Kaspi.kz Balances Türkiye Growth and Dividends as Regulatory Pressures Mount
Event summary
- Kaspi.kz reported FY 2025 revenue and net income growth of 19% and 10% YoY, respectively, with underlying metrics even stronger.
- Hepsiburada's order growth accelerated to +19% YoY in 4Q 2025, with engaged consumers up 29% YoY.
- Kaspi.kz plans to resume quarterly dividends at KZT 850 per ADS, subject to shareholder approval.
- Regulatory changes in Kazakhstan will increase Kaspi.kz's tax rate by ~200 bps in 2026.
- The company expects e-Commerce to be the main growth driver in Kazakhstan and Türkiye.
The big picture
Kaspi.kz is navigating a delicate balance between international expansion and shareholder returns amid tightening regulatory conditions. The company's success in Türkiye will be critical to achieving its goal of becoming a 100 million user company, while domestic regulatory pressures threaten to temper near-term profitability. The strategic integration of e-commerce and fintech remains central to Kaspi.kz's long-term growth narrative.
What we're watching
- Türkiye Execution
- Whether Kaspi.kz can sustain Hepsiburada's engagement growth and narrow the gap with Kazakhstan's metrics.
- Regulatory Headwinds
- How Kazakhstan's higher tax rates and reserve requirements will impact Kaspi.kz's bottom-line growth in 2026.
- Dividend Sustainability
- The pace at which Kaspi.kz can balance growth investments in Türkiye with shareholder returns.
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