Kaspi.kz 4Q & FY 2025 Financial Results

Rhea-AI Summary

Kaspi.kz (Nasdaq:KSPI) reported unaudited IFRS results for 4Q & FY 2025 and outlined Türkiye expansion and dividend plans.

FY 2025 revenue rose 19% YoY and net income 10% YoY; the board proposed a quarterly dividend of KZT 850 per ADS. Hepsiburada showed renewed engagement and FY Adjusted EBITDA of TRY 1.1bn.

Positive

• FY revenue +19% YoY
• FY net income +10% YoY
• Underlying revenue +21% YoY
• Hepsiburada FY Adjusted EBITDA TRY 1.1bn
• Board proposes KZT 850 per ADS quarterly dividend

Negative

• Consolidated tax rate +200 bps expected in 2026
• Higher reserve requirements to reduce interest revenue
• 2026 bottom-line growth expected to lag top-line
• Consolidated Adjusted EBITDA guidance only ~5% YoY

Key Figures

Quarterly dividend: KZT 850 per ADS FY 2025 revenue growth: 19% YoY FY 2025 net income growth: 10% YoY +5 more

8 metrics

Quarterly dividend KZT 850 per ADS Board-recommended 4Q 2025 dividend, indicated as sustainable through 2026 subject to approval

FY 2025 revenue growth 19% YoY Reported revenue growth for full year 2025, in line with guidance

FY 2025 net income growth 10% YoY Reported net income growth for full year 2025

Underlying FY 2025 net income 18% YoY Excludes smartphones GMV and certain regulatory, tax and rate impacts

4Q 2025 revenue growth 15% YoY Fourth-quarter 2025 reported revenue increase versus prior-year quarter

4Q 2025 net income growth 1% YoY Fourth-quarter 2025 reported net income change versus prior-year quarter

Rabobank A.Ş. investment $300 million Expected investment upon closing of the Rabobank A.Ş. acquisition

2026 Adjusted EBITDA guidance 5% YoY growth Guidance for consolidated Kaspi.kz Adjusted EBITDA growth including Türkiye

Market Reality Check

Price: $70.59 Vol: Volume 599,463 vs 20-day ...

normal vol

$70.59 Last Close

Volume Volume 599,463 vs 20-day average 487,801 (relative volume 1.23x) ahead of the earnings release. normal

Technical Shares at 70.59, trading below 200-day MA of 80.92 and near the 52-week low of 70.05 (vs 52-week high 105.85).

Peers on Argus

KSPI was modestly lower (-0.98%) while close peers showed mixed, mostly small mo...

KSPI was modestly lower (-0.98%) while close peers showed mixed, mostly small moves: OKTA -0.34%, FFIV -0.95%, RBRK +0.39%, CHKP +0.04%, TOST +0.74%. This points to stock-specific dynamics around the earnings event rather than a broad sector move.

Previous Earnings Reports

5 past events · Latest: Nov 10 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 10	3Q 2025 earnings	Positive	+3.3%	Strong 3Q and 9M growth with buyback and narrowed 2025 guidance.
Aug 04	2Q 2025 earnings	Positive	+13.8%	Robust Q2/H1 growth, strong TPV and marketplace trends, guidance reaffirmed.
May 12	1Q 2025 earnings	Positive	-7.7%	Solid Q1 growth but 2025 net income guidance cut to 15%.
Feb 24	FY 2024 results	Positive	+0.8%	Strong FY24 growth and Hepsiburada acquisition details with 2025 outlook.
Oct 18	3Q 2024 earnings	Positive	+7.8%	High growth across platforms and announcement of Hepsiburada stake.

Pattern Detected

Earnings releases have generally produced positive one-day reactions, though there has been at least one notable selloff despite fundamentally solid growth.

Recent Company History

Over the past five earnings-related announcements, Kaspi.kz has consistently reported double-digit revenue and net income growth, supported by strong Payments, Marketplace, and Fintech metrics. Prior updates highlighted the Hepsiburada acquisition, expansion of e-Grocery, and progress on the Rabobank A.Ş. deal, alongside continued Super App engagement. Price reactions were mostly positive, with four of five earnings events showing gains, but the Q1 2025 results saw a -7.67% move after guidance was revised. Today’s 4Q & FY 2025 release fits into this pattern of growth with ongoing strategic investment in Türkiye.

Historical Comparison

+3.6% avg move · Past 5 earnings releases saw average one-day moves of 3.61%, mostly positive, indicating that earnin...

earnings

+3.6%

Average Historical Move earnings

Past 5 earnings releases saw average one-day moves of 3.61%, mostly positive, indicating that earnings have often been meaningful catalysts for KSPI.

Earnings updates show a progression from strong FY 2024 growth into 2025, with Kaspi.kz adding Hepsiburada, advancing Rabobank A.Ş., and increasingly positioning e-commerce and fintech as core drivers.

Market Pulse Summary

This announcement outlines Kaspi.kz’s 4Q & FY 2025 performance, with FY revenue up 19% and net i...

Analysis

This announcement outlines Kaspi.kz’s 4Q & FY 2025 performance, with FY revenue up 19% and net income up 10%, and introduces a recommended quarterly dividend of KZT 850 per ADS. Management details strong engagement metrics, particularly in Marketplace and Payments, while acknowledging higher taxes and reserve requirements in Kazakhstan. The plan to invest $300 million into Rabobank A.Ş. and manage Hepsiburada around Adjusted EBITDA breakeven underscores a balance between growth and profitability that investors may monitor in future results.

Key Terms

ifrs, adjusted ebitda, gmv, tpv, +2 more

6 terms

ifrs financial

"published its unaudited consolidated IFRS financial results for the quarter"

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

adjusted ebitda financial

"we will intentionally manage Hepsiburada to around Adjusted EBITDA breakeven"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

gmv financial

"Underlying Marketplace GMV increased 12% and 19% YoY in 4Q and FY 2025"

Gross merchandise value (GMV) is the total dollar value of all goods and services sold through a platform or marketplace over a given period, measured before deducting fees, returns, or discounts. Investors watch GMV to gauge the raw size and growth of customer activity—like counting every ticket sold at a concert before subtracting organizer costs—while remembering it is not the same as revenue or profit.

tpv financial

"Payments TPV and transactions up 14% and 12% YoY, respectively in 4Q 2025"

Total payment volume (TPV) is the total dollar value of all transactions routed through a platform, payment processor, or marketplace over a specific period. It matters to investors because it shows how much economic activity the business supports—similar to counting cars on a toll road to estimate toll income—and helps indicate growth, revenue potential, user engagement, and shifts in demand that can affect future profits.

cost of risk financial

"Credit quality remains healthy and broadly unchanged, with 2.2% Cost of Risk in 2025"

Cost of risk is the total expected financial hit a business expects from its exposure to loss, combining actual payouts (like claims or write‑downs), administrative expenses to handle those losses, and the capital set aside to cover them. Think of it as the combined “insurance premium, deductible and emergency fund” for a company; it directly affects profitability, cash flow and how much capital is tied up, so investors watch it to judge future earnings stability and management quality.

take rate financial

"Marketplace take rate up 80 bps YoY in both 4Q and FY 2025"

Take rate is the share of a platform’s total transaction volume that the platform keeps as revenue, usually expressed as a percentage of the money that passes through it. Investors watch take rate because it shows how well a business converts activity into income — like a marketplace owner keeping a slice of every sale — and changes in the take rate can signal improving monetization, pricing power, or margin pressure.

AI-generated analysis. Not financial advice.

ALMATY, Kazakhstan, March 02, 2026 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”, “we”) (Nasdaq:KSPI) today published its unaudited consolidated IFRS financial results for the quarter and fiscal year ended 31 December 2025 (“4Q & FY 2025” respectively).

Letter from Mikhail Lomtadze:

Two topics have dominated my conversations with investors over the last year: our progress in Türkiye and our approach to dividends. I want to address these and the other questions we hear most often, so that you better understand the context behind the decisions we’re taking.

Both Türkiye and dividends connect to a single ambition: to build Kaspi.kz into a 100 million user company. We believe that every strategic decision we make - the launch of new products and services, investments in Türkiye, and dividend policy - is anchored to this goal.

1. Can Kaspi.kz invest in Türkiye and pay a dividend?

Yes. We have always maintained that we will prioritize high-impact international opportunities where we believe we can create long-term value. Following the acquisition of Hepsiburada, we anticipate that we can now balance targeted growth investments and resume dividend distributions to our shareholders.

Subject to shareholder approval, we intend to pay a quarterly dividend of KZT 850 per ADS. Based on the business’s current performance and cash generation, we believe this is sustainable for the remainder of 2026.

2. What progress have you made at Hepsiburada over the last twelve months?

We believe that our progress in Türkiye has been substantial. Over the past year, we have tested and validated key elements of our operating model, strengthening our conviction that it can work at scale in Türkiye.

We are prioritizing our investments and efforts to increase orders, consumers and engagement through better personalisation, more relevant search, faster delivery, broader payment options, and improved marketing efficiency. Next-day shipment, which now covers around 63% of orders, up from around 47% in 4Q 2024 is a good example of the changes we’re making.

In our view, the clearest measure of progress is the improvement in order growth during 2025:

• Q1 2025: -11% YoY
• Q2 2025: +7% YoY
• Q3 2025: +16% YoY
• Q4 2025: +19% YoY
  

Monthly consumers on average increased 15% YoY in 4Q 2025, the fastest rate of increase for some time. Engaged consumers, which we consider to be our most important measure of platform health, grew 29% YoY on average in 4Q 2025.

3. When will Hepsiburada become profitable?

In the near-term, we will intentionally manage Hepsiburada to around Adjusted EBITDA breakeven.

In the short term, the investments we’re making can support faster top-line growth. Over time, a large and engaged consumer base can drive sustainable profitability.

Separately, we expect to invest approximately $300 million upon closing the acquisition of Rabobank A. Ş. This is fully reflected in our cash flow planning. The combination of e-commerce and fintech has the potential to turn healthy e-commerce economics into much stronger bottom-line growth over the coming years.

4. What does success in Türkiye look like in 2026 and beyond?

Success means consumer engagement metrics at Hepsiburada continuing to move toward levels we have achieved in Kazakhstan.

In Kazakhstan, e-commerce purchases per consumer reached 24.8 in 2025. At Hepsiburada, the same number is around 6.7. Even closing this engagement gap partially would represent a very meaningful opportunity. If we grow Hepsiburada’s consumer base as well, the upside can be magnified.

Metric (2025)	Kaspi.kz	Hepsiburada	Gap
# Consumers	7.4 million	11.8 million	1.6x more
GMV per consumer, KZT	332 000	212 000	1.6x less
Growth of engaged consumers	66%	29%	2.3x less
Purchases per consumer	24.8	6.7	3.7x less

Of course, we understand that Hepsiburada will not automatically match our metrics in Kazakhstan given different market dynamics, the low penetration of fintech products on Hepsiburada and our super app business model being in its early stages in Türkiye. But given our experience, we have a defined set of levers that we anticipate can systematically narrow the gap over time.

5. Are tax and other regulatory changes in Kazakhstan now in the rear-view mirror?

Not entirely and we want to be clear about the headwinds ahead.

From the start of 2026, the corporate tax rate for banks in Kazakhstan increased to 25% from 20% for all areas except business lending. For Kaspi.kz we expect our consolidated tax rate to increase by around 200 bps YoY in 2026.

Separately, the National Bank of Kazakhstan raised minimum reserve requirements in August 2025, with a further step-up expected in April 2026. This reduces the interest revenue we can generate.

Combined with the high-interest rate environment we expect that bottom-line growth in Kazakhstan in 2026 will lag top-line growth. The higher tax rate and reserve requirements will be fully absorbed into our earnings base by year end.  

On a more encouraging note, inflation in Kazakhstan has started to moderate. This opens the possibility of interest rate cuts later in the year, which could be a meaningful profit driver for us over several years. Our current 2026 guidance does not assume interest rate cuts.

We are actively managing our cost base and capital allocation in response to the current regulatory and macro backdrop and are well positioned to benefit when the interest rate cycle turns.

We anticipate that e-Commerce will be the main driver of our future growth in Kazakhstan and Türkiye, supported by our fintech products and rapidly scaling higher-margin services such as advertising.

We want to be a 100 million user company present in multiple countries. With our entry into Türkiye, we already serve around 20 million consumers and 200,000 merchants, and Türkiye’s large local manufacturing base gives us a substantial opportunity to enter new markets.

We will stay focused on execution to deliver world class services to our consumers and merchants, and we are confident in our path.

We believe we have a sensible balance between returning cash today and making the necessary investments to build a much more valuable business in the future.

Thank you for your ongoing trust and support.

Mikhail Lomtadze
Kaspi.kz CEO and co-founder

All references exclude Türkiye unless otherwise stated. Additionally, whenever we refer to a measure as “underlying” in this press release, it excludes certain external factors. For more information, see “External Factors Excluded from Underlying Measures.” 

4Q & FY 2025 Highlights

• For the fourth quarter of 2025, our Board of Directors has recommended a quarterly dividend of KZT850 per ADS. We believe this amount is sustainable at least for the remainder of 2026. All dividend distributions are subject to shareholder approval.
   
• For FY 2025 revenue and net income increased 19% and 10% year-over-year (“YoY”) respectively, in line with our guidance. Underlying revenue and net income (which excludes smartphones GMV from Marketplace and the impacts of certain regulatory and tax changes and the increase in the base rate ) increased 21% and 18% respectively.
   
• 4Q 2025 revenue up 15% year-over-year and net income up 1% YoY. Underlying revenue and net income increased 18% and 13% respectively.
   
• Engagement remains strong with 77 Monthly Transactions per Active Consumer.
   
• In Payments, profit growth remained solid and profitability high.
  • Payments TPV and transactions up 14% and 12% YoY, respectively in 4Q 2025. For FY 2025, TPV and transactions up 19% and 14% YoY, respectively.
  • Payments revenue and net income up 7% and 4% YoY, respectively in 4Q 2025, and up 12% and 13%, respectively for FY 2025.
  • Kaspi Alaqan, pay-by-palm, launched in Almaty. Around a third of the city’s adult population has registered to use the service in just 3 months.
     
• Marketplace Platform revenue growth continued to significantly outpace GMV growth.
  • Purchases up 34% and 35% YoY in 4Q and FY 2025.
  • Revenue up 13% YoY versus 3% GMV growth in 4Q 2025, with revenue boosted by the growth of Kaspi Delivery, Kaspi Advertising and Classifieds. For FY 2025, revenue and GMV up 23% and 11% YoY, respectively.
  • Underlying Marketplace GMV increased 12% and 19% YoY in 4Q and FY 2025, with revenue increasing by 21% and 30% respectively.
  • Underlying e-Commerce GMV increased 23% and 27% YoY in 4Q and FY 2025.
  • e-Grocery continues to grow fast, with GMV up 43% and 53% in 4Q and FY 2025 respectively.
  • Advertising revenue up 45% and 64% YoY in 4Q and FY 2025.
  • Marketplace take rate up 80 bps YoY in both 4Q and FY 2025.
  • Marketplace net income down 7% and up 6% for 4Q and FY 2025 respectively. Underlying Marketplace net income up 1% and 14% in 4Q and FY 2025 respectively.
     
• Fintech Platform TFV growth up 4% and 13% YoY in 4Q and FY 2025.
  • Fintech revenue growth up 19% and 20% YoY, respectively in 4Q and FY 2025.
  • Credit quality remains healthy and broadly unchanged, with 2.2% Cost of Risk in 2025.
  • Net income increased 4% in 4Q 2025 and was up 9% YoY in FY 2025. Underlying net income increased 18% in both 4Q and FY 2025.
     
• In 4Q 2025 Hepsiburada’s growth accelerated again. Growth in engagement metrics is our no.1 priority and we’re pleased with our progress so far.
  • During 4Q 2025, purchases increased 19% YoY, compared with 16% in 3Q 2025, 7% in 2Q 2025 and an 11% decline in 1Q 2025.
  • Monthly active consumers increased 15% YoY in 4Q 2025.
  • Engaged consumers increased 29% YoY in 4Q 2025.
  • Adjusted for inflation GMV growth increased 13% YoY in 4Q 2025 compared with 7% for FY 2025. Revenue increased 18% and 13% respectively over the same periods.
  • Due to investments, Adjusted EBITDA was around breakeven in 4Q 2025 and positive TRY1.1 billion in FY 2025.
     
• To better highlight the performance of our core operations, we are now providing Adjusted EBITDA guidance. This avoids distortions from varying country tax rates, different interest rate environments, regulatory changes and makes it easier to compare our key markets.
  • We expect smartphone demand to normalise in 2026 and Marketplace in Kazakhstan to resume its normal growth trajectory this year.
  • With momentum in Türkiye rapidly gathering pace, we expect e-Commerce in both countries to be Kaspi.kz’s main growth driver in the medium-term.
  • Previously flagged higher tax and minimum reserve requirements will pressure bottom-line growth in Kazakhstan this year.
  • The headwind from high interest rates, can become a tailwind in the future, although this is not assumed in our guidance.
  • Near-term, we intend to deliberately manage Hepsiburada to around Adjusted EBITDA breakeven.
  • For 2026 we expect consolidated Kaspi.kz Adjusted EBITDA growth of around 5% YoY. For the first time our guidance includes Türkiye.

http://ml.globenewswire.com/Resource/Download/fc4b450f-8b7f-4f16-a318-0b724a269a49

For further information  

David Ferguson, david.ferguson@kaspi.kz +44 7427 751 275

FAQ

What dividend did Kaspi.kz (KSPI) propose for 4Q 2025 and is it sustainable?

The board proposed a quarterly dividend of KZT 850 per ADS, intended to be sustainable through 2026. According to the company, this distribution is subject to shareholder approval and is supported by current cash generation and planning assumptions.

How did Kaspi.kz (KSPI) perform financially in FY 2025 on revenue and net income?

Kaspi.kz reported FY 2025 revenue growth of 19% and net income up 10% year-over-year. According to the company, underlying measures excluding certain items increased revenue 21% and net income 18%, aligning with their guidance for the year.

What progress did Kaspi.kz (KSPI) report for Hepsiburada in 2025?

Hepsiburada showed accelerating engagement with purchases up 19% in Q4 2025 and FY Adjusted EBITDA of TRY 1.1bn. According to the company, monthly consumers rose 15% and engaged consumers grew 29% YoY in Q4 2025.

How will Kazakhstan tax and reserve changes affect Kaspi.kz (KSPI) in 2026?

Kaspi.kz expects consolidated tax rate to rise about 200 basis points and reserve requirements to pressure interest revenue. According to the company, these regulatory changes mean bottom-line growth will likely lag top-line in 2026.

What guidance did Kaspi.kz (KSPI) give for 2026 Adjusted EBITDA including Türkiye?

Kaspi.kz expects consolidated Adjusted EBITDA growth of around 5% year-over-year in 2026, the first guidance to include Türkiye. According to the company, this reflects deliberate Hepsiburada investments and Kazakhstan regulatory headwinds.

What are Kaspi.kz's (KSPI) strategic priorities after acquiring Hepsiburada?

The company prioritizes growing orders, consumers, and engagement through personalization, faster delivery, and broader payments in Türkiye. According to the company, next-day shipment now covers ~63% of orders and investments target long-term user expansion.