Joint Stock Company Kaspi.kz(KSPI) - 2025 Q3 - Earnings Call Transcript

Financial Data and Key Metrics Changes - Total Payment Volume (TPV) grew by 18%, revenue increased by 10%, and net income rose by 12% [3] - Excluding the impact of smartphone supply issues, revenue would have increased by 32% and net income by 16% [3][4] - The fintech segment showed a 16% growth in Total Financial Volume (TFV) and a 24% increase in revenue [4][41] Business Line Data and Key Metrics Changes - Payments segment experienced a TPV growth of 18% and revenue growth of 10% [3][31] - Marketplace GMV grew by 12%, but would have been 20% without smartphone supply issues [3][34] - E-grocery business saw a GMV increase of 53% and transaction growth of 55% [7] - Advertising revenue grew by 56% year-over-year [13][38] Market Data and Key Metrics Changes - The smartphone supply disruption impacted GMV by approximately 8% and consolidated income by 3% [5][34] - The overall market environment is expected to improve as supply issues resolve, particularly for smartphones [6][34] Company Strategy and Development Direction - The company is focusing on enhancing its core business performance while navigating external challenges [6][49] - Plans to initiate a $400 million ADS buyback program to return cash to shareholders while investing in growth [4][49] - Emphasis on improving user experience and expanding advertising services to drive revenue growth [13][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering demand in the next year despite current supply constraints [5][6] - The competitive landscape remains stable, with a focus on quality service delivery rather than traditional competition [56] - Future growth is anticipated as supply issues resolve and the company continues to innovate [34][48] Other Important Information - The company is integrating new payment options and enhancing its advertising capabilities to drive engagement [12][66] - The introduction of innovative payment methods, such as "Pay by Palm," is expected to enhance consumer experience [12][13] Q&A Session Summary Question: Updates on Hepsiburada and investment levels - Management highlighted the focus on quality products and user experience as key priorities for growth, with no significant need for capital investments anticipated [53][55] Question: Advertising product growth and potential - Management indicated strong growth in advertising services, with expectations for continued acceleration as the company enhances merchant experiences [57][59] Question: Marketplace take rate increase - The increase in take rate is driven by additional services such as advertising and delivery, rather than higher seller fees [64] Question: Smartphone supply impact and trends - Management confirmed ongoing supply constraints for new smartphone models, with expectations for improvement in the coming months [70][72]