Joint Stock Company Kaspi.kz Q4 Earnings Call Highlights

Joint Stock Company Kaspi.kz (NASDAQ:KSPI) reported 4th fourth and full-year 2025 results that absorption described arsenic beardown contempt what it characterized arsenic a challenging operating environment. Executives highlighted continued user engagement successful Kazakhstan, accelerating traction successful caller initiatives specified arsenic pay-by-palm, and improving momentum astatine Hepsiburada successful Türkiye, portion besides resuming dividends connected the backmost of currency generation.

CEO and co-founder Mikhail Lomtadze said the institution is “at the signifier erstwhile we tin proceed investing into semipermanent growth” portion besides distributing dividends. Kaspi projected a dividend of KZT 850 per ADS, taxable to shareholder approval.

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Management emphasized a favoritism betwixt reported and “underlying” performance, citing outer headwinds including reduced smartphone income owed to proviso shortages, taxation changes, minimum reserve superior requirements, and a precocious involvement complaint environment. Lomtadze said nett income grew 18% connected an underlying ground for the year, portion consolidated nett net grew astir 10% erstwhile including those factors. For the 4th quarter, helium said underlying nett income maturation reached 13%.

Kaspi besides pointed to user engagement arsenic a cardinal interior metric, citing 77 monthly transactions per progressive consumer successful Kazakhstan.

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Lomtadze framed Kaspi’s marque arsenic a halfway competitory asset, saying it ranks arsenic the “number 1 user brand” crossed aggregate categories. He besides highlighted the motorboat of “Kaspi Alaqan” (pay-by-palm), which helium said was rolled retired successful nether 90 days and has seen accelerated adoption successful Almaty.

According to management, successful Almaty:

• Nearly 500,000 customers person registered for Kaspi Alaqan.

• Almost 6,000 merchants are accepting payments done the service.

• Pay-by-palm accounts for astir 10% of transactions successful stores wherever Alaqan has been enabled.

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Lomtadze said the institution is scaling the merchandise “city by city” portion replacing older merchant devices with caller instrumentality designed to judge aggregate outgo types and enactment Alaqan.

Chief Communications Officer David Ferguson walked done segment-level trends successful Kazakhstan, wherever absorption said standard is progressively shaping maturation rates successful mature businesses.

Payments: Total outgo measurement (TPV) grew 14% twelvemonth implicit twelvemonth successful the 4th fourth and 19% for full-year 2025, successful enactment with anterior guidance of astir 20%. Transaction volumes roseate 12% successful Q4 and 14% for the year. Ferguson said instrumentality complaint dilution continued arsenic little take-rate products specified arsenic Kaspi Pay and Kaspi B2B grew successful mix, resulting successful gross maturation of 7% successful Q4 and 12% for the year. Net income grew 4% successful Q4 and 13% for full-year 2025, with Q4 impacted successful portion by costs tied to the Alaqan motorboat and scaling.