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    Wayne Trinh • Citigroup Inc.

    Wayne Trinh's questions to Kaspi.kz AO (KSPI) leadership

    Wayne Trinh's questions to Kaspi.kz AO (KSPI) leadership • Q2 2025

    Question

    Wayne Trinh of Citigroup inquired about the key product improvements being prioritized at Hepsiburada in Turkey and asked for an update on growth initiatives in Kazakhstan, particularly the strategy for the restaurant vertical.

    Answer

    Mikheil Lomtadze, Co-Founder, Director, Chairman & CEO, explained that the immediate priority for Hepsiburada is enhancing the quality of existing e-commerce, payments, and fintech services to build a strong foundation before launching new innovations. For Kazakhstan, he highlighted that the market remains underpenetrated, and the strategy involves targeting large verticals like restaurants. The approach starts with a simple, high-value proposition like 'scan and pay' to achieve scale, followed by introducing value-added services such as advertising and loyalty programs.

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    Wayne Trinh's questions to Kaspi.kz AO (KSPI) leadership • Q2 2025

    Question

    Wayne Trinh of Citigroup Inc. inquired about the product improvement priorities for Hepsiburada through 2026 and asked for details on Kaspi.kz's growth initiatives in Kazakhstan, particularly in the restaurant vertical.

    Answer

    CEO Mikheil Lomtadze explained that the immediate focus for Hepsiburada is enhancing the quality of core e-commerce and payment services to build a strong foundation before launching new innovations post-banking license acquisition. For Kazakhstan, he highlighted that the market remains underpenetrated, with a strategy to enter large verticals like restaurants by first offering a simple, high-value proposition (e.g., scan-and-pay) and then layering on value-added services like advertising and loyalty programs.

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