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

Joint Stock Company Kaspi.kz (NASDAQ:KSPI) Q2 2025 Earnings Conference Call August 4, 2025 8:00 AM ET

Company Participants

David Ferguson – Head of Investor Relations
Mikheil N. Lomtadze – Co-Founder, Executive Director, Chairman of the Management Board & CEO

Conference Call Participants

Cihan Saraoglu – HSBC Global Investment Research
Darrin David Peller – Wolfe Research, LLC
Gabor Kemeny – Unidentified Company
Reginald Lawrence Smith – JPMorgan Chase & Co, Research Division

Operator

Hello, everybody, and welcome to Kaspi.kz Second Quarter and First Half 2025 Financial Results. My name is Elliot, and I’ll be your coordinator today. [Operator Instructions] I would now like to hand over to David Ferguson. Please go ahead.

David Ferguson

Great. Thank you, Elliot. Good morning, good afternoon to everyone who is joining us. Welcome to Kaspi.kz’s Second Quarter and First Half 2025 financial results. I’m David Ferguson from Kaspi, joined on this call by Mikheil Lomtadze, CEO and Co-Founder of Kaspi.kz; Yuri Didenko and Tengiz Mosidze, deputy CEOs.

So as usual, Mikheil will start the presentation, run you through an update on some of the key initiatives in the second quarter and first half of the year. I’ll take you through the financial slides, and then we’ll open the call up to Q&A. So on that note, over to you, Mikheil. Thank you.

Mikheil N. Lomtadze

Thank you, David. So let’s move straight away into the updates. So for the second Q, we had a good strong performance in spite of the still continuing environment of high interest rates. Our payments continue to perform well, and this is a very sizable business, as you all know our TPV plus 21%; revenue 16% and net income plus 19%. So we’re pleased with the performance. Marketplace continues strong growth, GMV plus 15%, revenue plus 25% and net income plus 13%. GMV, especially on e-commerce side, continuous strong growth, except the smartphones plus 31%. I will cover this