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    Cihan Saraoglu • HSBC

    Cihan Saraoglu's questions to Kaspi.kz AO (KSPI) leadership

    Cihan Saraoglu's questions to Kaspi.kz AO (KSPI) leadership • Q2 2025

    Question

    Cihan Saraoglu of HSBC asked if the resumption of capital returns in 2026 would follow the previous quarterly cadence. He also questioned how the Fintech segment's bottom line grew quarter-on-quarter despite the increase in funding costs.

    Answer

    Mikheil Lomtadze, Co-Founder, Director, Chairman & CEO, clarified that it is too early to commit to a specific cadence (e.g., quarterly) for capital returns in 2026, but reiterated that a balance between investment and distribution is planned. Regarding Fintech profitability, he explained that strong volume growth in Q2 drove higher revenue, which more than offset the increased funding costs and led to sequential profit growth. He noted profitability would be much higher in a lower interest rate environment.

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    Cihan Saraoglu's questions to Kaspi.kz AO (KSPI) leadership • Q2 2025

    Question

    Cihan Saraoglu of HSBC asked if the resumption of capital returns in 2026 would follow the previous quarterly cadence and questioned the drivers of the Fintech segment's sequential bottom-line growth despite rising funding costs.

    Answer

    CEO Mikheil Lomtadze clarified that the company cannot commit to a specific frequency for capital returns at this stage, only that a balance between investments and distributions will be sought in 2026. He explained that the Fintech segment's profitability grew quarter-over-quarter because strong growth in origination volumes drove higher revenue, which more than offset the increase in interest expenses.

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