Kaspi.kz 3Q & 9M 2025 Financial Results
ALMATY, Kazakhstan, Nov. 10, 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 66.35% of Hepsiburada in Türkiye, today published its unaudited consolidated IFRS financial results for the quarter and 9 months ended 30 September 2025 (“3Q & 9M 2025”).
3Q & 9M 2025 Highlights
- 3Q 2025 revenue up 20% year-over-year (“YoY”) and net income up 12% YoY. The supply of smartphones remains subject to temporary disruption in Kazakhstan. Excluding smartphones GMV from Marketplace and regulatory & tax changes, as well as the higher 2025 base rate 2025, underlying revenue and net income increased 23% and 21% respectively. This and all references below exclude Türkiye unless otherwise stated.
- In 3Q 2025 lower GMV from smartphones, the base rate increase in the first part of the year and recently introduced tax and regulatory changes negatively impacted our growth. That said, with the exception of lower GMV from smartphones all trends were in line with the commentary we provided at our interim results in August. Excluding these external factors our core business is performing well.
- For 9M 2025 revenue and net income increased 20% and 14% YoY respectively. Excluding smartphones GMV from Marketplace and regulatory & tax changes, as well as the base rate increase, underlying revenue and net income increased 22% and 20% respectively.
- Customer engagement remains strong with Monthly Transactions per Active Consumer at 76.
- In Payments, operational gearing once again resulted in profit growth ahead of revenue growth.
- Payments TPV and transactions up 18% and 14% YoY, respectively in 3Q 2025. For 9M 2025, TPV and transactions up 21% and 15% YoY, respectively.
- Payments revenue and net income up 10% and 12% YoY, respectively in 3Q 2025 and up 14% and 17%, respectively for 9M 2025.
- Kaspi Alaqan, pay-by-palm, just announced with roll out to commence in 4Q 2025. Our latest payments innovation is another way for Kaspi Pay to deliver value to our customers and keep growing.
- We also continue to grow Kaspi Pay’s addressable market, having integrated with 6 banks in Kazakhstan, O!Bank in Kyrgyzstan, AliPay+ and its global partners.
- Marketplace Platform revenue growth continued to significantly outpace GMV growth.
- Purchases up 36% YoY in both 3Q and 9M 2025.
- Revenue up 24% YoY versus 12% GMV growth in 3Q 2025, with revenue boosted by the growth of Kaspi Delivery, Kaspi Advertising, Classifieds and e-Grocery. For 9M 2025, revenue and GMV up 27% and 15% YoY, respectively.
- Excluding GMV from smartphones, Marketplace GMV increased 20% and 21% YoY in 3Q and 9M 2025, with revenue increasing by 32% and 34% respectively.
- Excluding GMV from smartphones, e-Commerce GMV increased 25% and 29% YoY in 3Q and 9M 2025.
- Smartphones supply disruption expected to be temporary and year-over-year comparables ease significantly from March 2026.
- Advertising revenue up 56% and 76% YoY in 3Q and 9M 2025. New advertising service launched, whereby Kaspi.kz will run advertising campaigns for our merchants on the Kaspi.kz Super App and 3rd party platforms including Instagram, Facebook, TikTok and Google.
- Marketplace take rate up 80bps YoY in both 3Q and 9M 2025.
- e-Grocery continues to grow fast, with GMV up 53% YoY in 3Q 2025.
- Kaspi Ai assistant has been in development over the last 18 months. Our AI tools have enriched the presentation of around 500K of our most popular Marketplace products. Tools to be rolled out to all merchants from Jan’26. We believe Kaspi Ai leads to a higher quality shopping experience for consumers, superior conversion for merchants and faster GMV growth for us.
- Kaspi Restaurants continues to scale fast and we have integrated Delivery Hero’s Glovo restaurant delivery service into the Kaspi.kz Super App.
- Marketplace net income up 7% and 13% YoY, for 3Q and 9M 2025 respectively. Excluding GMV from smartphones, Marketplace net income up 16% and 20% in 3Q and 9M 2025 respectively. Smartphone supply disruption is country wide and Marketplace’s competitive position remains unchanged.
- Fintech Platform TFV growth up 16% and 17% YoY in both 3Q and 9M 2025.
- Fintech revenue growth up 24% and 21% YoY, respectively in 3Q and 9M 2025 on the back of healthy origination in previous periods and stable yield trends.
- Underlying credit quality remains healthy and broadly unchanged, with 0.6% Cost of Risk in 3Q 2025 compared with 0.5% in the same period in 2024.
- Net income growth accelerated to 15% in 3Q 2025 and was up 10% YoY in 9M 2025. Excluding base rate increase in March 2025 net income up 28% in 3Q 2025 and 18% YoY in 9M 2025.
- In 3Q 2025 Hepsiburada’s growth accelerated again.
- Growth in everyday orders is an important priority for us. During 3Q 2025, purchases increased 16% YoY, compared with 7% in 2Q 2025 and an 11% decline in 1Q 2025.
- GMV growth accelerated to 15% YoY in 3Q 2025 compared with 5% for 9M 2025. Revenue increased 22% and 11% respectively over the same periods.
- Multiple improvement initiatives underway, with a focus on delivery, marketing, BNPL payment options and app user experience. Due to investments in these areas, EBITDA decreased by 74% and 35% YoY during 3Q and 9M 2025 respectively.
- Modest share capital increase announced and expected to raise approximately $100 million.
- We continue to work on securing the necessary regulatory approvals to acquire Rabobank A.Ş.
- In 2025 Kaspi.kz’s growth in Kazakhstan has been impacted by country wide supply disruption for smartphones, the higher NBRK base rate and other non-operating external factors. With no recovery in smartphone GMV trends in 4Q 2025, we now expect Kaspi.kz in Kazakhstan to deliver 2025 net income growth of between 10-12% YoY.
- Excluding smartphones GMV from Marketplace and regulatory & tax changes, as well as the base rate increase, 2025 underlying net income growth is expected to be around 18-20% YoY, which is consistent with the around 20% guidance we provided in March 2025.
- With smartphone supply disruption expected to be temporary and favourable year-over-year comps from March 2026, we expect Marketplace growth to resume its normal growth trajectory next year. The headwind from rising interest rates, can also become a tailwind in the future. Growth momentum in Türkiye is gathering pace.
- Given the strong cash generation capacity of our core business and we believe our attractive long-term growth prospects, we have decided to bring forward cash returns and commence a $100 million ADS repurchase program.
- In 2026, we currently envisage a balance between returning capital to our shareholders via both buybacks and dividends, as well as investing in our long-term growth.
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David Ferguson, 5
