Kaspi.kz (KSPI) Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Mon, March 2, 2026 astatine 8:51 AM CST 40 min read

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March 2, 2026 astatine 8 a.m. ET

• CEO — Mikheil Lomtadze

• CFO — David Ferguson

• Operator

Mikheil Lomtadze: Sales reductions and a shortage of supply, immoderate taxation changes, minimum reserve capitals, and the precocious involvement complaint situation during 2025. In spite of those, if we see those factors, our consolidated nett net grew 10% and the underlying nett grew astir 18% during the year. Next slide, successful presumption of the past quarter, considering each the headwinds, it was rather solid. Underlying show and nett income maturation reached 13%. We person had tenable maturation crossed each our businesses. One of the astir important metrics for america is user engagement, and 1 of those is monthly transactions per progressive consumer.

It is 77 monthly transactions per consumer, which we judge is simply a world-class indicator and precise fewer businesses tin person specified user engagement. That is an important metric which, going forward, creates much worth for the company. David volition screen immoderate of the verticals further, but successful general, we are pleased with show successful a rather challenging situation successful 2025. The biggest plus we have, oregon I would accidental the reflection of the prime of our products and services, is our brand. Our marque is the fig 1 user marque successful astir each category, and by a wide margin. Here you tin spot conscionable immoderate of the selected metrics which archer you however beardown our marque is.

For example, mobile exertion installed connected your phone: astir fractional of the respondents surveyed during the twelvemonth person our mobile exertion connected their smartphone, which is six times much than the nearest brand. The aforesaid benignant of wide borderline successful payments, wherever we are 13 times the 2nd brand; e-commerce 3 times; question much than 4 times. We person a precise beardown presumption successful cars, for example, 9 times the nearest brand. That is an important asset. Notwithstanding what is going connected successful presumption of outer factors, which unluckily are not wholly nether our control, things we tin power and execute connected are reflected successful consumers utilizing our products, merchants utilizing our products, and the marque indicators.

The spot that we person from consumers and merchants is highly important for america and that is the crushed to make worth successful the agelong word and a testament to the absorption being highly focused connected the prime of our products. Another illustration of however this prime is reflected successful immoderate of the innovations is the Pay by Palm, which Kaspi Alakan, which we conscionable launched successful nether 90 days, and intelligibly we person unprecedented adoption. I deliberation precise fewer markets successful the satellite tin showcase specified an adoption of an innovative service. We person present astir fractional a cardinal customers successful Almaty registered with Kaspi Alakan. Almost 6,000 merchants are accepting payments done it.