Revenue

12 Months Ended

Dec. 31, 2025

Revenue includes fee revenue, interest revenue, retail revenue, rewards and other gains/(losses). Rewards earned by retail customers of the Group are deducted from revenue.


	2023			2024			2025

REVENUE		1,913,490			2,532,156			4,046,074
Fee revenue		1,027,545			1,329,350			1,654,238
Interest revenue		833,516			1,082,668			1,579,346
Retail revenue		68,807			163,134			850,127
Rewards		(39,578	)		(54,225	)		(55,887	)
Other gains		23,200			11,229			18,250

Revenue by segments for the years ended 31 December 2023, 2024, and 2025 is presented below:


	2023			2024			2025

Payments		478,684			587,097			658,726
Payments fee revenue		368,925			458,953			510,763
Interest revenue		109,759			128,144			147,963

Marketplace		448,223			732,943			1,931,472
Marketplace fee revenue		375,189			562,283			974,269
Retail revenue		68,807			163,134			850,127
Interest revenue		—			6,304			69,886
Other gains		4,227			1,222			37,190

Fintech		1,026,721			1,281,827			1,542,934
Interest revenue		723,757			955,528			1,383,465
Fintech fee revenue		283,991			316,292			178,409
Other (losses)/gains		18,973			10,007			(18,940	)

Intergroup		(560	)		(15,486	)		(31,171	)

Segment Revenue		1,953,068			2,586,381			4,101,961
Rewards		(39,578	)		(54,225	)		(55,887	)

REVENUE		1,913,490			2,532,156			4,046,074

Intergroup includes Marketplace fee revenue that was offset by Marketing expense, for activities to attract customers of Fintech car loans. For the year ended 31 December 2024 and 2025, intergroup includes interest revenue generated by Marketplace and Payments platforms due to placement of cash to term deposits in the Bank that is offset by interest expenses of Fintech.

For the years ended 31 December 2025, marketplace revenue attributable to Türkiye, include marketplace fee revenue of KZT 302,921 million, retail revenue of KZT 638,164 million, interest revenue of KZT 54,269 million and other gains of KZT 36,238 million. For the years ended 31 December 2025, rewards attributable to Türkiye is KZT 12,763 million.

Other gains/(losses) are mainly due to net gains/(losses) on foreign exchange operations and financial assets and liabilities. For the years ended 31 December 2023, 2024, and 2025, net gain on monetary position were KZT Nil, KZT Nil and KZT 33,313 million, respectively. For the years ended 31 December 2023, 2024, and 2025, the net gains/(losses) on foreign exchange operations were KZT 10,892 million, KZT (11,983) million and KZT 2,746 million, respectively. For the years ended 31 December 2023, 2024, and 2025, the net gains/(losses) on financial assets and liabilities were KZT 4,385 million, KZT 21,329 million and KZT (27,785) million, respectively.

Fee revenue and retail revenue are presented by timing of revenue recognition in the table below:


	2023		2024		2025
Goods and services transferred at point in time		786,267		1,151,887		2,281,618
Payments fee revenue - Transaction Revenue		342,271		426,470		474,775
Marketplace fee revenue		375,189		562,283		956,716
Retail revenue		68,807		163,134		850,127

Goods and services transferred over time		310,645		348,775		231,950
Payments fee revenue - Membership Revenue		26,654		32,483		35,988
Marketplace fee revenue - Membership revenue		—		—		17,553
Fintech fee revenue - Membership Revenue		3,249		3,432		3,109
Fintech fee revenue - Fintech banking service fees		280,742	312860		175300
TOTAL FEE AND RETAIL REVENUE		1,096,912		1,500,662		2,513,568

Interest revenue by type of operation for the years ended 31 December 2023, 2024 and 2025 is presented below:


	2023		2024		2025

Interest revenue from loans to customers		623,706		862,405		1,359,389
Interest revenue from other operations		209,810		220,263		219,957
Total interest revenue		833,516		1,082,668		1,579,346