Kaspi.kz JSC

Latest Results (08.02.2026):

Kaspi.kz JSC — 3Q & 9M 2025: The company reported solid underlying growth despite country‑wide smartphone supply disruption and higher interest rates. For 3Q 2025 consolidated revenue (ex‑Türkiye) rose ~20% YoY and net income rose ~12% YoY; excluding smartphone GMV, recent regulatory/tax changes and the higher base rate, underlying revenue and net income increased about 23% and 21% respectively. For 9M 2025 revenue and net income (ex‑Türkiye) rose ~20% and ~14% YoY (underlying +22% and +20%). Management reiterated that smartphone disruption is temporary, provided updated 2025 guidance, and announced a $100m ADS repurchase program.

Overall financials

3Q 2025 revenue (ex‑Türkiye) +20% YoY to KZT797bn; 3Q net income (ex‑Türkiye) +12% YoY to KZT307bn. 9M 2025 revenue (ex‑Türkiye) +20% YoY to KZT2.2tn; 9M net income (ex‑Türkiye) +14% YoY to KZT842bn. Adjusted (ex‑smartphones, regulatory/tax and base‑rate effects) growth materially stronger (~+22% revenue, ~+20% net income for 9M).

Payments platform

Payments TPV +18% YoY in 3Q (TPV KZT11.6tn) and +21% for 9M; transactions +14% in 3Q. Payments revenue +10% and net income +12% in 3Q; for 9M revenue +14% and net income +17%. High profitability driven by operating leverage and tighter cost control. Kaspi Alaqan (pay‑by‑palm) rollout begins Dec 2025 in Almaty.

Marketplace platform

Marketplace GMV +12% YoY in 3Q 2025 to KZT1.7tn, but excluding smartphones GMV +20% (3Q) and +21% (9M). Marketplace revenue outpaced GMV: +24% (3Q) and +27% (9M), helped by Kaspi Delivery, Advertising (advertising revenue +56% in 3Q; +76% for 9M), Classifieds and e‑Grocery. Marketplace take rate rose ~80bps to 10.3%.

Fintech platform

TFV origination +16% in 3Q and +17% for 9M 2025 (3Q TFV KZT3.0tn; 9M TFV KZT8.6tn). Fintech revenue +24% (3Q) and +21% (9M). Net income +15% in 3Q and +10% for 9M; excluding the higher base rate net income growth would be substantially stronger (~+28% in 3Q ex‑base rate). Cost of risk in 3Q was 0.6% (slightly up from 0.5% a year earlier); NPL ratio ~5.8% in 9M.

Hepsiburada (Türkiye)

Hepsiburada showed accelerating top‑line trends: 3Q GMV +15% YoY and revenue +22% YoY. However, targeted investments (delivery, marketing, BNPL, app UX) and higher provisioning drove EBITDA down sharply (EBITDA -74% in 3Q) and net losses (TRY1.3bn in 3Q, TRY2.5bn for 9M). Hepsiburada is pursuing a ~TRY4.2bn (~$100m) capital increase.

Smartphone disruption, guidance & outlook

Country‑wide smartphone import/registration restrictions and weak supply weighed on GMV and near‑term growth. Management expects the disruption to be temporary with easier YoY comps from March 2026. 2025 guidance for Kazakhstan: net income growth now expected at 10–12% YoY; excluding smartphones, regulatory/tax changes and the base rate increase, underlying 2025 net income growth is expected ~18–20% YoY.

Capital returns

Kaspi.kz JSC announced a $100m ADS repurchase program to bring forward cash returns, and says 2026 will balance buybacks, dividends and investment for growth.

Product & strategic initiatives

Key rollouts and innovations: Kaspi Alaqan (pay‑by‑palm) starting Dec 2025; Kaspi Ai assistant (merchant product page enrichment) to be rolled out to all merchants from Jan 2026; continued expansion of e‑Grocery (e‑Grocery GMV +53% in 3Q; 1.3m active consumers in 3Q) and integration of Glovo into the Super App.

Customer engagement

Monthly transactions per active consumer remain high at 76, supporting recurring TPV and cross‑sell opportunities across Payments, Marketplace and Fintech.