Kaspi.kz released its unaudited Q3 2025 results, reporting revenue of 1.11 trillion tenge—an increase of 71% year‑over‑year—and net income of 278.05 billion tenge, up 1.3% from the same period last year.
The revenue surge was driven by the company’s Super App ecosystem, with the marketplace and fintech segments posting the largest gains. Higher transaction volumes and fee income in these areas offset modest headwinds in the payments segment, which faced increased competition and regulatory scrutiny.
Management revised its 2025 net‑income growth guidance to 10‑12% year‑over‑year, a downgrade from the previously projected 20% growth. The adjustment reflects ongoing smartphone supply disruptions and new tax and regulatory changes that have tightened margins, but the company remains confident in its ability to maintain profitability through disciplined cost management.
Kaspi.kz also highlighted its strategic investment in the Turkish e‑commerce platform Hepsiburada, where it holds a 66.35% stake acquired in January 2025 for $1.1 billion. The stake expands Kaspi’s footprint into a high‑growth market and is expected to generate synergies across the company’s marketplace and fintech businesses.
In addition to the earnings announcement, the company unveiled a $100 million ADS repurchase program, signaling management’s confidence in the firm’s long‑term value creation. The program is expected to support the company’s capital structure and provide a return to shareholders.
Analysts responded positively to the results, noting that the strong revenue growth and the repurchase program reinforce Kaspi’s competitive position in the region. While the company’s net‑income guidance was tempered, the overall outlook remains supportive of continued growth in its core segments.
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