Welcome to our dedicated page for Kaspi kz SEC filings (Ticker: KSPI), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
This page provides access to Joint Stock Company Kaspi.kz’s U.S. Securities and Exchange Commission filings related to its Nasdaq-listed American Depositary Shares (ticker: KSPI). As a foreign private issuer, Kaspi.kz files an annual report on Form 20-F and furnishes periodic reports on Form 6-K, which include interim condensed consolidated financial information and press releases on financial results.
Through these filings, investors can review Kaspi.kz’s IFRS-based financial statements and accompanying disclosures for its Payments, Marketplace and Fintech Platforms. The Form 20-F includes audited annual financial statements, risk factors and other company information, while Forms 6-K have furnished items such as interim financial information for six- and nine-month periods and detailed releases on 1Q, 2Q, 1H, 3Q and 9M results.
Kaspi.kz also uses Form 6-K to report significant corporate developments, including the filing of its Annual Report on Form 20-F, the issuance of U.S. dollar–denominated notes and other capital markets transactions, and updates on its international expansion in Türkiye through Hepsiburada and the planned acquisition of Rabobank A.Ş. Each filing typically contains or references cautionary statements regarding forward-looking information and links to the company’s broader risk disclosures.
On Stock Titan, these SEC documents are paired with AI-powered summaries that highlight key points from lengthy filings, helping users quickly understand revenue and net income trends, segment performance, funding and capital structure developments, and other material information. Real-time updates from EDGAR ensure that new 20-F and 6-K submissions for KSPI appear promptly, while dedicated views for filings like the Form 20-F and transaction-related 6-Ks make it easier to navigate Kaspi.kz’s regulatory history.
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.
Kaspi.kz furnished a Form 6-K announcing that it posted unaudited interim condensed consolidated financial information for the nine months ended 30 September 2025, provided as Exhibit 99.1. The submission is also incorporated by reference into the company’s Form S-8 (File No. 333-276609). The filing includes a standard forward-looking statements caution describing risks that could cause results to differ from expectations.
Kaspi.kz furnished a Form 6-K announcing it issued a press release titled “Kaspi.kz 3Q & 9M 2025 Financial Results.” The press release is attached as Exhibit 99.1.
The company states that the IFRS financial statement tables contained in Exhibit 99.1 are incorporated by reference into its registration statement on Form S-8 (File No. 333-276609).
Kaspi.kz (KSPI) filing reports a proposed Rule 144 sale of 186,382 ADS with an aggregate market value of $14,906,832.36, representing part of 190,784,522 ADS outstanding. The securities were originally acquired in a private placement on 11/22/2006. The filing names Morgan Stanley Smith Barney LLC as the broker and lists an approximate sale date of 10/06/2025. The filing also discloses extensive recent selling by Asia Equity Partners Ltd. across July–September 2025, including a large block of 1,000,000 ADS sold on 09/09/2025 for $87,240,000.00. The notice includes the seller's representation that no undisclosed material adverse information is known.
Joint Stock Company Kaspi.kz (KSPI) - Form 144 notice discloses a proposed sale of 1,000,000 American depositary shares (ADSs) through Morgan Stanley & Co. LLC, slated approximately for 09/09/2025 on NASDAQ. The filing lists an aggregate market value of $87,240,000 for the block and reports 190,784,522 ADSs outstanding. The ADSs were acquired in a private placement from the issuer on 11/22/2006 with cash payment. The filing also itemizes numerous ADS sales by Asia Equity Partners Ltd between 07/14/2025 and 09/09/2025, showing repeated dispositions of ADSs and associated gross proceeds on specific dates.