Summary
In January 2025 Kaspi.kz bought a controlling stake in Hepsiburada, a leading Turkish online marketplace. The deal lifted revenue by 60% in 2025 but left net income almost flat, cutting the net margin from 41.7% to 26.4%. The Kazakh business stayed highly profitable; the fall comes from Turkey.
Key findings
- Revenue grew by 60% in 2025 after Hepsiburada was consolidated, up from 32% growth in 2024.
- Net income rose by only 1%, so the net margin fell from 41.7% to 26.4%.
- The marketplace segment grew from 22.9% to 47.1% of segment revenue, mostly because of Turkey.
- Kaspi bought 65.4% of Hepsiburada for about $1.13 billion and raised its stake to 85% by January 2026.
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My view
Author's viewI don't consider the fall in margin a big problem. Large acquisitions and investments dilute margins at first, because the new business is not yet as profitable as the main one. In my opinion, it is a great tactic to grow Kaspi beyond Kazakhstan, because it gives the company more ways to make a profit. I would buy Kaspi shares as a long-term investment.