the dates indicated: As of December 31, 2023 2024 2025 Amount in ₸ million % of total Amount in ₸ million % of total Amount in ₸ million % of total Amount in $ million Individuals Term deposits 4,316,825 79 5,328,125 81 6,244,418 83 12,352 Current accounts 826,328 15 921,913 14 934,286 12 1,849 Total due to individuals 5,143,153 95 6,250,038 95 7,178,704 95 14,201 Corporate customers Term deposits 44,233 1 106,010 2 148,210 2 293 Current accounts 254,070 5 205,902 3 204,372 3 404 Total due to corporate customers 298,303 5 311,912 5 352,582 5 697 Total customer accounts 5,441,456 100 6,561,950 100 7,531,286 100 14,898 Customer accounts increased by 15% to ₸7,531,286 million as of December 31, 2025, which in turn increased by 21% to ₸6,561,950 million as of December 31, 2024 from ₸5,441,456 million as of December 31, 2023. The increases during the periods presented were primarily attributable to growth of retail deposits, which mainly results from an increase in the number of Active Consumers and Active Merchants, and the further integration of current customers into our platforms. Our average balances of customer accounts increased by 18% to ₸6,697,301 million for the year ended December 31, 2025 from ₸5,688,259 million for the year ended December 31, 2024 mainly as a result of an increase in Active Consumers (deposits) by 9%. Our average balances of customer accounts increased by 27% to ₸5,688,259 million for the year ended December 31, 2024 from ₸4,491,864 million for the year ended December 31, 2023 mainly as a result of an increase in Active Consumers (deposits) by 18%, while the average rate paid on customer term deposits remained unchanged at 12.5% for the year ended December 31, 2023 and December 31, 2024, respectively and increased to 13.0% for the year ended December 31, 2025. The increase in the average rate paid on customer accounts in 2025 compared to 2024 and 2023 was a result of an increase in prevailing interest rates. 114 As of December 31, 2025 and December 31, 2024, our 20 largest customers held ₸78,145 million and ₸76,413 million, or 1.04% and 1.16% of customer accounts, respectively, compared to ₸97,806 million, or 1.80% of customer accounts, as of December 31, 2023. Debt Securities Issued We have historically issued debt securities in the domestic market to fund the ongoing growth of our business operations. To minimize currency risk, we have issued senior unsecured tenge-denominated debt securities, given that our business operations are conducted predominantly in tenge. The terms and conditions of our debt instruments included a number of general covenants such as non-change of business, non-change of legal form and compliance with applicable reporting requirements, which are customary to KASE-listed bonds. As of December 31, 2025, we only have Eurobonds, having repaid all other currency-denominated debt instruments. Debt securities issued increased by 550% to ₸ 331,992 million as of December 31, 2025 from ₸51,050 million as of December 31, 2024, mainly as a result of placement of Eurobonds which mature in 2030 and partially offset by maturity of the first issue of the third bond program in January 2025. The average interest rate paid on debt securities issued was 6.6% for the year ended December 31, 2025. The following table sets forth our senior unsecured debt securities outstanding as of the dates indicated: As of December 31, Nominal Interest rate 2023 2024 2025 Recorded at amortized cost Maturity date ₸ million Debt securities issued March 2030 6.25% — — 331,992 Third bond program-first issue January 2025 9.90% 51,048 51,050 — Third bond program-second issue January 2024 9.80% 48,420 — — Total debt securities issued 99,468 51,050 331,992 We did not have any defaults or other breaches with respect to our senior unsecured debt securities outstanding as of December 31, 2025, 2024 and 2023. On March 18, 2025, we issued debt securities totaling $650 million. On January 27, 2025, we fully repaid all amounts outstanding under the first issue of the third bond program. Our subordinated debt has historically been issued as tenge-denominated bonds in the domestic market. The instruments qualify as regulatory capital of Kaspi Bank and are included in the Tier 2 component of regulatory capital. The terms and conditions of our subordinated debt instruments do not contain any covenants prohibiting us from incurring additional debt, issuing equity securities or paying dividends on our common shares. As of December 31, 2025, our subordinated debt comprised ₸161 million, which decreased from ₸62,416 million as of December 31, 2024, which in turn insignificantly increased from ₸62,369 million as of December 31, 2023. The average interest rate paid on subordinated debt decreased to 9.6% for the year ended December 31, 2025 from 10.4% for the year ended December 31, 2024 and 10.3% for the year ended December 31, 2023 as a result of maturity of lower yield debt and changes in floating rates. The following table sets forth the breakdown of our subordinated debt securities outstanding as of the dates indicated: As of December 31, Maturity Nominal 2023 2024 2025 Recorded at amortized cost date Interest rate ₸ million Third bond program-fourth issue June 2025 10.7% 62,274 62,278 — Debt components of preference shares N/A N/A 95 138 161 Total subordinated debt 62,369 62,416 161 On July 10, 2025, we fully repaid outstanding subordinated debt under the fourth issue of the third bond program. As of the dates indicated, the debt component of preference shares related to Kaspi Bank and was held by the non-controlling interest. As of December 31, 2025, 2024 and 2023, accrued interest of ₸Nil, ₸3,179 million and ₸3,179 million, respectively, was included in our subordinated debt. 115 We did not have any defaults or other breaches with respect to our subordinated debt securities outstanding as of December 31, 2025, 2024 and 2023. Due to Banks Amounts due to banks include repurchase agreements collateralized by high-quality government securities and time deposits of banks and other financial institutions. Amounts due to banks decreased by 34% to ₸ 16,183 million as of December 31, 2025 from ₸24,474 million as of December 31, 2024, mainly as a result of a decrease in amounts owed under repurchase agreements entered into as part of our short-term liquidity management to ₸Nil as of December 31, 2025. Amounts due to banks increased by 15,792% to ₸24,474 million as of December 31, 2024 from ₸154 million as of December 31, 2023, mainly as a result of a increase in amounts owed under repurchase agreements entered into as part of our short-term liquidity management. Our average balances of due to banks increased by 66% to ₸157,828 million in the year ended December 31, 2025 from ₸95,220 million in the year ended December 31, 2024, mainly due to an increase in amounts owed under time deposits of banks and other financial institutions. Our average balances of due to banks increased by 21% to ₸95,220 million in the year ended December 31, 2024 from ₸78,926 million in the year ended December 31, 2023, mainly due to an increase in amounts owed under repurchase agreements. The average rate paid on amounts due to banks was 11.8% for the year ended December 31, 2025, 14.2% for the year ended December 31, 2024 and 11.5% for the year ended December 31, 2023. The following table sets amounts due to banks as of the dates indicated: As of December 31, (in ₸ million) 2023 2024 2025 Recorded at amortized cost Repurchase agreements 154 24,151 — Time deposits of banks and other financial institutions — 323 16,183 Total due to banks 154 24,474 16,183 Capital Expenditures Our capital expenditures primarily include payments for office buildings and data storage facilities, computer equipment and other hardware and fulfillment and delivery infrastructure. Our capital expenditures were ₸193,456 million, ₸86,553 million and ₸49,049 million for the years ended December 31, 2025, 2024 and 2023, respectively. The increases in our capital expenditures during these periods were primarily due to increased acquisitions, including office buildings in Almaty, Kaspi Postomats, Kaspi POS, computers, software and data storage facilities. We have historically financed our capital expenditures requirements primarily through cash and cash equivalents generated from our operating activities. As our business grows, we expect that our capital expenditures will also increase. Capital Adequacy and Capital Management The management of Kaspi Bank monitors Kaspi Bank’s capital adequacy ratios based on the requirements of the Basel III framework. The table below sets forth the respective ratios calculated on the basis of Kaspi Bank’s consolidated financial statements under Basel III with the updated risk- weighted assets methodology as of the dates indicated: As of December 31, (in ₸ billion, except percentages) 2024 2025 Risk-weighted assets 5,577 6,796 Tier 1 capital adequacy ratio 17.6 % 19.6 % Total capital adequacy ratio 18.3 % 19.6 % Tier 1 capital 983 1,329 Total capital 1,019 1,329 116 In addition to Basel III capital adequacy ratios, as a Kazakhstan bank, Kaspi Bank is obliged to comply with the regulatory capital adequacy ratios stipulated by the NBK. These ratios are calculated in accordance with NBK regulations. Going forward, we plan to maintain Kaspi Bank’s Tier 1 and Total Capital ratios at levels above these required by the NBK, including buffers applicable to systemically important banks, and we may decide to use the additional portion above this threshold for the purposes of distributing dividends to shareholders, subject to applicable law and commercial considerations (including without limitation, cash requirements and future projects). The table below sets forth the respective ratios calculated in accordance with NBK regulations recorded by Kaspi Bank as of the dates indicated: As of December 31, (in ₸ billion, except percentages) 2024 2025 Risk-weighted assets 8,059 9,979 Tier 1 capital adequacy ratio (k1.2) 12.6 % 12.7 % Total capital adequacy ratio (k.2) 12.7 % 12.7 % Tier 1 capital 1,016 1,271 Total capital 1,027 1,271 Commitments and Contingencies In the ordinary course of business, in order to meet the needs of our customers, we become a party to financial instruments with off-balance sheet risk. Guarantees issued represent financial guarantees on which payment is not probable as of the respective reporting date, and such guarantees have therefore not been recorded in our consolidated statements of financial position. Our maximum exposure to credit loss under contingent liabilities and commitments to extend credit, in the event of non-performance by the other party where all counterclaims, collateral or security prove valueless, is represented by the contractual amounts of those instruments. We use the same credit policy in undertaking contingent commitments as we do for on-balance operations. As of December 31, 2025 and 2024, we had provisions for losses on contingent liabilities of ₸Nil and ₸Nil, respectively. The following table sets out our contingent liabilities and credit commitments in nominal amounts as of the dates indicated: As of December 31, (in ₸ millions) 2024 2025 Commitments on loans and unused credit lines 293,401 370,278 Guarantees issued and similar commitments — 326 Total contingent liabilities and credit commitments 293,401 370,604 The increase in total contingent liabilities and credit commitments is primarily attributable to the increase in commitments on loans and unused credit lines in connection with Kaspi Red shopping club cards, resulting from a corresponding increase in the number of Active Consumers using Kaspi Red. Commitments on loans and unused credit lines represent our revocable and irrevocable commitments to extend loans within unused credit line limits. Those commitments where the borrower has to apply each time it wants to draw the credit facility from unused credit lines and we may approve or deny the extension of the credit facility based on the borrower’s financial performance, debt service and other credit risk characteristics are considered revocable. Those commitments where we are contractually obliged with no conditions to extend the loan are considered to be irrevocable. Selected Statistical Information The following tables present selected statistical information as required by subpart 1400 of Regulation S-K. In this section, averages are based on month-end averages. The presentation of historical averages in this section on a daily basis would involve unreasonable effort and expense. We do not believe that monthly averages present trends materially different from those that would be presented by daily averages. We have not recalculated tax-exempt income on a tax-equivalent basis because the effect of doing so would not be significant. However, certain government securities of Kazakhstan and certain corporate bonds are tax-exempt with certain exceptions in 2025, where the Kazakhstani government imposed a one time 10% tax on revenue from government securities. 117 Distribution of Assets, Liabilities and Equity The return (or yield) was calculated by the amount of interest income or expense in the period divided by the average balance. The following tables show average balances, interest amounts and yields for our interest-earning assets, non-interest-earning assets, interest-bearing liabilities, non-interest-bearing liabilities and equity for the years ended December 31, 2025, 2024 and 2023. 2023 2024 2025 (in ₸ million, except percentages) Average balance(1) Interest income (expense) Average yield (assets) / rate paid (liabilities) Average balance(1) Interest income (expense) Average yield (assets) / rate paid (liabilities) Average balance(1) Interest income (expense) Average yield (assets) / rate paid (liabilities) ASSETS Interest-earning assets: Loans to customers(2) 3,541,594 624,048 17.6 % 4,894,712 863,050 17.6 % 6,415,186 1,359,389 21.2 % Debt securities 1,357,427 188,287 13.9 % 1,387,832 172,443 12.4 % 1,249,339 148,170 11.9 % Cash and cash equivalents and due from banks(3) 371,477 21,523 5.8 % 402,315 47,175 11.7 % 514,535 71,787 14.0 % Total interest-earning assets 5,270,498 833,858 15.8 % 6,684,859 1,082,668 16.2 % 8,179,060 1,579,346 19.3 % Total interest- non-earning assets(4) 510,119 632,433 1,623,788 Total assets 5,780,617 7,317,292 9,802,848 LIABILITIES Interest-bearing liabilities: Customer accounts(5) 3,622,544 (452,791 ) 12.5 % 4,714,162 (591,040 ) 12.5 % 5,697,293 (741,864 ) 13.0 % Debt securities issued 104,698 (9,758 ) 9.3 % 57,963 (5,201 ) 9.0 % 273,274 (18,117 ) 6.6 % Subordinated debt 61,993 (6,388 ) 10.3 % 61,186 (6,338 ) 10.4 % 33,037 (3,157 ) 9.6 % Due to banks 78,926 (9,073 ) 11.5 % 95,220 (13,537 ) 14.2 % 157,828 (18,571 ) 11.8 % Other interest bearing liabilities — — — — — — 257,359 (44,139 ) 17.2 % Total interest-bearing liabilities 3,868,161 (478,010 ) 12.4 % 4,928,531 (616,116 ) 12.5 % 6,418,791 (825,848 ) 12.9 % Total non-interest-bearing liabilities 948,539 1,075,191 1,324,842 Equity 963,917 1,313,570 2,059,215 Equity and non-interest-bearing liabilities 1,912,456 2,388,761 3,384,057 Equity and liabilities 5,780,617 7,317,292 9,802,848 (1)Average amounts are based on the average of the month-end balances within each applicable period, unless otherwise indicated. (2)Calculated net of allowance for impairment losses. (3)Excludes cash on hand and non-interest-bearing current accounts with other banks. (4)Includes cash on hand, non-interest-bearing accounts with other banks, property, equipment and intangible assets, and other assets. (5)Includes term deposits. 118 Changes in Interest Income and Interest Expenses; Volume and Rate Analysis The following tables present the variations in our financial income and expenses as a result of the variations in the average volume of interest-earning assets and interest-bearing liabilities and changes in average interest rates occurred for the year ended December 31, 2024 compared to the year ended December 31, 2023, and for the year ended December 31, 2023 compared to the year ended December 31, 2022. For the year ended December 31, 2024/2023 2025/2024 Increase/(decrease) due to changes in (in ₸ million) Volume Rate Net change Volume Rate Net change ASSETS Interest - bearing assets: Loans to customers 238,427 575 239,002 268,094 228,245 496,339 Debt securities 4,217 (20,061 ) (15,844 ) (17,208 ) (7,065 ) (24,273 ) Cash and cash equivalents and due from banks 1,741 23,911 25,652 13,159 11,453 24,612 Total interest-earning assets 244,385 4,425 248,810 264,045 232,633 496,678 LIABILITIES Interest-bearing liabilities: Customer accounts(1) 136,444 1,805 138,249 123,260 27,564 150,824 Debt securities issued (4,356 ) (201 ) (4,557 ) 19,320 (6,404 ) 12,916 Subordinated debt (83 ) 33 (50 ) (2,916 ) (265 ) (3,181 ) Due to banks 1,873 2,591 4,464 8,901 (3,867 ) 5,034 Other interest bearing liabilities — — — — 44,139 44,139 Total interest-bearing liabilities 133,878 4,228 138,106 148,565 61,167 209,732 (1)Includes term deposits Interest-earning Assets-Margin The following table presents our levels of average interest-earning assets and illustrates the comparative gross and net yields obtained for the indicated periods. As of or the year ended December 31, (in ₸ million, except percentages) 2023 2024 2025 Average interest-earning assets 5,270,498 6,684,859 8,179,060 Average interest rate earned on interest- earning assets(1) 15.8 % 16.2 % 19.3 % Net interest income(2) 355,848 466,552 753,498 Net interest margin(3) 6.8 % 7.0 % 9.2 % (1)Average interest rate earned on interest-earning assets is interest income divided by average interest-earning assets. (2)Net interest income is the difference between interest income and interest expense. (3)Net interest margin is net interest income divided by average interest-earning assets. 119 Maturity Composition of Investment in Securities Not Carried at Fair Value through Earnings The following table presents our weighted average yield of each category of debt securities not carried at fair value through earnings as of December 31, 2025. Maturing As ofDecember 31, 2025 In one year or less After one year through five years After five years through 10 years After 10 years No specific maturity Fair value through other comprehensive income (FVTOCI) (1) Bonds of the Ministry of Finance of Kazakhstan 11.0 % 11.2 % 10.7 % 11.5 % — — Corporate bonds 11.2 % 10.3 % 12.2 % 3.9 % — — Sovereign bonds of foreign countries 4.2 % 4.3 % 2.9 % 4.3 % — — Total weighted average yield 9.7 % 7.8 % 10.9 % 11.3 % — — (1)Yields have been calculated using the internal rate of return (IRR) as of December 31, 2025. Yields on tax-exempt obligations have not been calculated on a tax equivalent basis. Certain government securities of Kazakhstan and certain corporate bonds are tax-exempt. Maturity and Composition of Loan Portfolio The following table presents our loans and advances to customers’ portfolio by the time remaining to maturity. Loans are stated before deduction of allowance for losses. Maturing As ofDecember 31, 2025 In one year or less After one year through five years After five years through 15 years After 15 years (in ₸ million) Loans to customers 7,543,926 4,795,082 2,744,993 3,669 182 Total loans 7,543,926 4,795,082 2,744,993 3,669 182 All loans to customers bear fixed rates. Summary of Loan Loss Experience Allocation of Provision for Impairment Losses The following table presents impairment losses and sets forth the effective provision rate of the total provisions as of December 31, 2025, 2024 and 2023. For a discussion of accounting standards related to loss allowances on financial assets, see note 3 to our consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 included elsewhere in this annual report. As of December 31, 2023 2024 2025 % of total % of total % of total loss loss loss (in ₸ million, except percentages) Amount allowance Amount allowance Amount allowance Total loan portfolio(1) 4,478,489 — 6,042,443 — 7,543,926 — Total loss allowance (242,532 ) 5.4 % (295,843 ) 4.9 % (371,764 ) 4.9 % Total loan portfolio, net of loss allowance 4,235,957 5,746,600 7,172,162 (1)Total loan portfolio includes our total loans and advances to customers and does not include amounts due from financial institutions 120 There was no change in our ratio of allowance for credit losses to total loan portfolio in the years ended December 31, 2025 compared to December 31, 2024. The change in our ratio of allowance for credit losses to total loan portfolio in the years ended December 31, 2024 compared to December 31, 2023 was primarily due to improvements in asset quality and changes in credit risk estimates respectively. Allocation of Net Charge-offs The following table presents our net charge-offs as of December 31, 2025, 2024 and 2023. As of December 31, 2023 2024 2025 % of total % of total % of total Average average Average average Average average (in ₸ million, except percentages) amount(1) loans amount(1) loans amount(1) loans Loans to customers 3,767,536 5,163,267 6,747,904 Total average loans outstanding 3,767,536 2.0 % 5,163,267 2.1 % 6,747,904 2.3 % Net charge-offs: Loans to customers 76,888 2.0 % 110,293 2.1 % 158,408 2.3 % Total net charge-offs 76,888 2.0 % 110,293 2.1 % 158,408 2.3 % (1)Average amounts are based on the average of the month-end balances within each applicable year, unless otherwise indicated. The ratio of net charge-offs to total average loans to customers was 2.3%, 2.1%, and 2.0% for the years ended December 31, 2025, 2024 and 2023, respectively. In 2025 growth of ratio to 2.3% was attributable to Hepsiburada, while Kazakhstan only ratio was around 2.2%, as a result of high quality of loan origination and continuing improvements in loan collection process. Deposits Composition of Deposits per Type and Yield The following table presents, with average balances, the breakdown of deposits by category as of December 31, 2025, 2024 and 2023. As of December 31, 2023 2024 2025 (in ₸ million, except percentages) Average balance(1) Average rate paid Average amount(1) Average rate paid Average amount(1) Average rate paid Term deposits 3,622,544 12.5 % 4,714,162 12.5 % 5,697,293 13.0 % Demand deposits (current accounts): Interest-bearing — — — Non-interest-bearing 869,320 974,097 1,000,008 Total 4,491,864 5,688,259 6,697,301 (1)Average amounts are based on the average of the month-end balances within each applicable year, unless otherwise indicated Our total estimated uninsured deposits were ₸2,189,056 million, ₸1,774,738 million and ₸1,340,272 million as of December 31, 2025, 2024 and 2023, respectively. Uninsured deposits are deposits that are in excess of local deposit insurance scheme limits in Kazakhstan, calculated based on the respective Kazakhstan regulations. Kazakhstan deposit insurance scheme protects our applicable deposits up to a maximum of ₸20 million per depositor for savings deposits in tenge and up to ₸5 million per depositor for deposits in foreign currency, per insured bank. See “Item 4. Information on the Company—B. Business Overview—Regulation—Regulation of Banking Activities-Deposit Insurance.” 121 Maturity of Deposits In 2025 we have introduced new term deposits with maturities of 3 and 6 months and restricted withdrawal before maturity. Total balance of such deposits as of December 31, 2025 was ₸1,460,224 million. All of our other term deposits (including uninsured term deposits) are of one-year maturity; however, approximately 92% of our time deposits (including uninsured term deposits), respectively, are rolled over on a yearly basis. C.RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. We develop and own various types of intellectual property that are important to our business. We also rely on a significant amount of licensed software. We actively protect our intellectual property and seek to adhere to the terms of our licenses. We own or have the right to use all of the material intellectual property that we use. Our most significant brand names and logos relate to “Kaspi.kz,” all of which have been registered as trademarks and service marks in Kazakhstan. We have several domain names that we own, including www.kaspi.kz and ir.kaspi.kz. D.TREND INFORMATION For a detailed discussion of material recent trends in production, sales and inventory, the state of the order book and costs and selling prices since the latest financial year, as well as of any known trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our net sales or revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition, please see “Item 5. Operating and Financial Review and Prospects-A. Operating Results” and “—B. Liquidity and Capital Resources.” E.CRITICAL ACCOUNTING ESTIMATES The Company’s consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the IASB and therefore its critical accounting estimates are disclosed in those financial statements. For a detailed discussion of our significant accounting policies and new standards, interpretations and amendments adopted by us, please see note 3 to our audited consolidated financial statements as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025 included elsewhere in this annual report.