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An announcement from Kaspi.kz JSC Sponsored ADR RegS ( (KSPI) ) is now available.
Kaspi.kz reported unaudited IFRS results for the fourth quarter and full year 2025 on March 2, 2026, showing FY revenue up 19% and net income up 10% year over year, with underlying revenue and net income rising 21% and 18% as its payments, fintech and marketplace platforms all contributed. The board recommended resuming regular shareholder returns via a proposed quarterly dividend of KZT 850 per ADS, which management believes is sustainable through 2026 while still funding expansion.
Management highlighted strong operating momentum, including 15% quarterly revenue growth, robust transaction engagement at 77 monthly transactions per active consumer, and faster growth from higher-margin services such as delivery, advertising, and e-grocery. At Hepsiburada in Türkiye, order growth turned from an 11% decline in Q1 2025 to 19% growth in Q4 2025 and engaged consumers rose 29%, as Kaspi.kz targets adjusted EBITDA breakeven and works to narrow an engagement gap with its Kazakh platform.
The company cautioned that increased bank corporate tax rates and higher reserve requirements in Kazakhstan, together with a high interest-rate environment, will likely cause 2026 bottom-line growth in its home market to trail top-line gains until these headwinds are fully absorbed by year-end. Even so, Kaspi.kz expects e-commerce to remain its main growth engine in Kazakhstan and Türkiye and sees potential upside from possible rate cuts, while pursuing a long-term ambition to reach 100 million users across multiple countries.
The most recent analyst rating on (KSPI) stock is a Hold with a $87.00 price target. To see the full list of analyst forecasts on Kaspi.kz JSC Sponsored ADR RegS stock, see the KSPI Stock Forecast page.
Spark’s Take on KSPI Stock
According to Spark, TipRanks’ AI Analyst, KSPI is a Outperform.
The score is driven mainly by strong underlying financial performance and a low P/E valuation. Offsetting these positives are recent free cash flow weakness/margin compression and a mixed technical picture (below the 200DMA). Earnings call commentary is constructive with recovery expectations and a buyback, but near-term external and supply disruptions remain meaningful risks.
To see Spark’s full report on KSPI stock, click here.
More about Kaspi.kz JSC Sponsored ADR RegS
Kaspi.kz is a Kazakhstan-based fintech and e-commerce platform operator, listed on Nasdaq, that runs an integrated ecosystem spanning digital payments, marketplace services, and consumer lending. The company focuses on high-engagement super app services in Kazakhstan and is expanding internationally, notably in Türkiye through its Hepsiburada acquisition and planned fintech entry.
Average Trading Volume: 441,794
Technical Sentiment Signal: Sell
Current Market Cap: $12.86B
For a thorough assessment of KSPI stock, go to TipRanks’ Stock Analysis page.