Kaspi.kz 3Q & 9M 2025 Financial Results
Kaspi.kz (Nasdaq:KSPI) reported 3Q 2025 and 9M 2025 unaudited IFRS results: 3Q revenue +20% YoY and 3Q net income +12% YoY; 9M revenue +20% and 9M net income +14%. Excluding smartphone GMV, regulatory/tax changes and the higher base rate, underlying 3Q revenue and net income rose 23% and 21% respectively, and 9M underlying revenue and net income rose 22% and 20% respectively.
Key business highlights: Payments TPV +18% YoY (3Q); Marketplace revenue +24% vs GMV +12% (3Q); Advertising revenue +56% (3Q); marketplace take rate +80bps; Cost of Risk 0.6% (3Q). Hepsiburada GMV +15% (3Q) while EBITDA declined materially due to investments. Company announced a ~$100m ADS repurchase program and a modest share capital increase expected to raise ~$100m. 2025 net income guidance narrowed to 10–12% YoY (or ~18–20% underlying).
Kaspi.kz (Nasdaq:KSPI) ha riportato risultati IFRS non auditati per il 3Q 2025 e i primi 9 mesi 2025: entrate 3Q +20% YoY e utile netto 3Q +12% YoY; entrate 9M +20% e utile netto 9M +14%. Escludendo GMV di smartphone, cambi regolamentari/fiscali e l'effetto base più alto, le entrate di base del 3Q e l'utile netto di base sono aumentati del 23% e del 21% rispettivamente, e le entrate e l'utile netto di base dei 9M sono aumentati del 22% e del 20% rispettivamente.
Principali highlights aziendali: TPV dei pagamenti +18% YoY (3Q); entrate del Marketplace +24% contro GMV +12% (3Q); entrate pubblicitarie +56% (3Q); take rate del marketplace +80bps; Cost of Risk 0,6% (3Q). GMV di Hepsiburada +15% (3Q) mentre l'EBITDA è diminuito in modo sostanziale a causa degli investimenti. L'azienda ha annunciato un programma di riacquisto ADS di circa $100m e un modesto aumento di capitale previsto per raccogliere circa $100m. Le previsioni per l'utile netto 2025 sono state ristrette a 10–12% YoY (oppure ~18–20% a livello sottostante).
Kaspi.kz (Nasdaq:KSPI) informó resultados IFRS no auditados para el 3T 2025 y los primeros 9 meses de 2025: ingresos del 3T +20% interanual y beneficio neto del 3T +12% interanual; ingresos de los 9M +20% y beneficio neto de los 9M +14%. Excluyendo GMV de teléfonos inteligentes, cambios regulatorios/fiscales y una base más alta, los ingresos y el beneficio neto subyacentes del 3Q aumentaron un 23% y un 21% respectivamente, y los ingresos subyacentes y el beneficio neto de 9M aumentaron un 22% y un 20% respectivamente.
Aspectos clave del negocio: TPV de pagos +18% interanual (3Q); ingresos del Marketplace +24% frente a GMV +12% (3Q); ingresos por publicidad +56% (3Q); take rate del marketplace +80pb; Cost of Risk 0,6% (3Q). GMV de Hepsiburada +15% (3Q) mientras el EBITDA cayó significativamente debido a inversiones. La empresa anunció un programa de recompra de ADS de aproximadamente $100m y un modesto aumento de capital esperado para levantar ~$100m. Las previsiones de 2025 para el beneficio neto se han reducido a 10–12% YoY (o ~18–20% subyacente).
Kaspi.kz (Nasdaq:KSPI)는 2025년 3분기(3Q) 및 2025년 9개월치(9M)의 IFRS 무감사 실적을 발표했습니다: 3Q 매출 전년동기대비 +20% 및 3Q 순이익 전년동기대비 +12%; 9M 매출 +20% 및 9M 순이익 +14%. 스마트폰 GMV, 규제/세금 변화 및 더 높은 기본 금리를 제외하면 3Q의 기저 매출 및 순이익은 각각 23% 및 21% 증가했고, 9M의 기저 매출 및 순이익은 각각 22% 및 20% 증가했습니다.
주요 사업 하이라이트: 결제 TPV +18% YoY(3Q); Marketplace 매출 +24% GMV +12%(3Q); 광고 매출 +56%(3Q); Marketplace 수수료율 80bp 증가; 리스크 비용 0.6%(3Q). Hepsiburada GMV +15%(3Q)였으나 투자가 증가하면서 EBITDA는 크게 감소했습니다. 회사는 약 $100m ADS 재매입 프로그램과 약 $100m의 소폭 주식자본 증가를 발표했습니다. 2025년 순이익 가이던스는 YoY +10~12%로 축소(또는 기저 기준으로 약 +18~20%).
Kaspi.kz (Nasdaq:KSPI) a publié des résultats IFRS non audités pour le 3T 2025 et les 9 premiers mois de 2025: revenus du 3T +20% YoY et bénéfice net du 3T +12% YoY; revenus des 9M +20% et bénéfice net des 9M +14%. En excluant le GMV des smartphones, les changements réglementaires/fiscaux et une base plus élevée, les revenus et le bénéfice net sous-jacents du 3Q ont augmenté de 23% et 21% respectivement, et les revenus et le BNA sous-jacents des 9M ont augmenté de 22% et 20% respectivement.
Points clés: TPV Paiements +18% YoY (3Q); revenus Marketplace +24% contre GMV +12% (3Q); revenus publicitaires +56% (3Q); take rate du Marketplace +80bps; Cost of Risk 0,6% (3Q). GMV de Hepsiburada +15% (3Q) alors que l'EBITDA a fortement diminué en raison des investissements. La société a annoncé un programme de rachat d’ADS d’environ $100m et une légère augmentation de capital prévue pour lever environ $100m. Les prévisions de 2025 pour le bénéfice net ont été réduites à 10–12% YoY (ou ~18–20% sous-jacent).
Kaspi.kz (Nasdaq:KSPI) meldete ungeprüfte IFRS-Ergebnisse für das 3Q 2025 und die ersten 9 Monate 2025: 3Q-Umsatz +20% YoY und 3Q-Nettoeinkommen +12% YoY; 9M-Umsatz +20% und 9M-Nettoeinkommen +14%. Ohne Smartphone-GMV, regulatorische/Steueränderungen und den höheren Basiswert stiegen der zugrunde liegende 3Q-Umsatz und das Nettoeinkommen jeweils um 23% bzw. 21%, und der zugrunde liegende 9M-Umsatz und das Nettoeinkommen stiegen um 22% bzw. 20%.
Wesentliche Geschäftshighlights: Payment-TPV +18% YoY (3Q); Marketplace-Umsatz +24% gegenüber GMV +12% (3Q); Werbeumsatz +56% (3Q); Marketplace Take Rate +80 Basispunkte; Cost of Risk 0,6% (3Q). Hepsiburada GMV +15% (3Q) während das EBITDA aufgrund von Investitionen deutlich gesunken ist. Das Unternehmen kündigte ein ~$100m ADS-Rückkaufprogramm und eine bescheidene Kapitalerhöhung an, die voraussichtlich ~$100m einbringen wird. Die Gewinnprognose für 2025 wurde auf 10–12% YoY reduziert (oder ca. 18–20% underlying).
Kaspi.kz (Nasdaq:KSPI) أبلغت عن نتائج IFRS غير مُدققة للربع الثالث 2025 والفترة المنتهية في 9 أشهر 2025: إيرادات الربع الثالث +20% سنوياً و صافي الربح للربع الثالث +12% سنوياً; إيرادات التسعة أشهر +20% و صافي الربح لــ 9M +14%. باستثناء GMV الهواتف الذكية والتغييرات التنظيمية/الضريبية والقاعدة الأعلى، ارتفعت الإيرادات الأساسية للربع الثالث وصافي الربح الأساسي بمقدار 23% و 21% على التوالي، وارتفعت إيرادات 9M الأساسية وصافي الربح الأساسي بمقدار 22% و 20% على التوالي.
أبرز نقاط العمل: TPV المدفوعات +18% سنوياً (3Q)؛ إيرادات السوق الرقمية +24% مقابل GMV +12% (3Q)؛ إيرادات الإعلانات +56% (3Q)؛ معدل عائد السوق +80 نقطة أساس؛ تكلفة المخاطر 0.6% (3Q). GMV هبسيبارودا +15% (3Q) بينما تراجع EBITDA بشكل ملموس بسبب الاستثمارات. أعلنت الشركة عن برنامج إعادة شراء ADS يقارب $100m وزيادة رأس مال معتدلة من المتوقع أن تجمع نحو $100m. تم تقليص التوجيه لصافي الربح لعام 2025 إلى 10–12% YoY (أو حوالي 18–20% الأساسي).
- 3Q 2025 revenue growth of 20% YoY
- 9M 2025 revenue growth of 20% YoY
- Payments TPV up 18% YoY in 3Q 2025
- Marketplace revenue up 24% YoY in 3Q 2025 (outpacing GMV)
- Advertising revenue up 56% YoY in 3Q 2025
- Commenced $100m ADS repurchase program
- Smartphone supply disruption reduced Marketplace GMV in 3Q 2025
- 2025 reported net income guidance reduced to 10–12% YoY
- Hepsiburada EBITDA down 74% YoY in 3Q 2025 due to investments
- Higher NBRK base rate and recent tax/regulatory changes weighed on 3Q performance
Insights
Core payments and marketplace momentum remains intact despite temporary smartphone disruption and higher rates.
Payments show operational leverage: TPV and transactions rose
Marketplace revenue grew faster than GMV (revenue +24% vs GMV +12% in 3Q 2025), driven by delivery, advertising and e‑grocery; excluding smartphones GMV, Marketplace metrics rise materially, which suggests the smartphone disruption is a product‑specific headwind rather than a structural demand shift. Watch near‑term recovery in smartphone supply and the rollout of Kaspi Ai and Kaspi Alaqan, with material easing in comparables expected from
Financial results show healthy cashflow and cautious near‑term guidance; capital returns begin via a $100M buyback.
Consolidated revenue and net income rose
Key dependencies include regulatory approvals for the Rabobank A.Ş. acquisition and the countrywide smartphone supply recovery; monitor quarterly net income vs the stated adjusted trajectory and any regulatory updates through
ALMATY, Kazakhstan, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”, “we”) (Nasdaq:KSPI) which operates the Kaspi.kz and Kaspi Pay Super Apps in Kazakhstan and owns
3Q & 9M 2025 Highlights
- 3Q 2025 revenue up
20% year-over-year (“YoY”) and net income up12% YoY. The supply of smartphones remains subject to temporary disruption in Kazakhstan. Excluding smartphones GMV from Marketplace and regulatory & tax changes, as well as the higher 2025 base rate 2025, underlying revenue and net income increased23% and21% respectively. This and all references below exclude Türkiye unless otherwise stated. - In 3Q 2025 lower GMV from smartphones, the base rate increase in the first part of the year and recently introduced tax and regulatory changes negatively impacted our growth. That said, with the exception of lower GMV from smartphones all trends were in line with the commentary we provided at our interim results in August. Excluding these external factors our core business is performing well.
- For 9M 2025 revenue and net income increased
20% and14% YoY respectively. Excluding smartphones GMV from Marketplace and regulatory & tax changes, as well as the base rate increase, underlying revenue and net income increased22% and20% respectively. - Customer engagement remains strong with Monthly Transactions per Active Consumer at 76.
- In Payments, operational gearing once again resulted in profit growth ahead of revenue growth.
- Payments TPV and transactions up
18% and14% YoY, respectively in 3Q 2025. For 9M 2025, TPV and transactions up21% and15% YoY, respectively. - Payments revenue and net income up
10% and12% YoY, respectively in 3Q 2025 and up14% and17% , respectively for 9M 2025. - Kaspi Alaqan, pay-by-palm, just announced with roll out to commence in 4Q 2025. Our latest payments innovation is another way for Kaspi Pay to deliver value to our customers and keep growing.
- We also continue to grow Kaspi Pay’s addressable market, having integrated with 6 banks in Kazakhstan, O!Bank in Kyrgyzstan, AliPay+ and its global partners.
- Payments TPV and transactions up
- Marketplace Platform revenue growth continued to significantly outpace GMV growth.
- Purchases up
36% YoY in both 3Q and 9M 2025. - Revenue up
24% YoY versus12% GMV growth in 3Q 2025, with revenue boosted by the growth of Kaspi Delivery, Kaspi Advertising, Classifieds and e-Grocery. For 9M 2025, revenue and GMV up27% and15% YoY, respectively. - Excluding GMV from smartphones, Marketplace GMV increased
20% and21% YoY in 3Q and 9M 2025, with revenue increasing by32% and34% respectively. - Excluding GMV from smartphones, e-Commerce GMV increased
25% and29% YoY in 3Q and 9M 2025. - Smartphones supply disruption expected to be temporary and year-over-year comparables ease significantly from March 2026.
- Advertising revenue up
56% and76% YoY in 3Q and 9M 2025. New advertising service launched, whereby Kaspi.kz will run advertising campaigns for our merchants on the Kaspi.kz Super App and 3rd party platforms including Instagram, Facebook, TikTok and Google. - Marketplace take rate up 80bps YoY in both 3Q and 9M 2025.
- e-Grocery continues to grow fast, with GMV up
53% YoY in 3Q 2025. - Kaspi Ai assistant has been in development over the last 18 months. Our AI tools have enriched the presentation of around 500K of our most popular Marketplace products. Tools to be rolled out to all merchants from Jan’26. We believe Kaspi Ai leads to a higher quality shopping experience for consumers, superior conversion for merchants and faster GMV growth for us.
- Kaspi Restaurants continues to scale fast and we have integrated Delivery Hero’s Glovo restaurant delivery service into the Kaspi.kz Super App.
- Marketplace net income up
7% and13% YoY, for 3Q and 9M 2025 respectively. Excluding GMV from smartphones, Marketplace net income up16% and20% in 3Q and 9M 2025 respectively. Smartphone supply disruption is country wide and Marketplace’s competitive position remains unchanged.
- Purchases up
- Fintech Platform TFV growth up
16% and17% YoY in both 3Q and 9M 2025.- Fintech revenue growth up
24% and21% YoY, respectively in 3Q and 9M 2025 on the back of healthy origination in previous periods and stable yield trends. - Underlying credit quality remains healthy and broadly unchanged, with
0.6% Cost of Risk in 3Q 2025 compared with0.5% in the same period in 2024. - Net income growth accelerated to
15% in 3Q 2025 and was up10% YoY in 9M 2025. Excluding base rate increase in March 2025 net income up28% in 3Q 2025 and18% YoY in 9M 2025.
- Fintech revenue growth up
- In 3Q 2025 Hepsiburada’s growth accelerated again.
- Growth in everyday orders is an important priority for us. During 3Q 2025, purchases increased
16% YoY, compared with7% in 2Q 2025 and an11% decline in 1Q 2025. - GMV growth accelerated to
15% YoY in 3Q 2025 compared with5% for 9M 2025. Revenue increased22% and11% respectively over the same periods. - Multiple improvement initiatives underway, with a focus on delivery, marketing, BNPL payment options and app user experience. Due to investments in these areas, EBITDA decreased by
74% and35% YoY during 3Q and 9M 2025 respectively. - Modest share capital increase announced and expected to raise approximately
$100 million . - We continue to work on securing the necessary regulatory approvals to acquire Rabobank A.Ş.
- Growth in everyday orders is an important priority for us. During 3Q 2025, purchases increased
- In 2025 Kaspi.kz’s growth in Kazakhstan has been impacted by country wide supply disruption for smartphones, the higher NBRK base rate and other non-operating external factors. With no recovery in smartphone GMV trends in 4Q 2025, we now expect Kaspi.kz in Kazakhstan to deliver 2025 net income growth of between 10
-12% YoY. - Excluding smartphones GMV from Marketplace and regulatory & tax changes, as well as the base rate increase, 2025 underlying net income growth is expected to be around 18
-20% YoY, which is consistent with the around20% guidance we provided in March 2025. - With smartphone supply disruption expected to be temporary and favourable year-over-year comps from March 2026, we expect Marketplace growth to resume its normal growth trajectory next year. The headwind from rising interest rates, can also become a tailwind in the future. Growth momentum in Türkiye is gathering pace.
- Given the strong cash generation capacity of our core business and we believe our attractive long-term growth prospects, we have decided to bring forward cash returns and commence a
$100 million ADS repurchase program. - In 2026, we currently envisage a balance between returning capital to our shareholders via both buybacks and dividends, as well as investing in our long-term growth.
Click on, or paste the following link into your web browser, to view the full announcement.
http://ml.globenewswire.com/Resource/Download/1b950694-d924-4132-82db-232211f9e5a4
For further information
David Ferguson, david.ferguson@kaspi.kz +44 7427 751 275
FAQ
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