Kaspi.kz reported unaudited IFRS results for the quarter and fiscal year ended December 31 2025. Full‑year revenue rose 19% to KZT 3.1 trillion, driven by strong performance in Payments, Marketplace, and Fintech segments. Underlying revenue grew 21% as the company expanded its e‑commerce and financial‑services offerings.
Net income increased 10% to KZT 1.2 trillion, but earnings per share fell to $2.78, missing the consensus estimate of $3.10 by 10.32%. The miss was largely due to higher tax and reserve requirements in Kazakhstan and the impact of a 25% corporate tax rate on banks, which compressed profitability.
Segment results showed Payments revenue up 12% and net income up 13%, while Marketplace underlying revenue and net income grew 30% and 14% respectively. Fintech revenue rose 20% and net income increased 9%, with a 49% jump in net income driven by higher interest income and lower provisioning.
The company will pay a quarterly dividend of KZT 850 per ADS, subject to shareholder approval, and plans to resume dividend distributions in 2026. Management highlighted that the dividend is sustainable through 2026, citing strong cash flow generation from core operations.
Kaspi.kz guided for 2026 consolidated Adjusted EBITDA growth of about 5% year‑over‑year, including its Turkey operations. The guidance reflects confidence in e‑commerce growth in Kazakhstan and Turkey, but management cautioned that higher bank taxes, reserve requirements, and a high‑interest‑rate environment will keep bottom‑line growth in Kazakhstan below revenue growth.
The company’s expansion into Turkey continues to accelerate, with Hepsiburada purchases up 19% and engaged consumers up 29% in Q4 2025. Management expects the Turkish platform to reach Adjusted EBITDA breakeven in the near term, supporting the company’s goal of becoming a 100‑million‑user ecosystem.
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