Kaspi.kz Reports Strong Revenue Growth, Low Net Income Growth, and Details Major Hepsiburada Acquisition

summarizeSummary

Kaspi.kz reported a 59.7% increase in FY2025 revenue to KZT 4.05 trillion, but net income grew only 1.0% to KZT 1.07 trillion, largely impacted by the $1.19 billion acquisition of Hepsiburada, which contributed a net loss. The company also issued $650 million in debt and completed a $100 million share buyback.

check_boxKey Events

• FY2025 Financial Results

  Revenue increased by 59.7% to KZT 4.05 trillion, while net income grew by only 1.0% to KZT 1.07 trillion. Basic earnings per share rose 2.8% to KZT 5,631.

• Major Hepsiburada Acquisition Detailed

  The company acquired a 65.41% stake in Turkish marketplace Hepsiburada for approximately $1.127 billion in January 2025, increasing to 75.96% with an additional $66 million. Hepsiburada contributed KZT 1.04 trillion in revenue but a net loss of KZT 68 billion for the period from acquisition to year-end.

• Significant Debt Issuance

  In March 2025, Kaspi.kz issued $650 million in debt securities with a fixed rate of 6.25% maturing in 2030, a substantial capital raise.

• Share Buyback Program Completed

  The 7th buy-back program, approved for up to $100 million, was completed on February 27, 2026, repurchasing 1,297,131 ADSs for KZT 50.27 billion (approximately $99.4 million).

auto_awesomeAnalysis

This 6-K filing provides the full consolidated financial statements for fiscal year 2025, following a preliminary announcement on March 2, 2026. While revenue surged by nearly 60%, net income growth was a modest 1%, indicating significant cost increases or integration challenges. A key factor is the substantial acquisition of Hepsiburada for approximately $1.19 billion, which contributed over KZT 1 trillion in revenue but also a net loss of KZT 68 billion for the period. This acquisition represents a major strategic expansion into Türkiye and significantly impacts the company's financial structure and profitability in the short term. The company also raised $650 million through debt securities, providing capital for its operations and expansion, and completed a $100 million share buyback program. The mixed financial performance, particularly the low net income growth and the initial loss from the large acquisition, could be a concern for investors, especially with the stock trading near its 52-week low. Investors should monitor the integration of Hepsiburada and its path to profitability.