Kaspi.kz Resumes Quarterly Dividend, Reports Strong FY25 Results, and Accelerates Türkiye Growth

summarizeSummary

Kaspi.kz announced strong financial results for FY2025, including a 19% revenue increase and 10% net income growth, and will resume quarterly dividends of KZT 850 per ADS, while its Hepsiburada acquisition in Türkiye shows accelerating growth and engagement.

check_boxKey Events

• Resumes Quarterly Dividend

  The Board of Directors has recommended a quarterly dividend of KZT 850 per ADS, which is believed to be sustainable for the remainder of 2026, signaling confidence in cash flow and commitment to shareholder returns.

• Strong FY2025 Financial Performance

  For the fiscal year 2025, Kaspi.kz reported a 19% year-over-year increase in revenue and a 10% increase in net income, with underlying metrics showing even stronger growth.

• Accelerating Growth in Türkiye (Hepsiburada)

  Hepsiburada, the recently acquired Turkish e-commerce platform, demonstrated significant acceleration in 4Q25, with purchases up 19% YoY and engaged consumers growing 29% YoY, validating the strategic expansion.

• Introduces 2026 Adjusted EBITDA Guidance

  The company expects consolidated Adjusted EBITDA growth of approximately 5% year-over-year for 2026, with this guidance now including the performance of Türkiye.

auto_awesomeAnalysis

This 6-K filing provides a comprehensive update on Kaspi.kz's financial performance and strategic direction, following its recent acquisition of Hepsiburada. The decision to resume quarterly dividends of KZT 850 per ADS is a significant positive signal, demonstrating management's confidence in the company's cash generation and ability to balance growth investments with shareholder returns, especially as the stock trades near its 52-week low. The accelerating growth in Hepsiburada's key metrics, such as purchases (+19% YoY in 4Q25) and engaged consumers (+29% YoY), validates the strategic expansion into Türkiye and indicates successful early integration. While the company faces regulatory headwinds in Kazakhstan, including increased corporate tax rates and reserve requirements that will pressure 2026 bottom-line growth, the strong underlying performance of its Payments, Marketplace, and Fintech platforms continues. The 2026 Adjusted EBITDA guidance of approximately 5% YoY, which now includes Türkiye, reflects these mixed factors. Investors should monitor the continued integration and growth of Hepsiburada and the impact of regulatory changes on profitability.