Kaspi.kz (NASDAQ:KSPI) delivered a robust set of fiscal 2025 results, reporting a 19% year-over-year increase in total revenue to KZT 3.1 trillion.
The Almaty-based fintech and e-commerce giant posted net income of KZT 1.2 trillion, up 10% from 2024, despite navigating a high-interest-rate environment and increased regulatory tax pressures on the Kazakh banking sector.
The company’s growth was supported by strong performance across its three core pillars.
The Marketplace segment saw underlying revenue jump 30%, while the Payments and Fintech platforms recorded revenue growth of 12% and 20%, respectively.
This organic momentum has allowed the board to propose a quarterly dividend of KZT 850 per ADS, signaling a return to consistent cash distributions following a period of capital intensive investment.
A primary driver of the company's long-term strategy is its expansion into Türkiye.
Following the late 2024 acquisition of a controlling stake in Hepsiburada, Kaspi.kz reported that the Turkish e-commerce platform achieved a full-year adjusted EBITDA of TRY 1.1 billion.
Meanwhile, customer engagement in the region is accelerating, with engaged consumers up 29% and 4Q 2025 purchases rising 19% year-over-year.
Looking ahead to 2026, Kaspi.kz provided a consolidated adjusted EBITDA growth guidance of approximately 5%.