ALMATY, Kazakhstan, Nov. 28, 2025 (GLOBE NEWSWIRE) -- On the 27th March 2025 Joint Stock Company Kaspi.kz (“Kaspi.kz” NASDAQ: KSPI) signed a share purchase agreement with Rabobank Group, relating to the purchase of Rabobank’s Turkish subsidiary Rabobank A.Ş. The closing of the transaction remains subject to the receipt of the required regulatory approvals and satisfaction of all customary closing conditions. We now expect this to take place in mid-2026. For further information David Ferguson david.ferguson@ ...

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]

Core Thesis - Kaspi.kz (KSPI) is viewed as a strong investment opportunity due to its dominant position in Kazakhstan's fintech market and robust financial metrics, despite facing some risks related to currency volatility and geopolitical factors [1][5][6]. Company Overview - Kaspi.kz is a leading fintech company in Kazakhstan, operating a widely adopted Super App that integrates various services such as digital payments, online loans, deposits, and e-commerce solutions [2]. - The company has a significant market presence, with nearly every adult in Kazakhstan holding a Kaspi account, which enhances customer loyalty and operational efficiency [2][3]. Financial Performance - Kaspi.kz boasts impressive financial metrics, including a return on equity (ROE) of 67.7% and a return on invested capital (ROIC) estimated above 40% [3]. - The company has a cash-rich balance sheet and is projected to achieve an earnings per share (EPS) growth rate of 31% year-over-year through 2026 [3]. Valuation - The stock is currently trading at a low price-to-earnings (P/E) ratio of 7.66 and a forward P/E of 5.95 for 2026, suggesting potential undervaluation given its growth prospects [4]. - The market dominance and growth profile of Kaspi.kz imply a possible mispricing in the current stock valuation [4]. Expansion Plans - Kaspi.kz is expanding internationally by acquiring a controlling stake in Turkey's Hepsiburada and Rabobank Turkey, aiming to replicate its successful super-app model and increase its total addressable market [4]. - This expansion presents potential upside if the company can successfully navigate the Turkish market [4]. Risks - The volatility of the Kazakhstani tenge poses a risk to dollar-denominated earnings, which could impact returns for global investors [5][6]. - Geopolitical uncertainties, particularly regarding Kazakhstan's regulatory environment and economic ties with Russia, introduce additional risks [5][6]. - The Turkish expansion may face challenges due to a difficult regulatory landscape and high inflation, which could limit predictability [6]. - Market saturation in Kazakhstan and recent allegations of misconduct could also affect the company's reputation and regulatory standing [6].

Core Insights - Kaspi.kz will report its financial results for the quarter and nine months ending September 30, 2025, on November 10, 2025, with a conference call scheduled for 8.00am EST [1][2] Company Overview - Kaspi.kz aims to improve people's lives through innovative mobile products and services, operating a unique two-sided Super App model for consumers and merchants [3] - The Super Apps provide access to leading Payments, Marketplace, and Fintech Platforms, facilitating transactions between consumers and merchants [4] Business Model and Growth - The combination of a large, engaged consumer and merchant base, along with best-in-class digital products and a capex lite approach, results in strong top-line growth and a profitable business model [5] - In January 2025, Kaspi.kz acquired a 66.35% stake in Hepsiburada, a leading e-commerce company in Türkiye, enhancing its market position [5] Academic Recognition - Harvard Business School has developed two case studies on Kaspi.kz, which are used in its MBA curriculum [6] - Kaspi.kz has been listed on Nasdaq since January 2024, indicating its growth and recognition in the financial markets [6]

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]

Core Insights - Kaspi.kz will report its financial results for the quarter and half ending June 30, 2025, on August 4, 2025, with a conference call scheduled for 8.00am EST [1] - The company operates a unique two-sided Super App model, which includes Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants [3][4] - Kaspi.kz acquired a 65.41% stake in Hepsiburada, a leading e-commerce company in Türkiye, in January 2025 [5] Company Overview - Kaspi.kz aims to improve people's lives through innovative mobile products and services [3] - The Super Apps provide access to Payments, Marketplace, and Fintech Platforms, designed to meet everyday needs of users [4] - The company has a large, engaged consumer and merchant base, which contributes to strong top-line growth and a profitable business model [5] Academic Recognition - Harvard Business School has developed two case studies on Kaspi.kz, which are used in its MBA curriculum [6] - The company has been listed on Nasdaq since January 2024 [6]

Core Insights - Kaspi.kz reported a 21% year-over-year increase in revenue and a 16% increase in net income for Q1 2025, excluding Türkiye [3] - Monthly transactions per active consumer reached 75, indicating strong customer engagement [3] - The company experienced a 23% increase in total payment volume (TPV) and a 17% increase in transactions within its Payments segment [3] Financial Performance - Payments revenue grew by 16% year-over-year, while net income in this segment increased by 21% [3] - Marketplace platform revenue grew by 33% year-over-year, significantly outpacing the 20% growth in gross merchandise volume (GMV) [3] - e-Grocery within the Marketplace saw a remarkable GMV increase of 64% year-over-year [3] Fintech and Credit Quality - The Fintech platform's total financing volume (TFV) grew by 17% year-over-year, with revenue growth of 18% attributed to healthy origination levels [3] - Macro-provisioning increased to 0.6% of cost of risk in Q1 2025, up from 0.5% in the same period in 2024, but underlying customer credit quality trends remain healthy [3] Strategic Developments - The acquisition of 65.41% of Hepsiburada was completed in January 2025, with an initial cash payment of $600 million and an additional $526.9 million due within six months [3] - A $650 million Eurobond was successfully placed to support expansion plans in Türkiye [3] - The company is in the process of acquiring Rabobank A.Ş. to launch deposit products and fund other financial services, pending regulatory approval [3] Market Conditions and Outlook - New smartphone registration requirements in Kazakhstan temporarily reduced demand, resulting in a 7% lower e-commerce GMV growth in Q1 [3] - The company expects around 15% consolidated net income growth year-over-year in 2025, a more conservative outlook compared to the previous guidance of 20% [3]

Group 1 - Kaspi.kz will report its financial results for the quarter ending March 31, 2025, on May 12, 2025, with a conference call scheduled for 8.00am EST [1] - The company operates a unique two-sided Super App model, which includes Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants [3][5] - Kaspi.kz provides leading Payments, Marketplace, and Fintech Platforms through its Super Apps, designed to meet users' everyday needs [4] Group 2 - The company has a large, engaged consumer and merchant base, which contributes to strong top-line growth and a profitable business model [5] - Kaspi.kz has been listed on Nasdaq since January 2024, indicating its growth and expansion in the financial markets [5]

Core Viewpoint - Kaspi.kz has signed a share purchase agreement to acquire Rabobank's Turkish subsidiary, Rabobank A.Ş., which is not considered a material transaction [1]. Group 1: Transaction Details - The acquisition is pending regulatory approvals and customary closing conditions [2]. - Rabobank A.Ş. is a fully licensed bank in Turkiye without borrowing or depositing clients and lacks a branch network [1]. Group 2: Company Overview - Kaspi.kz aims to enhance lives through innovative mobile products and services, operating a two-sided Super App model for consumers and merchants [3]. - The Super Apps provide access to Payments, Marketplace, and Fintech Platforms, facilitating transactions between consumers and merchants [4]. - The company boasts a large, engaged user base and a capex lite approach, leading to strong growth and profitability [5]. - Kaspi.kz has been listed on Nasdaq since January 2024 and has been the subject of case studies at Harvard Business School [5].

Group 1 - Kaspi.kz has signed a share purchase agreement to acquire Rabobank's Turkish subsidiary, Rabobank A.Ş., which is a fully licensed bank in Turkiye without borrowing or depositing clients or a branch network [1] - The transaction is not considered material and is pending regulatory approvals and customary closing conditions [2] - Kaspi.kz operates a unique two-sided Super App model, providing innovative mobile products and services to consumers and merchants [3][4] Group 2 - The company's Super Apps facilitate access to Payments, Marketplace, and Fintech Platforms, designed to meet everyday needs and enable transactions between users [4] - Kaspi.kz's business model is characterized by strong top-line growth and profitability, supported by a large, engaged consumer and merchant base and a capex lite approach [5] - The company has been listed on Nasdaq since January 2024 and has been the subject of case studies at Harvard Business School [5]