Joint Stock Company Kaspi.kz filings document U.S. disclosure by a foreign private issuer whose American Depositary Shares trade under KSPI. Form 6-K reports furnish annual and interim consolidated financial statements, operating results, AGM notices and results, dividend resolutions, external-auditor appointments, board remuneration terms, and material capital-structure events.
The filings also incorporate selected disclosures by reference into the company’s Form S-8 registration statement and include Form 20-F annual reporting. Company-specific risk disclosure addresses the Kaspi.kz and Kaspi Pay Super App model, consumer and merchant engagement, platform network effects, technology infrastructure, merchant relationships, and the Payments, Marketplace, and Fintech Platforms.
Joint Stock Co Kaspi.kz director Szymon Gutkowski filed an initial ownership report on Form 3. The filing shows he directly holds 17,778 American Depositary Shares, each representing one common share of the company. This is a disclosure of existing holdings rather than a new stock purchase or sale.
Joint Stock Co Kaspi.kz executive Pavel Mironov, who serves as Deputy Chairman and COO, has filed a Form 3 reporting his beneficial ownership position in the company. He reports direct ownership of 1,806,379 American Depositary Shares, each representing one common share of Kaspi.kz.
Joint Stock Co Kaspi.kz director and Chairman/CEO Mikheil Lomtadze has reported his initial beneficial ownership in the company. He directly holds 43,790,623 American Depositary Shares, each representing one common share of Kaspi.kz. This filing establishes his status as a major shareholder and insider.
Joint Stock Co Kaspi.kz director Alina Prawdzik has filed an initial ownership report showing a direct position in the company. The filing lists beneficial ownership of 17,778 American Depositary Shares, each representing one common share of Kaspi.kz. This Form 3 does not reflect any new buy or sell transaction, only her existing holdings.
Kaspi.kz files its Form 20-F annual report for the year ended December 31, 2025, outlining its Kazakhstan-based super app ecosystem across payments, marketplace and fintech platforms. The company reports 190,227,932 common shares outstanding as of the period end.
Management describes key operating metrics in tenge and uses IFRS, with convenience translations at ₸505.53 per $1 as of December 31, 2025. Customer accounts reached ₸7,531,286 million, while retail term deposits and current accounts formed most funding, alongside bonds and subordinated debt.
Extensive risk disclosures highlight dependence on Kazakhstan’s economy and inflation (consumer price inflation of 9.8%, 8.6% and 12.3% in 2023–2025), rising NPL ratios (5.5% to 6.1%), liquidity and market risks, cybersecurity and data protection, competition, and execution risks around new businesses and the Hepsiburada expansion in Türkiye.
Kaspi.kz delivered strong top-line growth in 2025 while earnings were broadly flat as it expanded into Türkiye. Revenue rose to KZT 4,046,074 million from KZT 2,532,156 million, driven by Payments, Marketplace and Fintech platforms. Net income edged up to KZT 1,067,707 million versus KZT 1,056,834 million, with basic earnings per share of KZT 5,631.
Marketplace revenue surged to KZT 1,931,472 million, helped by consolidating Hepsiburada, while Fintech revenue reached KZT 1,542,934 million and Payments KZT 658,726 million. Loans to customers grew to KZT 7,172,162 million and total assets increased to KZT 11,081,748 million, with equity up to KZT 2,601,577 million.
In 2025 Kaspi.kz acquired 75.96% of Hepsiburada for about USD 1,193 million, adding KZT 1,031,592 million of segment revenue in Türkiye but generating a KZT 93,018 million net loss there. Costs and operating expenses nearly doubled to KZT 2,714,156 million, as cost of goods, interest expenses and technology spending rose sharply alongside the new marketplace operations.
KSPI submitted a Form 144 notice proposing the sale of 1,000,000 ADS. The ADS were described as Common Shares converted to ADS at the time of Issuer IPO and as RegS GDRs converted into ADS. The broker listed is UBS Financial Services Inc.
Joint Stock Company Kaspi.kz has called its Annual General Meeting of Shareholders for 15 April 2026 in Almaty, with a repeat meeting on 16 April 2026 if quorum is not met. Shareholders are asked to approve the 2025 audited financial statements and how net income will be distributed.
The Board of Directors recommends a dividend of 850 KZT per common share, with the proposed dividend record date for common shareholders on 14 April 2026 and an expected dividend record date for ADS holders on 16 April 2026. The agenda also includes renewing Deloitte LLP as external auditor and approving Board member remuneration, including stock options of 8,889 ADSs each for three directors, vesting equally over three years.
Kaspi.kz reported strong 4Q and full-year 2025 growth while outlining a clear dividend and expansion strategy. Full-year revenue rose 19% to KZT3.1 trillion and net income increased 10% to KZT1.2 trillion, with underlying revenue and net income up 21% and 18%.
The board recommended a quarterly dividend of KZT850 per ADS, which management believes is sustainable for the remainder of 2026, subject to shareholder approval. Growth was broad-based: the Payments platform grew revenue 12% and net income 13%, Marketplace underlying revenue and net income rose 30% and 14%, and Fintech revenue and net income increased 20% and 9%.
Hepsiburada in Türkiye showed improving momentum, with 4Q 2025 purchases up 19% year-over-year, GMV up 13% in real terms, and engaged consumers up 29%. Management plans to run Hepsiburada around Adjusted EBITDA breakeven near term and invest about $300 million on acquiring Rabobank A.Ş.
For 2026, Kaspi.kz introduced consolidated Adjusted EBITDA guidance, expecting around 5% year-over-year growth, including Türkiye. The company flagged higher Kazakh bank taxes, increased reserve requirements and a high-interest-rate environment as headwinds that will cause 2026 bottom-line growth in Kazakhstan to lag revenue, while moderating inflation may later support profitability.
Joint Stock Co Kaspi.kz significant shareholders have updated their ownership disclosure in an amended Schedule 13G. Asia Equity Partners Limited and related Baring Fintech entities together report beneficial ownership of 13,870,945 American depositary shares, equal to 7.3% of the class.
The percentage is calculated using 190,784,522 common shares outstanding as of September 30, 2025, as reported in Kaspi.kz’s interim financial information. The ADSs are held directly by Asia Equity Partners Limited, with Baring Fintech Nexus and affiliated funds deemed to share voting and dispositive power through their control structure, while formally disclaiming beneficial ownership beyond that indirect interest.