The earnings call reflected a strong financial performance for Kaspi.kz with significant growth in various business segments despite challenges such as high interest rates and smartphone registration legislation. The expansion of the e-Grocery business and the positive recovery trend in Hepsiburada were key highlights. However, the impact of regulatory changes on smartphone sales and the effect of high interest rates on Fintech profitability were noted as challenges.

Company Guidance

During the call, Kaspi.kz provided guidance on several key financial metrics for the second quarter and first half of 2025. The company highlighted strong performance across its business segments despite a challenging high-interest rate environment. In the payments sector, total payment volume (TPV) grew by 21%, revenue increased by 16%, and net income rose by 19%. The marketplace segment also showed robust growth, with gross merchandise value (GMV) up 15%, revenue up 25%, and net income increasing by 13%. The fintech segment recorded a 17% increase in transaction volumes and a 21% rise in revenue, although net income grew more modestly at 8%. Additionally, the e-Grocery business experienced a significant year-over-year GMV growth of 57%, and the company reported a 67% increase in ad revenue. Looking ahead, Kaspi.kz reiterated its full-year guidance for Kazakhstan and emphasized a balanced approach to capital returns, indicating potential dividends and buybacks in 2026.

Strong Financial Performance

Kaspi.kz reported strong performance in Q2 2025 with TPV up 21%, revenue up 16%, and net income up 19% despite high interest rates.

Marketplace Growth

The marketplace segment saw a GMV increase of 15%, revenue up 25%, and net income growth of 13%.

e-Grocery Expansion

E-Grocery saw a 57% increase in GMV with 1.1 million consumers and over 3.4 million transactions, expanding to five major cities in Kazakhstan.

Success of New Deposit Product

The new fixed-term deposit showed a 207% growth in amounts and 263% in the number of customers.

Advertising Revenue Surge

Ad revenue increased by 67% in Q2, driven by new advertising tools for merchants.

Hepsiburada Recovery

Hepsiburada's volumes returned to positive growth, up 7% year-on-year in Q2, with EBITDA growth of 42%.

Expansion of Payment Network

Kaspi QR enabled merchant partners to accept payments from five banks, with volumes up 128%.

Kaspi.kz JSC Sponsored ADR RegS (KSPI) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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KSPI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 27, 2025	2025 (Q3)	3.03 / -	2.644	―	―	―
Aug 04, 2025	2025 (Q2)	2.63 / 2.52	2.327	8.29% (+0.19)
May 12, 2025	2025 (Q1)	2.57 / 2.45	2.137	14.77% (+0.32)
Feb 24, 2025	2024 (Q4)	3.11 / 3.05	2.374	28.27% (+0.67)
Oct 21, 2024	2024 (Q3)	2.58 / 2.64	2.242	17.93% (+0.40)
Jul 22, 2024	2024 (Q2)	2.41 / 2.33	1.741	33.66% (+0.59)
Apr 22, 2024	2024 (Q1)	2.10 / 2.14	0.004	57507.61% (+2.13)
Feb 26, 2024	2023 (Q4)	2.33 / 2.37	1.812	31.03% (+0.56)
Oct 23, 2023	2023 (Q3)	1.72 / 2.24	1.601	40.02% (+0.64)
Jul 24, 2023	2023 (Q2)	1.71 / 1.74	1.265	37.60% (+0.48)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

KSPI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 04, 2025	$76.16	$86.67	+13.80%
May 12, 2025	$90.11	$83.20	-7.67%
Feb 24, 2025	$102.15	$103.00	+0.83%
Oct 21, 2024	$113.36	$109.18	-3.69%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Kaspi.kz JSC Sponsored ADR RegS (KSPI) report earnings?

Kaspi.kz JSC Sponsored ADR RegS (KSPI) is schdueled to report earning on Oct 27, 2025, Before Open (Confirmed).

What is Kaspi.kz JSC Sponsored ADR RegS (KSPI) earnings time?

Kaspi.kz JSC Sponsored ADR RegS (KSPI) earnings time is at Oct 27, 2025, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is KSPI EPS forecast?

KSPI EPS forecast for the fiscal quarter 2025 (Q3) is 3.03.

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