Kaspi.kz 4Q & FY 2025 Financial Results
Kaspi.kz (Nasdaq:KSPI) reported unaudited IFRS results for 4Q & FY 2025 and outlined Türkiye expansion and dividend plans.
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
Details
News Market Reaction – KSPI
In the Mar 2 session, KSPI gained 10.50%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
- 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
Previous Earnings Reports
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Strong 3Q and 9M growth with buyback and narrowed 2025 guidance.
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Robust Q2/H1 growth, strong TPV and marketplace trends, guidance reaffirmed.
-
Solid Q1 growth but 2025 net income guidance cut to 15%.
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Strong FY24 growth and Hepsiburada acquisition details with 2025 outlook.
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High growth across platforms and announcement of Hepsiburada stake.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
ifrs financial
adjusted ebitda financial
gmv financial
tpv financial
cost of risk financial
take rate financial
AI-generated analysis. How Rhea-AI works. 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
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
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
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 | 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
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% and10% 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 ) increased21% and18% respectively.
- 4Q 2025 revenue up
15% year-over-year and net income up1% YoY. Underlying revenue and net income increased18% and13% 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% and12% YoY, respectively in 4Q 2025. For FY 2025, TPV and transactions up19% and14% YoY, respectively. - Payments revenue and net income up
7% and4% YoY, respectively in 4Q 2025, and up12% and13% , 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.
- Payments TPV and transactions up
- Marketplace Platform revenue growth continued to significantly outpace GMV growth.
- Purchases up
34% and35% YoY in 4Q and FY 2025. - Revenue up
13% YoY versus3% GMV growth in 4Q 2025, with revenue boosted by the growth of Kaspi Delivery, Kaspi Advertising and Classifieds. For FY 2025, revenue and GMV up23% and11% YoY, respectively. - Underlying Marketplace GMV increased
12% and19% YoY in 4Q and FY 2025, with revenue increasing by21% and30% respectively. - Underlying e-Commerce GMV increased
23% and27% YoY in 4Q and FY 2025. - e-Grocery continues to grow fast, with GMV up
43% and53% in 4Q and FY 2025 respectively. - Advertising revenue up
45% and64% 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 up6% for 4Q and FY 2025 respectively. Underlying Marketplace net income up1% and14% in 4Q and FY 2025 respectively.
- Purchases up
- Fintech Platform TFV growth up
4% and13% YoY in 4Q and FY 2025.- Fintech revenue growth up
19% and20% 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 up9% YoY in FY 2025. Underlying net income increased18% in both 4Q and FY 2025.
- Fintech revenue growth up
- 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 with16% in 3Q 2025,7% in 2Q 2025 and an11% 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 with7% for FY 2025. Revenue increased18% and13% respectively over the same periods. - Due to investments, Adjusted EBITDA was around breakeven in 4Q 2025 and positive TRY1.1 billion in FY 2025.
- During 4Q 2025, purchases increased
- 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.
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For further information
David Ferguson, david.ferguson@kaspi.kz +44 7427 751 275
FAQ
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