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    Can Demir • Wood & Company

    Can Demir's questions to Kaspi.kz AO (KSPI) leadership

    Can Demir's questions to Kaspi.kz AO (KSPI) leadership • Q1 2025

    Question

    Can Demir, identifying as John with Wood & Co., asked why the Turkish bank was acquired directly by the Kazakh entity instead of through Hepsiburada, how the company plans to mitigate the consumer boycott drag in Turkey, and why the cost of risk remains low despite a challenging macro outlook.

    Answer

    Executive David Ferguson explained that Hepsiburada lacked the capital for the acquisition, making a direct purchase by Kaspi the most straightforward approach. He deferred the question on the boycott to Hepsiburada's management. Regarding cost of risk, he stated it is actively managed by adjusting lending volume, creating stability in the metric even as the macro environment changes.

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    Can Demir's questions to Kaspi.kz AO (KSPI) leadership • Q4 2024

    Question

    Can Demir asked whether the new 'buy inventory now, pay later' product belongs to the FinTech or Marketplace segment, sought Kaspi's view on potential regulations about dual cash/installment pricing, and inquired about plans for Ukraine post-conflict.

    Answer

    CEO Mikheil Lomtadze clarified that the new merchant financing product is part of both the FinTech (credit risk) and Payments (transaction processing) platforms. Regarding regulation, both he and David Ferguson stated that while discussions are ongoing on various topics, there is nothing material to report, and Kaspi is historically well-positioned for such changes. On Ukraine, Mikheil expressed hope for peace and said the company would revisit its strategy at that time.

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