Joint Stock Company Kaspi.kz(US:KSPI) Yahoo Finance·2026-03-05 16:23Core Insights - Joint Stock Company Kaspi.kz (NASDAQ:KSPI) reported a 19% growth in core revenue for the full year 2025, totaling KZT 3.1 trillion ($6.2 billion), and a 10% increase in consolidated net income, reaching KZT 1.1 trillion ($2.1 billion) [1][6] - The company's performance was at the lower end of management's guidance due to external challenges, including a 24% decline in smartphone sales, high interest rates, and regulatory tax changes [1] - The CEO emphasized that underlying net income, excluding one-off factors, grew by 18%, indicating the resilience of Kaspi.kz's core business model [1] Business Integration and Growth Strategy - Management is integrating Hepsiburada in Türkiye by utilizing the 'Kaspi Playbook' to focus on high-frequency engaged consumers, which grew by 29% in Q4 [2] - There is a significant monetization opportunity in Türkiye, aiming to close the gap between the 25 annual purchases per consumer in Kazakhstan and the current average of ~7 in Türkiye [2] - For 2026, guidance for the Turkish business is set at EBITDA breakeven, allowing for aggressive reinvestment into logistics and personalization tools [2] Future Projections - For 2026, Kaspi.kz has issued consolidated guidance targeting approximately 20% growth in Gross Merchandise Value, Total Payment Volume, and Total Fintech Volume [3] - The company is scaling its 'Kaspi Alaqan' palm-pay technology, which has achieved 10% transaction penetration in Almaty within 90 days of launch [3] Company Overview - Kaspi.kz, along with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine [4] - The company operates in three segments: Payments, Marketplace, and Fintech [4]