Other4

Joint Stock Co Kaspi.kz

Total Value

Filing Date

Sep 25, 2026

1 transactions

Trade Summary

On Sep 23, 2026 through Sep 25, 2026, Kim Vyacheslav, Insider, reported $0 of Joint Stock Co Kaspi.kz (KSPI) across 1 transactions. The filing covers company securities and reflects balanced net activity of $0. Insider transactions are sourced from SEC Form 4 disclosures and should be reviewed alongside company fundamentals and the insider's broader trading history.

Insider Information

Name: Kim Vyacheslav
Role: Insider

Filing Details

Filing Date: Sep 25, 2026
Transaction Date: Sep 23, 2026
Accession Number: 0001193125-26-403038
Form Type: 4

Derivative Transactions

Date	Security	Shares	Exercise Price	Type	Value
Sep 23, 2026	KSPI derivative	19,708	—	Sale	—
Sep 23, 2026	KSPI derivative	4,863	—	Sale	—
Sep 23, 2026	KSPI derivative	866	—	Sale	—
Sep 24, 2026	KSPI derivative	27,003	—	Sale	—
Sep 24, 2026	KSPI derivative	1,313	—	Sale	—
Sep 25, 2026	KSPI derivative	1,913	—	Sale	—
Sep 25, 2026	KSPI derivative	6,893	—	Sale	—
Sep 25, 2026	KSPI derivative	9,711	—	Sale	—

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Footnotes

(F1)Each American Depositary Share (ADS) represents one common share of the issuer.
(F2)The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $93.60 to $94.5975, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the U.S. Securities and Exchange Commission ("SEC"), upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(F3)The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $94.63 to $95.51, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(F4)The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $95.875 to $96.50, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(F5)The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $92.33 to $93.33, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(F6)The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $93.355 to $93.82, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(F7)The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $93.09 to $94, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(F8)The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $94.135 to $95.13, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(F9)The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $95.17 to $95.90, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kim Vyacheslav

(Last)

(First)

(Middle)

154A NAURYZBAI BATYR STREET

(Street)

ALMATY

050013

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Joint Stock Co Kaspi.kz [ KSPI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/23/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
American Depositary Shares, no par value	⁽¹⁾	09/23/2026		S			19,708	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$93.98⁽²⁾	36,678,080	D
American Depositary Shares, no par value	⁽¹⁾	09/23/2026		S			4,863	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$94.92⁽³⁾	36,673,217	D
American Depositary Shares, no par value	⁽¹⁾	09/23/2026		S			866	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$96.07⁽⁴⁾	36,672,351	D
American Depositary Shares, no par value	⁽¹⁾	09/24/2026		S			27,003	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$96.92⁽⁵⁾	36,645,348	D
American Depositary Shares, no par value	⁽¹⁾	09/24/2026		S			1,313	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$93.6⁽⁶⁾	36,644,035	D
American Depositary Shares, no par value	⁽¹⁾	09/25/2026		S			1,913	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$93.42⁽⁷⁾	36,642,122	D
American Depositary Shares, no par value	⁽¹⁾	09/25/2026		S			6,893	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$94.55⁽⁸⁾	36,635,229	D
American Depositary Shares, no par value	⁽¹⁾	09/25/2026		S			9,711	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$95.59⁽⁹⁾	36,625,518	D

Explanation of Responses:

1. Each American Depositary Share (ADS) represents one common share of the issuer.

2. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $93.60 to $94.5975, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the U.S. Securities and Exchange Commission ("SEC"), upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $94.63 to $95.51, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $95.875 to $96.50, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $92.33 to $93.33, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $93.355 to $93.82, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $93.09 to $94, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

8. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $94.135 to $95.13, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

9. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $95.17 to $95.90, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b) under the Securities Exchange Act of 1934 (the "Act"), the reporting person's transactions in the issuer's equity securities are exempt from Sections 16(b) and 16(c) of the Act.

	/s/ Yuri Didenko, as attorney-in-fact for Vyacheslav Kim	09/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Form 4 as rendered by the SEC from accession 0001193125-26-403038.

Joint Stock Co Kaspi.kz

Trade Summary

Company Information

Insider Information

Filing Details

Derivative Transactions

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Footnotes

SEC Form 4

SEC Filing

SEC Form 4