Companies · Report
Bigger but Less Profitable: Kaspi.kz after the Hepsiburada Acquisition
+60%
Revenue growth, 2025
+1%
Net income growth, 2025
41.7%
Net margin, 2024
26.4%
Net margin, 2025
85%
Stake in Hepsiburada
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.
Figure 1. Net margin, %
Figure 2. Marketplace share of segment revenue, %
My view
I 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.
Sources
- Kaspi.kz, Annual Report on Form 20-F for 2025
- Kaspi.kz investor relations, ir.kaspi.kz