Joint Stock Company Kaspi.kz ( KSPI ) Q3 2025 Earnings Call November 10, 2025 8:00 AM EST Company Participants David Ferguson - Head of Investor Relations Mikheil Lomtadze - Co-Founder, Executive Director, Chairman of the Management Board & CEO Conference Call Participants Ygal Arounian - Citigroup Inc., Research Division James Friedman - Susquehanna Financial Group, LLLP, Research Division Griffen Drebing - Wolfe Research, LLC Reginald Smith - JPMorgan Chase & Co, Research Division Presentation Operator Hello, everyone, and welcome to today's Kaspi.kz's Third Quarter and 9 Months 2025 Financial Results Call. My name is Sam, and I'll be the call moderator today.
Kaspi delivered strong Q2 results, with robust revenue growth in Kazakhstan despite inflation and high-interest rates, reaffirming a positive full-year outlook. The company's core fintech and e-commerce businesses remain dominant in Kazakhstan, with significant deposit growth and expansion in e-grocery, positioning it for future margin improvement. Kaspi's expansion into Turkey via Hepsiburada and the Rabobank deal presents both high potential and considerable risk, requiring patience and close monitoring.
Joint Stock Company Kaspi.kz (NASDAQ:KSPI ) Q2 2025 Earnings Conference Call August 4, 2025 8:00 AM ET Company Participants David Ferguson - Head of Investor Relations Mikheil N. Lomtadze - Co-Founder, Executive Director, Chairman of the Management Board & CEO Conference Call Participants Cihan Saraoglu - HSBC Global Investment Research Darrin David Peller - Wolfe Research, LLC Gabor Kemeny - Unidentified Company Reginald Lawrence Smith - JPMorgan Chase & Co, Research Division Operator Hello, everybody, and welcome to Kaspi.kz Second Quarter and First Half 2025 Financial Results.