Exhibit 99.1

JOINT STOCK COMPANY

KASPI.KZ

Interim Condensed Consolidated

Financial Information
For the three months ended

31 March 2025 (Unaudited)

Joint Stock Company Kaspi.kz

Table of Contents

Page

interim condensed consolidated financial information

FOR THE Three MONTHS ENDED 31 MARCH 2025 (unaudited):

Overview

Kaspi.kz operates a two-sided Super App business model: the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants and entrepreneurs. Our offerings include payments, marketplace and fintech solutions for both consumers and merchants. Our business model, reinforced by our highly recognizable brand and continuing product innovation, generates powerful network effects, which has resulted in growth across all our platforms and strong financial performance.

Kaspi.kz Segments

Our segment reporting is based on our three business platforms:

Information about the group of companies

Joint Stock Company Kaspi.kz (“the Company” or “the Group”) was incorporated in the Republic of Kazakhstan in 2008. The Company is regulated by the National Bank of the Republic of Kazakhstan (“NBRK”) and the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market. The registered address of the Company is 154A, Nauryzbai Batyr street, Almaty, 050013, the Republic of Kazakhstan.

The Group structure did not change since 31 December 2024, except for acquisition of a 65.41% share in “D-MARKET Electronic Services & Trading” (“Hepsiburada”) JSC on 29 January 2025 (“the Closing Date”) with the consideration of approximately USD 1,127 million, of which
USD 600 million was paid in cash to the Sellers on the Closing Date, and USD 526.9 million of Deferred Cash Consideration, will be paid to the Sellers in cash no later than six months after
the Closing Date. As collateral with respect to the Deferred Cash Consideration, the Group has pledged 65,199,658 Class B shares of Hepsiburada in favor of the Sellers. At the time
the financial statements were authorized for issue, the Group had not yet completed the accounting for the acquisition of Hepsiburada.

On 27 March 2025 Kaspi.kz has signed a share purchase agreement with Rabobank Group, relating to the purchase of Rabobank’s Turkish subsidiary Rabobank A.Ş. The transaction is not material. Rabobank A.Ş. is a fully licensed bank in Türkiye which has neither borrowing or depositing clients nor a branch network. At the time the financial statements were authorized for issue, the agreement is subject to customary closing conditions and receipt of regulatory approval by certain Turkish government agencies.

The shareholders are as follows:

*As at 31 December 2024 and 31 March 2025, Asia Equity Partners Limited held 8.73% and 8.55% of total shares, respectively, Fintech Partners Limited held 9.50% and 9.46% of total shares respectively, and Baring Fintech Nexus Limited held 6.45% and 6.42% of total shares, respectively, on behalf of Baring Funds.

This interim condensed consolidated financial information was approved on 16 May 2025.

This interim condensed consolidated financial information has been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting. This interim condensed consolidated financial information has been prepared on the assumption that the Group is a going concern, as the Group has the resources to continue in operation for at least the next twelve months. In making this assessment, management has considered a wide range of information in relation to present and future economic conditions, including projections of cash flows, profit and capital resources.

This interim condensed consolidated financial information does not include all the information and disclosures required in the annual consolidated financial statements. The Group omitted disclosures, which would substantially duplicate the information contained in its audited annual consolidated financial statements for 2024 prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), such as accounting policies and details of accounts, which have not changed significantly in amount or composition.

The exchange rates at the period-end used by the Group in the preparation of the interim condensed consolidated financial information are as follows:

Reclassification

Certain prior period amounts have been reclassified in order to conform to the current period presentation. These reclassifications had no impact on previously reported statements of profit or loss, other comprehensive income, financial position, changes in equity and cash flows.

This interim condensed consolidated financial information has been prepared under the historical cost convention, except for the revaluation of certain properties and financial instruments.

The same accounting policies, presentation and methods of computation have been followed in this interim condensed consolidated financial information as were applied in the preparation of the Group’s consolidated financial statements for the year ended 31 December 2024.

Adoption of new and revised Standards

New and revised IFRS Standards that are effective for the current year

The following amendments and interpretations are effective for the Group beginning
1 January 2025:

The above standards and interpretations were reviewed by the Group's management and determined to not have a significant effect on the consolidated financial information of the Group.

New and revised IFRS Standards in issue but not yet effective

At the date of authorisation of this financial information, the Group has not applied the following new and revised IFRS Accounting Standards as issued by the IASB Standards that have been issued but are not yet effective:

The management does not expect that the adoption of the Standards listed above to have a material impact on the condensed consolidated financial information of the Group in future periods.

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.

Revenue by segments is presented below:

For the three months ended 31 March 2024 and 2025, intergroup represents Marketplace fee revenue that was offset by Marketing expense, for activities to attract customers of Fintech car loans. In addition, intergroup includes interest revenue generated by Marketplace and Payments platforms due to placement of free cash flow to term deposits in the Bank that is offset by interest expenses of Fintech.

For the three months ended 31 March 2025, marketplace revenue attributable to Hepsiburada, include marketplace fee revenue of KZT 46,784 million, retail revenue of KZT 84,643 million, interest revenue of KZT 8,755 million and other gains of KZT 8,404 million which are gains on the net monetary position. For the three months ended 31 March 2025, rewards attributable to Hepsiburada is KZT 1,207 million.

Other gains (losses) are mainly due to net gains (losses) on foreign exchange operations, financial assets and liabilities. For the three months ended 31 March 2024 and 2025, the net gain on foreign exchange operations were KZT 923 million and KZT 10,586 million, respectively. For the three months ended 31 March 2024 and 2025, the net gain (loss) on financial assets and liabilities were KZT 810 million and KZT (14,060) million, respectively.

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

The Group reports its business in three operating segments.

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

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.

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

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

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

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.

Interest expenses include interest expenses on customer accounts, mandatory insurance of retail deposits and interest expenses on debt securities, including subordinated debt and due to banks.

Transaction expenses are mainly composed of the costs associated with accepting, processing and otherwise enabling payment transactions. Those costs include fees paid to payment processors, payment networks and various service providers.

Cost of goods and services include costs incurred to operate retail network, 24-hour call support and communication with customers, product packaging and delivery, and other expenses which can be attributed to the Group’s operating activities related to the provision of the products and services. It also includes the price paid by us for consumer products, the subsequent sale of which generates Retail revenue.

Technology & product development consist of staff and contractor costs that are incurred in connection with the research and development of new and maintenance of existing products and services, development, design, data science and maintenance of our products and services, and infrastructure costs. Infrastructure costs include depreciation of servers, networking equipment, data center, kartomats, postomats and payment equipment, rent, utilities, and other expenses necessary to support our technologies and platforms. Collectively, these costs reflect the investments we make in order to offer a wide variety of products and services to our customers.

Sales & marketing consist primarily of online and offline advertising expenses, promotion expenses, staff costs and other expenses that are incurred directly to attract or retain consumers and merchants. It also includes our charity and sponsorship activities.

General & administrative expenses consist primarily of costs incurred to provide support to our business, including legal, human resources, finance, risk, compliance, executive, professional services fees, office facilities, and other support functions.

For the three months ended 31 March 2025, costs and operating expenses attributable to Hepsiburada, include interest expenses of KZT 13,683 million, cost of goods and services were KZT 108,851 million, technology & product development were KZT 10,874 million,
sales & marketing were KZT 10,447 million, general & administrative expenses were
KZT 7,654 million.

Employee benefits, depreciation and amortization expenses and operating lease expenses are presented as follows:

Expenses associated with share-based compensation are recognised across the functions in which the compensation recipients are employed. The following table sets forth an analysis of share-based compensation expense by function for the periods indicated:

The movements in loss allowance for the three months ended 31 March 2024 were as follows:

The movements in loss allowance for the three months ended 31 March 2025 were as follows:
 

Net changes, resulting from changes in credit risk parameters include decrease of provisions due to partial repayment of loans.

As at 31 December 2024 and 31 March 2025, the allowance for impairment losses on financial assets at FVTOCI of KZT 1,178 million and

KZT 939 million, respectively, is included in the ‘Revaluation reserve of financial assets and other reserves’ within equity.

Earnings per share are determined by dividing the net income attributable to shareholders

of the Company by the weighted average number of common shares outstanding during the three months ended 31 March 2025. For the purpose of diluted earnings per share calculation, the Group considers dilutive effects of share-based compensation.

Reconciliation of the number of shares used for basic and diluted earnings per share:

Cash on hand includes cash balances with ATMs and cash in transit.

As at 31 December 2024 and 31 March 2025, current accounts and short-term deposits with NBRK are KZT 192,102 million and KZT Nil, respectively.

As at 31 December 2024 and 31 March 2025, the fair value of collateral of reverse repurchase agreements classified as cash and cash equivalents, are KZT Nil and KZT 50,516 million, respectively.

As at 31 December 2024 and 31 March 2025, restricted deposits included in due from banks with investment credit ratings (higher than ‘BBB-‘) in favor of international payments systems were KZT 35,114 million and KZT 34,035 million, respectively.
 

Investment securities and derivatives comprise:

Debt securities are graded according to their external credit ratings issued by an international rating agencies, such as Standard and Poor’s, Fitch and Moody’s Investors Services and are graded as follows:

Financial assets at FVTPL comprise:

As at 31 March 2025, financial assets at FVTPL included swap and spot instruments of
KZT 3,164 million (2024: KZT 4,923 million) with a notional amount of KZT 335,320 million
(2024: KZT 139,659 million) and forwards of KZT 3,671 million (2024: KZT 12,226 million) with a notional amount of KZT 178,712 million (2024: KZT 274,327 million).

As at 31 March 2025, financial liabilities at FVTPL included swap and spot instruments of
KZT 175 million (2024: KZT 133 million) with a notional amount of KZT 335,147 million
(2024: KZT 139,696 million) and forwards of KZT 434 million (2024: KZT 129 million) with a notional amount of KZT 184,688 million (2024: KZT 269,387 million).

As at 31 December 2024 and 31 March 2025, investment securities were not pledged or restricted, except for bonds of the Ministry of Finance of the Republic of Kazakhstan, notes of NBRK and corporate bonds pledged under repurchase agreements with other banks totaling
KZT 24,474 million and KZT 201,478 million, respectively (Note 12).

All loans to customers issued by the Group were allocated to the Fintech segment for internal segment reporting purposes.

The Group did not provide loans which individually exceeded 10% of the Group’s equity.

Movements in allowances for impairment losses on loans to customers for the three months ended 31 March 2024 and 2025 are disclosed in Note 7.

As at 31 December 2024 and 31 March 2025, accrued interest of KZT 68,558 million and
KZT 78,196 million, respectively, was included in loans to customers.

Loans with principal or accrued interest in arrears for more than 90 days are classified as

non-performing loans (“NPLs”). These loans were classified in Stage 3. Allowance for impairment losses to NPLs reflects the Group’s total provision as a percentage of NPLs. Considering the ratio represents allowance for impairment losses for all loans as a percentage of NPLs, the ratio can be more than 100%.

The following table sets forth the Group’s outstanding NPLs as compared to the total allowance for impairment losses on total loans to customers:

Provision expenses on loans to customers: