Kaspi's shares rose modestly by 0.6% following first-quarter results that showed steady execution without material surprises, reflecting growth in e-commerce offset by more moderate gains elsewhere and stable guidance.

• Consolidated revenue increased 31% year-over-year, with adjusted EBITDA up 9%.
• E-commerce GMV grew 41% year-over-year on constant currency pro forma basis, driven by a 43% increase in transactions and a 44% rise in purchase frequency.
• Marketplace GMV rose 19% year-over-year, supported by the Hepsiburada acquisition, with revenue growing faster than GMV due to expanded take rates and value-added services (advertising and delivery revenue up 73%).
• Total payment volume (TPV) increased 14%, while total financial exposure (TFE) declined 2%, and the average loan portfolio grew 23%.
• The Board recommended a dividend consistent with prior guidance, with a payout ratio of approximately 64%.