Kaspi.kz (KSPI) director discloses 17,778 ADS stake on Form 3

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Szymon Gutkowski filed an initial ownership report on Form 3. The filing shows he directly holds 17,778 American Depositary Shares, each representing one common share of the company. This is a disclosure of existing holdings rather than a new stock purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Gutkowski Szymon

Role Director

Type	Security	Shares	Price	Value
holding	American Depositary Shares, no par value	--	--	--

Holdings After Transaction: American Depositary Shares, no par value — 17,778 shares (Direct)

Footnotes (1)

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SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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

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1. Name and Address of Reporting Person^*

Gutkowski Szymon

(Last) (First) (Middle)

154A NAURYZBAI BATYR STREET

(Street)

ALMATY 050013

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

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

3a. Foreign Trading Symbol

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

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

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

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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
American Depositary Shares, no par value	(1)	(1)	Common shares, no par value	17,778	(1)	D

Explanation of Responses:

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

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. Exhibit 24 - Power of Attorney

	/s/ Yuri Didenko as attorney-in-fact for Szymon Gutkowski	03/18/2026
	** 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 5 (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 3: SEC 1473 (03-26)

FAQ

What does the Kaspi.kz (KSPI) Form 3 filing by Szymon Gutkowski show?

The Form 3 shows that director Szymon Gutkowski directly holds 17,778 American Depositary Shares of Joint Stock Co Kaspi.kz. This is an initial ownership disclosure required when someone becomes an insider, not a report of new trades.

How many Kaspi.kz (KSPI) American Depositary Shares does Szymon Gutkowski own?

The filing reports that Gutkowski directly owns 17,778 American Depositary Shares. According to the disclosure, each ADS represents one common share, so this corresponds to 17,778 common shares of Joint Stock Co Kaspi.kz.

Does the Kaspi.kz (KSPI) Form 3 indicate that Szymon Gutkowski bought or sold shares?

No, the Form 3 does not show any buy or sell transaction. It classifies the entry as a holding, meaning it simply reports Gutkowski’s existing ownership of 17,778 ADS rather than recording a new purchase or sale.

What is the relationship between Kaspi.kz ADS and common shares in this Form 3?

The footnote explains that each American Depositary Share represents one common share of Joint Stock Co Kaspi.kz. Thus, Gutkowski’s 17,778 ADS correspond directly to 17,778 underlying common shares of the issuer.

Is Szymon Gutkowski’s Kaspi.kz (KSPI) ownership direct or indirect?

The Form 3 identifies his ownership as direct, using the code “D” for his 17,778 American Depositary Shares. Direct ownership means the shares are held in his own name, rather than through a trust, partnership, or other related entity.

What insider role does Szymon Gutkowski have at Kaspi.kz (KSPI)?

The filing states that Szymon Gutkowski is a director of Joint Stock Co Kaspi.kz. As a director, he is considered an insider and must report his equity holdings and certain future transactions in the company’s securities to the SEC.