0001985487-26-000008
SEC filingJoint Stock Company Kaspi.kz reported FY 2025 revenue of ₸4,046.07 billion, up 60% YoY from ₸2,532.16 billion in 2024, driven by strong growth across Payments (up 12% to ₸658.73B), Marketplace (up 164% to ₸1,931.47B, including Hepsiburada acquisition), and Fintech (up 20% to ₸1,542.93B). Net income rose 1% to ₸1,067.71 billion from ₸1,056.83 billion, with Payments net income up 13% to ₸433 billion, Fintech up 9% to ₸355 billion, offset by Marketplace decline to ₸280 billion (incl. Türkiye losses). Total assets grew 32% to ₸11,081.75 billion, loans to customers up 25% to ₸7,172.16 billion. Operating cash flow increased 16% to ₸673.61 billion. Hepsiburada acquisition boosted Marketplace but contributed ₸89.6B net loss. Cost of Risk stable at 2.2%. Forward-looking, focus on Super App engagement (77 monthly transactions per active consumer), new products like Kaspi Alaqan, and Türkiye expansion signal sustained growth amid high interest rates.
Kaspi.kz delivered FY 2025 revenue of ₸4,046.07B (+60% YoY from ₸2,532.16B), net income ₸1,067.71B (+1% YoY), and total assets ₸11,081.75B (+32% YoY). Growth fueled by Hepsiburada acquisition (Marketplace ₸1,931B revenue, +164%) and organic expansion: Payments TPV ₸44,219B (+19%), Marketplace GMV ₸6,657B (+11%), Fintech TFV ₸11,652B (+13%). Net income resilient despite Türkiye losses (₸89.6B) and higher costs (₸2,714B, +117%). EPS basic ₸5,631 (+3% YoY). Strong liquidity with cash ₸903B.
Revenue breakdown: Net fee ₸1,598B (+25%), interest ₸1,579B (+46%), retail ₸850B (+421%). Segments: Payments ₸659B (+12%, TPV-driven), Marketplace ₸1,931B (incl. Hepsiburada ₸1,037B), Fintech ₸1,543B (+20%, loans growth). Geographic: Kazakhstan/other ₸3,070B, Türkiye ₸1,032B. Marketplace Take Rate 10.5% (+0.8pp), Fintech Yield 24% stable.
Costs ₸2,714B (+117%, Hepsiburada ₸1,109B). Interest expense ₸909B (+47%, deposits +21%). Provision ₸162B (+42%, loans +31%). Net margin ~26% (stable). Cost of Risk 2.2% (stable). Adjusted EBITDA ₸1,556B (not directly comparable).
Operating cash ₸674B (+16%). Investing outflow ₸508B (Hepsiburada ₸553B). Financing inflow ₸150B (Eurobonds ₸326B). Loans ₸7,172B (65% assets), customer accounts ₸7,531B (96% liabilities). Debt securities ₸332B. Capital ratios: Basel III Tier 1 19.6%, Total 19.6%.
High engagement (77 txns/consumer). New products: Kaspi Alaqan rollout. Türkiye expansion via Rabobank acquisition (mid-2026). Risks: rates (base 18%), inflation (12.3%), regulations (MRR hikes).