Q2 2025 Kaspi.kz AO Earnings Call Transcript
Key Points
- Kaspi.kz JSC (KSPI) reported strong financial performance in the second quarter of 2025, with payments revenue up 16% and net income increasing by 19%.
- The company's marketplace segment showed robust growth, with GMV up 15% and revenue increasing by 25%.
- e-Grocery, a relatively new business for Kaspi.kz JSC (KSPI), experienced significant growth, with GMV up 57% year over year and transactions increasing by 63%.
- Kaspi.kz JSC (KSPI) successfully expanded its operations to five major cities in Kazakhstan, enhancing its market presence.
- The company introduced a new deposit product that saw extraordinary growth, with amounts increasing by 207% and the number of customers rising by 263%.
- High interest rates continue to pose a challenge, impacting the company's fintech segment, which saw net income growth of only 8%.
- Smartphone sales were negatively affected by new registration requirements, leading to a 17% decline in sales year over year.
- The company's take rate in the payments segment was diluted due to the growing mix of QR payments, which have a lower take rate.
- Kaspi.kz JSC (KSPI) faced challenges in its marketplace segment due to fewer promotional campaigns and declining smartphone sales.
- The company's net income in the Hepsiburada segment in Turkey remained negative, with losses of TRY243 million in the second quarter.
(technical difficutly) First half, 2025 financial results. My name is Elliot and I'll be your coordinator today. (Operator Instructions)
I'd like to hand over to David Ferguson. Please go ahead.
Great. Thank you, Elliot. Good morning, good afternoon to everyone who is joining us. Welcome to Kaspi.kz's Second Quarter and First Half 2025 financial results. I'm David Ferguson from Kaspi, joined on this call by Mikheil Lomtadze, CEO and Co-Founder of Kaspi.kz; Yuri Didenko and Tengiz Mosidze, deputy CEOs.
So as usual, Mikheil will start the presentation, run you through an update on some of the key initiatives in the second quarter and first half of the year. I'll take you through the financial slides, and then we'll open the call up to Q&A. So on that note, over to you, Mikheil. Thank you.
Thank you, David. So
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
