Joint Stock Company Kaspi.kz (KSPI) Q2 2025 Earnings Call Transcript

Kaspi.kz (NASDAQ:KSPI) reported strong Q2 2025 financial results, demonstrating robust performance despite a high interest rate environment. The Payments segment saw significant growth with TPV up 21%, revenue up 16%, and net income up 19%. Concurrently, the Marketplace segment also showed strong momentum, with GMV increasing 15%, revenue 25%, and net income 13%, notably driven by a 31% surge in e-commerce GMV (excluding smartphones).

Analysis

Kaspi.kz (KSPI) has demonstrated robust operational performance in its Q2 2025 results, delivering significant growth despite a challenging high interest rate environment. The company's Payments segment remains a key pillar of strength, with Total Payment Volume (TPV) increasing 21% year-over-year, driving a 16% rise in revenue and a 19% increase in net income. Concurrently, the Marketplace segment is exhibiting strong momentum, with Gross Merchandise Volume (GMV) growing 15% while revenue grew at an accelerated rate of 25%, suggesting improving monetization or a favorable product mix shift. This segment's profitability also expanded, with net income up 13%. A notable driver of this performance is the e-commerce business, which saw its GMV surge by 31% when excluding smartphones, indicating strong underlying consumer demand and successful expansion beyond lower-margin electronics.

Key Decisions for Investors

• The strong dual-engine growth in both Payments and Marketplace, achieved despite macroeconomic headwinds, supports a bullish thesis on the company's execution and business model resilience.
• Investors should monitor the revenue growth rate in the Marketplace segment (25%) relative to its GMV growth (15%), as this suggests expanding take rates or a mix shift to higher-margin products, which is a key positive indicator for future profitability.
• Given the explicit mention of a high-rate environment, it is crucial to watch for any future commentary on consumer credit performance or demand elasticity, as sustained resilience to these macro factors is key to the investment case.