Kaspi.kz's earnings call presented a strong performance across its core payment, marketplace, and Fintech segments, with notable growth in e-Grocery and advertising revenue. However, challenges such as a decline in smartphone sales and high interest rates impacting Fintech margins were highlighted. Overall, the company's initiatives and strategic expansions indicate a positive outlook, despite some temporary setbacks.

Company Guidance -

Q3 2025

During the second quarter and first half of 2025, Kaspi.kz reported strong financial performance across its business segments despite the challenging high-interest rate environment. The company's Total Payment Volume (TPV) grew by 21%, while revenue increased by 16% and net income by 19%. The Marketplace segment showed a 15% growth in Gross Merchandise Volume (GMV), with revenue up by 25% and net income by 13%. Notably, the e-commerce segment excluding smartphones saw a 31% growth. Fintech operations also performed robustly, with volumes up by 17%, revenue by 21%, and net income by 8%. The e-Grocery business demonstrated exceptional growth, with GMV increasing by 57% year-over-year, driven by a 63% rise in transactions. The company also expanded its presence in Kazakhstan by entering new cities and introducing innovative services like domestic tours and QR payment solutions, which saw transaction volumes increase by 128%. Additionally, Kaspi.kz reiterated its full-year guidance and expressed confidence in resuming capital returns to shareholders in 2026, highlighting the company's strong cash-generative capabilities.

Strong Performance in Core Segments

Payments continue to perform well with TPV up 21%, revenue up 16%, and net income up 19%. Marketplace GMV is up 15%, revenue up 25%, and net income up 13%. Fintech shows strong volumes with origination up 17%, revenue up 21%, and net income up 8%.

Rapid Growth in e-Grocery

e-Grocery business grows 57% year-over-year in GMV, transactions up 63%, now operating in the five largest cities in Kazakhstan.

Successful New Deposit Product

New deposit product shows extraordinary growth of 207% in terms of amounts and 263% in the number of customers.

Kaspi QR Volume Growth

Kaspi QR volumes up 128% with 3.4 million transactions processed in Q2.

Advertising Revenue Surge

Advertising revenue increased by 67% in Q2, driven by new services for merchants.

Hepsiburada Recovery

Hepsiburada sees a much better performance with volumes up 7% year-on-year in Q2 and EBITDA growth up 42%.

Kaspi.kz JSC Sponsored ADR RegS (KSPI) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

KSPI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 27, 2025	2025 (Q3)	3.02 / -	2.64	―	―	―
Aug 04, 2025	2025 (Q2)	2.62 / 2.51	2.323	7.97% (+0.19)
May 12, 2025	2025 (Q1)	2.56 / 2.46	2.134	15.20% (+0.32)
Feb 24, 2025	2024 (Q4)	3.10 / 3.04	2.37	28.27% (+0.67)
Oct 21, 2024	2024 (Q3)	2.57 / 2.64	2.239	17.93% (+0.40)
Jul 22, 2024	2024 (Q2)	2.41 / 2.32	1.738	33.66% (+0.59)
Apr 22, 2024	2024 (Q1)	2.09 / 2.13	0.004	57507.61% (+2.13)
Feb 26, 2024	2023 (Q4)	2.33 / 2.37	1.809	31.03% (+0.56)
Oct 23, 2023	2023 (Q3)	1.72 / 2.24	1.599	40.02% (+0.64)
Jul 24, 2023	2023 (Q2)	1.71 / 1.74	1.263	37.60% (+0.47)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

KSPI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 04, 2025	$76.16	$86.67	+13.80%
May 12, 2025	$90.11	$83.20	-7.67%
Feb 24, 2025	$102.15	$103.00	+0.83%
Oct 21, 2024	$113.36	$109.18	-3.69%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Kaspi.kz JSC Sponsored ADR RegS (KSPI) report earnings?

Kaspi.kz JSC Sponsored ADR RegS (KSPI) is schdueled to report earning on Oct 27, 2025, Before Open (Confirmed).

What is Kaspi.kz JSC Sponsored ADR RegS (KSPI) earnings time?

Kaspi.kz JSC Sponsored ADR RegS (KSPI) earnings time is at Oct 27, 2025, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is KSPI EPS forecast?

KSPI EPS forecast for the fiscal quarter 2025 (Q3) is 3.02.

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