SCHEDULE 13G/A 0001104659-24-118002 0002025162 XXXXXXXX LIVE 2 American depositary shares, no par value, each representing one common share of the Issuer, no par value ("ADSs") 12/31/2025 0001985487 Joint Stock Co Kaspi.kz 48581R205 154A Nauryzbai Batyr Street Almaty 1P 050013 Rule 13d-1(d) Asia Equity Partners Limited G4 0.00 13870945.00 0.00 13870945.00 13870945.00 N 7.3 OO Percent set out in Row 11 is based on 190,784,522 common shares of the Issuer outstanding as of September 30, 2025, as reported in the Issuer's interim condensed consolidated financial information for the nine months ended September 30, 2025, as set out in the Issuer's Form 6-K furnished with the Securities and Exchange Commission (the "SEC") on November 13, 2025. Baring Fintech Nexus Limited Y7 0.00 13870945.00 0.00 13870945.00 13870945.00 N 7.3 OO Percent set out in Row 11 is based on 190,784,522 common shares of the Issuer outstanding as of September 30, 2025, as reported in the Issuer's interim condensed consolidated financial information for the nine months ended September 30, 2025, as set out in the Issuer's Form 6-K furnished with the SEC on November 13, 2025. Baring Fintech Private Equity Fund III L.P.1 Y7 0.00 13870945.00 0.00 13870945.00 13870945.00 N 7.3 PN Percent set out in Row 11 is based on 190,784,522 common shares of the Issuer outstanding as of September 30, 2025, as reported in the Issuer's interim condensed consolidated financial information for the nine months ended September 30, 2025, as set out in the Issuer's Form 6-K furnished with the SEC on November 13, 2025. Baring Fintech Fund III (GP) LP Y7 0.00 13870945.00 0.00 13870945.00 13870945.00 N 7.3 PN Percent set out in Row 11 is based on 190,784,522 common shares of the Issuer outstanding as of September 30, 2025, as reported in the Issuer's interim condensed consolidated financial information for the nine months ended September 30, 2025, as set out in the Issuer's Form 6-K furnished with the SEC on November 13, 2025. Baring Fintech Fund III Managers Limited Y7 0.00 13870945.00 0.00 13870945.00 13870945.00 N 7.3 OO Percent set out in Row 11 is based on 190,784,522 common shares of the Issuer outstanding as of September 30, 2025, as reported in the Issuer's interim condensed consolidated financial information for the nine months ended September 30, 2025, as set out in the Issuer's Form 6-K furnished with the SEC on November 13, 2025. Joint Stock Co Kaspi.kz 154A Nauryzbai Batyr Street Almaty, Kazakhstan, 050013 This filing is being made on behalf of (collectively, the "Reporting Persons"): Asia Equity Partners Limited ("AEPL"); Baring Fintech Nexus Limited ("BFNL"); Baring Fintech Private Equity Fund III L.P.1 ("BF Fund III L.P.1"); Baring Fintech Fund III (GP) LP ("BF Fund III (GP) LP"); and Baring Fintech Fund III Managers Limited ("BF Fund III ML"). The principal business office of AEPL is 32 Kritis Street, Papachristoforou Building, 4th Floor, 3087 Limassol, Cyprus. The principal business office of BFNL is Unit 1, Houmet House, Rue Des Houmets, Castel, Guernsey GY5 7XZ, Channel Islands. The principal business office of each of BF Fund III L.P.1, BF Fund III (GP) LP and BF Fund III ML is Ground Floor, Plaza House, Admiral Park, St Peter Port, Guernsey GY1 2HU, Channel Islands. AEPL is a limited company organized under the laws of Cyprus. BFNL and BF Fund III ML are non-cellular companies organized under the laws of Guernsey. BF Fund III L.P.1 and BF Fund III (GP) LP are partnerships organized under the laws of Guernsey. Y See the responses to Item 9 on the attached cover pages. See Item 11 of the attached cover pages. The percentages reported in Item 11 of the attached cover pages are based on 190,784,522 common shares of the Issuer outstanding as of September 30, 2025, as reported in the Issuer's interim condensed consolidated financial information for the nine months ended September 30, 2025, as set out in the Issuer's Form 6-K furnished with the SEC on November 13, 2025. See the responses to Item 5 on the attached cover pages. See the responses to Item 6 on the attached cover pages. See the responses to Item 7 on the attached cover pages. See the responses to Item 8 on the attached cover pages. 13,870,945 ADSs are owned directly by AEPL and may be deemed to be beneficially owned by BFNL, BF Fund III L.P.1, BF Fund III (GP) LP and BF Fund III ML because (i) BFNL is the controlling shareholder of AEPL, (ii) BF Fund III L.P.1 is the controlling shareholder of BFNL, (iii) BF Fund III (GP) LP is the general partner of BF Fund III L.P.1 and (iv) BF Fund III ML is the general partner of BF Fund III (GP) LP. Voting and investment control over the ADSs held by AEPL is exercised by the board of directors of AEPL, which is comprised of Holly Nielsen, Marina Ushakova and Stathia Dimofanous. Each of the Reporting Persons (other than AEPL), each member of the board of directors of AEPL and each of the affiliated entities of the Reporting Persons and the officers, partners, members and managers thereof disclaims beneficial ownership of the ADSs held by AEPL. Y Y Y Y Y Y Joint Filing Agreement, dated as of February 13, 2026, among AEPL, BFNL, BF Fund III L.P.1, BF Fund III (GP) LP and BF Fund III ML. Asia Equity Partners Limited /s/ Stathia Dimofanous 02/13/2026 Baring Fintech Nexus Limited /s/ Julian Timms 02/13/2026 Baring Fintech Private Equity Fund III L.P.1 /s/ Julian Timms 02/13/2026 Baring Fintech Fund III (GP) LP /s/ Julian Timms 02/13/2026 Baring Fintech Fund III Managers Limited /s/ Julian Timms 02/13/2026