Share Capital

12 Months Ended

Dec. 31, 2025

Disclosure of classes of share capital [abstract]

23.

Share capital

The table below provides a reconciliation of the change in the number of authorized shares, shares issued and fully paid, treasury shares and shares outstanding:


	Authorized shares		Issued and fully paid shares		Treasury shares			Shares outstanding

Common shares

31 December 2023		216,742,000		199,500,000		(10,166,535	)		189,333,465
ADS options exercised (Note 24)		—		—		747,178			747,178
GDR buy-back program		—		—		(64,914	)		(64,914	)

31 December 2024		216,742,000		199,500,000		(9,484,271	)		190,015,729
ADS options exercised (Note 24)		—		—		771,756			771,756
ADS buy-back program		—		—		(559,553	)		(559,553	)

31 December 2025		216,742,000		199,500,000		(9,272,068	)		190,227,932

The Group accounts for GDRs/ADSs repurchased in Treasury Shares component of Share Capital. One GDR/ADS represents one share.

The following table summarizes the details of the GDR/ADS buy-back programs:

           
          Start date

          Maturity 
date

          Number of GDRs/ADSs acquired

          Total amount
paid (in
millions of KZT)

1st buy-back program

22 April 2022

21 July 2022

998,429

22,841

2nd buy-back program

22 July 2022

21 October 2022

788,153

21,325

3rd buy-back program

22 October 2022

24 February 2023

1,131,380

38,474

4th buy-back program

22 March 2023

21 July 2023

531,995

18,740

5th buy-back program

22 July 2023

21 October 2023

283,689

12,614

6th buy-back program

22 October 2023

16 January 2024

303,286

13,233

7th buy-back program

17 November 2025

27 February 2026

559,553

21,907

31 December 2025

4,596,485

149,134

The Company made certain amendments to its Deposit Agreement, pursuant to which, among others, it renamed Regulation S GDRs as ADSs, which amendments became effective on 18 January 2024. Pursuant to the amendments, the Company has an Amended Level III ADS Deposit Agreement among the Company, the Depositary and the Owners and Holders of ADSs, and an Amended Rule 144A GDR Deposit Agreement between the Company and the Depositary.

The table below provides a reconciliation of the change in outstanding share capital fully paid:


	Issued and fully paid shares		Treasury shares			Total

31 December 2023		130,144		(152,001	)		(21,857	)
ADS options exercised		—		3,332			3,332
GDR buy-back program		—		(2,852	)		(2,852	)

31 December 2024		130,144		(151,521	)		(21,377	)

ADS options exercised		—		3,443			3,443
ADS buy-back program		—		(21,907	)		(21,907	)

31 December 2025		130,144		(169,985	)		(39,841	)

All shares are KZT denominated. The Group has one class of common shares which carry no right to fixed dividend.

The following tables represent dividends declared:


	Dividends declared		Dividend per share

February 2024		161,514	KZT 850
April 2024		161,514	KZT 850
August 2024		161,514	KZT 850
November 2024		161,514	KZT 850

Total for 2024		646,056

During the year ended 31 December 2025, the Group did not declare dividends.