Kaspi.kz (KSPI) Q1 2025 earnings summary

Executive summary

• Consolidated revenue grew 49% year-over-year to KZT 834B, with net income up 16% to KZT 254B, driven by strong growth in Payments, Marketplace, and Fintech platforms; excluding Türkiye, revenue rose 21% and net income 16%.

• Monthly transactions per active consumer increased 18% YoY to 75, with record engagement and user base metrics.

• International expansion advanced with a $650M Eurobond issuance and acquisition of 65.41% of Hepsiburada in Türkiye, plus agreement to acquire Rabobank A.Ş.

• Hepsiburada (Türkiye) performance was impacted by consumer boycotts and higher provisioning, with revenue down 8% and net income down 97% YoY.

Financial highlights

• Payments revenue grew 16% YoY, TPV up 23%, and net income up 21%.

• Marketplace GMV up 20% YoY, revenue up 33%, net income up 19%, with e-Commerce GMV up 23% and e-Grocery GMV up 64%.

• Fintech origination volumes up 17%, revenue up 18%, net income up 8%, with loan portfolio up 34% and deposits up 20%.

• Consolidated net income margin was 30.9% in 1Q 2025.

Outlook and guidance

• 2025 guidance (excluding Türkiye): GMV growth 15–20%, TPV and TFV growth 15–20%, net income growth revised to ~15% YoY due to higher deposit costs and new tax on government securities.

• Smartphone demand expected to normalize in the second half of the year.

• If deposit rates moderate, earnings growth could accelerate; Türkiye seen as a significant medium-term opportunity.