Q3 2025 Kaspi.kz AO Earnings Call Transcript
Key Points
- Kaspi.kz JSC (KSPI) reported strong growth in various segments, with payments growing TPV by 18% and revenue by 10%, and net income increasing by 12%.
- The fintech segment showed robust growth, with a 16% increase in TFE and a 24% rise in revenue, indicating strong performance in merchant lending.
- E-grocery business is expanding rapidly, with GMV growth of 53% and transaction growth of 55%, supported by the addition of new dark stores and plans to enter more cities.
- Kaspi.kz JSC (KSPI) is enhancing its payment platform by connecting more banks and introducing innovative features like Pay by Palm, which is expected to roll out by the end of the year.
- Advertising revenue has become a significant growth driver, increasing by 56% year over year, with new services allowing merchants to advertise on third-party platforms like Facebook and Instagram.
- The marketplace segment was negatively impacted by a shortage of smartphone supply, particularly iPhones, which affected GMV growth by 8% and consolidated income by 3%.
- A new 10% tax on revenue from government securities in Kazakhstan has impacted net income by 1%, along with increased minimum reserve requirements.
- High interest rates in Kazakhstan have affected the fintech platform's bottom line, with interest expenses growing by 30% year over year.
- Marketplace growth is expected to moderate in the fourth quarter due to ongoing smartphone supply issues, particularly affecting high-end models like the iPhone 17.
- The company faces external regulatory and tax challenges, which have contributed to lower-than-expected net income growth, impacting the overall financial performance.
Internal.
So the payments, grew TPV 18% revenue 10%, the nice growth of the net income of 12%. The marketplace, mainly, impacted by the shortage of supply of the smartphones and iPhones more specifically. So our growth has been 12% year over year, but 20% GMV growth in case if we exclude the effect of the smartphones, and you can also see that our revenue would be 32% up, excluding effect for the smartphones and 16% net income growth excluding effect of the larger of the smartphones. 7% growth if we consider that factor in. The fintech also has shown nice growth, 16% on TFE.
24% revenue and it would be 28% growth, excluding some of the effects, like, tax on the government securities revenue and other external factors. I will go through them on the following slide, but 15% growth, if we actually include them, and our top-line growth of 20% year over year. And 23% if we exclude the external factors and the 21% if we exclude the external factors
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