Griffen Drebing

Griffen Drebing from Wolfe Research followed up on the smartphone impact, which caused an 8-point GMV impact, asking for current trends through October/early November and updated thoughts on its duration. He also questioned the sustainability of non-smartphone marketplace growth given strong performance in other verticals.

Answer

David Ferguson (Head of Investor Relations, Kaspi.kz) explained that the smartphone issue stems from new registration requirements and a shortage of the latest iPhone models, with no current improvement in supply. He anticipates normalization over the next few months, noting a favorable comparison base from March next year. Mr. Ferguson affirmed that excluding smartphones, marketplace and e-Commerce growth in other verticals remains very strong and sustainable, with no change in Kaspi's competitive position.

Griffen Drebing asked for an update on current trends and potential duration of the smartphone impact on GMV, and the sustainability of non-smartphone marketplace growth given strong performance in other verticals.

Answer

David Ferguson, Head of Investor Relations, explained that smartphone GMV impact stems from new registration requirements and a shortage of the latest iPhone models, leading consumers to delay purchases. He noted no current improvement but expects supply normalization by early next year, with a favorable comparison base starting March 2026. David Ferguson highlighted that marketplace and e-commerce growth, excluding smartphones, remains very strong across all verticals, indicating a healthy underlying business performance and unchanged competitive position.