Kaspi.kz (KSPI) Q2 2025 earnings summary

Executive summary

• Achieved strong Q2 and H1 2025 results with double-digit revenue and net income growth across Payments, Marketplace, and Fintech, despite high interest rates.

• Marketplace remained the fastest-growing platform, with GMV up 15% YoY and e-commerce GMV up 22% YoY; excluding smartphones, e-commerce GMV rose 31%.

• Continued innovation and expansion in e-Grocery, restaurant payments, and advertising services, driving engagement and transaction growth.

• Hepsiburada (Türkiye) showed improved GMV and revenue, EBITDA up 42% YoY, but net income remained negative due to higher provisioning and one-offs.

• Strategic focus on customer satisfaction, quality of core services, and investments in Kazakhstan and Turkey.

Financial highlights

• Consolidated revenue up 20–25% YoY in Q2 2025, reaching KZT 1,152B; net income up 7–19% YoY, margin at 26.7%.

• Payments TPV up 21% YoY to KZT 16.7T; payment revenue up 16%, net income up 19% in Q2 2025.

• Marketplace GMV up 15% YoY to KZT 3.1T; revenue up 25%, net income up 13% in Q2 2025.

• Fintech origination/TFV up 17% YoY to KZT 5.5T; revenue up 21%, net income up 8% in Q2 2025.

• e-Grocery GMV up 57% YoY, now in five cities, with over 1 million consumers.

Outlook and guidance

• FY 2025 guidance reiterated: targeting around 15% net income growth, with 15–20% YoY growth in GMV, TPV, and TFV (excluding Türkiye).

• 2026 expected to balance capital returns to shareholders and investment in long-term growth.

• If interest rates decline, earnings growth could accelerate.