Kaspi.kz 2Q & 1H 2025 Financial Results

ALMATY, Kazakhstan, Aug. 04, 2025 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz ("Kaspi.kz", "we") (NASDAQ:KSPI) which operates the Kaspi.kz and Kaspi Pay Super Apps in Kazakhstan and owns 66.35% of Hepsiburada in Türkiye, today published its unaudited consolidated IFRS financial results for the quarter and first half ended 30 June 2025 ("2Q & 1H 2025").

2Q & 1H 2025 Highlights

2Q 2025 revenue up 20% year-over-year ("YoY") and net income up 14% YoY. For 1H 2025 revenue and net income up 20% and 15% YoY respectively. This and all references below exclude Türkiye unless otherwise stated.

Customer engagement remains strong with Monthly Transactions per Active Consumer at 75.

In Payments, operational gearing once again resulted in profit growth ahead of revenue growth.

Payments TPV and transactions up 21% and 14% YoY, respectively in 2Q 2025. For 1H 2025, TPV and transactions up 22% and 15% YoY, respectively.

Payments revenue and net income up 16% and 19% YoY, respectively in 2Q 2025 and up 16% and 20%, respectively for 1H 2025.

Kaspi Pay QR's addressable market expanded following integration with multiple local banks, AliPay+ and its global partners.

Kaspi Restaurants launched. Vertical specific payments tools are another way for Kaspi Pay to deliver value to its merchants and to keep growing.

Marketplace Platform revenue growth continued to significantly outpace GMV growth.

Purchases up 35% YoY in 2Q 2025 and for 1H 2025, purchases up 36% YoY.

Revenue up 25% YoY versus 15% GMV growth in 2Q 2025, with revenue boosted by the growth of Kaspi Delivery, Kaspi Advertising and Classifieds. For 1H 2025, revenue and GMV up 29% and 17% YoY, respectively.

Within Marketplace, e-Grocery continues to deliver the standout performance, with GMV up 57% YoY in 2Q 2025. Now in 5 cities and further expansion planned.

New advertising tools added and advertising revenue up 91% year-over-year in 1H 2025.

Kaspi Travel's take rate up 50 bps and 60 bps YoY, in 2Q 2025 and 1H 2025 respectively, due to the success of Kaspi Tours. Domestic holidays within Kazakhstan launched and should help Travel's GMV remain strong.

Marketplace net income up ...