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Kaspi.kz (KSPI) investor relations material
Kaspi.kz Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary4 Aug, 2025
Executive summary
Strong Q2 and H1 performance with double-digit revenue and net income growth across Payments, Marketplace, and Fintech, despite high interest rates.
Marketplace GMV up 15% and revenue up 25% YoY in Q2; Payments and Fintech segments also delivered robust growth.
E-grocery GMV surged 57% YoY, now serving over 1 million consumers in five major cities.
Hepsiburada (Türkiye) showed improved GMV and EBITDA, but net income remained negative due to higher provisioning and one-offs.
New deposit products and expansion into new verticals such as restaurants and domestic tours drove additional growth.
Financial highlights
Consolidated revenue up 20–25% YoY in Q2 2025; net income up 7–19% YoY, with margin at 26.7%.
Payments TPV up 21% YoY; Marketplace GMV up 15% YoY; Fintech TFV up 17% YoY in Q2 2025.
Deposit base grew 18% YoY, reaching a YTD high of KZT 6.7T in June.
Advertising revenue on the platform grew 91% YoY in 1H 2025.
Cost of risk remained low at 0.6% in Q2 2025; NPL ratio at 5.7% in 1H 2025.
Outlook and guidance
Full-year 2025 guidance reiterated: targeting around 15% net income growth, with 15–20% YoY growth in GMV, TPV, and TFV (excluding Türkiye).
2026 expected to balance capital returns to shareholders and investment in long-term growth.
If interest rates decline, earnings growth could accelerate.
How will Kaspi balance growth and shareholder returns in 2026?
What's driving Hepsiburada's EBITDA profitability?
Explain the impact of deposit rates on Fintech.
Assess Hepsi's product improvement priorities.
How will smartphone registration impact GMV?
Project Fintech's funding costs with stable rates.
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Frequently asked questions
Kaspi.kz operates the largest payments, marketplace and fintech Ecosystem in Kazakhstan. Their flagship offering includes "Super App", an all around platform where users can conduct shopping, payments and personal finances, allowing customers to shop online and in-store, make and receive payments, manage all aspects of their personal finances, use location services and manage the bonus programme. The company is based in Almaty, the Republic of Kazakhstan.
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