Q4 2025 Kaspi.kz AO Earnings Call Transcript
Key Points
- Kaspi.kz JSC (KSPI) reported a strong net income growth of 18% for the year, excluding external factors.
- The company proposed a dividend of KZT850 per ADS, reflecting strong cash generation.
- Kaspi.kz JSC (KSPI) achieved a high consumer engagement metric with 77 monthly transactions per active consumer.
- The brand is recognized as the number one consumer brand in multiple categories, showcasing strong market presence.
- The innovative pay-by-palm service, Kaspi Alaqan, saw rapid adoption with 0.5 million customers and 6,000 merchants in just three months.
- Smartphone sales reductions and supply shortages negatively impacted net profit growth, which was only 10% when these factors were included.
- The high-interest rate environment and tax changes in 2025 posed challenges to financial performance.
- Marketplace GMV growth was slightly below guidance due to no improvement in smartphone dynamics in Q4.
- Fintech growth was impacted by higher interest rates, taxes, and national bank reserve requirements.
- The competitive environment in Turkey remains challenging, with significant investments required to improve consumer engagement and delivery offerings.
Hello, and welcome to the Kaspi.kz 4Q and FY 2025 financial results. My name is Harry, and I will be your operator. (Operator Instructions)
I would now like to turn the call over to David Ferguson with Kaspi to begin the presentation. Please go ahead.
All right. Thank you, Harry. Good morning, good afternoon to everyone on the call. Welcome to Kaspi's fourth quarter and full year 2025 financial results.
I'm David Ferguson from Kaspi. As usual, I'm joined by Mikheil Lomtadze, CEO and Co-Founder of Kaspi; Tengiz Mosidze and Yuri Didenko, the Deputy CEOs of the company.
We'll take you through the strategic highlights and financial results for the final quarter of last year and provide guidance for this year, and then we'll open up the call to Q&A as usual.
So on that note, first of all, I'll hand over to Mikheil. Mikheil, over to you.
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