Education
About Us
Working with TipRanks
Follow Us
Kaspi.kz JSC Sponsored ADR RegS (KSPI)
NASDAQ:KSPI
Earnings Data
Report Date
Apr 27, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
2.5Last Year’s EPS
2.45Same Quarter Last Year
Moderate Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a cautiously optimistic tone: underlying operating performance and consumer engagement metrics were strong across payments, marketplace and fintech, with notable product innovation (e.g., pay-by-palm) and rapid e‑commerce/grocery growth. Management resumed dividends and provided consolidated guidance that includes Turkiye while setting a conservative assumption on interest rates. Offsetting this optimism were significant external headwinds in 2025 — notably smartphone category disruptions, higher interest rates, increased taxes and reserve requirements, delivery-cost pressure and near-term reinvestment into Hepsiburada that weighed on consolidated net income. Overall, management emphasized resilient underlying trends and long-term opportunity while acknowledging transitory regulatory and macro challenges.Company Guidance
Underlying Net Income and Revenue Growth
Management reported underlying net income growth of ~18% for FY2025 excluding external factors; consolidated net profit grew ~10% when including those factors. Kazakhstan revenue growth: 15% in Q4 and 19% for FY2025 (underlying).
Dividend Resumption
Board proposed resuming dividends: KZT 850 per ADS (subject to shareholder approval). Management stated this level is sustainable going forward and aligned with capital allocation while investing in growth (including Hepsiburada).
Payments Momentum (Kazakhstan)
Payments TPV grew 14% in Q4 and 19% for FY2025. Transaction volumes increased ~12% in Q4 and 14% for the year; payments revenue grew ~7% in Q4 and 12% for FY2025. Net income from payments: +4% in Q4 and +13% for the year.
Marketplace Demand and Take-Rate Expansion
Marketplace purchases up ~34% in Q4 and ~35% for FY2025, showing strong demand. Marketplace take rate (driven by advertising and delivery) reached all-time highs: e-Commerce take rate ~13.1% in Q4 and ~12.7% for FY2025. Advertising revenue grew ~45% in Q4 and ~64% for the year.
E-Commerce and Grocery Acceleration
E-Commerce purchases surged (purchase growth of ~70% in Q4 and ~83% for FY2025) and e-Grocery was a top growth driver with GMV up ~53% for the year; e-Commerce GMV up 9% in Q4 and 16% for FY2025 (27% ex-smartphones).
Hepsiburada (Turkiye) Improving Engagement and Orders
Hepsiburada showed improving order momentum with Q4 orders growth ~19% and engaged consumers rising (engaged consumer growth cited ~29% in most recent period). Management targets EBITDA breakeven in Turkiye in 2026 while continuing targeted investments.
Product Innovation and Strong Consumer Adoption
Kaspi Alaqan (pay-by-palm) launched with rapid adoption: ~0.5 million registered customers in Almaty, ~6,000 merchants accepting, and ~10% transaction penetration among connected stores within ~90 days. Mobile app penetration and brand metrics remain #1 by wide margins across categories.
Fintech Portfolio and Deposit Growth
Loan portfolio growth ~27% in Q4 and ~31% for FY2025; deposits grew ~16% in Q4 and ~18% for the year. Fintech revenue grew ~19% in Q4 and ~20% for FY2025; yield stable at ~24% and cost of risk ~2.2%.
2026 Guidance and Conservative Rate Assumption
2026 guidance now includes Turkiye. Management expects marketplace-driven growth (~20% GMV growth guidance) and adjusted EBITDA guidance around ~5% for 2026. Guidance assumes no decline in interest rates (conservative stance).
KSPI Earnings History
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 |
|---|---|---|---|
Mar 02, 2026 | $70.59 | $78.00 | +10.50% |
Nov 10, 2025 | $71.29 | $73.65 | +3.31% |
Aug 04, 2025 | $76.16 | $86.67 | +13.80% |
May 12, 2025 | $90.11 | $83.20 | -7.67% |
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 Apr 27, 2026, 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 Apr 27, 2026, 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 2026 (Q1) is 2.5.