Kaspi.kz 1Q 2025 Financial Results

ALMATY, Kazakhstan, May 12, 2025 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”, “we”) (Nasdaq:KSPI) which operates the Kaspi.kz and Kaspi Pay Super Apps in Kazakhstan and owns 65.41% of Hepsiburada in Türkiye, today published its unaudited consolidated IFRS financial results for the quarter ended 31 March 2025 (“1Q 2025”).

1Q 2025 Highlights

• Our results for the first quarter of the year were broadly as we expected them to be.
• 1Q 2025 Revenue up 21% year-over-year (“YoY”), net income up 16% YoY. This and all references below exclude Türkiye unless otherwise stated.
• Customer engagement strong with Monthly Transactions per Active Consumer reaching 75.
• In Payments, operational gearing once again resulted in profit growth ahead of revenue growth.
  • Payments TPV and transactions up 23% and 17% YoY, respectively.
  • Payments revenue and net income up 16% and 21% YoY, respectively.
• Marketplace Platform revenue growth continued to significantly outpace GMV growth.
  • Purchases up 36% YoY.
  • Revenue up 33% YoY versus 20% GMV growth, with revenue boosted by the growth of Kaspi Delivery, Kaspi Advertising and Classifieds.
  • Within Marketplace, e-Grocery delivered the standout performance, with GMV up 64% YoY.
  • Marketplace net income up 19% YoY.
• Fintech Platform TFV growth up 17% YoY, with robust origination trends during the first quarter.
  • Fintech revenue growth up 18% YoY on the back of healthy origination levels in 2H 2024.
  • Higher than expected interest rates required us to increase macro-provisioning, resulting in 0.6% of Cost of Risk in 1Q 2025 versus 0.5% in the same period in 2024. Underlying customer credit quality trends remain healthy and unchanged.
  • Net income growth up 8% YoY, reflecting the impact of additional macro-provisioning during the quarter.
  • Higher than expected interest rates are now expected to lead to higher deposit costs for the remainder of this year.
• Transaction to acquire 65.41% of Hepsiburada closed in January 2025. Initial $600 million cash payment made with a further $526.9 million due no later than 6 months post-closing.
  • Top-line trends at Hepsiburada were impacted by politically driven consumption boycotts. Profitability was also impacted by investment in early stage lending products. Overall consolidated net loss of KZT6 billion is minor in the context of Kaspi.kz’s bottom-line.
• $650 million 6.250% Five-Year Eurobond successfully placed.
  • Funds raised are expected to enable us to support our expansion plans in Türkiye.
  • With a highly cash generative business in Kazakhstan and investment grade credit ratings from both Fitch and Moody’s, we now have greater financial resources and flexibility as we seek to grow our business and enhance shareholder value over the medium-term.
• Fast initial execution in Türkiye with agreement to acquire Rabobank A.Ş.
  • With a banking license we would be able to launch deposit products and fund other financial services.
  • Transaction subject to regulatory approval. Expected to close in 2H 2025.
• In March new requirements to register imported smartphones were introduced in Kazakhstan. This temporarily reduced demand on our Marketplace and resulted in around 7% lower e-Commerce GMV growth during the first quarter. Weaker demand for smartphones is likely to remain a near-term theme, while increased macro-economic uncertainty in recent weeks gives us slightly less visibility around demand for some large ticket, discretionary Marketplace categories including cars and consumer electronics.
• Interest rate hikes are expected to make deposit costs higher and we believe a new 10% tax on revenue coming from investments in government securities is likely to be introduced this year.
• Taking the above into account, we expect Kaspi.kz excluding Türkiye to deliver around 15% consolidated net income growth YoY in 2025. This is a more conservative outlook than our previous guidance of around 20%, but still points to another year of decent bottom-line growth. If elevated deposit rates eventually moderate, this would be an important tailwind to our earnings growth, and we believe Hepsiburada and Türkiye is a significant medium-term opportunity for us.

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David Ferguson, 5