Kaspi.kz is presented as a strong long-term investment, demonstrating impressive growth in its core operations and a strategic, disciplined expansion into Turkey.
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Earnings Report: Kaspi Path to 100M Users | Q4 2025
Fundamental Deep DiveMar 15, 2026
This report analyzes Kaspi.kz's 2025 full-year results and 2026 strategic guidance, highlighting its impressive growth and expansion into Turkey. The company demonstrates strong performance in its core Kazakhstan operations, driven by innovations like palm scanning payments and a robust fintech segment. The expansion into Turkey via the acquisition of Hepsiburada and Rabo Bank is presented as the key growth driver, aiming to replicate the successful super app model in a larger market. Despite facing headwinds from tax hikes and regulatory changes, Kaspi.kz is positioned for continued long-term growth.
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KSPI
buy opened Mar 15, 2026
+28.76%