Kaspi.kz (KSPI) delivered robust financial results in Q4 2025, posting revenue of $412 million and a 23% year-over-year increase in adjusted EBITDA. The company expanded its user base to 21.4 million and continued to strengthen its position in Central Asia’s evolving digital finance landscape.
- KSPI reported Q4 2025 revenue of $412 million, up 19% year-over-year
- Adjusted EBITDA reached $186 million, a 23% increase from Q4 2024
- Active user base grew to 21.4 million, a 14% year-over-year gain
- Mobile transaction volume increased 27% year-over-year
- Loan portfolio volume rose 31%, digital investment product adoption up 17%
- 2026 revenue guidance: 16% to 19% growth, EBITDA margin projected at ~45%
Kaspi.kz (KSPI) reported a 19% year-over-year revenue growth in the fourth quarter of 2025, reaching $412 million, driven by increased transaction volumes and sustained demand for digital banking and payment services. The company’s adjusted EBITDA rose to $186 million, marking a 23% increase from the same period in 2024, reflecting improved operational efficiency and cost discipline across its fintech ecosystem. The fintech leader expanded its active user base to 21.4 million as of December 31, 2025, a 14% increase from the prior year, underscoring continued penetration in Kazakhstan’s underbanked population. Mobile app usage grew by 27% year-over-year, with over 78% of transactions now conducted via digital channels. Kaspi.kz also introduced new credit and investment tools, contributing to a 31% surge in loan portfolio volume and a 17% rise in digital investment product adoption. The company’s guidance for 2026 projects revenue growth in the range of 16% to 19% and EBITDA margins to remain stable at approximately 45%, signaling confidence in sustained market leadership. These results are expected to bolster investor interest in emerging market financial technology exposure, particularly through vehicles such as FXK and EMF, which track regional equities and fintech performance in Central Asia.