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Kaspi.kz (KSPI) investor relations material
Kaspi.kz Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
3Q 2025 revenue grew 20% YoY and net income rose 12% YoY, with underlying growth (excluding smartphones, regulatory/tax changes, and base rate hike) at 23% and 21% respectively.
Payments, Marketplace, and Fintech platforms all delivered double-digit growth, with Marketplace revenue outpacing GMV due to strong advertising, delivery, and e-Grocery.
Smartphone GMV recovery is delayed to 2026 due to iPhone supply shortages and new registration requirements.
Major product innovations launched, including Pay by Palm (Kaspi Alaqan), new advertising services, and Kaspi AI Assistant for merchants.
$100 million ADS buyback program to commence in November 2025, reflecting confidence in future performance.
Financial highlights
3Q 2025 consolidated revenue (excl. Türkiye) reached KZT797B (+20% YoY); net income KZT307B (+12% YoY).
Payments TPV up 18% YoY in 3Q and 21% in 9M; revenue up 10%/14% and net income up 12%/17% in 3Q/9M.
Marketplace GMV up 12% YoY in 3Q, 15% in 9M; excluding smartphones, GMV up 20%/21%; take rate at all-time high 10.3%.
Fintech revenue up 24%/21% YoY in 3Q/9M; net income up 15%/10% YoY; TFV up 16% YoY in 3Q.
Hepsiburada (Türkiye) GMV up 15% YoY in 3Q; revenue up 22% YoY, but EBITDA down 74% YoY due to investments.
Outlook and guidance
2025 net income growth in Kazakhstan expected at 10-12% YoY due to smartphone supply disruption and high base rate.
Underlying net income growth (excluding external factors) expected at 18-20% YoY, in line with prior guidance.
Marketplace growth expected to normalize in 2026 as smartphone supply recovers.
$100M ADS buyback to commence in November 2025; future capital returns to balance buybacks, dividends, and growth investments.
Kaspi AI Assistant: What's its broader sales impact?
Hepsiburada: Path to sustainable profitability?
Payments: Next key innovations beyond QR code?
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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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