Joint Stock Company Kaspi.kz Earnings Recaps
Q3 2025
Nov 12, 2025
Kaspi.kz delivered solid growth in Q3 2025, with a 20% increase in top-line revenue year-over-year, despite challenges from supply chain issues in the smartphone sector.
Key takeaways
- Total Payment Volume (TPV) increased 18%, with fintech revenue growing 24% amid high demand across services.
- Excluding smartphone supply disruptions, marketplace GMV growth was a robust 25%, indicating strong underlying demand.
- The company is initiating a $100 million ADS buyback in November, reflecting confidence in cash generation and stock valuation.
- Significant expansion in the e-grocery segment, with GMV and transactions up 53% and 55%, respectively, and plans to enter new cities next year.
- Launch of innovative payment features like "pay by palm" and enhanced integration with third-party services like Glovo to strengthen its competitive position.