Kaspi.kz 2Q & 1H 2025 Financial Results

Core Insights - Kaspi.kz reported a strong financial performance for 2Q and 1H 2025, with revenue increasing by 20% YoY and net income rising by 14% YoY for the second quarter [4][5] - The company continues to expand its services and market presence, particularly in Kazakhstan and Türkiye, with a focus on enhancing customer engagement and transaction volume [4][8] Financial Performance - 2Q 2025 revenue increased by 20% YoY, while net income rose by 14% YoY; for 1H 2025, revenue and net income were up 20% and 15% YoY respectively [4] - Monthly Transactions per Active Consumer stood at 75, indicating strong customer engagement [4] - Payments segment saw a 21% increase in Total Payment Volume (TPV) and a 14% increase in transactions YoY for 2Q 2025 [4] - Marketplace revenue grew by 25% YoY in 2Q 2025, significantly outpacing GMV growth of 15% [4] - e-Grocery within the Marketplace achieved a GMV increase of 57% YoY in 2Q 2025 [4] Strategic Developments - Kaspi Pay expanded its addressable market through integration with local banks and AliPay+ [4] - New services such as Kaspi Restaurants and enhanced advertising tools were launched to provide additional value to merchants [4][7] - The company is focused on improving Hepsiburada's operations and customer experience following its acquisition [8][9] - The acquisition of Rabobank A.Ş is expected to enhance the company's financial service offerings [9] Future Outlook - The company anticipates around 15% consolidated net income growth YoY for 2025, with potential benefits from a decrease in interest rates [4][10] - Plans for 2026 include balancing capital returns to shareholders with investments in long-term growth [10]