Business Context and Reporting Period
Company: Joint Stock Company Kaspi.kz
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Filing Date: March 13, 2026
Reporting Period: Fiscal year ended December 31, 2025
Context: This filing serves to publish the consolidated financial statements for the fiscal year 2025, which are furnished as Exhibit 99.1. The report is incorporated by reference into the Company's registration statement on Form S-8.
Key Financial Metrics
The provided text is a cover sheet and explanatory note for the Form 6-K filing. It does not contain the actual consolidated financial statements (Exhibit 99.1). Consequently, the filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity metrics for the period ended December 31, 2025.
Material Changes
No material changes versus prior periods are detailed in this specific text. The document references the publication of the 2025 financial statements but does not summarize the comparative performance or specific variances within the body of the filing.
Guidance, Outlook, and Risks
Forward-Looking Statements: The filing includes a comprehensive cautionary statement regarding forward-looking statements. Management notes that actual outcomes may differ materially from expectations due to various risks and uncertainties.
Key Risk Factors Identified:
- Ability to attract new customers, retain existing ones, and sell additional functionality.
- Maintenance of network effects within the "Super App" business model.
- Technology infrastructure stability and execution of new business models.
- Merchant partnerships and relationships.
- Regulatory and legislative changes in Kazakhstan and other operating jurisdictions.
- Internal control over financial reporting and remediation of material weaknesses.
- Dependence on subsidiaries for cash to fund operations and potential dividends.
- Shareholder rights differences under Kazakhstan law versus U.S. state laws.
Investor Verification Checklist
- Review Exhibit 99.1 (Consolidated financial statements for the fiscal year ended December 31, 2025) for actual revenue, profit, and cash flow figures, as they are not present in this summary text.
- Verify the Company's progress on remediation of any material weaknesses in internal controls over financial reporting.
- Assess the impact of evolving legislative and regulatory frameworks in Kazakhstan on the Super App business model.
- Confirm the status of merchant partnerships and customer retention rates to validate growth assumptions.