Kaspi.kz 2Q & 1H 2025 Financial Results

Rhea-AI Summary

Kaspi.kz (NASDAQ:KSPI) reported strong financial results for Q2 and H1 2025, with revenue growing 20% YoY and net income increasing 14% YoY in Q2. The company's Super App engagement remains robust with 75 monthly transactions per active consumer.

Key highlights include: Payments TPV up 21%, Marketplace revenue growth of 25% YoY, and Fintech Platform's TFV growth of 17% YoY. The company expanded its e-Grocery service to 5 cities and integrated Kaspi Pay QR with multiple local banks and AliPay+. Additionally, Kaspi.kz completed the final $526.9 million payment for Hepsiburada acquisition in July and expects to close Rabobank A.Ş acquisition in H2 2025.

Management reaffirmed guidance of approximately 15% consolidated net income growth for 2025 and plans to balance shareholder returns with growth investments in 2026.

Positive

• Revenue growth of 20% YoY in both Q2 and H1 2025
• Strong customer engagement with 75 monthly transactions per active consumer
• Payments net income up 19% YoY in Q2 2025
• E-Grocery GMV growth of 57% YoY in Q2 2025
• Advertising revenue increased 91% YoY in H1 2025
• Healthy underlying credit quality with flat Cost of Risk YoY
• Hepsiburada showing improving top-line momentum in Q2 2025

Negative

• Net income growth (14% YoY) trailing revenue growth due to higher funding costs
• Increased deposit rates putting pressure on near-term earnings
• Hepsiburada EBITDA down 10% for H1 2025 despite Q2 improvement

Insights

Financial Analyst

Kaspi.kz reports solid 20% revenue growth with profitability lagging slightly due to higher deposit rates, while expanding services and integrations.

Kaspi.kz delivered solid top-line results with 20% revenue growth in both Q2 and H1 2025, though bottom-line performance slightly lagged with net income growing 14% and 15% respectively. This divergence stems primarily from increased deposit rates implemented in April, creating near-term margin pressure but potentially fueling future transaction growth.

The company's core Payments segment continues to demonstrate operational leverage with profit growth (19%) outpacing revenue growth (16%). The expansion of Kaspi Pay QR's addressable market through integration with local banks and AliPay+ represents a strategic move to capture greater payment volume.

The Marketplace Platform shows impressive performance with revenue growth (25%) significantly outpacing GMV growth (15%), driven by high-margin verticals like Kaspi Delivery, Advertising (91% YoY growth), and Classifieds. E-Grocery stands out with 57% GMV growth and expanding geographic presence.

The Fintech Platform maintained steady growth with Total Finance Value up 17% YoY, though profitability only increased 8% due to higher funding costs. Credit quality remains stable with flat Cost of Risk.

The Türkiye expansion through Hepsiburada (now 66.35% owned) is progressing with EBITDA profitability improving 42% YoY in Q2 2025, reversing the H1 decline of 10%. The pending Rabobank A.Ş acquisition will enable financial services expansion in this market.

Management has maintained 2025 guidance of approximately 15% consolidated net income growth and signaled for 2026 a balanced approach between shareholder returns and growth investments, suggesting confidence in continued strong cash generation.

ALMATY, Kazakhstan, Aug. 04, 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 first half ended 30 June 2025 (“2Q & 1H 2025”).

2Q & 1H 2025 Highlights

• 2Q 2025 revenue up 20% year-over-year (“YoY”) and net income up 14% YoY. For 1H 2025 revenue and net income up 20% and 15% YoY respectively. This and all references below exclude Türkiye unless otherwise stated.
• Customer engagement remains strong with Monthly Transactions per Active Consumer at 75.
• In Payments, operational gearing once again resulted in profit growth ahead of revenue growth.
  • Payments TPV and transactions up 21% and 14% YoY, respectively in 2Q 2025. For 1H 2025, TPV and transactions up 22% and 15% YoY, respectively.
  • Payments revenue and net income up 16% and 19% YoY, respectively in 2Q 2025 and up 16% and 20%, respectively for 1H 2025.
  • Kaspi Pay QR’s addressable market expanded following integration with multiple local banks, AliPay+ and its global partners.
  • Kaspi Restaurants launched. Vertical specific payments tools are another way for Kaspi Pay to deliver value to its merchants and to keep growing.
• Marketplace Platform revenue growth continued to significantly outpace GMV growth.
  • Purchases up 35% YoY in 2Q 2025 and for 1H 2025, purchases up 36% YoY.
  • Revenue up 25% YoY versus 15% GMV growth in 2Q 2025, with revenue boosted by the growth of Kaspi Delivery, Kaspi Advertising and Classifieds. For 1H 2025, revenue and GMV up 29% and 17% YoY, respectively.
  • Within Marketplace, e-Grocery continues to deliver the standout performance, with GMV up 57% YoY in 2Q 2025. Now in 5 cities and further expansion planned.
  • New advertising tools added and advertising revenue up 91% year-over-year in 1H 2025.
  • Kaspi Travel’s take rate up 50 bps and 60 bps YoY, in 2Q 2025 and 1H 2025 respectively, due to the success of Kaspi Tours. Domestic holidays within Kazakhstan launched and should help Travel’s GMV remain strong.
  • Marketplace net income up 13% and 16% YoY, for 2Q 2025 and 1H 2025 respectively.
• Fintech Platform TFV growth up 17% YoY in both 2Q 2025 and 1H 2025, with origination robust during the period.
  • Fintech revenue growth up 21% and 19% YoY, respectively in 2Q 2025 and 1H 2025 on the back of healthy origination in previous periods and stable yield trends.
  • Deposit inflows consistently improved over the second quarter of 2025. This should help us capture and fund faster transactions growth in the future.
  • Underlying credit quality trends remain healthy and unchanged, with our Cost of Risk flat YoY.
  • Net income growth up 8% YoY in both 2Q 2025 and 1H 2025, impacted by higher funding costs.
• Final $526.9 million payment for Hepsiburada made in July.
  • Improving top-line momentum at Hepsiburada in 2Q 2025 followed on from a period of country wide retail disruption in March.
  • EBITDA profitability up 42% YoY in 2Q 2025 vs. down 10% for 1H 2025, due to improving revenue trends.
  • Expect to close our acquisition of Rabobank A.Ş in the second half of 2025.
  • With a banking license we will be able to launch a range of financial services and with multiple projects underway at Hepsiburada, the foundations for our future growth in Türkiye are moving into place.
• With the second quarter of 2025 in line and the third quarter having started on track we continue to expect to deliver around 15% consolidated net income growth YoY in 2025. Given the higher interest rate environment, this still points to another year of decent bottom-line growth. If interest rates come down in the future our earnings growth will benefit. Türkiye is a significant and underappreciated opportunity for us.
• As we looking into next year, the cash generation capacity of our core business in Kazakhstan remains strong. As a result, in 2026 we currently envisage a balance between returning capital to our shareholders and investing in our long-term growth.

To the shareholders of Kaspi.kz:

Our financial results in the second quarter of 2025, were as we expected them to be. Consumer and merchant engagement in Kazakhstan remains strong, with 75 transactions per active consumer. Robust transaction trends, in turn contributed to solid top-line growth, with revenue excluding Türkiye up 20% year-over-year in both the second quarter and first half of 2025.

In April we raised our main deposit rate and our new higher rate, fixed term deposit products are proving popular. As we explained at the time of our first quarter results, this is putting pressure on our near-term earnings and is an important reason why bottom-line growth in Kazakhstan is below top-line growth. However, we are first and foremost a transaction-based business and we expect more deposits today will lead to more transactions and faster growth in the future.

We also keep adding new Super App services. In the last few months, e-Grocery has expanded into 2 new cities, making 5 so far. Kaspi Travel has just launched holidays within Kazakhstan, new advertising tools for merchants have been rolled out and we have connected Kaspi Pay QR to several local banks, as well as integrated with AliPay+. These are just a few examples, with the point being that as a long as we keep innovating in our home market, there’s no reason why we can’t keep delivering profitable growth. If interest rates come down, our bottom-line can benefit even more.

The second quarter marked our first full quarter owning Hepsiburada. The teams in Türkiye are currently focussed on multiple business improvements, encompassing areas including delivery, fintech solutions and the mobile app experience to name a few. By re-engineering Hepsiburada’s processes our goal is to bring the customer experience up to Kaspi.kz’s levels as quickly as possible.

At the same time, we’re working to secure the regulatory approvals to acquire Rabobank A.Ş. Our aim for this year remains to put the foundations of our long-term international growth strategy firmly in place. There is a lot of work to be done, and targeted investments will be required but we’re happy with the progress that has been made in a short period and as results start to come through, we will share them with you.

The third quarter of the year has started well, and I’m pleased to reiterate our 2025 guidance of around 15% net income growth year-over-year, excluding Türkiye. As we look into 2026, we believe Kaspi.kz can achieve a healthy balance between investing to create a bigger business and returning excess capital to our shareholders.

As always, I would like to thank every Kaspi.kz and Hepsiburada employee for their dedication to our consumers, merchants and partners. To our long-term shareholders, thank you for your ongoing trust and support.

Mikheil Lomtadze
Kaspi.kz CEO and co-founder

Click on, or paste the following link into your web browser, to view the full announcement.

http://ml.globenewswire.com/Resource/Download/68cb9688-e774-4b97-856e-80c8b79d6b79

For further information

David Ferguson, david.ferguson@kaspi.kz +44 7427 751 275

FAQ

What were Kaspi.kz (KSPI) key financial results for Q2 2025?

Kaspi.kz reported 20% YoY revenue growth and 14% YoY net income growth in Q2 2025, with strong performance across Payments, Marketplace, and Fintech segments.

How is Kaspi.kz's Marketplace segment performing in 2025?

The Marketplace segment showed strong performance with revenue up 25% YoY versus 15% GMV growth in Q2 2025, driven by Kaspi Delivery, Advertising, and Classifieds. E-Grocery GMV grew 57% YoY.

What is Kaspi.kz's guidance for 2025?

Kaspi.kz maintains its guidance of approximately 15% consolidated net income growth YoY for 2025, with potential upside if interest rates decrease.

What progress has Kaspi.kz made with its Türkiye expansion in 2025?

Kaspi.kz completed the final $526.9 million payment for Hepsiburada in July 2025 and expects to close the Rabobank A.Ş acquisition in H2 2025, establishing foundations for growth in Türkiye.

What is Kaspi.kz's customer engagement rate in 2025?

Kaspi.kz maintains strong customer engagement with 75 monthly transactions per active consumer, demonstrating robust user activity in their Super App ecosystem.