Kaspi.kz Files Annual Report on Form 20-F

Rhea-AI Summary

Kaspi.kz (Nasdaq: KSPI) filed its Annual Report on Form 20-F for the year ended December 31, 2025 with the U.S. Securities and Exchange Commission on March 16, 2026.

According to Kaspi.kz, the 2025 Form 20-F is available on the company investor relations website and on the SEC website.

News Market Reaction – KSPI

+3.90%

1 alert

+3.90% News Effect

On the day this news was published, KSPI gained 3.90%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Reality Check

Price: $72.17 Vol: Volume 233,509 is light a...

low vol

$72.17 Last Close

Volume Volume 233,509 is light at 0.37x its 20-day average 639,430. low

Technical Price 68.84 is trading below the 200-day MA at 80.44, near the 52-week low of 68.59.

Peers on Argus

KSPI gained 3.9% with light volume while key peers like OKTA (+0.58%), RBRK (+0....

KSPI gained 3.9% with light volume while key peers like OKTA (+0.58%), RBRK (+0.15%) and CHKP (+0.34%) showed only modest moves and TOST declined (-0.25%), indicating a stock-specific move rather than a broad sector rotation.

Historical Context

5 past events · Latest: Mar 04 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 04	AGM announcement	Neutral	-2.1%	Called 2026 AGM with dividend proposal and auditor renewal items.
Mar 02	Earnings results	Positive	+10.5%	Reported FY 2025 revenue and net income growth with proposed dividend.
Feb 05	Earnings date	Neutral	-2.7%	Set date and call details for 4Q and FY 2025 results release.
Nov 10	Earnings results	Positive	+3.3%	Posted strong 3Q and 9M 2025 growth with guidance and buyback plan.
Oct 08	Earnings date	Neutral	+0.5%	Announced timing and webcast for upcoming 3Q and 9M 2025 results.

Pattern Detected

Recent positive earnings releases have coincided with gains, while neutral scheduling or meeting notices have seen smaller or negative moves.

Recent Company History

Over the last several months, Kaspi.kz has focused on financial reporting, dividends, and shareholder meetings. Earnings releases on Nov 10, 2025 and Mar 2, 2026 highlighted double-digit revenue and net income growth, with 24-hour share moves of +3.31% and +10.5%, respectively. In contrast, neutral items such as earnings date announcements and the Apr 15, 2026 AGM notice produced modest reactions between about -2.7% and +0.5%. Today’s Form 20-F filing fits the pattern of routine disclosure following prior earnings and 6-K filings.

Market Pulse Summary

This announcement formalizes Kaspi.kz’s Form 20-F annual report for the year ended December 31, 2025...

Analysis

This announcement formalizes Kaspi.kz’s Form 20-F annual report for the year ended December 31, 2025, following earlier 6-K filings that outlined growth, dividend policy, and Türkiye expansion. Investors monitoring this filing typically focus on updated risk disclosures, share count details, and any nuances versus prior earnings communications. Key items to watch in subsequent periods include revenue and net income trends, capital allocation decisions, and the impact of macroeconomic conditions in Kazakhstan and Türkiye.

Key Terms

form 20-f

1 terms

form 20-f regulatory

"announced that the Company has filed its Annual Report on Form 20-F for the year ended"

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

AI-generated analysis. Not financial advice.

ALMATY, Kazakhstan, March 16, 2026 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”, “we”, or the “Company”) (Nasdaq: KSPI) today announced that the Company has filed its Annual Report on Form 20-F for the year ended December 31, 2025 with the U.S. Securities and Exchange Commission (the “SEC”).

Kaspi.kz’s 2025 Annual Report on Form 20-F is available on the investor relations section of its website at https://ir.kaspi.kz/financial-information/ and on the SEC’s website at www.sec.gov.

About Kaspi.kz

Kaspi.kz’s mission is to improve people’s lives by developing innovative mobile products and services. To deliver upon this we operate a unique two-sided Super App model – Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants.

Through these Super Apps consumers and merchants can access our leading Payments, Marketplace, and Fintech Platforms. All our services are designed to be highly relevant to users’ everyday needs and enable consumers and merchants to connect and transact between themselves.

The combination of a large, highly engaged consumer and merchant base, best-in-class, highly relevant digital products and a capex lite approach, results in strong top-line growth, a profitable business model and enables us to continue innovating, delighting our users and fulfilling our mission.

In Türkiye Kaspi.kz owns an 85.17% stake in Hepsiburada, one of the country’s leading e-commerce companies.

Harvard Business School has written two case studies on Kaspi.kz which it continues to teach to its MBA students.

Kaspi.kz has been listed on Nasdaq since January 2024.

For further information

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

FAQ

When did Kaspi.kz (KSPI) file its 2025 Annual Report on Form 20-F?

Kaspi.kz filed its 2025 Annual Report on Form 20-F on March 16, 2026. According to Kaspi.kz, the filing covers the year ended December 31, 2025 and is available on the company's investor relations site and the SEC website for investor review.

Where can investors download Kaspi.kz (KSPI) 2025 Form 20-F?

Investors can download the 2025 Form 20-F from Kaspi.kz's investor relations website and the SEC website. According to Kaspi.kz, the report is posted at https://ir.kaspi.kz/financial-information/ and is also available via www.sec.gov for official filings access.

What period does Kaspi.kz's (KSPI) 2025 Form 20-F cover?

The 2025 Form 20-F covers the fiscal year ended December 31, 2025. According to Kaspi.kz, the filing contains the company's annual disclosures and statutory information for that full-year reporting period for investor use and regulatory compliance.

Does the Kaspi.kz (KSPI) 20-F filing include audited financial statements?

The company filing typically includes audited annual financial statements as part of Form 20-F. According to Kaspi.kz, the 2025 Form 20-F is filed with the SEC and contains the standard annual disclosures and financial statements required for foreign private issuers.

How should shareholders use Kaspi.kz's (KSPI) 2025 Form 20-F for investment decisions?

Shareholders should review the 20-F for audited financials, risk factors, and governance details before deciding. According to Kaspi.kz, the 2025 Form 20-F provides comprehensive annual disclosures useful for evaluating company performance and regulatory compliance.