Kaspi's shares rose 5.6% following Q2 results, driven by strong e-commerce growth and expanding value-added services, which outperformed expectations and energized investors despite moderate adjusted EBITDA growth.
- Revenue increased 16% year-over-year, supported by 28% constant currency growth in e-commerce GMV, highlighting Kaspi’s strategic focus on this segment.
- Value-added services surged 49% on a constant currency basis, outpacing overall e-commerce growth and driving an expanding take rate.
- Payments TPV and net loan portfolio each delivered solid growth of approximately 15% quarter-on-quarter and 18% year-on-year, respectively.
- The newly launched AI-powered personal assistant, Kasper, shows promising early engagement, with 1 in 5 customers using it and delivering 50% faster product discovery.
- Adjusted EBITDA rose only 5%, reflecting margin pressure despite top-line momentum, signaling some cost or efficiency headwinds remain.
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