kaspi segmentwise revenue and margins latest annual report
Based on Kaspi.kz's latest annual report for the fiscal year ended December 31, 2025, here is the segment-wise breakdown of revenue and net income.
The company operates through three main platforms: Marketplace, Fintech, and Payments.
📊 Segment Financial Summary (Full Year 2025)
The table below presents the financial data for each segment in Kazakhstani Tenge (KZT) -7.
| Segment | Revenue | Revenue Growth (YoY) | Net Income | Net Income Growth (YoY) |
|---|---|---|---|---|
| Marketplace | 1.93 trillion KZT | +163.5% | 279.77 billion KZT | -19.7% |
| Fintech | 1.54 trillion KZT | +20.4% | 354.93 billion KZT | +8.6% |
| Payments | 658.73 billion KZT | +12.2% | 433.00 billion KZT | +13.5% |
| Total | 4.05 trillion KZT | +59.8% | 1.07 trillion KZT | +2.7% |
Note: The total net income (1.07 trillion KZT) differs from the sum of segments due to corporate adjustments and eliminations -9.
📈 Segment Highlights from the 2025 Annual Report
Marketplace Platform
This platform experienced significant revenue growth, largely driven by a 10.3% take rate (up from 9.5% in 2024). This increase was due to strong performance in value-added services like advertising, delivery, and classifieds -1. Despite this, net income growth was impacted by the expansion of lower-margin first-party (1P) e-grocery sales.
- GMV (Gross Merchandise Value): Increased 15% to 4.7 trillion KZT.
- Excluding Smartphones: Revenue grew 34% and net income grew 20%, highlighting a temporary disruption in the smartphone market due to new import regulations -1.
Fintech Platform
This segment delivered steady growth, driven by the popularity of its Buy-Now-Pay-Later (BNPL) product, which accounted for 39% of total Fintech transaction volume. The fastest-growing lending product was merchant and micro-business financing -1.
- TFV (Total Fintech Volume): Origination increased 17% to 8.6 trillion KZT.
- Profitability: Net income growth was partly offset by a 30% year-over-year increase in deposit interest expenses, driven by a higher interest rate environment -1.
Payments Platform
Kaspi's Payments platform remains highly profitable, with net income growing faster than revenue. This was achieved through tight cost control and "operational gearing," where revenue growth outpaces operating cost growth -1.
- TPV (Total Payment Volume): Increased 21% to 32 trillion KZT.
- Take Rate: Declined to 1.11% from 1.19% in 2024, as the fastest-growing components were the lower-take-rate Kaspi Pay QR and B2B payments services -1.
📂 Accessing the Full Report
The complete financial data and management's discussion of these results are available in the company’s official filings:
I hope this detailed breakdown is helpful. If you would like to explore specific aspects of these segments, such as their transaction volumes or user growth, feel free to ask.