Joint Stock Co Kaspi.kz (KSPI) Company Report

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

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

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.

Aug 4, 2025, 2:15 PM

Kaspi.kz Reports Q1 2025 Interim Financial Results

KSPI

M&A

Revenue Acceleration/Inflection

The document presents Kaspi.kz’s interim condensed consolidated financial statements for Q1 2025, including balance sheet highlights with total assets of KZT 9,294,739 million and total liabilities of KZT 7,511,082 million, alongside a net income of KZT 254,049 million.
It details a strategic acquisition of a 65.41% stake in Hepsiburada on 29 January 2025, resulting in provisional goodwill of KZT 549,011 million and contributing KZT 147,379 million in revenue with a net loss of KZT 5,461 million for the period.
The release also covers comprehensive segment reporting, cash flow performance, share-based compensation, and regulatory capital ratios, underscoring strong financial and operational management.

May 16, 2025, 12:00 AM

Kaspi.kz Announces AGM Resolution Outcomes

KSPI

Dividends

Auditor Change

Proxy Vote Outcomes

AGM held on March 28, 2025 passed resolutions including approval of the 2024 annual audited financial statements and the meeting agenda.
The shareholders approved a change in dividend policy, noting that despite prior quarterly dividend payments, no dividend will be paid on common shares for 2024.
The AGM also reappointed Deloitte LLP as the external auditor for the 2025 financial statements.

Mar 31, 2025, 12:00 AM

Kaspi.kz Issues USD-Denominated Eurobond

KSPI

Debt Issuance

$650 million USD-denominated Eurobond offering at 6.250% interest, maturing in 2030 was priced (document ).
The issuance is structured for qualified institutional buyers in the US under Rule 144A and for non-US transactions under Regulation S (document ).
Proceeds will be used for general corporate purposes, marking the largest investment grade bond issuance by a non-sovereign entity from Kazakhstan (document ).

Mar 21, 2025, 12:00 AM

Kaspi.kz Reports Strong Q3 2020 Results Driven by Payments and Marketplace Growth

KSPI

Earnings

Revenue Acceleration/Inflection

Guidance Update

Kaspi.kz reported strong overall financial performance for Q3 2020, with Adjusted Revenue increasing by 21.3% year-over-year to KZT161,763 MM and Adjusted Net Income growing by 31.7% year-over-year to KZT68,804 MM.
The company's Super App demonstrated significant user engagement, with Monthly Active Users (MAU) reaching 8.5 million and Daily Active Users (DAU) reaching 4.3 million in Q3 2020, representing 172% and 68% year-over-year growth, respectively.
Growth was primarily driven by the Payments and Marketplace Platforms. Payments Net Income increased 114.1% year-over-year to KZT17,778 MM in Q3 2020. While the Fintech platform's Total Finance Volume (TFV) was down 14% year-over-year, it showed recovery from Q2 2020 lows, with October 2020 TFV being the highest month year-to-date at KZT197 Bn.
Risk management metrics showed improvement, with the Delinquency Rate decreasing to 3.1% and the Second Payment Default (SPD) rate improving to 0.5% in Q3 2020.
Kaspi.kz provided 2020 guidance, expecting Net Income to be around KZT270 Bn.