Kaspi.kz (KSPI) 2025 Core Revenue Grows 19% Amid 18% Underlying Net Income Gain

Joint Stock Company Kaspi.kz (NASDAQ:KSPI) is one of the cheap new stocks to buy now. On March 2, Kaspi.kz reported full-year 2025 core revenue growth of 19%, totaling KZT 3.1 trillion (~$6.2 billion) and consolidated net income growth of 10%, reaching KZT 1.1 trillion (~$2.1 billion). This performance landed at the lower end of management’s guidance due to persistent external headwinds, like a 24% decline in smartphone sales, high interest rates, and regulatory tax changes. However, the company’s CEO highlighted that underlying net income, excluding these one-off factors, grew by 18%, showing the resilience of Kaspi.kz’s core business model.

Management is rapidly integrating Hepsiburada in Türkiye by applying the ‘Kaspi Playbook’ to shift the focus toward high-frequency engaged consumers, who grew 29% in Q4. A significant monetization opportunity exists in closing the gap between the 25 annual purchases per consumer seen in Kazakhstan and the current average of ~7 in Türkiye. To capture this growth, 2026 guidance for the Turkish business is set at EBITDA breakeven, allowing for aggressive reinvestment into logistics and personalization tools.

For 2026, Joint Stock Company Kaspi.kz (NASDAQ:KSPI) has issued consolidated guidance targeting ~20% growth in Gross Merchandise Value, Total Payment Volume, and Total Fintech Volume. The company is also scaling its ‘Kaspi Alaqan’ palm-pay technology, which has already reached 10% transaction penetration in Almaty just 90 days after launch.

Joint Stock Company Kaspi.kz (NASDAQ:KSPI), together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. It operates in three segments: Payments, Marketplace, and Fintech.

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