Kaspi.kz (KSPI) Q4 2025 Earnings Call Transcript | The Motley Fool

"Consolidated revenue -- Exceeded $8 billion for the full year, incorporating both Kazakhstan and Turkey business lines for the first time. Net income -- Flat year over year at approximately $2.1 billion, with reported 10% growth for the full year, at the lower end of previous guidance due to smartphone category weakness in Q4."

"Kazakhstan revenue growth -- Increased 15% in Q4 and 19% for the full year. Kazakhstan underlying net income growth -- 10% in Q4, and 13%-18% for the full year, reflecting resilience despite higher rates and taxes."

"Marketplace take rate (Kazakhstan) -- All-time high with 13.1% in Q4 and 12.7% for the year, driven by advertising and delivery revenue streams. E-commerce GMV (Kazakhstan) -- Rose 9% in Q4 and 16% for the year; ex-smartphones, growth was 27% for the year."

"Kaspi Alakan "Pay by Palm" -- Achieved registration by nearly 500,000 customers and adoption by almost 6,000 merchants in Almaty, with 10% penetration among connected merchant transactions within 90 days of launch."

The company reported consolidated revenue exceeding $8 billion for the full year, incorporating Kazakhstan and Turkey operations. Net income reached approximately $2.1 billion, representing 10% growth but at the lower end of guidance due to Q4 smartphone category weakness. Kazakhstan demonstrated resilience with 19% full-year revenue growth and 13-18% underlying net income growth despite higher rates and taxes. The payments platform achieved 19% TPV growth and 12% revenue growth, while the marketplace platform grew GMV 19% with take rates reaching an all-time high of 13.1% in Q4. E-commerce expanded 16% excluding smartphones, and e-grocery surged 53% with nearly 1.4 million consumers. The Kaspi Alakan biometric payment feature achieved significant early adoption with 500,000 registrations and 10% merchant transaction penetration within 90 days.

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