Kaspi.kz Stock KSPI
Kaspi.kz operates a super-app platform primarily in Kazakhstan, organized into two reportable segments: Marketplace and Fintech. Kaspi.kz stock (KSPI): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 09/2026, quarterly reporting. Stock analysis by NadirAlpha. Kaspi.kz stock (KSPI): listed on Nasdaq. NadirAlpha has evaluated 44 original documents, cross-checked every figure automatically and linked each to its source; sources as of 09/2026. Revenue Q2 2026: KZT 1112.2 billion (+15% year on year). Latest reported (Q2 2026): Payments revenue, Payments TPV, Marketplace revenue. Latest reading: Revenue decelerating, Guidance confirmed, Acquisition.
Revenue decelerating Guidance confirmed strategy: Acquisition
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Kaspi.kz Current Status
Where Kaspi.kz stands after the report for Q2 2026: what changed in revenue, earnings and outlook, written editorially from the original report. NadirAlpha methodology
Assessment by NadirAlpha, as of Q2 2026.
Kaspi.kz reported total revenue of 1,112,152 million KZT in 2026-Q2, a 15% year-over-year increase, with net income of 258,889 million KZT, described as stable year-over-year, and diluted EPS of 1,355.9 KZT 42 143. E-Commerce GMV grew 28% year-over-year in constant currency to KZT1.3 trillion and Fintech revenue rose 23% year-over-year to KZT455 billion, supported by 18% average net loan portfolio growth 42. The quarter's results were accompanied by announcements of the completion of the Hepsi Bank acquisition in Türkiye and the launch of the Kasper personal AI shopping assistant, with full-year 2026 guidance reiterated 42.
Management commentary on the 2026-Q2 results (6-K-EX99.1, 2026-08-10):
“Reflecting our confidence in the outlook, our Board has proposed increasing the quarterly dividend by 18% to KZT1,000 per ADS.”
“If we're successful, the potential reward is significant, and Kasper can fundamentally change how customers interact with our services.”
Revenue · 2026-Q21,112,152KZT million+15.0 % vs. 2025-Q2
Net profit · 2026-Q2258,889KZT million+0.1 % vs. 2025-Q2
EPS · 2026-Q21,355.90KZT+1.0 % vs. 2025-Q2
Revenue trend
Guidance
For FY2026, Kaspi.kz guides EBITDA (adjusted) ~5% (initiated). 32
ProfitabilityTotal adjusted EBITDA increased 5% year-over-year to KZT397 billion, with Fintech adjusted EBITDA growing 6% year-over-year to KZT171 billion despite higher funding costs and Marketplace adjusted EBITDA up 9% year-over-year 42. Operating cash flow was 711,417 million KZT, with capital expenditure of 56,402 million KZT, resulting in free cash flow of 655,015 million KZT 143. Investments in the Turkish operations and elevated funding costs weighed on overall EBITDA growth relative to revenue growth during the quarter 42.
LeverageKaspi.kz held cash of 998,610 million KZT at the end of 2026-Q2 143. No net debt or Net-Debt/EBITDA figure was separately disclosed in the period's results; the reported cash balance reflects both banking and non-banking operations across the group. A dividend of KZT850 per common share for 1Q 2026 was paid from 11 June 2026, and a dividend of KZT1,000 per common share for 2Q 2026 was subsequently approved at an extraordinary general meeting 41 44.
RecurringE-Commerce value-added services revenue grew 49% year-over-year in constant currency, outpacing total e-Commerce revenue growth of 35%, while e-Commerce purchases increased 33% year-over-year and purchases per consumer rose to 15.8 from 11.6 42. The e-Commerce 3P take rate increased by 160 basis points year-over-year to 16.1%, driven by growth in advertising and delivery services on the platform 42. Payments total payment volume increased 13% year-over-year to KZT12.7 trillion, generating Payments revenue of KZT169 billion, up 5% year-over-year 42.
Management viewFull-year 2026 guidance was reiterated, with management noting that average net loan portfolio growth is more representative of Fintech segment performance than total Fintech volume 42. Hepsi Bank is planned to receive capitalization of approximately $300 million, with a full expansion of Fintech offerings in Türkiye targeted from 2027 42. Interest rates on the 3-month deposit product were reduced by 100 basis points in August, covering approximately one-third of the deposit base 42.
ChangePayments segment adjusted EBITDA was stable year-over-year at KZT98 billion, as investment in the Kaspi Alaqan pay-by-palm initiative offset volume-driven gains in the payments business 42. Turkish Lira depreciation of 21% year-over-year affected reported e-Commerce growth metrics, leading Kaspi.kz to present GMV growth on a constant-currency basis 42. The Fintech average net loan portfolio duration lengthened to 9.0 months from 7.7 months year-over-year, reflecting a portfolio mix shift toward longer-duration products, while the portfolio yield remained stable year-over-year at 6% 42.
Risks (current)The NPL ratio reached 7.0% in the first half of 2026, above the 6.1% recorded for full-year 2025, with non-performing loans increasing to KZT547,942 million from KZT466,845 million and the cost of risk rising to 0.7% in 2Q 2026 from 0.6% in 2Q 2025 42 43. Kaspi.kz's Turkish expansion is dependent on maintaining and expanding the banking license in Türkiye, and the Kasper AI assistant is at an early stage with execution risks around proprietary technology adoption 42. Liquidity gaps could arise from maturity mismatches or deposit withdrawals, and unspecified customer concentration risks exist in merchant and consumer lending portfolios 35.
New this reporting periodKaspi.kz launched the Kasper personal AI shopping assistant in July 2026, with 20% of available consumers adopting the service within one month of launch 42. Kasper generated tailored product recommendations in 80% of conversations, with 60% of those recommendations guiding consumers to a specific product 42. The acquisition of Rabobank A.Ş. in Türkiye was completed in July 2026, with the entity rebranded as Hepsi Bank and a new shopping loan product integrated into the Hepsiburada marketplace 42.
Kaspi.kz Stock: Key Figures (KZT million)
NadirAlpha shows fiscal years, half-years and quarters of Kaspi.kz one below the other, most recently Q2 2026; every figure is clickable and leads to raw value, location and source. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Revenue (KZT million) · annual basis, as reported
Net income (KZT million) · annual basis, as reported
EPS (KZT) · annual basis, as reported
Operating cash flow (KZT million) · annual basis, as reported
Revenue (KZT million) · quarterly basis, as reported
Net income (KZT million) · quarterly basis, as reported
EPS (KZT) · quarterly basis, as reported
Operating cash flow (KZT million) · quarterly basis, as reported
Cash (KZT million) · annual basis, as reported
Capex (KZT million) · annual basis, as reported
FCF (KZT million) · annual basis, as reported
D&A (KZT million) · annual basis, as reported
Cash (KZT million) · quarterly basis, as reported
Capex (KZT million) · quarterly basis, as reported
FCF (KZT million) · quarterly basis, as reported
Fiscal years
Amounts in KZT million · EPS in KZT per share · as reported
| Period | Revenue | Net income | EPS (KZT) | OCF | Source |
|---|---|---|---|---|---|
| FY2025 | 4,046,074 | 1,067,707 | 5,592 | 673,611 | 32 |
| FY2024 | 2,532,156 | 1,056,834 | 5,431 | 581,892 | 20 |
| FY2023 | 1,913,490 | 848,770 | 4,381 | 1,106,128 | 1 |
Quarters
Amounts in KZT million · EPS in KZT per share · as reported
| Period | Published | Revenue | Net income | EPS (KZT) | EBITDA (adj.) | FCF | Cash | Source |
|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-08-10 | 1,112,152 | 258,889 | 1,355.9*≈ | 397,242 | 655,015 | 998,610 | 42 |
| 2026-Q1* | 2026-05-11 | 1,080,630 | 251,907 | 1,319.34*≈ | 367,859 | 53,547 | 797,075 | 38 |
| 2025-Q4* | 2026-03-02 | 1,146,548 | 276,983 | 1,450.67*≈ | – | 388,058 | 903,143 | 32 |
| 2025-Q3* | 2025-11-10 | 1,110,174 | 278,046 | 1,458 | – | -143,649 | 501,519 | 30 |
| 2025-Q2* | 2025-08-04 | 967,501 | 258,629 | 1,343 | 377,855 | 398,186 | 1,077,948 | 28 |
| 2025-Q1* | 2025-05-12 | 821,851 | 254,049 | 1,305.54*≈ | 337,566 | -151,497 | 686,622 | 26 |
| 2024-Q4* | 2025-02-24 | 730,351 | 316,401 | 1,625.96*≈ | – | 255,337 | 619,470 | 20 |
| 2024-Q3* | 2024-10-18 | 649,754 | 274,376 | 1,409 | – | 163,430 | 506,634 | 14 |
| 2024-Q2* | 2024-07-22 | 599,237 | 242,617 | 1,246 | – | 255,415 | 594,862 | 9 |
| 2024-Q1* | 2024-04-22 | 552,814 | 223,440 | 1,151 | – | -188,016 | 668,058 | 5 |
| 2023-Q4* | 2024-02-26 | 570,793 | 247,993 | 1,280.04*≈ | – | 429,110 | 820,466 | 1 |
| 2023-Q3* | 2024-10-29 | 508,436 | 232,492 | 1,200.03*≈ | – | -126,590 | – | 117 |
| 2023-Q2* | 2024-08-01 | 439,257 | 194,076 | 1,005 | – | 532,606 | – | 110 |
| 2023-Q1* | 2024-04-30 | 395,004 | 174,209 | 903 | – | 220,745 | – | 107 |
not reported quarterly: Op. income
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: Op. income, Op. income (adj.), EPS adj., Net Debt (not reported in any source for these periods).
Kaspi.kz Balance Sheet & Cash Flow (KZT million)
Balance sheet and cash flow of Kaspi.kz up to Q2 2026 in KZT million: net debt = financial debt minus cash, free cash flow = operating cash flow minus capex, every input sourced. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
Amounts in KZT million · as reported
| Period | Published | Cash | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | 2026-03-13 | 903,143 | 78,252 | 673,611 | 182,513 | 491,098 | 34 |
| FY2024 | 2025-02-25 | 619,470 | 28,834 | 581,892 | 95,726 | 486,166 | 21 |
| FY2023 | 2024-02-29 | 820,466 | 25,554 | 1,106,128 | 50,257 | 1,055,871 | 2 |
Quarters
Amounts in KZT million · as reported
| Period | Published | Cash | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-08-12 | 998,610 | 711,417 | 56,402 | 655,015 | 143 |
| 2026-Q1 | 2026-05-11 | 797,075 | 86,509 | 32,962 | 53,547 | 38 |
| 2025-Q4 | 2026-03-13 | 903,143 | 460,062 | 72,004 | 388,058 | 34 |
| 2025-Q3 | 2025-11-13 | 501,519 | -111,434 | 32,215 | -143,649 | 131 |
| 2025-Q2 | 2025-08-06 | 1,077,948 | 449,651 | 51,465 | 398,186 | 29 |
| 2025-Q1 | 2026-05-14 | 686,622 | -124,668 | 26,829 | -151,497 | 140 |
| 2024-Q4 | 2025-02-24 | 619,470 | 286,347 | 31,010 | 255,337 | 20 |
| 2024-Q3 | 2024-10-29 | 506,634 | 195,752 | 32,322 | 163,430 | 17 |
| 2024-Q2 | 2024-08-01 | 594,862 | 278,651 | 23,236 | 255,415 | 10 |
| 2024-Q1 | 2024-04-30 | 668,058 | -178,858 | 9,158 | -188,016 | 7 |
| 2023-Q4 | 2024-02-29 | 820,466 | 436,066 | 6,956 | 429,110 | 2 |
| 2023-Q3 | 2024-10-29 | – | -112,326 | 14,264 | -126,590 | 117 |
| 2023-Q2 | 2024-08-01 | – | 554,450 | 21,844 | 532,606 | 110 |
| 2023-Q1 | 2024-04-30 | – | 227,938 | 7,193 | 220,745 | 107 |
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
Kaspi.kz Guidance Tracking (latest per metric/period · 9/24)
All forecasts (guidance) of the Kaspi.kz management and their later outcome: per metric and period the most recent statement applies, the status is checked against the reported actuals. NadirAlpha methodology
Direction: confirmedcutinitiated Verdict: pending
| For period | Guided on | Metric | Guided | Verdict | Direction | Source |
|---|---|---|---|---|---|---|
| FY2026 | 2026-03-02 | EBITDA (adjusted) | 5% | 32 | ||
| FY2025 | 2025-11-10 | Tax rate | 18–20% | – | 30 | |
| FY2025 | 2025-11-10 | Net income growth (Kazakhstan, including external factors) | 10–12% | – | 30 | |
| FY2025 | 2025-08-04 | Net income growth YoY | 15% | – | 28 | |
| FY2025 | 2025-05-12 | Consolidated net income growth | 15% | – | 26 | |
| FY2025 | 2025-05-12 | Marketplace GMV growth | 15–20% | – | 26 | |
| FY2025 | 2025-05-12 | Fintech TFV growth | 15% | – | 26 | |
| FY2025 | 2025-02-24 | Payments Platform TPV growth | 15–20% | – | 26 | |
| FY2025 | 2025-02-24 | Fintech Platform TFV Growth | 15–20% | – | 20 | |
| FY2024 | 2024-10-18 | Consolidated Net Income | 25% | – | 15 | |
| FY2024 | 2024-10-18 | Payments Platform Revenue | 20% | – | 15 | |
| FY2024 | 2024-10-18 | Payments Platform Net Income | 25% | – | 15 | |
| FY2024 | 2024-10-18 | Marketplace Revenue | 65% | – | 15 | |
| FY2024 | 2024-10-18 | Marketplace Net Income | 40% | – | 15 | |
| FY2024 | 2024-10-18 | Fintech Platform Revenue | 20% | – | 15 | |
| FY2024 | 2024-10-18 | Fintech Platform Net Income | 15% | – | 15 | |
| FY2024 | 2024-04-30 | Dividend per share | 850 | – | 7 | |
| FY2024 | 2024-02-26 | Consolidated net income growth | 25% | – | 5 | |
| FY2024 | 2024-02-26 | Payments Platform revenue growth | 20% | – | 5 | |
| FY2024 | 2024-02-26 | Payments Platform net income growth | 25% | – | 5 | |
| FY2024 | 2024-02-26 | Marketplace revenue growth | 70% | – | 5 | |
| FY2024 | 2024-02-26 | Marketplace net income growth | 40% | – | 5 | |
| FY2024 | 2024-02-26 | Fintech Platform revenue growth | 20% | – | 5 | |
| FY2024 | 2024-02-26 | Fintech Platform net income growth | 15% | – | 5 |
Kaspi.kz Stock: Price & Chart
Interactive price chart of Kaspi.kz stock (TradingView) and the trend of key figures from the core tables; the chart loads only after a click and then connects to TradingView. NadirAlpha methodology
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Kaspi.kz Event Timeline
NadirAlpha sorts 42 events of Kaspi.kz by quarter, most recent first, each with source number and event type, management quotes as direct quotes at the start of the quarter. NadirAlpha methodology
Overview: one dot per event · click jumps to the period
2026 · 10 events
revenue 2026-08-10
Q2 revenue rose 15% year-over-year to KZT 1,112,152 million 42, down from 31.5% growth in Q1 40
Q2 revenue rose 15% year-over-year to KZT 1,112,152 million 42, down from 31.5% growth in Q1 40
Acquisition 2026-08-10
Kaspi.kz completed the acquisition of Rabobank A.S. in Türkiye in July 2026, rebranded as Hepsi Bank; approximately USD 300 million capitalization planned with Fintech expansion in Türkiye targeted from 2027 42
Kaspi.kz completed the acquisition of Rabobank A.S. in Türkiye in July 2026, rebranded as Hepsi Bank; approximately USD 300 million capitalization planned with Fintech expansion in Türkiye targeted from 2027 42
“My personal investment alongside Tencent and other long-term investors reflects my strong confidence in Kaspi.kz's long-term opportunity. As co-founder and CEO, I remain fully aligned with all shareholders.”
“Success means consumer engagement metrics at Hepsiburada continuing to move toward levels we have achieved in Kazakhstan.”
revenue 2026-05-14
Q1 revenue rose 31.5% year-over-year to KZT 1,080,630 million, with Marketplace up 48.8% and Fintech up 25.3% 40
Q1 revenue rose 31.5% year-over-year to KZT 1,080,630 million, with Marketplace up 48.8% and Fintech up 25.3% 40
New market 2026-05-11
Türkiye reached 50% of e-Commerce GMV as international operations expanded following the Hepsiburada integration 38
Türkiye reached 50% of e-Commerce GMV as international operations expanded following the Hepsiburada integration 38
earnings 2026-03-02
Hepsiburada Adjusted EBITDA reached breakeven in Q4 2025 and was TRY 1.1 billion positive for FY 2025 despite targeted investment spending throughout the year 32
Hepsiburada Adjusted EBITDA reached breakeven in Q4 2025 and was TRY 1.1 billion positive for FY 2025 despite targeted investment spending throughout the year 32
revenue 2026-03-02
FY 2025 consolidated revenue grew 60% to KZT 4,046 billion; underlying revenue excluding Türkiye increased 19% YoY in line with guidance, with Marketplace Platform underlying revenue and net income growing 30% and 14% YoY respectively 32 35
FY 2025 consolidated revenue grew 60% to KZT 4,046 billion; underlying revenue excluding Türkiye increased 19% YoY in line with guidance, with Marketplace Platform underlying revenue and net income growing 30% and 14% YoY respectively 32 35
Guidance initiated 2026-03-02
2026 guidance initiated: consolidated Adjusted EBITDA growth of approximately 5% YoY including Türkiye for the first time; Hepsiburada to be managed to approximately Adjusted EBITDA breakeven near-term 32
2026 guidance initiated: consolidated Adjusted EBITDA growth of approximately 5% YoY including Türkiye for the first time; Hepsiburada to be managed to approximately Adjusted EBITDA breakeven near-term 32
2025 · 15 events
Segment divergence 2026-03-16
Marketplace revenue grew +163.5% to 1,931,472.0 KZTm in FY2025 (34% of group revenue) while group revenue changed -11.8%. 35
Marketplace revenue grew +163.5% to 1,931,472.0 KZTm in FY2025 (34% of group revenue) while group revenue changed -11.8%. 35
Divestiture 2025-11-13
Group signed agreement to sell Portmone Group payment processing operations to an unrelated third party; no material gain or loss was recognized 31
Group signed agreement to sell Portmone Group payment processing operations to an unrelated third party; no material gain or loss was recognized 31
EBITDA turned negative ◦ 2025-11-10
Hepsiburada EBITDA decreased 74% YoY in Q3 2025 due to targeted investments in delivery, marketing, BNPL, and app UX, turning Adjusted EBITDA negative before recovering to breakeven in Q4 2025 30
Hepsiburada EBITDA decreased 74% YoY in Q3 2025 due to targeted investments in delivery, marketing, BNPL, and app UX, turning Adjusted EBITDA negative before recovering to breakeven in Q4 2025 30
Margin expanding 2025-11-10
Marketplace Platform take rate increased 80 basis points YoY to 10.3% in both Q3 and 9M 2025, driven by value-added services including advertising, delivery, and classifieds 30
Marketplace Platform take rate increased 80 basis points YoY to 10.3% in both Q3 and 9M 2025, driven by value-added services including advertising, delivery, and classifieds 30
“As always, I would like to thank every Kaspi.kz and Hepsiburada employee for their dedication to our consumers, merchants and partners. To our long-term shareholders, thank you for your ongoing trust and support.”
Revenue accelerating 2025-08-04
Advertising revenue increased 91% YoY in 1H 2025, with new tools including Merchant Cashbacks added to the platform 28
Advertising revenue increased 91% YoY in 1H 2025, with new tools including Merchant Cashbacks added to the platform 28
Margin expanding 2025-08-04
Marketplace Platform revenue grew 29% YoY in 1H 2025, outpacing GMV growth of 17%, driven by Kaspi Advertising, Kaspi Delivery, and Classifieds expanding revenue monetization ahead of volume 28
Marketplace Platform revenue grew 29% YoY in 1H 2025, outpacing GMV growth of 17%, driven by Kaspi Advertising, Kaspi Delivery, and Classifieds expanding revenue monetization ahead of volume 28
New market 2025-08-04
Kaspi Pay QR integrated with 5 local banks and AliPay+ global partner network, expanding the addressable market for Payments Platform services beyond Kazakhstan 28
Kaspi Pay QR integrated with 5 local banks and AliPay+ global partner network, expanding the addressable market for Payments Platform services beyond Kazakhstan 28
“Its strong transaction activity that resulted in rapid financial growth across our business.”
Guidance cut 2025-05-12
FY 2025 full-year net income growth guidance revised down to approximately 15% from prior approximately 20% due to higher deposit costs and macro-provisioning from elevated interest rates 26
FY 2025 full-year net income growth guidance revised down to approximately 15% from prior approximately 20% due to higher deposit costs and macro-provisioning from elevated interest rates 26
Acquisition 2025-05-12
Kaspi.kz acquired 65.41% stake in Hepsiburada for approximately USD 1,127 million, consolidating Türkiye's leading e-commerce platform into the Marketplace Platform 26 27
Kaspi.kz acquired 65.41% stake in Hepsiburada for approximately USD 1,127 million, consolidating Türkiye's leading e-commerce platform into the Marketplace Platform 26 27
Acquisition 2025-05-12
Share purchase agreement signed to acquire Rabobank's Turkish subsidiary Rabobank A.Ş., subject to regulatory approval; approximately USD 300 million investment expected post-closing to combine e-commerce and fintech capabilities in Türkiye 26 27
Share purchase agreement signed to acquire Rabobank's Turkish subsidiary Rabobank A.Ş., subject to regulatory approval; approximately USD 300 million investment expected post-closing to combine e-commerce and fintech capabilities in Türkiye 26 27
guidance 2025-03-10
2025 consolidated net income expected to grow ~20% YoY excluding Hepsiburada contribution 23
2025 consolidated net income expected to grow ~20% YoY excluding Hepsiburada contribution 23
Strategic pivot 2025-02-24
Kaspi.kz listed on Nasdaq in January 2024; shareholder base breadth and depth increased significantly with improved liquidity 20
Kaspi.kz listed on Nasdaq in January 2024; shareholder base breadth and depth increased significantly with improved liquidity 20
Acquisition 2025-02-24
Hepsiburada 65.41% acquisition closed 29 January 2025 for ~USD 1,127 million; Türkiye's retail market approximately 4x Kazakhstan's size 20
Hepsiburada 65.41% acquisition closed 29 January 2025 for ~USD 1,127 million; Türkiye's retail market approximately 4x Kazakhstan's size 20
2024 · 14 events
Margin expanding 2025-03-10
Marketplace Take Rate reached 9.7% for FY 2024, up from 9.5% in 1H 2024, reflecting increased shopping events and growth in delivery and marketing revenue 23
Marketplace Take Rate reached 9.7% for FY 2024, up from 9.5% in 1H 2024, reflecting increased shopping events and growth in delivery and marketing revenue 23
Revenue decelerating ◦ 2025-02-24
Q4 2024 revenue and net income +28% YoY; Marketplace GMV growth accelerated in the final quarter 20
Q4 2024 revenue and net income +28% YoY; Marketplace GMV growth accelerated in the final quarter 20
“Payments Platform remains as healthy as ever.”
Guidance confirmed 2024-10-18
FY 2024 consolidated net income growth ~25% YoY confirmed at 9M 2024 reporting 15
FY 2024 consolidated net income growth ~25% YoY confirmed at 9M 2024 reporting 15
Acquisition 2024-10-18
Signed agreement on 17 October 2024 to acquire 65.41% of Hepsiburada for ~USD 1,127 million; closing expected in Q1 2025 15
Signed agreement on 17 October 2024 to acquire 65.41% of Hepsiburada for ~USD 1,127 million; closing expected in Q1 2025 15
New market 2024-10-18
Formal letter of interest submitted to participate in privatisation of Humo payments system in Uzbekistan 15
Formal letter of interest submitted to participate in privatisation of Humo payments system in Uzbekistan 15
“Investors should keep in mind though, that we're working on our plans to grow Kaspi.kz outside of Kazakhstan and when we think the time is right, we won't hesitate to put our capital to work.”
revenue 2024-07-22
H1 consolidated revenue +38% YoY to KZT 1.2 trillion, compared to +40% in 1Q 2024 9
H1 consolidated revenue +38% YoY to KZT 1.2 trillion, compared to +40% in 1Q 2024 9
Margin expanding 2024-07-22
Marketplace Take Rate increased to 9.5% in 1H 2024 from 8.5% in 1H 2023, boosted by value-added services growth 9
Marketplace Take Rate increased to 9.5% in 1H 2024 from 8.5% in 1H 2023, boosted by value-added services growth 9
New market 2024-07-22
e-Grocery expanded to Shymkent, Kazakhstan's third largest city, covering ~50% of Kazakhstan's total retail trade 9
e-Grocery expanded to Shymkent, Kazakhstan's third largest city, covering ~50% of Kazakhstan's total retail trade 9
“The first half of the year has gotten off to a strong start.”
“Some investors have expressed their skepticism when it comes to the economics of e-Grocery, but we think our numbers put this debate to bed.”
Revenue accelerating ◦ 2024-04-22
Revenue +40% YoY to KZT 553B in 1Q 2024, driven by strong growth across all platforms 5
Revenue +40% YoY to KZT 553B in 1Q 2024, driven by strong growth across all platforms 5
Revenue accelerating ◦ 2024-04-22
Marketplace revenue +108% YoY to KZT 150B, driven by e-Commerce GMV +114% and value-added services expansion 5
Marketplace revenue +108% YoY to KZT 150B, driven by e-Commerce GMV +114% and value-added services expansion 5
Revenue accelerating ◦ 2024-02-26
FY 2023 consolidated revenue +51% YoY to KZT 1,913,490 million driven by growth across all platforms; Marketplace segment revenue +87% YoY 1 2
FY 2023 consolidated revenue +51% YoY to KZT 1,913,490 million driven by growth across all platforms; Marketplace segment revenue +87% YoY 1 2
Margin expanding 2024-02-26
Payments Platform net income grew 55% vs 44% revenue growth YoY; Payments and Marketplace Platforms share of consolidated net income rose to 66% from 60% in 2022 1
Payments Platform net income grew 55% vs 44% revenue growth YoY; Payments and Marketplace Platforms share of consolidated net income rose to 66% from 60% in 2022 1
Guidance initiated 2024-02-26
Q1 2024 net income expected up approximately 25% YoY with healthy and predictable consumer and merchant environment 1
Q1 2024 net income expected up approximately 25% YoY with healthy and predictable consumer and merchant environment 1
2023 · 3 events
Acquisition 2024-02-29
Acquired 39.758% of Kolesa JSC from Baring Vostok for KZT 42,195 million; trust management agreement conferred control over Kazakhstan's leading automotive classifieds platforms 2 6
Acquired 39.758% of Kolesa JSC from Baring Vostok for KZT 42,195 million; trust management agreement conferred control over Kazakhstan's leading automotive classifieds platforms 2 6
Margin expanding 2024-02-26
e-Grocery net income margin reached 6% in 4Q 2023 as 1P model scaled in Almaty launch market 1
e-Grocery net income margin reached 6% in 4Q 2023 as 1P model scaled in Almaty launch market 1
Kaspi.kz Business Model
How Kaspi.kz (KSPI) makes its money, summarised from the filings up to Q2 2026, neutral and without forecast. NadirAlpha methodology
Kaspi.kz operates a super-app platform primarily in Kazakhstan, organized into two reportable segments: Marketplace and Fintech. The Marketplace segment facilitates e-commerce transactions between consumers and merchants, generating revenue through platform commissions, merchant service fees, and value-added services including advertising and delivery. The Fintech segment provides consumer and merchant lending, payment processing, and deposit-taking under the group's banking license, earning net interest income and transaction-based fees; the segment is also developing new payment modalities such as Kaspi Alaqan, a pay-by-palm service. Kaspi.kz is extending this model internationally through its majority ownership of Hepsiburada, a Turkish e-commerce marketplace, and the completed acquisition of Hepsi Bank A.Ş. (formerly Rabobank A.Ş.) in July 2026 to provide integrated financial services within the Turkish platform. Planned capitalization of approximately $300 million for Hepsi Bank supports a targeted expansion of Fintech product offerings in Türkiye from 2027. The integrated super-app structure is designed to drive cross-utilization of marketplace and financial products across the same consumer base, as illustrated by the Kasper personal AI shopping assistant, which connects product discovery to the group's e-commerce and payment infrastructure.
Kaspi.kz Stock: Share-Price Drivers
The drivers of Kaspi.kz stock from the company's perspective: demand, prices, costs and capacity as the investor relations reports describe them. NadirAlpha methodology
International expansion into Türkiye through the Hepsiburada marketplace and the Hepsi Bank fintech integration, layered on top of continued growth of the core Kazakhstan Payments, Marketplace and Fintech platforms
Kaspi completed the controlling-stake acquisition of Hepsiburada and now reports Marketplace, Payments and Fintech including Türkiye, extending the platform model beyond Kazakhstan and scaling group revenue to KZT 1,112,152 million in 2026-Q2 (35, 42, 43)
Kaspi completed the controlling-stake acquisition of Hepsiburada and now reports Marketplace, Payments and Fintech including Türkiye, extending the platform model beyond Kazakhstan and scaling group revenue to KZT 1,112,152 million in 2026-Q2 (35, 42, 43)
Marketplace platform
Kaspi reports Marketplace Platform revenue growth of 23% for FY2025, and the company is adding e-Commerce, Advertising, 1P Car Marketplace and e-Grocery lines to the marketplace (32, 23)
Kaspi reports Marketplace Platform revenue growth of 23% for FY2025, and the company is adding e-Commerce, Advertising, 1P Car Marketplace and e-Grocery lines to the marketplace (32, 23)
Fintech platform
the company reports Fintech Platform revenue growth of 20% for FY2025, supported by new lines such as Buy-Inventory-Now-Pay-Later and Merchant and Micro Business Finance (32, 23)
the company reports Fintech Platform revenue growth of 20% for FY2025, supported by new lines such as Buy-Inventory-Now-Pay-Later and Merchant and Micro Business Finance (32, 23)
Payments platform
Kaspi reports Payments Platform revenue growth of 12% for FY2025, with Kaspi B2B Payments and business deposits for merchants broadening the payments base (32, 23)
Kaspi reports Payments Platform revenue growth of 12% for FY2025, with Kaspi B2B Payments and business deposits for merchants broadening the payments base (32, 23)
e-Commerce traction
the company reports e-Commerce revenue growth of 35% in 2026-Q2, indicating the newer commerce lines are gaining traction (42)
the company reports e-Commerce revenue growth of 35% in 2026-Q2, indicating the newer commerce lines are gaining traction (42)
Türkiye integration (Hepsiburada and Hepsi Bank)
Kaspi acquired a controlling stake in Hepsiburada and integrated Hepsi Bank, launching a Hepsi Bank shopping loan inside Hepsiburada in July 2026, adding Türkiye as a reported region (35, 42, 43)
Kaspi acquired a controlling stake in Hepsiburada and integrated Hepsi Bank, launching a Hepsi Bank shopping loan inside Hepsiburada in July 2026, adding Türkiye as a reported region (35, 42, 43)
Kasper personal AI shopping assistant
the company launched Kasper, a personal AI shopping assistant, in July 2026; no traction metric is reported yet in the inputs (42)
the company launched Kasper, a personal AI shopping assistant, in July 2026; no traction metric is reported yet in the inputs (42)
Sector trend: Across Kaspi's platforms the direction of demand is higher, with FY2025 revenue growth reported for Marketplace, Fintech and Payments and continued e-Commerce growth into 2026-Q2 (32, 42). The addition of Türkiye through Hepsiburada and Hepsi Bank points to a widening addressable market beyond Kazakhstan (35, 42).
Kaspi.kz Revenue by Type (as of 2026-Q2 · KZT million · 12/17)
Revenue of Kaspi.kz split by segment or product type exactly as the company itself reports it; segment totals can deviate from group revenue. NadirAlpha methodology
| Segment | Since | Revenue | Growth | Source |
|---|---|---|---|---|
| Period 2026-H1 (6M?) | ||||
| Marketplace | 2023-Q1 | 1,028,033 | – | 43 |
| Fintech | 2023-Q1 | 884,468 | – | 43 |
| Payments | 2023-Q1 | 327,174 | – | 43 |
| Period 2026-Q2 (3M) | ||||
| e-Commerce | FY2024 | 394,000 | 35% | 42 |
| Period 2026-Q1 (3M) | ||||
| Kazakhstan & Other | 2025-Q1 | 804,458 | – | 40 |
| Türkiye | 2025-Q1 | 288,255 | – | 40 |
| Period FY2025 (12M?) | ||||
| Fintech Platform | FY2023 | – | 20% | 32 |
| Period FY2025 (12M) | ||||
| Marketplace Platform | FY2023 | 900,000 | 23% | 32 |
| Payments Platform | FY2023 | 659,000 | 12% | 32 |
| Period FY2025 | ||||
| Fintech including Türkiye | – | – | – | 35 |
| Marketplace including Türkiye | – | – | – | 35 |
| Payments including Türkiye | – | – | – | 35 |
| Period FY2024 (12M) | ||||
| Kazakhstan | FY2024 | 2,521,508 | – | 23 |
| Ukraine | FY2024 | 5,569 | – | 23 |
| Azerbaijan | FY2024 | 5,079 | – | 23 |
| m-Commerce | FY2024 | 2.7 | 19% | 20 |
| Period 2024-H1 | ||||
| e-Grocery | – | – | – | 9 |
Kaspi.kz Products & announcements (16/56 active+recent)
What Kaspi.kz launched, had approved or announced, from the filings up to Q2 2026, each row with the date of first mention. NadirAlpha methodology
Status: PlannedLaunched
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2027 | |||
| Hepsi Bank Fintech expansion in Türkiye | 2027 | 42 | |
| 2026 | |||
| Kasper personal AI shopping assistant | 2026-07 | 42 | |
| Hepsi Bank shopping loan integrated into Hepsiburada | 2026-07 | 42 | |
| Issuance of USD 600 million debt securities at 5.9% fixed rate maturing in 2031 | 2026-04 | 40 | |
| Kaspi AI assistant rollout to all merchants | 2026-01 | 30 | |
| 2025 | |||
| Hepsiburada share capital increase | 2025-09 | 30 | |
| Glovo restaurant delivery integration | 2025-09 | 30 | |
| Kaspi Travel domestic holidays within Kazakhstan launch | 2025-06 | 28 | |
| Kaspi Restaurants launch | 2025-06 | 28 | |
| Kaspi Pay QR integration with AliPay+ and global partners | 2025-06 | 28 | |
| Kaspi Pay QR integration with 5 local banks | 2025-06 | 28 | |
| 6-month consumer term deposit launch (3×) | 2025-04 | 28 | |
| Debt securities issuance (2×) | 2025-03 | 35 | |
| Merchant Cashbacks advertising product addition | 2025 | 28 | |
| Kaspi Alaqan (pay-by-palm) (4×) | 2025 | 35 | |
| Eurobonds issuance (2×) | 2025 | 26 | |
| Kaspi Travel expansion to holiday packages (2×) | 2025 | 6 | |
| 2024 | |||
| Buy-Inventory-Now-Pay-Later (BINPL) | 2024-12 | 23 | |
| Removal of banking service fees from new Fintech contracts | 2024-09 | 23 | |
| Digital Gift Cards (3×) | 2024-09 | 23 | |
| Business Deposit for merchants (2×) | 2024-09 | 23 | |
| Deposit account for merchants launch | 2024-08 | 15 | |
| International expansion initiatives | 2024-06 | 9 | |
| e-Grocery expansion to Shymkent (4×) | 2024-03 | 1 | |
| e-Grocery additional locations in Almaty and Astana | 2024-03 | 5 | |
| e-Cars 1P marketplace launch (2×) | 2024-03 | 1 | |
| e-Cars | 2024 | 23 | |
| NASDAQ listing | 2024 | 20 | |
| Kaspi Red shopping club cards expansion | 2024 | 23 | |
| Kaspi Juma promotional event | 2024 | 23 | |
| Kaspi Delivery express delivery | 2024 | 20 | |
| Kaspi Advertising (3×) | 2024 | 23 | |
| Further e-Cars product launches | 2024 | 9 | |
| Additional large dark store opening in Almaty | 2024 | 9 | |
| 2023 | |||
| Kaspi Tours launch | 2023-12 | 15 | |
| Car e-commerce business launch via Kolesa | 2023-10 | 6 | |
| e-Grocery transition to first-party business | 2023-02 | 6 | |
| Retail revenue line item introduced | 2023 | 6 | |
| Merchant and Micro Business Finance | 2023 | 23 | |
| Kaspi Travel product offering expansion | 2023 | 1 | |
| Kaspi Tours vacation package marketplace (3×) | 2023 | 5 | |
| Kaspi Shopping Register | 2023 | 6 | |
| Kaspi Postomats expansion to around 7,000 units | 2023 | 1 | |
| Kaspi POS Register | 2023 | 23 | |
| Kaspi Juma promotional event expansion to three times annually | 2023 | 1 | |
| Kaspi Delivery service expansion | 2023 | 1 | |
| E-Grocery | 2023 | 23 | |
| Classifieds (2×) | 2023 | 23 | |
| B2B vertical-specific products development | 2023 | 1 | |
| 2022 | |||
| Kaspi Cloud LLC establishment | 2022-01 | 23 | |
| 2021 | |||
| e-Grocery business launch | 2021 | 6 | |
| Portmone (Ukraine payments platform) | 2021 | 6 | |
| Kaspi Postomats | 2021 | 23 | |
| Kaspi B2B Payments | 2021 | 23 | |
| 2020 | |||
| Kaspi Travel | 2020 | 23 | |
| 2013 | |||
| ARK Balance LLP distressed asset management subsidiary | 2013-12 | 35 | |
Kaspi.kz Transactions & Events (30)
30 transactions and events of Kaspi.kz from the original reports, financing measures and management changes are not listed here, cancelled items in grey. NadirAlpha methodology
Acquisitions · 18Partnerships/contracts · 2Divestitures/exits · 4older: 6 (in the table)
Acquisitions by Kaspi.kz
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Hepsi Bank A.Ş. rename | 2026-07 | Completed | 43 |
| Hepsi Bank (formerly Rabobank A.Ş. acquisition) | 2026-07 | Completed | 42 |
| $600 million 5.900% five-year Eurobond issuance | 2026-04 | Completed | 38 |
| Hepsiburada full-quarter consolidation | 2026-01 | Completed | 38 |
| Additional purchase of 32,885,686 Hepsiburada shares increasing shareholding to 85.17% | 2026-01 | Completed | 34 |
| Additional Hepsiburada share purchase | 2026-01 | Completed | 35 |
| 2025 | |||
| Hepsiburada acquisition - increased to 85.17% (2×) | 2025-12 | Completed | 35 |
| Final Hepsiburada payment | 2025-07 | Completed | 28 |
| Rabobank A.Ş acquisition (5×) | 2025-03 | Completed | 43 |
| Business combination of Hepsiburada (Türkiye marketplace) | 2025 | Completed | 35 |
| 2024 | |||
| Hepsiburada Acquisition (11×) | 2024-10 | Completed | 35 |
| Acquisition of shares in D-Market Elektronik Hizmetler ve Ticaret A.Ş. (Turkey) | 2024-09 | Completed | 18 |
| Kolesa.kz acquisition and e-Cars vertical integration | 2024-06 | Completed | 9 |
| 2023 | |||
| Kolesa acquisition (8×) | 2023-10 | Completed | 23 |
| Merger of Kaspi Office 2 LLC with Kaspi Office LLP | 2023-04 | Completed | 2 |
| Magnum E-commerce Kazakhstan acquisition (11×) | 2023 | Completed | 13 |
| Kolesa investment (2×) | 2023 | Completed | 23 |
| Kolesa acquisition (car and real estate classifieds) | 2023 | Completed | 35 |
| 2022 | |||
| Kaspi Office 2 LLC acquisition | 2022-12 | Completed | 23 |
| 2019 | |||
| Turbo.az (cars) | 2019 | Completed | 6 |
| Tap.az (classifieds) | 2019 | Completed | 6 |
| Bina.az (real estate) | 2019 | Completed | 6 |
Divestitures and exits by Kaspi.kz
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| Repayment of subordinated debt fourth issue | 2025-07 | Divested | 34 |
| Repayment of third bond program first issue | 2025-01 | Divested | 34 |
| Discontinuation of 1P e-Cars business (2×) | 2025 | Divested | 35 |
| 2024 | |||
| London Stock Exchange delisting | 2024-03 | Divested | 1 |
| 2021 | |||
| Portmone Group sale (2×) | 2021-10 | Divested | 34 |
| IC Basel JSC divestiture | 2021-01 | Divested | 6 |
Partnerships and contracts of Kaspi.kz
Kaspi.kz Risks (156 since the annual report of 2026-03-16, 378 tracked in total)
Which risks Kaspi.kz has named since the annual report, company-specific first, generic standard risks in the expandable part; first mention refers to the document base from 2023. NadirAlpha methodology
Category: kreditrisikoRegulatoryTechnologyMacroCustomersFinancialSupply chainGeopoliticskreditvertragsrisikoPeopleLegalCyberESGreputationelleCompetitionMarket
| Risk | Category | Last reported |
|---|---|---|
| Kaspi.kz: first mention in 6-K-EX99.1 earnings release of 2026-08-10 (2026-Q2), source 42 | ||
| Cost of risk 0.7% in 2Q 2026 versus 0.6% in 2Q 2025. | = | |
| NPL ratio of 7.0% in 6M 2026 higher than 6.1% in full-year 2025. | = | |
| Expansion in Türkiye dependent on maintaining and expanding banking license. | = | |
| Kasper adoption relies on proprietary AI technology; early-stage with execution risks. | = | |
| Turkish Lira depreciated 21% year-over-year, impacting reported e-Commerce growth. | = | |
| Kaspi.kz: first mention in 20-F annual report of 2026-03-16 (FY2025), source 35 | ||
| No specific customer concentration disclosed. | 2026-Q2 2026-08-10 42 | |
| Kaspi.kz: first mention in 6-K-EX99.1 earnings release of 2025-02-24 (FY2024), source 20 | ||
| Average cost of funding increased 150 bps year-over-year to 14.5%. | 2026-Q2 2026-08-10 42 | |
| Kaspi.kz: first mention in 6-K-EX99.1 earnings release of 2026-08-12 (2026-H1), source 43 | ||
| Group operates three integrated platforms subject to system and infrastructure risks | = | |
| Foreign exchange exposure on KZT/USD and KZT/EUR positions | = | |
| Kaspi.kz: first mention in 6-K-EX99.1 earnings release of 2026-05-11 (2026-Q1), source 38 | ||
| Ability to obtain or retain licenses, permits and approvals timely | = | |
| Kaspi.kz: first mention in 20-F annual report of 2026-03-16 (FY2025), source 35 | ||
| Rapid portfolio growth while maintaining low and stable Cost of Risk of 2.2% demonstrates effective risk management, but economic downturns could increase loan defaults. | = | |
| Maximum credit exposure on loans after collateral KZT 6,281,705 million with unsecured portfolio of KZT 6,606,933 million | = | |
| Subsidiaries generate profits in tenge; significant tenge fluctuation against U.S. dollar could reduce dividend amounts to ADS holders. | = | |
| Tenge devaluation against U.S. dollar would decrease equivalents of assets and liabilities; 15% of liabilities in foreign currencies as of December 31, 2025. | = | |
| As holding company, depends on subsidiaries for cash distributions; subsidiaries have no obligation to distribute; subject to regulatory restrictions. | = | |
| Higher interest rates increase deposit funding costs, directly reducing Fintech segment profitability. | = | |
| Vyacheslav Kim, Mikheil Lomtadze, Fintech Partners Limited, and Asia Equity Partners Limited own 66.5%; control strategy and limit minority influence. | = | |
| Turkish e-commerce intermediary service providers required to deduct 1% withholding tax on behalf of merchant income effective January 1, 2025. | = | |
| Hepsipay had 54-day period with capital below regulatory minimum of TRY 55 million in June 2024; minimum now TRY 105 million effective January 2026. | = | |
| Türkiye operations generated net loss of 93,018 million KZT in 2025 despite revenue of 1,031,592 million KZT | = | |
| Company incorporated in Kazakhstan with operations and assets located there | = | |
| Unspecified geopolitical risks relating to Kazakhstan operations and regulatory environment. | = | |
| Continuing hostilities in Middle East and political unrest in Türkiye; earthquakes and anti-government protests adversely affected Hepsiburada. | = | |
| Payments business operates in Ukraine with unspecified geopolitical risks. | = | |
| Non-performing loans increased to KZT 466,845 million with deteriorating coverage ratio at 80% | = | |
| Regulatory requirements for smartphone registration created shortage of iPhones, adversely affecting Marketplace GMV. | = | |
| Disruptions in telecommunications and Internet infrastructure in Kazakhstan or Türkiye could adversely affect platform availability. | = | |
| Outsourced debt collection agencies collect up to 59% of NPLs. | = | |
| NBK base rate increases from 13.5% to 18.0% adversely impacted customer financing ability and funding costs. | = | |
| Kazakhstan economy vulnerable to commodity price fluctuations; August 2025 U.S. imposed 25% reciprocal tariff on Kazakhstan. | = | |
| Tenge exchange rate fluctuations against USD impact interest expenses, deposit outflows, and foreign currency liabilities. | = | |
| Kazakhstan economy dependent on commodity prices; inflation at 12.3% in 2025. | = | |
| Most operations in Kazakhstan; economy dependent on commodity exports; subject to geopolitical risks and political unrest. | = | |
| Local inflationary pressures in Kazakhstan increased base rates to 18.00%, increasing deposit funding costs and reducing Fintech profitability. | = | |
| January 2022 protests led to state of emergency, internet disruptions, facility damage, and ₸690 million in losses. | = | |
| Türkiye experiencing significant inflation; forecast for 2026 is 23.2%; impacts Hepsiburada's operations and expenses. | = | |
| Loss of CEO Mikheil Lomtadze crucial to culture and strategic direction. | = | |
| Difficult to enforce U.S. court judgments against Kazakhstan-based company and management | = | |
| Central Bank identified seven instances of non-compliance by Hepsiburada with IT Systems Communiqué; administrative fine of TRY 1,060,128 imposed and paid. | = | |
| Media reports and speculations about principal shareholders' activities and legal claims could harm reputation. | = | |
| Turkish e-commerce intermediary service providers now subject to AML regulations without transaction limits; compliance officer appointment required. | = | |
| Subject to Anti-Money Laundering Law with client identification and reporting requirements | = | |
| Failure to comply with applicable laws or regulations could result in withdrawal of banking license. | = | |
| Breach of regulatory guidelines could result in suspension or withdrawal of Kaspi Bank's banking license. | = | |
| New banking law adopted January 16, 2026, effective March 19, 2026, could increase compliance costs and reduce profitability. | = | |
| Major amendments to consumer lending regulations or changes to interest rate caps could adversely affect business. | = | |
| Turkish regulations on distance contracts amended effective January 1, 2026, affecting return rights and withdrawal exceptions for certain product categories. | = | |
| Hepsiburada subject to Turkish e-commerce license obligations based on Net Transaction Volume thresholds with graduated fee structure. | = | |
| Kazakhstan law prohibits entities from certain jurisdictions from owning shares or exercising voting rights in ADSs. | = | |
| IMEI verification requirements and blocked gray-market smartphones in Kazakhstan negatively impacted Marketplace GMV and revenue in 2025. | = | |
| Subject to Payment Systems Law and ARDFM regulations for payment services provision | = | |
| Changes in 2025 including smartphone registration requirements, minimum reserve requirements, and new tax on government securities revenue negatively impact revenue and net income. | = | |
| Kazakhstan minimum reserve requirements increased materially in 2025; further increases expected April and September 2026. | = | |
| Starting April 1, 2026, NBK will introduce 2% sectoral countercyclical buffer on risk-weighted assets for individual loans. | = | |
| Kaspi Bank designated as systemically important financial institution with enhanced requirements | = | |
| Kazakhstan's taxation system subject to frequent changes; Tax Code adopted July 18, 2025, increased corporate income tax for second-tier banks from 20% to 25%. | = | |
| Digital service tax in Türkiye imposes withholding tax on merchants; increases compliance risks; merchants may avoid platform. | = | |
| Disclosure requirements and voting procedures under Kazakhstan law may restrict ADS holder voting rights. | = | |
| Hepsiburada experienced merchant account breach in February 2024. | = | |
| Reliance on proprietary technology for lending origination and platform operations; system failures could disrupt services. | = | |
| DDoS attacks, ransomware and phishing threats continue to increase sophistication. | = | |
| Compliance with evolving data protection laws in multiple jurisdictions required. | = | |
| ADSs trade on multiple markets resulting in price volatility and settlement complexities | = | |
| May need additional capital for operations and may not be able to raise funds on acceptable terms. | = | |
| Continued reliance on deposit products to fund financing activities | = | |
| Future equity issuances could dilute shareholder value and depress share price | = | |
| Türkiye designated as hyperinflationary economy from June 2022; annual inflation rate 30.89% for year ended December 2025 | = | |
| Claims of subsidiary creditors have priority over parent company claims and shareholder claims. | = | |
| Russia-Ukraine war, Middle East hostilities, and political instability in Azerbaijan and Türkiye could impact operations. | = | |
| Expansion into Turkish market through Hepsiburada acquisition with 75.96% stake | = | |
| Referendum on new Constitution scheduled March 15, 2026, may create legal and regulatory uncertainty if adopted. | = | |
| Limited funding instruments and possible dollarization due to devaluation expectations | = | |
| Investing in emerging markets carries higher risks including legal, economic, tax, and political risks. | = | |
| Natural disasters or disease outbreaks could affect international business activity, trade, and demand for commodities. | = | |
| Macroeconomic factors including slow growth, unemployment, interest rates, inflation, and stock market volatility could adversely affect business. | = | |
| Official statistics and data from government authorities may not be complete or reliable; not independently verified. | = | |
| Risk of violating anti-corruption, anti-bribery, anti-money laundering, and sanctions laws; may face significant fines. | = | |
| Depositary may refuse ADS transfers or dividend distributions if unlawful or impractical | = | |
| Kazakhstan banking regulations restrict Major Participant and Bank Holding acquisitions; minimum credit ratings required for non-resident entities. | = | |
| Expected credit loss calculation relies on significant management judgment in determining Probability of Default, Loss Given Default, and Exposure at Default assumptions | = | |
| Kazakhstan judicial system subject to economic and political influences; difficult to predict decisions and obtain effective redress. | = | |
| Unspecified litigation risks common to financial services operations. | = | |
| New IFRS standards from IASB could impact financial position and results of operations. | = | |
| Being public company on U.S. exchange requires substantial legal and compliance expenses | = | |
| Multiple jurisdictions impose comprehensive consumer protection and data protection obligations on e-commerce operations. | = | |
| As foreign private issuer, exempt from certain SEC provisions; ADS holders may not have same protections as U.S. shareholders. | = | |
| Loss of foreign private issuer status would require compliance with U.S. domestic issuer requirements; significant additional costs and expenses. | = | |
| Tax Code references IFRS standards; IFRS 'substance over form' principle may result in tax disputes with authorities. | = | |
| Shareholder rights governed by Kazakhstan law differ from U.S. law; board of directors may find it difficult to approve certain actions. | = | |
| Kazakhstan's legislative and regulatory framework is evolving; legal environment uncertain compared to developed markets. | = | |
| Permitted to follow Kazakhstan corporate governance practices; not required to have majority independent board members. | = | |
| New Kazakhstan banking law scheduled to enter force March 19, 2026, introducing proportionate regulatory regime and enhanced crisis management framework. | = | |
| Public company status requires significant resources and management attention | = | |
| Tax authority interpretations not legally binding; inconsistent interpretations increase uncertainty and tax risks. | = | |
| Historically difficult and unpredictable tax collection system resulted in frequent changes with retroactive application. | = | |
| Dividend and capital gains tax exemptions require securities listed on AIX or KASE with active trading criteria met. | = | |
| Additional corporate income tax from changes in tax legislation with non-recurring effect in 2025 | = | |
| Uncertainty regarding Active Trading Criteria application; no assurance criteria will be met for dividend tax exemptions. | = | |
| Internally calculated metrics may differ from third-party estimates; inaccuracies could harm reputation. | = | |
| Competition from international marketplaces, traditional retailers, and payment providers may require pricing concessions and increase customer acquisition costs. | = | |
| Intensifying competition in consumer finance and digital payment sectors | = | |
| Kaspi.kz: first mention in 6-K-EX99.1 earnings release of 2026-03-13 (FY2025), source 34 | ||
| Top twenty customers held 1.3% of total customer accounts at 30 June 2026 | 2026-H1 2026-08-12 43 | |
| Limited funding instruments in Kazakhstan economy and possible dollarization due to currency devaluation expectations | = | |
| Group relies on proprietary automated credit decision algorithms and predictive credit risk assessment models | = | |
| Kaspi.kz: first mention in 6-K-EX99.1 earnings release of 2026-03-02 (FY2025), source 32 | ||
| Minimum reserve requirement increases reduce interest revenue generation capacity | = | |
| Evolving legislative and regulatory framework in Kazakhstan creates ongoing uncertainty | = | |
| Corporate tax rate increase to 25% from 20% in Kazakhstan pressures 2026 earnings growth | = | |
| Platform security and data protection essential for consumer trust and regulatory compliance | = | |
| High interest rate environment pressures fintech deposit costs and profitability | = | |
| Smartphone supply disruption from March 2025 registration requirements impacts marketplace GMV | = | |
| Ability to maintain relationships with merchant partners essential for marketplace growth | = | |
| Intense competition in e-commerce and fintech markets affects market share | = | |
| Kaspi.kz: first mention in 6-K-EX99.1 earnings release of 2025-11-10 (2025-Q3), source 30 | ||
| Continuing work to secure regulatory approvals for Rabobank A.Ş. acquisition. | = | |
| Kaspi.kz: first mention in 6-K-EX99.1 earnings release of 2025-08-04 (2025-Q2), source 28 | ||
| Evolving legislative and regulatory framework in Kazakhstan and other jurisdictions | 2026-Q1 2026-05-11 38 | |
| Kaspi.kz: first mention in 6-K-EX99.1 earnings release of 2025-05-12 (2025-Q1), source 26 | ||
| NBK increased minimum reserve requirements in 2025; additional capital required for reserves reduced interest income. | FY2025 2026-03-16 35 | |
| Rabobank A.Ş acquisition closing pending required regulatory approvals | = | |
| Kaspi.kz: first mention in 20-F annual report of 2025-03-10 (FY2024), source 23 | ||
| Significant exposure to Kazakhstan and Turkey markets; Turkey operations newly acquired | 2026-H1 2026-08-12 43 | |
| Lack of business interruption and property insurance customary in developed countries; inadequate coverage for e-Grocery liability. | FY2025 2026-03-16 35 | |
| 92% of deposits rolled over but susceptible to liquidity events or runs | FY2025 2026-03-16 35 | |
| Difficulty detecting employee misconduct involving confidential information, embezzlement, or fraud. | FY2025 2026-03-16 35 | |
| Kaspi Bank subject to banking regulations including capital adequacy and liquidity requirements | FY2025 2026-03-16 35 | |
| Unspecified cyber security risks inherent to digital financial services platforms. | FY2025 2026-03-16 35 | |
| Limited analyst coverage and unfavorable research could reduce trading volume and price | FY2025 2026-03-16 35 | |
| ADS holders waive jury trial rights for deposit agreement and securities law claims | FY2025 2026-03-16 35 | |
| Currency control laws may restrict foreign currency dealings if economic stability threatened; application unclear. | FY2025 2026-03-16 35 | |
| Law on Return of Illegally Acquired Assets regulates asset repatriation; enforcement practice still developing. | FY2025 2026-03-16 35 | |
| Kaspi.kz: first mention in 20-F annual report of 2024-04-29 (FY2023), source 6 | ||
| Group must comply with NBRK capital adequacy requirements; currently 20.8% against 6.5% minimum | 2026-H1 2026-08-12 43 | |
| Kazakhstan banking sector continues to experience stress; systemic risk could affect ability to raise funds. | FY2025 2026-03-16 35 | |
| Banking sector burdened by high non-performing assets and NPLs; volatility of deposits poses refinancing risk. | FY2025 2026-03-16 35 | |
| Growth and retention of large consumer and merchant base is critical; high customer retention reduces marketing expenses but market competition may increase churn. | FY2025 2026-03-16 35 | |
| Tenge volatility affects business; Hepsiburada acquisition settled in USD. | FY2025 2026-03-16 35 | |
| Kazakhstan annual consumer price inflation 12.3% for 2025; inflationary pressures raise operating costs and reduce consumer purchasing power. | FY2025 2026-03-16 35 | |
| Kazakhstan ranked 96/182 in Corruption Perceptions Index with score of 38; elevated corruption perception impacts foreign investment. | FY2025 2026-03-16 35 | |
| Subject to class action lawsuit and investigations by Turkish regulatory authorities; potential adverse judgments and penalties. | FY2025 2026-03-16 35 | |
| Failure to obtain or retain required licenses, permits, and approvals could materially adversely affect operations. | FY2025 2026-03-16 35 | |
| Ability to maintain and improve technology infrastructure | 2026-Q1 2026-05-11 38 | |
| Ability to compete successfully against existing or new competitors | 2026-Q1 2026-05-11 38 | |
| January 2022 events disrupted online transactions due to internet limitations. | FY2025 2026-03-16 35 | |
| General economic conditions in Kazakhstan and Türkiye could adversely impact business | FY2025 2026-03-16 35 | |
| Marketplace may face liability for alleged counterfeit or pirated items. | FY2025 2026-03-16 35 | |
| Changes in Internet, mobile carrier, and e-commerce regulations could adversely impact business and reduce revenue. | FY2025 2026-03-16 35 | |
| U.S. investors could face material adverse tax consequences if Company treated as passive foreign investment company. | FY2025 2026-03-16 35 | |
| ADS holders may not be able to exercise pre-emptive rights on future common share issuances; percentage ownership could be diluted. | FY2025 2026-03-16 35 | |
| Evolving legislative frameworks in Kazakhstan and operations countries pose risks. | FY2025 2026-03-16 35 | |
| AI algorithms may be flawed; inappropriate data practices could impair acceptance. | FY2025 2026-03-16 35 | |
| Kaspi.kz: first mention in 6-K-EX99.1 earnings release of 2024-04-22 (2024-Q1), source 5 | ||
| New smartphone registration requirements and other regulatory changes impacting business. | 2025-Q3 2025-11-10 30 | |
| Kaspi.kz: first mention in 6-K-EX99.1 earnings release of 2024-02-29 (FY2023), source 2 | ||
| Non-performing loans increased from 466,845 million KZT to 547,942 million KZT | 2026-H1 2026-08-12 43 | |
| Liquidity gaps could arise from maturity mismatches or deposit withdrawals. | FY2025 2026-03-16 35 | |
| Unspecified customer concentration risks in merchant and consumer lending portfolios. | FY2025 2026-03-16 35 | |
| Deposit funding costs increased 220 bps due to Kazakhstan interest rate rises | 2026-Q1 2026-05-11 38 | |
| Capital adequacy ratios must maintain minimum requirements with buffers | FY2025 2026-03-16 35 | |
| Group maintains modest open currency position and issues loans only in tenge | FY2025 2026-03-13 34 | |
| Kaspi.kz: first mention in 6-K-EX99.1 earnings release of 2024-02-26 (FY2023), source 1 | ||
| Ability to attract and retain customers and sell additional functionality | 2026-Q1 2026-05-11 38 | |
| Ability to retain and motivate personnel and attract new talent | 2026-Q1 2026-05-11 38 | |
| Ability to adequately obtain, maintain and protect intellectual property | 2026-Q1 2026-05-11 38 | |
| If additional material weaknesses identified in internal control, financial reporting accuracy affected | FY2025 2026-03-16 35 | |
= last mention identical with the first mention (same source)
Kaspi.kz Reported KPIs (as disclosed) (866)
The story KPIs of Kaspi.kz that standard databases usually miss, grouped by publication, most recent first, with source number. NadirAlpha methodology
Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
| KPI | Value / change | Source |
|---|---|---|
| Kaspi.kz, published 2026-09-10, period 2026-Q2 | ||
| dividend per share | KZT 1 000 | 44 |
| Kaspi.kz, published 2026-08-12, period 2026-H1 | ||
| Total Equity June | 2,730,505 (KZT in millions of KZT) | 43 |
| Total Equity Dec | 2,601,577 (KZT in millions of KZT) | 43 |
| Total Capital Ratio June | 20.8% | 43 |
| Total Capital Ratio Dec | 19.6% | 43 |
| Total Assets June | 12,057,493 (KZT in millions of KZT) | 43 |
| Total Assets Dec | 11,081,748 (KZT in millions of KZT) | 43 |
| Tier 1 Capital Ratio June | 20.8% | 43 |
| Tier 1 Capital Ratio Dec | 19.6% | 43 |
| Operating Cash Flow | 797,926 (KZT in millions of KZT) | 43 |
| Operating Cash Flow | 324,983 (KZT in millions of KZT) | 43 |
| Net Income | 258,889 (KZT in millions of KZT) | 43 |
| Net Income | 258,629 (KZT in millions of KZT) | 43 |
| Net Income | 510,796 (KZT in millions of KZT) | 43 |
| Net Income | 512,678 (KZT in millions of KZT) | 43 |
| Loans to Customers June | 7,439,812 (KZT in millions of KZT) | 43 |
| Loans to Customers Dec | 7,172,162 (KZT in millions of KZT) | 43 |
| Customer Accounts June | 8,132,007 (in millions of KZT) | 43 |
| Customer Accounts Dec | 7,531,286 (in millions of KZT) | 43 |
| Cash and Cash Equivalents June | 998,610 (KZT in millions of KZT) | 43 |
| Cash and Cash Equivalents Dec | 903,143 (KZT in millions of KZT) | 43 |
| Kaspi.kz, published 2026-08-10, period 2026-Q2 | ||
| e-Commerce Revenue (constant currency) | $820 million | 42 |
| e-Commerce Purchases (year-over-year growth) | 33% | 42 |
| e-Commerce VAS Revenue Growth (constant currency) | 49% | 42 |
| e-Commerce GMV (constant currency) | $2.6 billion | 42 |
| e-Commerce 3P take rate | 16.1% | 42 |
| Total merchants | 900 thousand | 42 |
| Total active consumers | 26 million | 42 |
| Payments take rate | 1.00% | 42 |
| Payments revenue | $351 million | 42 |
| Payments TPV | $26.3 billion | 42 |
| Monthly transactions per active consumer (Kazakhstan) | 77 | 42 |
| Marketplace revenue | $1.1 billion | 42 |
| Marketplace GMV (constant currency) | $4.8 billion | 42 |
| Kaspi.kz total revenue | $2.3 billion | 42 |
| Kaspi.kz net income | $539 million | 42 |
| Kasper recommendations guiding to specific product | 60% | 42 |
| Kasper conversations producing tailored recommendation | 80% | 42 |
| Kasper adoption (within one month of launch) | 20% | 42 |
| Hepsiburada ownership stake | 86.7% | 42 |
| Fintech revenue | $946 million | 42 |
| Fintech portfolio yield | 6% | 42 |
| Fintech average net loan portfolio duration | 9.0 months | 42 |
| Fintech average net loan portfolio | $15.2 billion | 42 |
| Fintech NPL ratio | 7.0% | 42 |
| Annualised e-Commerce purchases per consumer | 15.8 | 42 |
| Kaspi.kz, published 2026-05-14, period 2026-Q1 | ||
| Turkey revenue | 288,255 (KZT in millions of KZT) | 40 |
| Turkey revenue | 148,585 (KZT in millions of KZT) | 40 |
| Total capital ratio | 20.1% | 40 |
| Total capital ratio | 19.6% | 40 |
| Tier 1 capital ratio | 20.1% | 40 |
| Tier 1 capital ratio | 19.6% | 40 |
| Payments revenue | 158,294 (KZT in millions of KZT) | 40 |
| Payments revenue | 147,471 (KZT in millions of KZT) | 40 |
| Payments adjusted EBITDA | 89,735 (KZT in millions of KZT) | 40 |
| Payments adjusted EBITDA | 89,991 (KZT in millions of KZT) | 40 |
| Marketplace revenue | 519,860 (KZT in millions of KZT) | 40 |
| Marketplace revenue | 349,345 (KZT in millions of KZT) | 40 |
| Marketplace adjusted EBITDA | 118,211 (KZT in millions of KZT) | 40 |
| Marketplace adjusted EBITDA | 105,397 (KZT in millions of KZT) | 40 |
| Kazakhstan revenue | 804,458 (KZT in millions of KZT) | 40 |
| Kazakhstan revenue | 685,486 (KZT in millions of KZT) | 40 |
| Fintech revenue | 429,553 (KZT in millions of KZT) | 40 |
| Fintech revenue | 342,811 (KZT in millions of KZT) | 40 |
| Fintech adjusted EBITDA | 159,913 (KZT in millions of KZT) | 40 |
| Fintech adjusted EBITDA | 142,178 (KZT in millions of KZT) | 40 |
| Kaspi.kz, published 2026-05-11, period 2026-Q1 | ||
| VAS revenue growth | 73% | 38 |
| Turkiye ecommerce GMV pct | 50% | 38 |
| Total revenue USD | $2.3 billion | 38 |
| Total revenue | KZT1.1 trillion | 38 |
| Total merchants | 900 thousand | 38 |
| Total active consumers | 25 million | 38 |
| TFV origination USD | $5.4 billion | 38 |
| TFV origination | KZT2.6 trillion | 38 |
| Purchases per consumer prior year | 10.4 | 38 |
| Purchases per consumer | 15.0 | 38 |
| Portfolio yield | ~6% | 38 |
| Payments TPV USD | $23.7 billion | 38 |
| Payments TPV | KZT11.4 trillion | 38 |
| Payments take rate prior year | 1.09% | 38 |
| Payments take rate | 1.03% | 38 |
| Payments revenue USD | $331 million | 38 |
| Payments revenue | KZT158 billion | 38 |
| Payments interest revenue pct | 26% | 38 |
| Payments adjusted EBITDA USD | $187 million | 38 |
| Payments adjusted EBITDA | KZT90 billion | 38 |
| NPL ratio full year | 6.1% | 38 |
| npl ratio | 6.6% | 38 |
| net income usd | $526 million | 38 |
| net income | KZT252 billion | 38 |
| monthly transactions per active consumer | 77 | 38 |
| marketplace take rate | 12.1% | 38 |
| marketplace revenue usd | $1.1 billion | 38 |
| marketplace revenue | KZT520 billion | 38 |
| marketplace gmv usd | $4.5 billion | 38 |
| marketplace gmv constant currency pro forma | KZT2.2 trillion | 38 |
| hepsiburada ownership stake | 86% | 38 |
| fintech revenue usd | $897 million | 38 |
| fintech revenue | KZT430 billion | 38 |
| e commerce revenue usd | $824 million | 38 |
| e commerce revenue | KZT394 billion | 38 |
| e commerce purchases growth | 43% | 38 |
| e commerce gmv usd | $2.6 billion | 38 |
| e commerce gmv pro forma | KZT1.3 trillion | 38 |
| e commerce 3p take rate | 15.8% | 38 |
| dividend per ads | KZT 850 | 38 |
| dividend payout ratio | 64% | 38 |
| cost of risk prior year | 0.6% | 38 |
| cost of risk | 0.7% | 38 |
| cost of funding | 14.3% | 38 |
| average net loan portfolio USD | $15.1 billion | 38 |
| average net loan portfolio | KZT7.2 trillion | 38 |
| average loan portfolio duration prior year | 7.9 | 38 |
| average loan portfolio duration months | 9.3 | 38 |
| Kaspi.kz, published 2026-03-16, period FY2025 | ||
| total loans to customers | 7,172,162 | 35 |
| total estimated uninsured deposits | ₸2,189,056 (in ₸ million) | 35 |
| total estimated uninsured deposits | ₸1,774,738 (in ₸ million) | 35 |
| total estimated uninsured deposits | ₸1,340,272 (in ₸ million) | 35 |
| total assets | 699,305 | 35 |
| term deposits maturing 2025 extended percentage | 92% | 35 |
| new term deposits 3-6 months restricted withdrawal | ₸1,460,224 (in ₸ million) | 35 |
| net interest margin | 7.0% | 35 |
| net interest margin | 6.8% | 35 |
| net interest margin | 9.2% | 35 |
| net interest income | 466,552 (KZT in ₸ million) | 35 |
| net interest income | 355,848 (KZT in ₸ million) | 35 |
| net interest income | 753,498 (KZT in ₸ million) | 35 |
| Net income attributable to shareholders | 1,073,177 | 35 |
| Gross loans to customers | 7,543,926 | 35 |
| e-Grocery consumer penetration | 9% | 35 |
| e-Grocery GMV | ₸206.3 billion | 35 |
| e-Commerce consumer penetration | 47% | 35 |
| Deposits rolled over yearly % | 92% | 35 |
| Cash and cash equivalents | 903,143 | 35 |
| Avg. term deposit per retail customer | ₸1,188,169 | 35 |
| Avg. term deposit per retail customer | ₸1,099,831 | 35 |
| Avg. term deposit per retail customer | ₸1,296,278 | 35 |
| Avg. interest rate on interest-earning assets | 16.2% | 35 |
| Avg. interest rate on interest-earning assets | 15.8% | 35 |
| Avg. interest rate on interest-earning assets | 19.3% | 35 |
| Administration and other functions employees | 4,172 | 35 |
| User sessions in Super Apps | 54.7 billion | 35 |
| Türkiye Users | 11.8 million | 35 |
| Transactions in proprietary models | 44.5 billion | 35 |
| Total Users served | 27.5 million | 35 |
| Platform availability | 99.99% | 35 |
| Payment kiosks | 3,708 | 35 |
| POS Register merchant adoption | 40% | 35 |
| P2P Transactions Percentage of TPV | 8% | 35 |
| Orders delivered less than 2 days | 49% | 35 |
| Orders delivered | 182 million | 35 |
| Offline convenience stores SKUs | 3,500 | 35 |
| Monthly Transactions per Active Consumer | 77 | 35 |
| Merchant financing penetration | 24% | 35 |
| Marketplace 3P GMV VAS ratio | 2.3% | 35 |
| Loans in proprietary models | 231 million | 35 |
| Loan origination speed | 99.9% in less than 6 seconds | 35 |
| Kazakhstan Users | 15.7 million | 35 |
| Kaspi kz Super App Average MAU | 15.7 million | 35 |
| Kaspi kz Super App Average DAU | 10.7 million | 35 |
| Kaspi Travel consumer penetration | 19% | 35 |
| Kaspi QR and Card Transactions Percentage of TPV | 69% | 35 |
| Kaspi Postomats APMs | 10,441 | 35 |
| Kaspi Pay Super App Active Merchants | 764,000 | 35 |
| Kaspi Kartomats | 140 | 35 |
| Kaspi Delivery merchant penetration | 12% | 35 |
| Kaspi B2B Payments Transactions | 79.7 | 35 |
| Kaspi B2B Payments TPV | 2,833 (in ₸ billion) | 35 |
| Kaspi B2B Payments Percentage of TPV | 7% | 35 |
| Kaspi Alaqan registrations | 500,000 | 35 |
| Kaspi Alaqan penetration | 9% | 35 |
| Kaspi Alaqan merchants | 5,000 | 35 |
| Kaspi Advertising merchant penetration | 7% | 35 |
| Household Bill Payments Percentage of TPV | 16% | 35 |
| Government Services visitors | 12.2 million | 35 |
| Free delivery orders | 84% | 35 |
| Fintech Active Consumers deposits | 6.2 million | 35 |
| Deposit funding in Tenge | 93% | 35 |
| Data centers | 4 | 35 |
| DAU to MAU ratio | 68% | 35 |
| Cost of Risk | 2.2% | 35 |
| Business Deposit balance | ₸229 billion | 35 |
| Business Deposit accounts | 138,000 | 35 |
| Brand awareness travel | 54% | 35 |
| Brand awareness payments | 79% | 35 |
| Brand awareness mobile apps | 47% | 35 |
| Brand awareness low price e-shops | 29% | 35 |
| Brand awareness e-commerce | 44% | 35 |
| Brand awareness deposits | 59% | 35 |
| Brand awareness consumer finance | 53% | 35 |
| Brand awareness Krisha real estate | 74% | 35 |
| Brand awareness Kolesa car classifieds | 74% | 35 |
| Brand awareness Kazakhstani internet | 34% | 35 |
| Azerbaijan Classifieds MAU | 2.5 million | 35 |
| ATMs | 3,261 | 35 |
| AI virtual assistant voice percentage | 38% | 35 |
| AI virtual assistant voice calls | 6.2 million | 35 |
| AI virtual assistant chat percentage | 64% | 35 |
| AI virtual assistant chat conversations | 14.2 million | 35 |
| Kaspi.kz, published 2026-03-13, period FY2025 | ||
| Non-performing loans ratio | 80% | 34 |
| Customer accounts rolled over | 92% | 34 |
| Average individual customer account balance | KZT 1,296 thousand | 34 |
| Kaspi.kz, published 2026-03-02, period FY2025 | ||
| m-Commerce Take Rate | 9.2% | 32 |
| m-Commerce Take Rate 4Q2025 | 9.4% | 32 |
| m-Commerce GMV | KZT 2.9 trillion | 32 |
| m-Commerce GMV 4Q2025 | KZT 837 billion | 32 |
| e-Commerce Take Rate | 12.7% | 32 |
| e-Commerce Take Rate 4Q2025 | 13.1% | 32 |
| e-Commerce GMV | KZT 3.2 trillion | 32 |
| e-Commerce GMV 4Q2025 | KZT 947 billion | 32 |
| Rabobank Investment | approximately $300 million | 32 |
| Payments Take Rate | 1.10% | 32 |
| Payments Take Rate 4Q2025 | 1.09% | 32 |
| Payments TPV | KZT 44.2 trillion | 32 |
| Payments TPV 4Q2025 | KZT 12.2 trillion | 32 |
| NPL Ratio | 6.1% | 32 |
| Monthly Transactions per Active Consumer | 77 | 32 |
| Marketplace Take Rate | 10.5% | 32 |
| Marketplace Take Rate 4Q2025 | 10.9% | 32 |
| Marketplace GMV | KZT 6.7 trillion | 32 |
| Marketplace GMV 4Q2025 | KZT 1.9 trillion | 32 |
| Loan-to-Deposit Ratio | 95% | 32 |
| Kaspi Travel Take Rate | 5.1% | 32 |
| Kaspi Travel Take Rate 4Q2025 | 5.2% | 32 |
| Kaspi Travel GMV | KZT 538 billion | 32 |
| Kaspi Travel GMV 4Q2025 | KZT 124 billion | 32 |
| Kaspi Kazakhstan e-Commerce Purchases per Consumer | 24.8 | 32 |
| Kaspi Alaqan Transaction Share | 9% | 32 |
| Kaspi Alaqan Registrations | over 500,000 | 32 |
| Hepsiburada e Commerce Purchases per Consumer | around 6.7 | 32 |
| Hepsiburada Revenue | TRY 85 billion | 32 |
| Hepsiburada Revenue 4Q2025 | TRY 28 billion | 32 |
| Hepsiburada Purchases Growth | +19% YoY | 32 |
| Hepsiburada Purchases Growth | +16% YoY | 32 |
| Hepsiburada Purchases Growth | +7% YoY | 32 |
| Hepsiburada Purchases Growth | -11% YoY | 32 |
| Hepsiburada Next Day Shipment Coverage | around 63% | 32 |
| Hepsiburada Monthly Consumers Growth 4Q2025 | 15% YoY | 32 |
| Hepsiburada GMV | TRY 212.7 billion | 32 |
| Hepsiburada GMV 4Q2025 | TRY 71.5 billion | 32 |
| Hepsiburada Engaged Consumers Growth 4Q2025 | 29% YoY | 32 |
| Hepsiburada Adjusted EBITDA | TRY 1.1 billion | 32 |
| Hepsiburada Adjusted EBITDA 4Q2025 | TRY 1 million | 32 |
| Fintech Yield | 24% | 32 |
| Fintech Yield 4Q2025 | 6% | 32 |
| Fintech TFV | KZT 11.7 trillion | 32 |
| Fintech TFV 4Q2025 | KZT 3.1 trillion | 32 |
| Expected Consolidated Tax Rate Increase | around 200 bps YoY | 32 |
| Dividend per ADS | KZT 850 | 32 |
| Cost of Risk | 2.2% | 32 |
| Corporate Tax Rate Increase | from 20% to 25% | 32 |
| Average Savings | KZT 6.7 trillion | 32 |
| Average Savings 4Q2025 | KZT 7.2 trillion | 32 |
| Average Net Loan Portfolio | KZT 6.4 trillion | 32 |
| Average Net Loan Portfolio 4Q2025 | KZT 7.0 trillion | 32 |
| Kaspi.kz, published 2025-11-13, period 2025-Q3 | ||
| Total capital (k.2) Basel III | 19.5% | 31 |
| Tier 1 capital (k1.2) Basel III | 19.5% | 31 |
| Non-performing loans | 428,226 | 31 |
| Gross loans to customers | 7,150,991 | 31 |
| Customer accounts | 7,010,084 | 31 |
| Cash and cash equivalents | 501,519 | 31 |
| Kaspi.kz, published 2025-11-10, period 2025-Q3 | ||
| e-Grocery active consumers 3Q | 1.3 million | 30 |
| e-Grocery GMV growth 3Q | 53% | 30 |
| Payments transactions growth 9M | 15% | 30 |
| Payments transactions growth 3Q | 14% | 30 |
| Payments TPV growth 9M | 21% | 30 |
| Payments TPV growth 3Q | 18% | 30 |
| Monthly Transactions per Active Consumer | 76 | 30 |
| Marketplace take rate increase 9M | 80 bps | 30 |
| Marketplace take rate increase 3Q | 80 bps | 30 |
| Marketplace purchases growth 9M | 36% | 30 |
| Marketplace purchases growth 3Q | 36% | 30 |
| Hepsiburada revenue growth 9M | 11% | 30 |
| Hepsiburada revenue growth 3Q | 22% | 30 |
| Hepsiburada purchases growth 3Q | 16% | 30 |
| Hepsiburada GMV growth 9M | 5% | 30 |
| Hepsiburada GMV growth 3Q | 15% | 30 |
| Fintech revenue growth 9M | 21% | 30 |
| Fintech revenue growth 3Q | 24% | 30 |
| Fintech TFV growth 9M | 17% | 30 |
| Fintech TFV growth 3Q | 16% | 30 |
| Advertising revenue growth 9M | 76% | 30 |
| Advertising revenue growth 3Q | 56% | 30 |
| Kaspi.kz, published 2025-08-06, period 2025-H1 | ||
| Top 20 customers - customer accounts | 82,680 | 29 |
| Restructured loans stage 3 | 120,944 | 29 |
| Restructured loans stage 2 | 16,365 | 29 |
| Restructured loans stage 1 | 23,769 | 29 |
| Restructured loans POCI | 21,467 | 29 |
| Customer accounts held as prepayments on loans | 67,463 | 29 |
| Kaspi.kz, published 2025-08-04, period 2025-Q2 | ||
| m-Commerce take rate 2Q | 9.0% | 28 |
| m-Commerce take rate 1H | 9.1% | 28 |
| m-Commerce GMV 2Q | KZT690 billion | 28 |
| m-Commerce GMV 1H | KZT1.4 trillion | 28 |
| e-Grocery active consumers | 1.1 million | 28 |
| e-Grocery GMV growth YoY 2Q | 57% | 28 |
| e-Commerce take rate 2Q | 12.5% | 28 |
| e-Commerce take rate 1H | 12.5% | 28 |
| e-Commerce GMV 2Q | KZT747 billion | 28 |
| e-Commerce GMV 1H | KZT1.4 trillion | 28 |
| TFV origination 2Q | KZT2.9 trillion | 28 |
| TFV 1H | KZT5.5 trillion | 28 |
| Rabobank A.Ş expected investment post-closing | around $300 million | 28 |
| Payments transactions growth YoY 1H | 15% | 28 |
| Payments transactions growth YoY | 14% | 28 |
| Payments take rate 2Q | 1.11% | 28 |
| Payments take rate 1H | 1.12% | 28 |
| Payments TPV growth YoY 1H | 22% | 28 |
| Payments TPV growth YoY | 21% | 28 |
| Payments TPV 2Q | KZT10.7 trillion | 28 |
| Payments TPV 1H | KZT20.4 trillion | 28 |
| NPL ratio 1H | 5.7% | 28 |
| Monthly Transactions per Active Consumer | 75 | 28 |
| Marketplace take rate 2Q | 10.2% | 28 |
| Marketplace take rate 1H | 10.2% | 28 |
| Marketplace revenue growth YoY 2Q | 25% | 28 |
| Marketplace revenue growth YoY 1H | 29% | 28 |
| Marketplace purchases growth YoY 2Q | 35% | 28 |
| Marketplace purchases growth YoY 1H | 36% | 28 |
| Marketplace GMV growth YoY 2Q | 15% | 28 |
| Marketplace GMV growth YoY 1H | 17% | 28 |
| Marketplace GMV 2Q | KZT1.6 trillion | 28 |
| Marketplace GMV 1H | KZT3.1 trillion | 28 |
| Loan to deposit ratio 1H | 95% | 28 |
| Kaspi Travel take rate increase YoY 2Q | 50 bps | 28 |
| Kaspi Travel take rate increase YoY 1H | 60 bps | 28 |
| Kaspi Travel take rate 2Q | 4.9% | 28 |
| Kaspi Travel take rate 1H | 5.1% | 28 |
| Kaspi Travel GMV 2Q | KZT149 billion | 28 |
| Kaspi Travel GMV 1H | KZT268 billion | 28 |
| Hepsiburada final payment | $526.9 million | 28 |
| Hepsiburada EBITDA profitability growth YoY 2Q | 42% | 28 |
| Hepsiburada EBITDA profitability change 1H | down 10% | 28 |
| Fintech revenue growth YoY 2Q | 21% | 28 |
| Fintech revenue growth YoY 1H | 19% | 28 |
| Fintech TFV growth YoY 2Q | 17% | 28 |
| Fintech TFV growth YoY 1H | 17% | 28 |
| Average savings 2Q | KZT6.4 trillion | 28 |
| Average savings 1H | KZT6.4 trillion | 28 |
| Average net loans 2Q | KZT6.2 trillion | 28 |
| Average net loans 1H | KZT6.0 trillion | 28 |
| Advertising revenue growth YoY 1H | 91% | 28 |
| Kaspi.kz, published 2025-05-16, period 2025-Q1 | ||
| Total capital k2 | 18.8% | 27 |
| Total capital NBRK k2 | 12.6% | 27 |
| Tier 1 capital k1 2 | 18.8% | 27 |
| Tier 1 capital NBRK k1 2 | 12.5% | 27 |
| Non-performing loans ratio | 88% | 27 |
| Kaspi.kz, published 2025-05-12, period 2025-Q1 | ||
| m-Commerce take rate | 9.1% | 26 |
| m-Commerce GMV growth | 17% | 26 |
| m-Commerce GMV | KZT679 billion | 26 |
| e-Grocery active consumers | around 969 thousand | 26 |
| e-Grocery GMV growth | 64% | 26 |
| e-Commerce take rate | 12.5% | 26 |
| e-Commerce purchases growth | 97% | 26 |
| e-Commerce GMV growth | 23% | 26 |
| e-Commerce GMV | KZT694 billion | 26 |
| Payments transactions growth | 17% | 26 |
| Payments take rate | 1.13% | 26 |
| Payments TPV | KZT9.7 trillion | 26 |
| NPL ratio | 5.6% | 26 |
| Monthly Transactions per Active Consumer | 75 | 26 |
| Marketplace take rate | 10.3% | 26 |
| Marketplace purchases growth | 36% | 26 |
| Marketplace GMV growth | 20% | 26 |
| Marketplace GMV | KZT1.5 trillion | 26 |
| Loan to deposit ratio | 97% | 26 |
| Kaspi Travel take rate | 5.3% | 26 |
| Kaspi Travel GMV growth | 22% | 26 |
| Kaspi Travel GMV | KZT118 billion | 26 |
| Hepsiburada stake acquired | 65.41% | 26 |
| Fintech TFV growth | 17% | 26 |
| Fintech TFV | KZT2.6 trillion | 26 |
| Average savings | KZT6.3 trillion | 26 |
| Average net loan portfolio | KZT5.9 trillion | 26 |
| Kaspi.kz, published 2025-03-10, period FY2024 | ||
| Vyacheslav Kim shares | 52,927,955 | 23 |
| Total revenue | ₸2,532,156 million | 23 |
| Total revenue | ₸1,913,490 million | 23 |
| Total capital ratio Basel III | 18.3% | 23 |
| Total assets | ₸8,377,101 million | 23 |
| Tier 1 capital ratio Basel III | 17.6% | 23 |
| Retail revenue | ₸163,134 million | 23 |
| Reserved ADSs for LTIP | 6,834,661 | 23 |
| Payments to Magnum | ₸228 million | 23 |
| Payments segment revenue | ₸587,097 million | 23 |
| Outstanding vested options | 0 | 23 |
| Outstanding unvested options | 1,598,230 | 23 |
| Other related parties interest expense | ₸2 million | 23 |
| Net income | ₸1,056,834 million | 23 |
| Net fee revenue | ₸1,275,125 million | 23 |
| Mikheil Lomtadze shares | 42,950,623 | 23 |
| Marketplace segment revenue | ₸732,943 million | 23 |
| Magnum payments to company | ₸3,801 million | 23 |
| Magnum goods purchases | ₸6,336 million | 23 |
| Magnum finance lease payments | ₸202 million | 23 |
| Magnum E Commerce rent payments | ₸208 million | 23 |
| Magnum E Commerce property acquisition | ₸2,245 million | 23 |
| LTIP participants | 247 | 23 |
| Loans to customers | ₸5,746,600 million | 23 |
| Key management deposits interest expense | ₸582 million | 23 |
| Interest revenue | ₸1,082,668 million | 23 |
| Fintech segment revenue | ₸1,281,827 million | 23 |
| Fintech Partners Limited shares | 18,051,851 | 23 |
| Equipment and assets purchases from Magnum | ₸970 million | 23 |
| Entities controlled by key management interest expense | ₸25 million | 23 |
| Dividend per share | ₸3,400 | 23 |
| Dividend per share | ₸2,950 | 23 |
| Dividend per share | ₸1,100 | 23 |
| Depositary payments on behalf of company | $1,653,818 | 23 |
| Customer accounts | ₸6,561,950 million | 23 |
| Common shares outstanding | 190,015,729 | 23 |
| Cash equivalents | ₸619,470 million | 23 |
| Capital expenditures | ₸86,553 million | 23 |
| Baring Fintech Nexus Limited shares | 12,257,305 | 23 |
| Audit fees | 1,570 (in ₸ million) | 23 |
| audit fees | 2,793 (in ₸ million) | 23 |
| asia equity partners limited shares | 16,589,243 | 23 |
| all executive officers and board members shares | 101,231,319 | 23 |
| Total capital | 18.3% | 23 |
| Tier 1 capital | 17.6% | 23 |
| Revenue growth | 32% | 23 |
| Payments segment revenue | 23% | 23 |
| Payments segment TPV growth | 31% | 23 |
| Monthly Transactions per Active Consumer | 73 | 23 |
| Marketplace segment revenue | 28% | 23 |
| Marketplace segment GMV growth | 44% | 23 |
| Fintech segment revenue | 49% | 23 |
| Fintech segment TFV growth | 30% | 23 |
| Delivery orders growth | 128% | 23 |
| Kaspi.kz, published 2025-02-25, period 2024-Q4 | ||
| Unsecured Gross Carrying Amount of Loans | 5,359,101 (KZT in millions of KZT) | 21 |
| Restructured loans stage 3 | 94,556 (KZT in millions of KZT) | 21 |
| Restructured loans stage 2 | 18,009 (KZT in millions of KZT) | 21 |
| Restructured loans stage 1 | 15,364 (KZT in millions of KZT) | 21 |
| Restructured Loans POCI | 23,136 (KZT in millions of KZT) | 21 |
| Customer Accounts KZT Denomination | 91% | 21 |
| Customer Accounts Concentration Top 20 | 1.16% of total customer accounts | 21 |
| Allowance for Impairment Losses to Gross NPLs | 90% | 21 |
| Kaspi.kz, published 2025-02-24, period FY2024 | ||
| m-Commerce Take Rate | 9.1% | 20 |
| m-Commerce Take Rate | 9.4% | 20 |
| e-Grocery Active Consumers | 858,000 | 20 |
| e-Commerce Take Rate | 11.3% | 20 |
| e-Commerce Take Rate | 11.6% | 20 |
| Payments Take Rate | 1.18% | 20 |
| Payments Take Rate | 1.16% | 20 |
| Payments Merchants | 737,000 | 20 |
| Payments Consumers | 13.6 million | 20 |
| NPL Ratio | 5.4% | 20 |
| Monthly Transactions per Active Consumer | 73 | 20 |
| Merchants Using Advertising | 51,000 | 20 |
| Marketplace Take Rate | 9.7% | 20 |
| Marketplace Take Rate | 10.1% | 20 |
| Marketplace Consumers | 8.1 million | 20 |
| Loan to Deposit Ratio | 88% | 20 |
| Kaspi Travel Take Rate | 4.6% | 20 |
| Kaspi Travel Take Rate | 5.0% | 20 |
| Kaspi Postomats | 8,032 | 20 |
| Kaspi POS Register Adoption | 35% | 20 |
| Kaspi Delivery Orders | 99 million | 20 |
| Hepsiburada Ownership Stake | 65.41% | 20 |
| Hepsiburada Consumers | 12 million | 20 |
| Fintech Yield | 24% | 20 |
| Fintech Yield | 6% | 20 |
| Fintech Loan Consumers | 6.4 million | 20 |
| Fintech Deposit Consumers | 5.7 million | 20 |
| Business Deposit Balance | KZT149 billion | 20 |
| Business Deposit Accounts | 77,000 | 20 |
| Average Savings | KZT5.7 trillion | 20 |
| Average Savings | KZT6.2 trillion | 20 |
| Average Net Loan Portfolio | KZT4.9 trillion | 20 |
| Average Net Loan Portfolio | KZT5.5 trillion | 20 |
| Kaspi.kz, published 2024-10-29, period 2024-Q3 | ||
| Total Capital (K.2) NBRK | 12.7% | 17 |
| Total capital (k.2) Basel III | 18.0% | 17 |
| Total Allowance for Impairment to Gross NPLs | 91% | 17 |
| Tier 1 Capital (K1.2) NBRK | 12.5% | 17 |
| Tier 1 capital (k1.2) Basel III | 17.5% | 17 |
| Gross NPLs | 310,958 | 17 |
| Kaspi.kz, published 2024-10-18, period 2024-Q3 | ||
| m-Commerce Take Rate (9M) | 9.0% | 15 |
| m-Commerce Take Rate (3Q) | 9.0% | 15 |
| m-Commerce Purchases (9M) | up 10% | 15 |
| m-Commerce Purchases (3Q) | up 12% | 15 |
| e-Grocery GMV Share of e-Commerce (9M) | 5% | 15 |
| e-Grocery GMV Growth (3Q) | up 88% | 15 |
| e-Grocery Active Consumers (3Q) | 725k | 15 |
| e-Commerce Take Rate (9M) | 11.1% | 15 |
| e-Commerce Orders (9M) | up 121% | 15 |
| e-Commerce Orders (3Q) | up 132% | 15 |
| e-Cars GMV Share of e-Commerce (9M) | 29% | 15 |
| Payments Transactions (9M) | up 42% | 15 |
| Payments Transactions (3Q) | up 38% | 15 |
| Payments Take Rate (9M) | 1.19% | 15 |
| Payments Take Rate (3Q) | 1.18% | 15 |
| Payments Active Merchants (9M) | 732,000 | 15 |
| Payments Active Consumers (9M) | 13.4 million | 15 |
| Merchant and Micro Business Finance Share of TFV (9M) | 17% | 15 |
| Merchant Deposits - Amount | KZT 69 billion | 15 |
| Merchant Deposits - Accounts | 41K | 15 |
| Marketplace Take Rate (9M) | 9.5% | 15 |
| Marketplace Take Rate (3Q) | 9.5% | 15 |
| Marketplace Purchases (9M) | up 39% | 15 |
| Marketplace Purchases (3Q) | up 45% | 15 |
| Marketplace Active Consumers (9M) | 7.8 million | 15 |
| Loan to Deposit Ratio (9M) | 88% | 15 |
| Kaspi Travel Take Rate (9M) | 4.5% | 15 |
| Kaspi Travel Take Rate (3Q) | 4.5% | 15 |
| Kaspi Tours Take Rate (3Q) | 8.1% | 15 |
| Kaspi Tours Share of Travel GMV (9M) | 9% | 15 |
| Kaspi Tours GMV Growth (3Q) | up 302% | 15 |
| Fintech Yield (9M) | 18% | 15 |
| Fintech Yield (3Q) | 6% | 15 |
| Fintech NPL Ratio | 5.6% | 15 |
| Fintech Active Consumers - Loans (9M) | 6.4 million | 15 |
| Fintech Active Consumers - Deposits (9M) | 5.5 million | 15 |
| Dividend per ADS | KZT 850 | 15 |
| BNPL Share of TFV (9M) | 42% | 15 |
| Average Savings (9M) | 5.5 trillion | 15 |
| Average Savings (3Q) | 5.8 trillion | 15 |
| Average Net Loan Portfolio (9M) | 4.7 trillion | 15 |
| Average Net Loan Portfolio (3Q) | 5.0 trillion | 15 |
| Kaspi.kz, published 2024-09-24, period FY2023 | ||
| e-Grocery consumers | 639 thousand | 13 |
| e-Grocery GMV growth YoY | 111% | 13 |
| e-Grocery GMV | around KZT56,900 million | 13 |
| Non-resident customer account growth | 4.5% | 13 |
| Non-resident customer account balances (as of 2Q2024) | 2.8% | 13 |
| Merchant partners | 581K | 13 |
| Marketplace GMV from non-residents | 0.3% | 13 |
| MAU | 14 million | 13 |
| Daily Active Users | 9.1 million | 13 |
| Kaspi.kz, published 2024-08-01, period 2024-H1 | ||
| Total Capital Ratio (NBRK) | 12.8% | 10 |
| Total Capital Ratio (Basel III) | 18.1% | 10 |
| Total Allowance for Impairment to Gross NPLs | 94% | 10 |
| Tier 1 Capital Ratio (NBRK) | 12.5% | 10 |
| Tier 1 Capital Ratio (Basel III) | 18.0% | 10 |
| Loans to Customers (Gross) | 5,127,292 (KZT in millions of KZT) | 10 |
| Gross Non-Performing Loans | 286,316 (KZT in millions of KZT) | 10 |
| Customer accounts | 5,697,335 (in millions of KZT) | 10 |
| Cash and cash equivalents | 594,862 (KZT in millions of KZT) | 10 |
| Allowance for impairment losses on loans to customers | 269,977 (KZT in millions of KZT) | 10 |
| Kaspi.kz, published 2024-07-22, period 2024-H1 | ||
| m-Commerce purchases YoY growth 2Q | 10% | 9 |
| m-Commerce purchases YoY growth 1H | 10% | 9 |
| m-Commerce Take Rate 2Q | 9.0% | 9 |
| m-Commerce Take Rate 2Q | 8.0% | 9 |
| m-Commerce Take Rate 1H | 9.0% | 9 |
| m-Commerce Take Rate 1H | 8.0% | 9 |
| m-Commerce GMV YoY growth 2Q | 37% | 9 |
| m-Commerce GMV YoY growth 1H | 35% | 9 |
| m-Commerce GMV 2Q | KZT646 billion | 9 |
| m-Commerce GMV 1H | KZT1.2 trillion | 9 |
| e-Grocery share of e-Commerce GMV 1H | 5% | 9 |
| e-Grocery active consumers | 639,000 | 9 |
| e-Grocery GMV YoY growth 2Q | 99% | 9 |
| e-Commerce orders YoY growth 2Q | 126% | 9 |
| e-Commerce Take Rate 2Q | 11.3% | 9 |
| e-Commerce Take Rate 2Q | 11.0% | 9 |
| e-Commerce Take Rate 1H | 11.2% | 9 |
| e-Commerce Take Rate 1H | 10.6% | 9 |
| e-Commerce GMV YoY growth 2Q | 113% | 9 |
| e-Commerce GMV YoY growth 1H | 114% | 9 |
| e-Commerce GMV 2Q | KZT610 billion | 9 |
| e-Commerce GMV 1H | KZT1.2 trillion | 9 |
| e-Cars share of e-Commerce GMV 1H | 28% | 9 |
| VAS contribution to Marketplace Take Rate 2Q | 100 bps | 9 |
| Payments Take Rate 2Q | 1.18% | 9 |
| Payments Take Rate 2Q | 1.24% | 9 |
| Payments Take Rate 1H | 1.19% | 9 |
| Payments Take Rate 1H | 1.24% | 9 |
| Payments Platform transactions YoY growth 2Q | 46% | 9 |
| Payments Platform transactions YoY growth 1H | 44% | 9 |
| Payments Platform revenue YoY growth 2Q | 23% | 9 |
| Payments Platform revenue YoY growth 1H | 24% | 9 |
| Payments Platform revenue 2Q | KZT139 billion | 9 |
| Payments Platform revenue 1H | KZT265 billion | 9 |
| Payments Platform TPV YoY growth 2Q | 32% | 9 |
| Payments Platform TPV YoY growth 1H | 34% | 9 |
| Payments Platform TPV 2Q | KZT8.8 trillion | 9 |
| Payments Platform TPV 1H | KZT16.7 trillion | 9 |
| Payments Active Merchants 1H | 721,000 | 9 |
| Payments Active Consumers 1H | 13.2 million | 9 |
| NPL ratio end 1H | 5.6% | 9 |
| Monthly transactions per active consumer 2Q | 72 | 9 |
| Merchant and Micro Business Finance share of TFV 1H | 17% | 9 |
| Marketplace revenue YoY growth 2Q | 96% | 9 |
| Marketplace revenue YoY growth 1H | 102% | 9 |
| Marketplace revenue 2Q | KZT169 billion | 9 |
| Marketplace revenue 1H | KZT319 billion | 9 |
| Marketplace purchases YoY growth 2Q | 38% | 9 |
| Marketplace purchases YoY growth 1H | 36% | 9 |
| Marketplace Take Rate 2Q | 9.5% | 9 |
| Marketplace Take Rate 2Q | 8.5% | 9 |
| Marketplace Take Rate 1H | 9.5% | 9 |
| Marketplace Take Rate 1H | 8.5% | 9 |
| Marketplace GMV YoY growth 2Q | 62% | 9 |
| Marketplace GMV YoY growth 1H | 62% | 9 |
| Marketplace GMV 2Q | KZT1.4 trillion | 9 |
| Marketplace GMV 1H | KZT2.6 trillion | 9 |
| Marketplace Active Consumers 1H | 7.6 million | 9 |
| Loan to deposit ratio end 1H | 85% | 9 |
| Loan to deposit ratio end 1H | 74% | 9 |
| Kaspi Travel ticket sales YoY growth 2Q | 16% | 9 |
| Kaspi Travel ticket sales 2Q | 4.7 million | 9 |
| Kaspi Travel Take Rate 2Q | 4.4% | 9 |
| Kaspi Travel Take Rate 2Q | 4.2% | 9 |
| Kaspi Travel Take Rate 1H | 4.5% | 9 |
| Kaspi Travel Take Rate 1H | 4.2% | 9 |
| Kaspi Travel GMV YoY growth 2Q | 33% | 9 |
| Kaspi Travel GMV YoY growth 1H | 38% | 9 |
| Kaspi Travel GMV 2Q | KZT128 billion | 9 |
| Kaspi Travel GMV 1H | KZT226 billion | 9 |
| Kaspi Tours share of Travel GMV 1H | 8% | 9 |
| Kaspi Tours Take Rate 2Q | 7.9% | 9 |
| Kaspi Tours GMV YoY growth 2Q | 644% | 9 |
| Fintech yield 2Q | 6% | 9 |
| Fintech yield 2Q | 7% | 9 |
| Fintech yield 1H | 12% | 9 |
| Fintech yield 1H | 13% | 9 |
| Fintech revenue YoY growth 2Q | 23% | 9 |
| Fintech revenue YoY growth 1H | 25% | 9 |
| Fintech revenue 2Q | KZT307 billion | 9 |
| Fintech revenue 1H | KZT598 billion | 9 |
| Fintech funding costs YoY growth 1H | 33% | 9 |
| Fintech TFV YoY growth 2Q | 43% | 9 |
| Fintech TFV YoY growth 1H | 45% | 9 |
| Fintech TFV 2Q | KZT2.5 trillion | 9 |
| Fintech TFV 1H | KZT4.7 trillion | 9 |
| Fintech Active Consumers (loans) 1H | 6.4 million | 9 |
| Fintech Active Consumers (deposits) 1H | 5.2 million | 9 |
| Consolidated revenue YoY growth 2Q | 36% | 9 |
| Consolidated revenue YoY growth 1H | 38% | 9 |
| Consolidated revenue 2Q | KZT599 billion | 9 |
| Consolidated revenue 1H | KZT1.2 trillion | 9 |
| BNPL share of TFV 1H | 43% | 9 |
| B2B Payments share of TPV 1H | 5% | 9 |
| Average savings YoY growth 2Q | 26% | 9 |
| Average savings YoY growth 1H | 29% | 9 |
| Average savings 2Q | KZT5.4 trillion | 9 |
| Average savings 1H | KZT5.4 trillion | 9 |
| Average net loan portfolio YoY growth 2Q | 42% | 9 |
| Average net loan portfolio YoY growth 1H | 39% | 9 |
| Average net loan portfolio 2Q | KZT4.7 trillion | 9 |
| Average net loan portfolio 1H | KZT4.5 trillion | 9 |
| Kaspi.kz, published 2024-04-30, period 2024-Q1 | ||
| Total capital ratio (NBRK requirements) | 12.8% | 7 |
| Total Capital Ratio (Basel III) | 17.8% | 7 |
| Tier 1 capital ratio (NBRK requirements) | 12.4% | 7 |
| Tier 1 Capital Ratio (Basel III) | 16.8% | 7 |
| Non-performing loans ratio | 98% | 7 |
| Kaspi.kz, published 2024-04-29, period FY2023 | ||
| Weighted average shares diluted | 192,062,409 | 6 |
| Weighted average shares basic | 189,859,971 | 6 |
| Unsecured loans | 4,046,581 (KZT in millions of KZT) | 6 |
| Term deposits percentage | 80% | 6 |
| Subordinated debt percentage | 4.8% | 6 |
| Retail term deposits percentage | 79% | 6 |
| Retail term deposits percentage | 76% | 6 |
| Retail current accounts percentage | 15% | 6 |
| Retail current accounts percentage | 18% | 6 |
| Restructured loans collected | 35,168 (KZT in millions of KZT) | 6 |
| Portmone total assets percentage | 0.1% | 6 |
| Portmone net income percentage | 0.05% | 6 |
| Portmone group stake | 100% | 6 |
| NPL ratio | 5.5% | 6 |
| NPL ratio | 6.3% | 6 |
| NPL ratio | 4.7% | 6 |
| NPL collection rate outsourced | 65% | 6 |
| maximum exposure credit risk loans | 3,823,734 (KZT in millions of KZT) | 6 |
| Magnum ecommerce stake | 90.01% | 6 |
| local bonds percentage | 2.8% | 6 |
| Kazakhstan government securities percentage | 94% | 6 |
| Kazakhstan government securities percentage | 99% | 6 |
| GDP growth | 5.1% | 6 |
| GDP growth | 3.2% | 6 |
| GDP growth | 4.3% | 6 |
| fintech segment net income | 34% | 6 |
| fintech segment net income | 40% | 6 |
| EPS diluted | 4,381 | 6 |
| EPS basic | 4,431 | 6 |
| customer accounts top twenty percentage | 1.80% | 6 |
| customer accounts top twenty | 97,806 (in millions of KZT) | 6 |
| customer accounts KZT denominated | 91% | 6 |
| customer accounts foreign currency | 9% | 6 |
| customer accounts | ₸5,441,456 million | 6 |
| Credit Suisse deposit withdrawal | $75.2 billion | 6 |
| credit impaired loans collateralized | 26,932 (KZT in millions of KZT) | 6 |
| consumer price inflation | 9.8% | 6 |
| consumer price inflation | 20.3% | 6 |
| consumer price inflation | 8.4% | 6 |
| Average individual customer account balance | 1,100 | 6 |
| active merchants | 581,000 | 6 |
| Visa and Mastercard combined market share | 22% | 6 |
| virtual assistant work equivalence | approximately 1,200 employees | 6 |
| virtual assistant annual savings | ₸6.2 billion (approximately $14 million) | 6 |
| user sessions in Super Apps | 31 billion | 6 |
| user behavior signals analyzed per minute | 1.6 million | 6 |
| uninsured deposits | ₸1,340,272 million | 6 |
| uninsured deposits | ₸825,684 million | 6 |
| uninsured deposits | ₸528,097 million | 6 |
| travel GMV as % of marketplace GMV | 8.5% | 6 |
| transactions processed | 24 billion | 6 |
| transaction fraud decision time | within 0.5 seconds | 6 |
| second payment default rate | 0.3% | 6 |
| proprietary payment network transactions vs Mastercard and Visa | more than combined | 6 |
| Proprietary payment network market share | 78% | 6 |
| Personal feedback collected per month | approximately 260,000 consumers | 6 |
| Payments segment revenue share | 25% | 6 |
| Payments Active Consumers from 2020-2023 cohorts | 62% | 6 |
| Payment kiosks | 3,811 | 6 |
| POS network devices | 538,000 | 6 |
| P2P Payments with commission | 2.8% | 6 |
| Outbound package holiday market size | ₸220 billion ($464 million) | 6 |
| NPLs as percentage of gross loans | 5% | 6 |
| Monthly Transactions per Active Consumer | 71 | 6 |
| Merchants using financing products | 24% | 6 |
| Merchants using Kaspi Delivery | 10% | 6 |
| Merchants using Kaspi Advertising | 6% | 6 |
| Marketplace segment revenue share | 23% | 6 |
| Marketplace Active Consumers within 5-minute walk of Postomat | 80% | 6 |
| Marketplace Active Consumers from 2020-2023 cohorts | 50% | 6 |
| Loan originations within 6 seconds | 99.9% | 6 |
| Loan applications | 97 million | 6 |
| LTIP program participants | 184 senior executives and key personnel | 6 |
| Kaspi.kz outlets | 112 | 6 |
| Kaspi.kz Super App recognition | most recognized mobile app in Kazakhstan | 6 |
| Kaspi.kz Government Services users | 11.0 million | 6 |
| Kaspi Travel penetration | 17% | 6 |
| Kaspi Postomats | 5,943 | 6 |
| Kaspi Kartomats | 144 | 6 |
| Kaspi Juma frequency | at least three times | 6 |
| Kaspi Juma GMV as % of Marketplace GMV | 14.2% | 6 |
| Kaspi Juma GMV | ₸592 billion ($1.3 billion) | 6 |
| Kaspi Deposit composition (tenge) | 91% | 6 |
| Kaspi Deposit composition (USD) | 9% | 6 |
| Kaspi B2B Payments as % of TPV | 4% | 6 |
| Internal calls and messages processed | 14 million | 6 |
| Grocery market size | ₸6.6 trillion ($14 billion) | 6 |
| First payment default rate | 0.9% | 6 |
| Fintech segment revenue share | 53% | 6 |
| Fintech Yield | 20.4% | 6 |
| Fintech Active Consumers (deposits) | 4.8 million | 6 |
| E-commerce expected % of Kazakhstan retail | 20.5% | 6 |
| E-commerce as % of Kazakhstan retail | 7.6% | 6 |
| E-commerce CAGR | 38% | 6 |
| E-Grocery penetration | 4% | 6 |
| E-Grocery GMV | ₸68.7 billion ($151 million) | 6 |
| E-Commerce penetration | 34% | 6 |
| E-Commerce orders delivered in less than 48 hours | 51% | 6 |
| E-Commerce orders delivered free of charge | 88% | 6 |
| Delivery revenue as % of e-Commerce GMV | 1.4% | 6 |
| Delivery couriers | 2,500 | 6 |
| Delivery company partners | 60 | 6 |
| Deliveries through Kaspi Postomats | 39% | 6 |
| Delinquency rate | 2.0% | 6 |
| Data points analyzed per credit risk assessment | 4,380 | 6 |
| Data center availability | 99.99% | 6 |
| Classifieds MAU across three countries | 10 million | 6 |
| Chat conversations processed | 6.2 million | 6 |
| Average Savings | 4,491,864 | 6 |
| Average Net Loan Portfolio | 3,541,594 | 6 |
| Average MAU (Kaspi.kz) | 14.0 million | 6 |
| Average DAU to Average MAU ratio | 65% | 6 |
| Advertising revenue as % of e-Commerce GMV | 0.5% | 6 |
| Active Merchants (Kaspi Pay) | 581,000 | 6 |
| ATMs | 3,292 | 6 |
| Kaspi.kz, published 2024-04-22, period 2024-Q1 | ||
| m-Commerce purchases growth YoY | 10% | 5 |
| m-Commerce Take-Rate | 8.9% | 5 |
| m-Commerce GMV growth YoY | 34% | 5 |
| m-Commerce GMV | KZT582 billion | 5 |
| e-Grocery as percentage of e-Commerce GMV | 5% | 5 |
| e-Grocery active consumers | 566,000 | 5 |
| e-Grocery GMV growth YoY | 125% | 5 |
| e-Commerce Take-Rate | 11.1% | 5 |
| e-Commerce GMV growth YoY | 114% | 5 |
| e-Commerce GMV | KZT563 billion | 5 |
| e-Cars GMV as percentage of e-Commerce GMV | 26% | 5 |
| e-Cars 1P vehicles sold in Almaty | 1,200 | 5 |
| TPV growth YoY | 35% | 5 |
| TPV | KZT7.9 trillion | 5 |
| TFV growth YoY | 48% | 5 |
| TFV | KZT2.3 trillion | 5 |
| Payments Take-Rate | 1.2% | 5 |
| Payments Platform merchants | 689,000 | 5 |
| Payments Platform consumers | 13.0 million | 5 |
| NPL ratio | 5.3% | 5 |
| Monthly Transactions per Active Consumer | 71 | 5 |
| Merchant and Micro Finance as percentage of TFV | 17% | 5 |
| Marketplace purchases growth YoY | 33% | 5 |
| Marketplace active consumers | 7.4 million | 5 |
| Marketplace Take-Rate | 9.5% | 5 |
| Marketplace GMV | KZT1.2 trillion | 5 |
| Loan to deposit ratio | 86% | 5 |
| Kaspi Travel Take-Rate | 4.5% | 5 |
| Kaspi Travel GMV growth YoY | 44% | 5 |
| Kaspi Travel GMV | KZT97 billion | 5 |
| Kaspi Tours Take-Rate | 8.7% | 5 |
| Kaspi Tours GMV as percentage of Travel GMV | 7% | 5 |
| Fintech yield | 6% | 5 |
| Fintech loan consumers | 6.3 million | 5 |
| Fintech funding costs growth YoY | 36% | 5 |
| Fintech deposit consumers growth YoY | 24% | 5 |
| Fintech deposit consumers | 5.0 million | 5 |
| BNPL as percentage of TFV | 43% | 5 |
| Average savings growth YoY | 32% | 5 |
| Average savings | KZT5.3 trillion | 5 |
| Average net loan portfolio growth YoY | 37% | 5 |
| Average net loan portfolio | KZT4.4 trillion | 5 |
| Kaspi.kz, published 2024-02-29, period FY2023 | ||
| Total capital (k.2) regulatory | 13.1% | 2 |
| Total capital (k.2) | 18.0% | 2 |
| Tier 1 capital (k1.2) regulatory | 12.2% | 2 |
| Tier 1 capital (k1.2) | 17.0% | 2 |
| Kaspi.kz, published 2024-02-26, period FY2023 | ||
| m-Commerce Take-Rate | 8.6% | 1 |
| m-Commerce GMV growth YoY | 38% | 1 |
| m-Commerce GMV | KZT2.3 trillion | 1 |
| e-Grocery transactions growth YoY | 3.3x | 1 |
| e-Grocery GMV growth YoY | 3.5x | 1 |
| e-Grocery Almaty net income margin 4Q2023 | 6% | 1 |
| e-Commerce Take-Rate | 11% | 1 |
| e-Commerce GMV growth YoY | 53% | 1 |
| e-Commerce GMV | KZT1.5 trillion | 1 |
| e-Commerce 1P share of GMV | 4% | 1 |
| Total revenue | KZT1.9 trillion | 1 |
| Total ADSs outstanding | 189,333,465 | 1 |
| TPV transactions YoY growth | 38% | 1 |
| Payments Platform revenue growth YoY | 44% | 1 |
| Payments Platform revenue | KZT479 billion | 1 |
| Payments Platform active consumers | 12.9 million | 1 |
| Payments Platform Take-Rate | 1.2% | 1 |
| Payments Platform TPV growth YoY | 43% | 1 |
| Payments Platform TPV | KZT28.4 trillion | 1 |
| Merchant count | 581,000 | 1 |
| Merchant and Micro Business Finance share of TFV | 15% | 1 |
| Marketplace revenue growth YoY | 87% | 1 |
| Marketplace revenue | KZT448 billion | 1 |
| Marketplace active consumers growth YoY | 18% | 1 |
| Marketplace active consumers | 7.1 million | 1 |
| Marketplace Take-Rate | 9.2% | 1 |
| Marketplace GMV growth YoY | 45% | 1 |
| Marketplace GMV | KZT4.2 trillion | 1 |
| Loan to deposit ratio end | 78% | 1 |
| Kaspi Travel Take-Rate 4Q2023 | 4.6% | 1 |
| Kaspi Travel GMV growth YoY | 53% | 1 |
| Kaspi Travel GMV | KZT353 billion | 1 |
| Kaspi Tours Take-Rate 4Q2023 | 8.7% | 1 |
| Kaspi Tours GMV share in Travel 4Q2023 | 5% | 1 |
| Kaspi Smart Logistics orders delivered YoY growth | 130% | 1 |
| Kaspi Postomats deployed by end | 5,943 | 1 |
| Kaspi Delivery and Advertising contribution to e-Commerce Take-Rate | 1.9% | 1 |
| GMV purchases YoY growth | 38% | 1 |
| Fintech yield | 26% | 1 |
| Fintech revenue growth YoY | 38% | 1 |
| Fintech revenue | KZT1.0 trillion | 1 |
| Fintech funding costs growth FY2023 YoY | 70% | 1 |
| Fintech funding costs growth 4Q2023 YoY | 52% | 1 |
| Fintech deposit consumers growth YoY | 27% | 1 |
| Fintech deposit consumers | 4.8 million | 1 |
| Fintech active consumers (loans) growth YoY | 12% | 1 |
| Fintech active consumers (loans) | 6.2 million | 1 |
| Fintech Platform TFV growth YoY | 47% | 1 |
| Fintech Platform TFV | KZT7.9 trillion | 1 |
| Fintech NPL ratio | 5.5% | 1 |
| Dividend per ADS 4Q2023 | KZT850 | 1 |
| Diluted EPS | KZT4,381 | 1 |
| BNPL share of TFV | 46% | 1 |
| B2B Payments TPV share | 4% | 1 |
| B2B Payments TPV growth YoY | 2.1x | 1 |
| Average net loan portfolio growth YoY | 32% | 1 |
| Average net loan portfolio | KZT3.5 trillion | 1 |
| Average monthly transactions per active consumer | 71 | 1 |
| Average Kaspi Deposit balances growth YoY | 43% | 1 |
| Average Kaspi Deposit balances | KZT4.5 trillion | 1 |
| Average DAU to Average MAU ratio | 65% | 1 |
| Almaty e-Grocery penetration 4Q2023 | 10% | 1 |
| ADS repurchased since April | $277 million | 1 |
Kaspi.kz Development
How Kaspi.kz has developed since 2023: one paragraph per period on revenue, earnings, cash flow and drivers, most recent period first, grouped by year. NadirAlpha methodology
FY2026: Kaspi.kz
Kaspi.kz reported revenue of KZT 1,080,630 million in the first quarter and KZT 1,112,152 million in the second quarter of fiscal year 2026, with H1 revenue growing 22.5% year-over-year to KZT 2,192,782 million 43. Net income was broadly stable over H1 2026, at KZT 510,796 million compared with KZT 512,678 million in H1 2025 43. The Marketplace segment led top-line growth, with Türkiye, integrated following the Hepsiburada acquisition completed in January 2025, representing 50% of e-Commerce GMV by the first quarter and Türkiye revenue more than doubling in Q1 2026 38 40. In April 2026 Kaspi.kz settled a USD 600 million 5.900% five-year Eurobond to strengthen liquidity 38, and in July 2026 the company completed the acquisition of Rabobank A.S. in Türkiye, subsequently renamed Hepsi Bank, with Fintech expansion in that market targeted from 2027 42. Full-year 2026 guidance was reiterated at the second-quarter results 42.
FY2025: Kaspi.kz
For fiscal year 2025, Kaspi.kz JSC reported consolidated revenue of KZT 4,046,074 million (+59.8% year-over-year), with the step-up driven primarily by consolidation of Hepsiburada following acquisition of a 65.41% stake on 29 January 2025 for approximately USD 1,127 million; on an underlying basis excluding Türkiye, revenue increased approximately 19% YoY, in line with guidance 32 34. Consolidated net income rose approximately 1% to KZT 1,067,707 million, as underlying net income growth of approximately 18% was offset by a KZT 93,018 million net loss from Türkiye operations attributable to Hepsiburada investment spending 32 34 35. The Payments segment reported net income of KZT 433,001 million (+13% YoY) on total payment value of KZT 44.2 trillion (+19% YoY), while the Fintech segment generated net income of KZT 354,933 million (+9% YoY) on total finance volume of KZT 11.7 trillion (+13% YoY), with cost of risk at 2.2% 35. Marketplace segment net income declined 20% to KZT 279,773 million reflecting Türkiye losses, though Hepsiburada Adjusted EBITDA recovered to TRY 1.1 billion positive for the full year and reached breakeven in Q4 2025 following targeted investment spending through Q3 2025 32 34 35. Full-year diluted EPS reached KZT 5,592 and free cash flow was KZT 491,098 million, with total assets up 32.3% to KZT 11,081,748 million as of 31 December 2025 34 143.
FY2024: Kaspi.kz
FY 2024 consolidated revenue increased 32% year-over-year to KZT 2,532 billion, and net income rose 25% to KZT 1,057 billion with diluted EPS of KZT 5,431 23. All three platforms contributed: Payments Platform net income +24% with TPV +31%, Marketplace net income +41% with GMV +44%, and Fintech Platform net income +12% with TFV +30% 23. Kaspi.kz completed its Nasdaq listing in January 2024, broadening its investor base and increasing share liquidity 20. In October 2024 the company signed an agreement to acquire a 65.41% controlling stake in Hepsiburada, Turkey's leading e-commerce platform, for approximately USD 1,127 million, with the transaction closing in January 2025 15 20. The Marketplace Take Rate expanded from 8.5% in 1H 2023 to 9.7% for full-year 2024, reflecting growth in value-added services and marketing revenue 23.
FY2023: Kaspi.kz
Kaspi.kz reported FY 2023 consolidated revenue of KZT 1,913,490 million, up 51% year-over-year, while net income rose 44% to KZT 848,770 million and diluted EPS increased 45% to KZT 4,381 1 2. The Payments and Marketplace Platforms together accounted for 66% of consolidated net income in 2023, up from 60% in 2022, with the Payments Platform recording 55% net income growth against 44% revenue growth, reaching record profitability 1. Kaspi.kz completed two acquisitions during the year: an initial 51% stake in Magnum E-commerce Kazakhstan LLC in February 2023, subsequently increased to 90.01%, and a 39.758% stake in Kolesa JSC in October 2023 that conferred operational control through a trust management arrangement 2 6. The Fintech segment's NPL ratio declined to 5.5% from 6.3% at end-2022, with cost of risk stable at 2.0% 1 6. For Q1 2024, management indicated net income was expected to grow approximately 25% year-over-year 1.
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
The evidence base for Kaspi.kz stock: every document with type and date, every figure in the report leads here by number and to the original by link. NadirAlpha methodology
44 documents · 2024 to 2026 · SEC EDGAR (USA)
Kaspi.kz Stock FAQ
Is there a management forecast (guidance) for FY2026?
Yes. Management has issued targets for FY2026, including EBITDA (adjusted). The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Which additional key figures does Kaspi.kz report?
As reported for Q2 2026: Payments revenue, Payments TPV, Marketplace revenue, Fintech revenue, Fintech NPL ratio, Total merchants. The chapter Reported KPIs lists every value with its source. Revenue is broken down by e-Commerce, Kazakhstan & Other, Türkiye, Kazakhstan.
Does Kaspi.kz pay a dividend?
The filings report on the dividend; most recent entry: dividend per share KZT 1 000 (2026-Q2) (as reported, no assessment of our own). Details with source links are in the report chapters.
Where can I find the official investor relations documents of Kaspi.kz?
NadirAlpha links all 44 original filings used (SEC filings) in the sources chapter: earnings release, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.