Segment Reporting

12 Months Ended

Dec. 31, 2025

Disclosure of operating segments [abstract]

Segment Reporting

5.Segment Reporting

The Group reports its business in three operating segments.

The following tables present the summary of each segments’ revenue and net income:

	2023			2024			2025
SEGMENT REVENUE		1,953,068			2,586,381			4,101,961
Payments		478,684			587,097			658,726
Marketplace		448,223			732,943			1,931,472
Fintech		1,026,721			1,281,827			1,542,934
Intergroup		(560	)		(15,486	)		(31,171	)
NET INCOME		848,770			1,056,834			1,067,707
Payments		308,901			381,607			433,001
Marketplace		247,955			348,400			279,773
Fintech		291,914			326,827			354,933

Operating segments are identified based on how the Group manages the business on a day-to-day basis and the types of products and services provided. Operating segments are reported in a manner consistent with internal reports, which are reviewed and used by the management board (who are identified as Chief Operating Decision Makers, “CODM”). The operating performance measure of each operating segment is revenue and net income.

Costs and operating expenses that are deducted from revenue, include interest expenses and fees (2023: KZT (478,010) million; 2024: KZT (616,116) million; 2025: KZT (763,964) million) and provision expenses (2023: KZT (79,634) million; 2024: KZT (113,957) million; 2025: KZT (150,798) million), both attributable to Fintech Segment, and cost of goods and services (2023: KZT (106,360) million; 2024: KZT (239,383) million; 2025: KZT (1,106,954) million) attributable to Marketplace Segment.

Management believes that other segment expenses are not material for analysis of our ongoing operations.

Expenses associated with share-based compensation are recognized across the segments.

The following table presents the summary of share-based compensation expense by segments:

	2023			2024			2025
SHARE-BASED COMPENSATION		(20,859	)		(16,963	)		(15,476	)
Payments		(7,200	)		(6,436	)		(6,087	)
Marketplace		(2,335	)		(2,432	)		(3,435	)
Fintech		(11,324	)		(8,095	)		(5,954	)

The following tables present the summary of revenue, net income, and non-current assets (excluding financial instruments, goodwill, deferred tax assets and other financial assets) by geographical market:

	2023		2024		2025
SEGMENT REVENUE		1,953,068		2,586,381		4,101,961
Kazakhstan & Other		1,953,068		2,586,381		3,070,369
Türkiye		—		—		1,031,592
NET INCOME		848,770		1,056,834		1,067,707
Kazakhstan & Other		848,770		1,056,834		1,160,725
Türkiye		—		—		(93,018	)

	31 December		31 December
	2024		2025
NON-CURRENT ASSETS		284,909		719,037
Kazakhstan & Other		284,909		371,170
Türkiye		—		347,867

Our geographic segments are Kazakhstan & Other Countries (including Azerbaijan and Ukraine) and Türkiye.

Revenue attributed to geographic market is based on the selling location. Non-current assets are based on the physical location of the assets as of the end of each year.