Joint Stock Company Kaspi.kz Stock Earnings Reports

Kaspi started 2026 with solid top-line growth and continued profitability. Consolidated revenue rose 31% y/y and adjusted EBITDA 9% y/y. E‑commerce is the primary growth driver: e‑commerce GMV grew 41% (constant currency, pro forma) and transactions rose 43% y/y, with quarterly purchase frequency up 44% to 15 purchases per consumer. Take rates expanded (e‑commerce take rate +90 bps to 15.8%) driven by value‑added services (advertising and delivery revenue grew strongly). Marketplace GMV grew 19% pro forma; roughly half of GMV is now from Kazakhstan and half from Turkey following the Hepsiburada acquisition (fully consolidated for three months). Payments TPV grew ~14%, but payments revenue growth lagged due to mix shift toward lower‑take‑rate products (Kaspi QR and B2B payments). Fintech: average loan portfolio grew 23% while TFE (originations) declined ~2% as the company intentionally prioritizes longer‑duration, higher‑yield loans (portfolio duration increased from ~7 to 9.3 months). Credit metrics remain healthy (very low first/second payment defaults and low delinquency), and cost of risk is broadly flat. Net income was roughly flat y/y; headwinds included higher funding costs and the inclusion of Hepsiburada COGS. The Board recommended a dividend (about a 64% payout ratio). Guidance is unchanged: full‑year GMV ~20% growth, TPV ~15%, TFV ~5% (with emphasis on revenue growth over TFV), and ~5% EBITDA growth for the year. Management highlighted strategic investments in Turkey (improving delivery, data and risk systems), the strategic value of Tencent’s minority investment (primarily financial, with potential knowledge benefits), and a recent $600m raise (general corporate purposes) to support growth initiatives.