Kaspi.kz Reports Strong Q1 2025 Growth Amid Challenges

Kaspi.kz JSC Sponsored ADR RegS ( (KSPI) ) has released its Q1 earnings. Here is a breakdown of the information Kaspi.kz JSC Sponsored ADR RegS presented to its investors.

Kaspi.kz JSC Sponsored ADR RegS is a leading fintech company operating in Kazakhstan, known for its innovative mobile products and services through its Kaspi.kz and Kaspi Pay Super Apps, and its significant stake in Hepsiburada, a major e-commerce platform in Türkiye.

In the first quarter of 2025, Kaspi.kz reported a 21% year-over-year increase in revenue and a 16% rise in net income, excluding its operations in Türkiye. The company highlighted strong customer engagement and growth across its Payments, Marketplace, and Fintech platforms, despite challenges such as higher interest rates and new regulatory requirements in Kazakhstan.

Key financial metrics included a 23% increase in Total Payment Volume (TPV) and a 33% rise in Marketplace revenue, driven by the success of Kaspi Delivery, Kaspi Advertising, and e-Grocery services. The company also completed the acquisition of a controlling stake in Hepsiburada and issued a $650 million Eurobond to support its expansion plans in Türkiye.

Looking ahead, Kaspi.kz anticipates a more conservative net income growth of around 15% for 2025, down from previous expectations of 20%, due to anticipated higher deposit costs and macroeconomic uncertainties. However, the company remains optimistic about its medium-term growth prospects, particularly in Türkiye, and continues to focus on expanding its product offerings and market presence.