Joint Stock Co Kaspi.kz (KSPI) Company Report

Analyst Coverage

Research analysts who have asked questions during Joint Stock Co Kaspi.kz earnings calls.

Gabor Kemeny

Autonomous Research LLP

7 questions for KSPI

James Friedman

Susquehanna Financial Group, LLLP

7 questions for KSPI

Also covers: AFRM, AVDX, BETR +19 more

Darrin Peller

Wolfe Research, LLC

4 questions for KSPI

Also covers: ACN, ADYYF, AFRM +28 more

Reggie Smith

JPMorgan Chase & Co.

4 questions for KSPI

Also covers: AFRM, BFH, CIFR +9 more

Ygal Arounian

Citigroup

4 questions for KSPI

Also covers: ANGI, BARK, BMBL +13 more

Reginald Smith

JPMorgan Chase & Co.

3 questions for KSPI

Also covers: AFRM, BETR, BFH +8 more

Can Demir

Wood & Company

2 questions for KSPI

Cihan Saraoglu

HSBC

2 questions for KSPI

Griffen Drebing

Wolfe Research

2 questions for KSPI

Luke Holbrook

Morgan Stanley

2 questions for KSPI

Also covers: PSO

Ronak Gadhia

EFG Hermes Holding S.A.E.

2 questions for KSPI

Wayne Trinh

Citigroup

2 questions for KSPI

Also covers: BARK

Dan Mikeal

Virgin Asset Management

1 question for KSPI

David Shapiro

Vanshap Capital

1 question for KSPI

Mikhail Butkov

The Goldman Sachs Group, Inc.

1 question for KSPI

Salman Ali

Gavekal Dragonomics

1 question for KSPI

Soomit Datta

New Street Research LLP

1 question for KSPI

Latest news

Recent press releases and 8-K filings for KSPI.

Kaspi.kz Announces Annual General Meeting and Dividend Recommendation

KSPI

Dividends

Executive Compensation

Auditor Change

Joint Stock Company Kaspi.kz will hold its Annual General Meeting of Shareholders on April 15, 2026, to approve the 2025 annual audited financial statements and the procedure to distribute 2025 net income.
The Board of Directors recommends a dividend of 850 KZT per common share for 2025.
The proposed record date for dividends payable to holders of common shares is April 14, 2026, and for American Depositary Shares (ADSs) is April 16, 2026.
The agenda also includes the recommendation to renew the appointment of Deloitte LLP as the external auditor and the approval of stock options for three Board Members (8889 ADSs each) as part of a long-term incentive program.

Mar 4, 2026, 11:59 AM

6-K

Joint Stock Co Kaspi.kz Reports Q4 and Full-Year 2025 Results, Resumes Dividend, and Provides 2026 Guidance

KSPI

Earnings

Dividends

Guidance Update

For the full year 2025, Joint Stock Co Kaspi.kz reported Revenue of 4,046,074 KZT MM, representing a 60% YoY increase, while Net Income grew by 1% YoY to 1,067,707 KZT MM. In Q4 2025, Revenue increased 57% YoY to 1,146,548 KZT MM, but Net Income decreased 12% YoY to 276,983 KZT MM.
The company proposed a dividend of KZT 850 per ADS, reflecting strong underlying performance and balance sheet strength.
Türkiye operations significantly impacted net income, contributing -93B KZT in FY 2025 and -42B KZT in Q4 2025.
Key operational highlights for FY 2025 include e-Commerce purchases nearly doubling with +83% YoY growth, advertising revenue increasing +64%, and e-Grocery GMV growing +53% YoY.
For 2026, the company expects GMV to grow around 20% YoY, TPV around 15% YoY, TFV around 5% YoY, and Adjusted EBITDA around 5% YoY.

Mar 2, 2026, 1:00 PM

Presentation

Kaspi.kz Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance

KSPI

Earnings

Dividends

Guidance Update

Kaspi.kz reported FY 2025 consolidated net income growth of 10%, or 18% on an underlying basis, and proposed a Q4 2025 dividend of KZT 850 per ADS, which is expected to be sustainable for 2026.
Performance in Kazakhstan was affected by external factors in 2025, including a 24% decline in smartphone GMV in Q4 for Marketplace and higher interest rates, taxes, and reserve requirements impacting Fintech, which grew 9% in net income for FY 2025 but 18% on an underlying basis.
The Hepsiburada (Turkey) business showed improved purchase momentum, with Q4 revenue growth of 18%, and the strategy is to operate it around EBITDA break-even while reinvesting for growth and engagement.
For 2026, Kaspi.kz expects Marketplace GMV growth of approximately 20% and Adjusted EBITDA growth of around 5% from a KZT 1.6 trillion base in 2025, with guidance now including both Kazakhstan and Turkey.

Mar 2, 2026, 1:00 PM

Transcript

Joint Stock Co Kaspi.kz Reports Strong Q4 and Full-Year 2025 Results, Proposes Dividend, and Issues 2026 Guidance

KSPI

Earnings

Dividends

Guidance Update

Kaspi.kz reported strong underlying net income growth of 18% for the full year 2025 and 13% for Q4 2025, with consolidated net income growing 10% for the full year.
The company proposed a dividend of KZT 850 per ADS, subject to shareholder approval.
For 2026, Kaspi.kz issued guidance, including Hepsiburada and Turkey, projecting Marketplace GMV growth of around 20% and adjusted EBITDA growth of around 5% from a 2025 base of KZT 1.6 trillion. The Turkey business will be managed around EBITDA breakeven in 2026 with continued targeted investments.
Strategic highlights include the successful launch of Kaspi Alaqan (pay by palm) in Almaty, attracting almost half a million customers and 6,000 merchants , and continued e-commerce growth with take rates reaching 13.1% in Q4 2025.

Mar 2, 2026, 1:00 PM

Transcript

Kaspi.kz Reports Q4 and Full Year 2025 Financial Results, Proposes Dividend, and Provides 2026 Guidance

KSPI

Earnings

Dividends

Guidance Update

Kaspi.kz reported underlying net income growth of 18% for the full year 2025, reaching KZT 1.1 trillion (approximately $2.1 billion) including Turkey, and is proposing a dividend of KZT 850 per ADS.
The company's Kazakhstan segments demonstrated robust performance in FY 2025, with Payments TPV growing 19%, Marketplace GMV growing 19% (11% ex-smartphones), and Fintech TFV growing 13%. These results were achieved despite external headwinds like smartphone sales reductions, tax changes, and a high interest rate environment.
Kaspi.kz's strategy for Hepsiburada in Turkey is to focus on increasing purchase frequency and engagement, aiming for EBITDA breakeven in 2026 through targeted investments.
For 2026, the consolidated business (Kazakhstan and Turkey) is guided to achieve GMV, TPV, and TFV growth of approximately 20%, and adjusted EBITDA growth of around 5%. The bottom line will be impacted by higher taxes and National Bank reserve requirements in Kazakhstan.

Mar 2, 2026, 1:00 PM

Transcript

Kaspi.kz Announces 4Q & FY 2025 Financial Results and 2026 Adjusted EBITDA Guidance

KSPI

Earnings

Dividends

Guidance Update

Kaspi.kz reported FY 2025 total revenue of KZT3.1 trillion, up 19% year-over-year, and net income of KZT1.2 trillion, up 10% year-over-year. For Q4 2025, total revenue increased 15% year-over-year to KZT854 billion, and net income increased 1% year-over-year to KZT319 billion.
The Board of Directors has recommended a quarterly dividend of KZT850 per ADS, which is believed to be sustainable for the remainder of 2026, subject to shareholder approval.
Hepsiburada in Turkey demonstrated accelerating growth in Q4 2025, with purchases up 19% year-over-year, monthly active consumers up 15% year-over-year, and engaged consumers up 29% year-over-year. The company intends to manage Hepsiburada to around Adjusted EBITDA breakeven in the near-term.
For 2026, Kaspi.kz expects consolidated Adjusted EBITDA growth of approximately 5% year-over-year, which includes Turkey for the first time. This guidance anticipates pressure on bottom-line growth in Kazakhstan due to an increased corporate tax rate for banks (from 20% to 25%) and higher minimum reserve requirements.

Mar 2, 2026, 12:00 PM

6-K

Kaspi.kz Reports 4Q & FY 2025 Financial Results and Announces Dividend

KSPI

Earnings

Dividends

Guidance Update

Kaspi.kz reported FY 2025 revenue growth of 19% YoY and net income growth of 10% YoY, with underlying revenue and net income increasing by 21% and 18% respectively.
The company intends to pay a quarterly dividend of KZT 850 per ADS, subject to shareholder approval, which is considered sustainable for the remainder of 2026.
Progress at Hepsiburada in Türkiye included Q4 2025 order growth of 19% YoY and a 15% YoY increase in monthly active consumers, with Adjusted EBITDA managed to around breakeven in Q4 2025.
For 2026, Kaspi.kz expects consolidated Adjusted EBITDA growth of approximately 5% YoY, while noting an anticipated 200 bps YoY increase in its consolidated tax rate and higher minimum reserve requirements in Kazakhstan.

Mar 2, 2026, 12:00 PM

Press Release

Kaspi.kz Reports Q3 2025 Financial Results, Announces Acquisitions, Divestiture, and Share Buyback Program

KSPI

Earnings

M&A

Share Buyback

Joint Stock Company Kaspi.kz reported revenue of KZT 1,110,174 million and net income of KZT 278,046 million for the three months ended September 30, 2025. For the nine months ended September 30, 2025, revenue was KZT 2,899,526 million and net income was KZT 790,724 million.
The company acquired a 65.41% share in "D-MARKET Electronic Services & Trading" (Hepsiburada) JSC on January 29, 2025, for approximately USD 1,127 million, increasing its voting rights to 66.35% by July 28, 2025. Hepsiburada contributed KZT 729,401 million in revenue and a net loss of KZT 34,018 million to the Group from January 29, 2025, to September 30, 2025.
On November 8, 2025, the Board of Directors approved a new share buyback program for up to USD 100 million. Additionally, on November 11, 2025, the Board approved increasing ownership in Hepsiburada by repurchasing 10,000,000 shares for USD 29.5 million.
The Group signed an agreement on September 10, 2025, for the sale of Portmone Group to an unrelated third party.

Nov 13, 2025, 12:49 PM

6-K

Kaspi.kz Reports Q2 2025 Results and Hepsiburada Acquisition Update

KSPI

Earnings

M&A

New Projects/Investments

Kaspi.kz reported revenue of KZT 967,501 million and net income of KZT 258,629 million for the three months ended June 30, 2025. For the six months ended June 30, 2025, revenue was KZT 1,789,352 million and net income was KZT 512,678 million.
The company completed the acquisition of a 65.41% share in Hepsiburada on January 29, 2025, for approximately USD 1,127 million. Hepsiburada contributed KZT 398,578 million in revenue and a net loss of KZT 15,166 million to the Group from the acquisition date to June 30, 2025.
As of June 30, 2025, total assets increased to KZT 10,048,025 million, with total liabilities at KZT 8,018,363 million and total equity at KZT 2,029,662 million.
Subsequent to the reporting period, on July 28, 2025, the USD 526.9 million Deferred Cash Consideration for the Hepsiburada acquisition was paid.

Aug 6, 2025, 12:00 AM

6-K

Kaspi.kz AO Reports Strong Q2 2025 Results and Plans for Capital Returns

KSPI

Earnings

Guidance Update

New Projects/Investments

Kaspi.kz AO reported strong Q2 2025 financial performance, with Payments TPV increasing 21%, Marketplace revenue up 25%, and Fintech revenue growing 21%.
The company's e-grocery business saw GMV grow 57% year-over-year, and a new fixed-term deposit product experienced extraordinary growth, with amounts up 207% and customers up 263%.
In Turkey, Hepsie Berada's Q2 2025 performance improved significantly, with GMV up 16% and EBITDA up 42%, and the acquisition of a banking license is on track for the second half of 2025.
Kaspi.kz AO reiterated its full-year guidance for Kazakhstan and anticipates resuming capital returns to shareholders (dividends and buybacks) in Q2 2026.