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MARKETS / NASDAQ / KSPI
NASDAQ · SERVICES-BUSINESS SERVICES, NEC · LARGE CAP

Joint Stock Co. Kaspi.kz KSPI

5 fiscal years on record · KZT · FY2025 reported · SEC filings only
KZT 4.0T
▲ 59.8% YoY
KZT 1.1T
▲ 3.2% YoY
In brief

What this company does

It serves around 27.5 million users, 11.8 million of them in Türkiye. As of December 31, 2025 the Kaspi.kz Super App in Kazakhstan had approximately 15.7 million Average MAU and the Kaspi Pay Super App approximately 764,000 Active Merchants. Its offerings comprise marketplace, payments and fintech solutions for both consumers and merchants. On the Payments Platform consumers pay for shopping transactions, pay household bills and make peer-to-peer payments, while merchants accept payments online and in store, issue and settle invoices, pay suppliers and monitor their turnover. The Marketplace Platform connects online and offline merchants with consumers, who buy products and services from them through the Super Apps. The Fintech Platform provides consumers and merchants with buy-now-pay-later, finance and deposit products. The group holds a controlling stake in Hepsiburada, an e-commerce platform in Türkiye, acquired during 2025.

Written from the business description in Joint Stock Co Kaspi.kz's annual report to the U.S. Securities and Exchange Commission, filed 16 March 2026. Every sentence was checked against that document before publication.

Growth
KZT 4.05T
Revenue, FY2025 · full 5-year series below
Revenue KZT T Net income KZT T
FY2025 · Revenue 4.0 · Net income 1.1
2T4T20212022202320242025
Compound annual growth
+47.1%
+22.4%
+22.9%
−56.9%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
26 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Net 26.4%
20%40%20212022202320242025
ROE
FY2025 · ROE 53.5%
50%20212022202320242025
Gross margin70.9%
Operating margin—
Net margin26.4%
Return on assets11.0%
EBITDA—

Each KZT of equity produced 54 cents of profit this year.

Cash & shareholders
KZT 21.9B
returned in FY2025 · dividends + net buybacks
Net buybacks KZT B Dividends KZT B
FY2025 · Dividends 0.0 · Net buybacks 21.9
250.0B500.0BDividendsNet buybacks20212022202320242025
Dividends paid—
Net buybacksKZT 21.9B
Share of profit2.0%
Consecutive raises—

KZT 21.9B in buybacks — 2% of the year's profit went back to shareholders.

Total assetsKZT 11.08T
EquityKZT 2.49T
CashKZT 903.1B
DepositsKZT 7.53T

Equity funds 22% of total assets.

The 5-year record
5 fiscal years
Every figure from documents filed with the SEC · KZT
row low → row highnegative
Metric 20252024202320222021
Revenue KZT B4046.12532.21913.51270.6884.8
Operating income KZT B·····
EBITDA KZT B·····
Income tax KZT B264.2225.5173.2131.793.6
Net income KZT B1073.21039.7841.4585.0431.9
EPS, diluted KZT 5592.005431.004381.003016.002222.00
Dividend / sh KZT ·····
Payout %062673679
ROE %53.580.188.771.4·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 4 failures in 14 reconciliationsAUDITED

Reconciled in 1 of 19 fiscal years. 57 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente4 failures
ActivityServices-Business Services, NEC
Listed onNASDAQ
Incorporated inoutside the United States — SEC code 1P
Fiscal year endsDecember 31
Data on record since2021

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