← Research LibraryThe BriefFY2025 20-F · headline figures audited against SEC data
Revenue rose 59.8% to KZT 4046.07B after Kaspi took control of Türkiye's Hepsiburada, but net income rose only 3.2% as Türkiye lost money and margins fell.
The read at a glance✓ Audited against SEC data
- Growth — Revenue +59.8% to KZT 4046.07B, including HepsiburadaOK
- Profitability — Net income +3.2%; net margin down 1454 bps to 26.5%Watch
- Cash — Free cash flow KZT 491.10B, +1.0%; capital expenditure +90.7%Note
- Balance sheet — Total equity +64.2% to KZT 2491.84BOK
- Türkiye — New Türkiye business: net loss in 2025Watch
- Users — 27.5 million users: 15.7m Kazakhstan, 11.8m TürkiyeOK
Business
Kaspi.kz runs a super app in Kazakhstan that combines payments, an online marketplace and fintech services for consumers and merchants. In 2025 it acquired a controlling stake in Hepsiburada, a leading e-commerce platform in Türkiye. It reports in Kazakh tenge.
Latest filings
- 6-K · Company announcement (foreign filer)2026-09-10
- 6-K · Company announcement (foreign filer)2026-08-12
- 6-K · Company announcement (foreign filer)2026-08-10
- 6-K · Company announcement (foreign filer)2026-06-12
- 6-K · Company announcement (foreign filer)2026-05-14
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about Joint Stock Co Kaspi.kz, every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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