Kazakhstan · Delayed Price · Currency is KZT Joint Stock Company Kaspi.kz Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 31% revenue growth and 9% adjusted EBITDA growth, led by a 41% surge in e-Commerce GMV and higher value-added services. Net income was flat due to higher funding costs, while guidance for the year remains unchanged.
Fiscal Year 2025
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Net income grew 10% for 2025, with strong revenue and consumer engagement despite external headwinds. Marketplace and e-Commerce segments led growth, while Hepsiburada integration in Türkiye focused on engagement and operational improvements. Dividend of KZT 850 per ADS proposed.
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Strong Q3 results with payments TPV up 18%, marketplace GMV up 12% (20% ex-smartphones), and fintech revenue up 24%. External factors like smartphone shortages and new taxes impacted growth, but core business remains robust. $100M ADS buyback and innovation launches support future growth.
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Q2 and H1 2025 saw robust growth in payments, marketplace, and fintech, with strong e-Grocery and advertising momentum. High interest rates impacted fintech margins, but risk and deposit trends remain stable. Capital returns are expected to resume in 2026, balancing investments and distributions.
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Revenue grew 21% and net income 16% year over year, with strong payments and marketplace growth. Guidance was revised down due to temporary smartphone regulation and macro uncertainty, but core business trends remain robust.
Fiscal Year 2024
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Strong Q4 and full-year 2024 results with 25% net income growth and 32% revenue growth, led by Marketplace and Payments. 2025 guidance targets 20% bottom line growth, with continued expansion in Turkey and new product launches. Macroeconomic and regulatory environments remain stable.
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Q3 and nine-month results show strong revenue and net income growth, led by payments and marketplace segments. The company is acquiring a controlling stake in Hepsiburada to expand into Turkey, with the transaction funded by cash and earnings. Guidance remains robust for 2024.
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Q2 and H1 2024 saw robust growth across all platforms, with Marketplace and e-Grocery leading gains. Full-year net income growth guidance of 25% is reiterated, with Q4 expected to be the strongest quarter due to promotional event timing.