Kaspi.kz Approaches Q4 2025 Earnings Amid Strategic Tech Push

Investor attention turns to Kaspi.kz as the Kazakh fintech leader prepares to disclose its financial performance for the final quarter of 2025. The upcoming report, scheduled for release on February 24, 2026, will cover the full fiscal year ending December 31, 2025. This announcement follows a period of significant technological investment, setting the stage for a critical assessment of the company's growth trajectory across its core segments.

The company enters this earnings period from a position of demonstrated strength. Its most recent published results, for Q3 2025, showcased substantial momentum. Excluding its operations in Turkey, total revenue expanded by 20% year-over-year. When adjusted for certain one-off factors—such as the impact of smartphone sales on its marketplace—the underlying revenue growth rate was even stronger at 23%.

A breakdown of the third-quarter performance reveals broad-based strength:
* The Payments platform saw revenue increase by 10%, supported by an 18% rise in total payment volume (TPV).
* The Marketplace segment reported a 12% gain in gross merchandise volume (GMV). Excluding smartphones, GMV growth accelerated to 20%. Advertising revenue within this division surged dramatically by 56%.
* Revenue from the Fintech platform grew by 24%.

Recent Strategic Initiatives in Focus

A key area for analysts will be the early impact of new technology projects launched in recent months. In January 2026, the company introduced "Kaspi AI," a tool designed to assist merchants in generating product content, aiming to enhance its marketplace ecosystem.

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This followed the December 2025 rollout of "Kaspi Alaqan," a novel payment system utilizing palm recognition technology. The service debuted at specific ATMs in Almaty, with plans for a nationwide expansion across Kazakhstan.

Capital Allocation and Shareholder Returns

Kaspi.kz has also been active in returning capital to its investors. In November 2025, the board authorized a $100 million share repurchase program targeting its American Depositary Shares (ADS). Furthermore, management has signaled its intention to resume dividend distributions in 2026. This dual approach balances direct shareholder returns with continued investment for long-term expansion.

The forthcoming earnings release will provide crucial insights into whether growth has been sustained across its key markets—Kazakhstan, Azerbaijan, and Ukraine—amid a backdrop of external challenges like elevated interest rates. Investors will be keen to gauge how the new technological offerings are contributing to the company's operational and financial momentum.