KSPI Filings — Joint Stock Company Kaspi.kz

KSPI Filings — Joint Stock Company Kaspi.kz - FilingSpy

20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗

Kaspi.kz acquired Hepsiburada, adding ₸1.0T in revenue but a ₸90B net loss that held consolidated net income growth to 1%.

Kaspi.kz expanded into Türkiye, but the acquisition came at a cost. Total rose 60% to ₸4,046 billion, yet grew only 1% to ₸1,068 billion as Hepsiburada contributed a ₸90 billion net loss and higher interest expenses compressed margins. The core Kazakhstan business grew, but the international bet has reset the earnings trajectory.

Key takeaways

The acquisition of a controlling stake in Hepsiburada, a Turkish e-commerce platform, added ₸1,019 billion to but resulted in a ₸90 billion net loss, pulling consolidated growth down to 1%.
Core Kazakhstan grew 25% in net fee income across Payments and Marketplace, while the Fintech 's rose 9% to ₸355 billion, driven by a 45% increase in interest revenue from a 31% larger loan portfolio.
Marketplace fell 20% to ₸280 billion, as Hepsiburada losses and rising delivery costs outweighed an 11% increase in ex-Türkiye GMV and a that expanded to 10.5%.
Payments TPV rose 19% to ₸44,219 billion with a stable of 1.10%, lifting 13% to ₸433 billion.
The in Fintech rose to 2.2%, and non-performing loans reached 6.1% on an ex-Türkiye basis, reflecting elevated credit risk in the unsecured lending portfolio.
Liquidity remained supported by ₸903 billion in cash and a $650 million Eurobond issuance in March 2025, while new NBK minimum reserve requirements increased mandatory cash balances.

What changed

The Fintech Yield, flagged as a watch item in FY2024, continued to face pressure as higher interest expenses (up 47%) compressed margins, though a 45% increase in interest from a larger loan portfolio drove a 9% increase in the .
The Marketplace margin profile, previously flagged as the 1P e-Grocery model scaled, saw fall 20% as Hepsiburada losses and delivery cost growth more than offset the expansion to 10.5%.

What to watch

Whether Hepsiburada's net loss narrows or widens as integration progresses, and when management expects it to reach breakeven.
The trajectory of the Fintech , which rose to 2.2%, and whether NPLs above 6% stabilize or continue to rise.
The impact of the 2026 banking law and the 25% corporate tax rate for banks on Kaspi.kz's and capital allocation.
The growth rate of core Kazakhstan GMV and TPV, which decelerated to 11% and 19% respectively, to see if the Super App network effects sustain momentum.

Section summaries

Quantitative and Qualitative Disclosures About Market Risk

We are exposed to a variety of risks in the ordinary course of our business, including, but not limited to, credit risk, liquidity risk and market risk (including price risk, currency risk and interest rate risk). We regularly assess each of these risks to minimize any adverse effects on our business as a result of those factors. For a detailed discussion and sensitivity analyses of our exposure to these risks, see note 30 to our audited consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 included elsewhere in this annual report.

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Risk Factors

Key risks include failure to sustain Super App network effects, credit/liquidity pressures, Kazakhstan macroeconomic and regulatory instability, and international expansion challenges.

KSPI