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KSPI FINANCIAL STATEMENTS

Joint Stock Company Kaspi.kz — balance sheet, income statement and cash flow trends

KSPIJoint Stock Company Kaspi.kz

🇺🇸 USA · US · Technology · Software - Infrastructure

Value itDuel
PriceFinancialsPeers

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
02 T4 T20222023202420252026

Profit Funnel

Q1 2026 · TTM
Revenue4.2 T KZTGross Profit3 T KZT · 71%Operating Income1.8 T KZT · 43%Pre-tax Income1.3 T KZT · 31%Net Income1 T KZT · 25%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue4.2 T KZT+51.0%
Gross Profit3 T KZT+64.6%
Operating Income1.8 T KZT+25.2%
EBITDA2.1 T KZT+40.5%
Net Income1 T KZT-2.8%

Peer Comparison· Software - Infrastructure

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
KSPI51.0%70.8%49.0%24.7%
Industry median10.2%70.5%17.8%8.9%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
05 T10 T20222023202420252026

Capital Structure

Q1 2026
Total Assets11.1 T
  • Equity2.7 T KZT24%
  • Current Liabilities7.7 T KZT70%
  • Long-term Liabilities616.7 B KZT6%

Key Figures

YoY change
Total Assets11.1 T KZT+19.4%
Total Liabilities8.3 T KZT+10.8%
Total Equity2.7 T KZT+57.0%
Cash & ST Investments2 T KZT+3.5%
Total Debt411.6 B KZT-32.5%
Net Debt-385.4 B KZT—

Peer Comparison· Software - Infrastructure

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
KSPI1.2615.3%-0.7624.2%
Industry median1.4325.1%-0.0234.8%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
0500 B1 T20222023202420252026

Cash Flow Bridge

Q1 2026 · TTM
0250 B500 B750 B884.8 B KZTOperating-481 B KZTInvesting-256.1 B KZTFinancing147.7 B KZTNet Change

Key Figures

YoY change
Operating Cash Flow884.8 B KZT+39.1%
Capital Expenditures188.6 B KZT+66.4%
Free Cash Flow696.1 B KZT+33.2%
Dividends Paid0 KZT-100.0%

Peer Comparison· Software - Infrastructure

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
KSPI21.0%16.5%4.5%84.9%
Industry median23.2%17.1%2.9%143.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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