Kaspi.kz JSC

Latest Results (27.12.2025):

Kaspi.kz JSC – 2Q 2025 (and 1H 2025) results: Kaspi.kz JSC reported solid operating momentum in 2Q & 1H 2025 with revenue excluding Türkiye up 20% YoY (KZT734bn in 2Q; KZT1.4tn for 1H) and consolidated net income excluding Türkiye up 14% in 2Q (KZT276bn) and 15% in 1H (KZT535bn). Customer engagement remains strong (75 monthly transactions per active consumer). Growth was broad-based across Payments, Marketplace and Fintech, while higher deposit funding costs weighed on Fintech profits; the company reiterated roughly 15% net income growth guidance for 2025 (ex-Türkiye).

Top-line and Profit Snapshot

2Q 2025 revenue excl. Türkiye +20% YoY to KZT734bn (incl. Türkiye KZT982bn). 1H 2025 revenue excl. Türkiye KZT1.4tn (incl. Türkiye KZT1.8tn / $3.5bn). Consolidated net income excl. Türkiye: 2Q KZT276bn (+14% YoY), 1H KZT535bn (+15% YoY).

Payments Platform

Payments TPV +21% YoY to KZT10.7tn in 2Q; transactions +14% YoY. Payments revenue +16% YoY to KZT161bn (2Q) and net income +19% YoY to KZT106bn (2Q), driven by operational gearing despite a modest decline in take rate (1.11% in 2Q vs 1.18% a year ago). Kaspi Pay QR expanded bank and Alipay+ integrations; Kaspi Restaurants launched.

Marketplace Platform

Marketplace purchases +35% YoY in 2Q; GMV +15% YoY to KZT1.6tn (2Q) and +17% for 1H. Marketplace revenue grew faster than GMV (+25% YoY in 2Q to KZT211bn; +29% for 1H) driven by delivery, advertising and classifieds; Marketplace take rate rose to 10.2%. Marketplace net income +13% YoY in 2Q (KZT88bn), with 1P e-Grocery weighing on margins.

e‑Grocery & m‑Commerce

e‑Grocery GMV +57% YoY in 2Q; active e‑Grocery consumers reached 1.1m and the service now operates in 5 cities with 8 dark stores. e‑Commerce GMV +22% YoY in 2Q (KZT747bn); e‑Commerce take rate increased ~120–130bps to 12.5%.

Fintech Platform

TFV origination +17% YoY in 2Q to KZT2.9tn; Fintech revenue +21% YoY in 2Q to KZT371bn (KZT714bn for 1H). Fintech net income rose +8% YoY in 2Q (KZT82bn) and +8% for 1H (KZT159bn), with profit growth restrained by deposit funding costs (deposit interest expense +26% YoY in 2Q). Cost of risk stable at 0.6%; NPL ratio ~5.7%.

Türkiye, Hepsiburada and M&A

Final $526.9m payment for Hepsiburada made in July. Hepsiburada showed improving top-line momentum and 2Q EBITDA +42% YoY, though net income was impacted by provisioning for early-stage consumer credit. Kaspi.kz expects Rabobank A.Ş acquisition to close in H2 2025 and plans ~ $300m post-close investment to enable banking services in Türkiye.

Capital allocation & Guidance

Kaspi.kz reiterated ~15% consolidated net income growth guidance for 2025 (ex-Türkiye). Management plans a balance in 2026 between returning capital to shareholders and investing in long‑term international growth, given strong cash generation from the Kazakhstan core.