Kaspi.kz Posts 19% Revenue Growth to KZT3.1 Trillion and 18% Underlying Profit Increase
KSPI•Kaspi.kz reported 2025 core revenue rose 19% to KZT3.1 trillion ($6.2 billion) while consolidated net income climbed 10% to KZT1.1 trillion ($2.1 billion), with underlying net income up 18%. The company forecasts 2026 GMV, total payment volume and fintech volume growth of ~20% and targets EBITDA breakeven for its Turkish unit.
1. 2025 Financial Performance
Kaspi.kz generated KZT3.1 trillion in core revenue for full year 2025, reflecting a 19% year-over-year increase, while consolidated net income grew 10% to KZT1.1 trillion (~$2.1 billion). Underlying net income, stripping out one-off items, rose 18%, underscoring stable profitability.
2. External Headwinds
Growth was constrained by a 24% decline in smartphone sales, elevated interest rates and new tax regulations, which weighed on near-term margins and positioned top-line performance at the lower end of management’s guidance.
3. Turkish Expansion
Management is integrating Hepsiburada operations in Türkiye, boosting high-frequency engaged consumers by 29% in Q4, and aims for the local unit to reach EBITDA breakeven in 2026 through reinvestments in logistics and personalization.
4. 2026 Growth Outlook
The company forecasts approximately 20% growth in Gross Merchandise Value, Total Payment Volume and Total Fintech Volume for 2026 and is scaling its palm-pay ‘Kaspi Alaqan’ technology, which achieved 10% transaction penetration in Almaty within 90 days.
