Joint Stock Company Kaspi.kz

Hello everybody and welcome to the Caspi KZ first quarter 2026 financial results. My name is Elliot and I'll be your coordinator today. If you would like to ask a question, please press the raise hand icon if you have drawn a call via Zoom. If you have drawn us on the phone, please press star one on your telephone keypad. I would now like to hand over to David Ferguson, Head of Investor Relations at Caspi. Please go ahead.

Thank you, Elliot. Good morning. Good afternoon, everyone. Welcome to Caspi KZ's first quarter 2026 financial results call. I'm David Ferguson from Caspi. As usual, with me on the call, I've got our co-founder and CEO, Mikhail Lomtadze. The rest of the management team, key members of the management team, Tengiz Mesidze and Yoridi Denko, a deputy CEO. of the company. We're going to do things a little bit differently to how we've done them in the past. So for today and going forward, we're going to make the first quarter and the third quarter calls financial updates and where relevant updates to the guidance. There's no change to today. And then we'll keep the full year results and the interim results for more detailed calls where Michael will talk about the strategy, products, other initiatives going on in the company. So I think this should be a more efficient way of doing things, particularly I know a lot of you have multiple companies reporting at the same time, and it should make for more interesting full year and interim results calls. So on that note, I will hand over to Mikael. He'll make a couple of introductory comments, and then I'll take you through the rest of the presentation. Mikael, over to you.

Thank you, David. Hello, everyone. So we have started the year and the first quarter with good growth and strong growth in e-commerce. which was driven by the also higher purchasing frequency and some of the services, value-added services, showing additional monetization faster than the GAV growth itself. So our e-commerce did grow 41% year over year on average. on a constant currency and pro forma basis. And importantly, the transactions grew 43% year over year. And then frequency of the quarterly purchases now reached 15, which is also quite a substantial growth of 44% year over year. We are remaining a very profitable company. And we're happy that... The board recommended a dividend of 850 TENGAP per EDS, which represents about 64% payout ratio. I mean, the general sort of message for everyone is pretty simple, that we are creating a much larger bigger, more diversified business. And now we're happy with both building on our strength of the super app leading positions in our home market, Kazakhstan, but also creating additional growth in Turkey. The one thing which I wanted to mention briefly that e-commerce for us is important, as I've mentioned before. We are the company which is focused on the front end of the consumer and merchant relationship. And when I say front end of consumer and merchant relationship, I mean the point where the purchase and sale decision is happening. And the purchase and sale decision is happening on e-commerce, where consumers are searching, reviewing, and buying products goods on the one hand, in the future with the help of the AI agents. And on the other hand, you have merchants that are also creating those listings and getting additional sales. And when you combine this together, on top of it, you do have additional value-added services. The simplest today would be advertising and delivery value-added services, which have grown actually quite substantially, about 73% year over year. So we remain very optimistic. We believe in the future of our company. As you've probably been already learned that I've made investment myself alongside with Tencent and other long-term shareholders, and I remain fully aligned and true believer in the company and you know, we are really excited about some of the services we're working on. So, you know, hopefully during the year, as David mentioned, we'll be providing more detailed overview of some of the products we have been already launching and we'll be sharing with you how excited we are about the range of innovations which companies is launching and working on. So that's, you know, Pretty much everything from me at this stage. Back to you, David.