Kaspi.kz 3Q & 9M 2025 Financial Results

Core Insights - Kaspi.kz reported a 20% year-over-year revenue increase and a 12% net income increase for 3Q 2025, with underlying revenue and net income growth of 23% and 21% respectively when excluding smartphone GMV and regulatory changes [2][3] - The company anticipates a net income growth of 10-12% YoY for 2025, with underlying growth expected to be around 18-20% YoY, excluding smartphone GMV and regulatory impacts [3] Financial Performance - For 3Q 2025, total revenue increased by 20% YoY, while net income rose by 12% YoY; for the first nine months of 2025, revenue and net income both increased by 20% and 14% YoY respectively [2] - Monthly Transactions per Active Consumer stood at 76, indicating strong customer engagement [2] - Payments segment saw a total payment volume (TPV) increase of 18% YoY in 3Q 2025, with transactions up 14% YoY; for 9M 2025, TPV and transactions increased by 21% and 15% YoY respectively [2] Marketplace and E-Commerce - Marketplace revenue growth significantly outpaced GMV growth, with purchases up 36% YoY in both 3Q and 9M 2025; revenue increased by 24% YoY in 3Q 2025, while GMV grew by 12% [2] - Excluding smartphone GMV, Marketplace GMV increased by 20% and 21% YoY in 3Q and 9M 2025, with revenue growth of 32% and 34% respectively [2] - e-Grocery GMV grew by 53% YoY in 3Q 2025, showcasing rapid growth in this segment [2] Advertising and Innovation - Advertising revenue surged by 56% and 76% YoY in 3Q and 9M 2025, respectively, driven by new advertising services for merchants [2] - The company is set to roll out Kaspi Alaqan, a pay-by-palm innovation, in 4Q 2025, aimed at enhancing customer value [2] Strategic Developments - Kaspi.kz has integrated with six banks in Kazakhstan and expanded its partnerships with O!Bank in Kyrgyzstan and AliPay+ [2] - The company is working on acquiring Rabobank A.Ş. and has announced a modest share capital increase expected to raise approximately $100 million [3] - A $100 million ADS repurchase program has been initiated, reflecting the company's strong cash generation capacity and long-term growth prospects [3]