Joint Stock Company Kaspi.kz Earnings Recaps
Q1 2026
May 12, 2026
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.
Key takeaways
- 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%.
Q3 2025
Nov 12, 2025
Kaspi.kz delivered solid growth in Q3 2025, with a 20% increase in top-line revenue year-over-year, despite challenges from supply chain issues in the smartphone sector.
Key takeaways
- Total Payment Volume (TPV) increased 18%, with fintech revenue growing 24% amid high demand across services.
- Excluding smartphone supply disruptions, marketplace GMV growth was a robust 25%, indicating strong underlying demand.
- The company is initiating a $100 million ADS buyback in November, reflecting confidence in cash generation and stock valuation.
- Significant expansion in the e-grocery segment, with GMV and transactions up 53% and 55%, respectively, and plans to enter new cities next year.
- Launch of innovative payment features like "pay by palm" and enhanced integration with third-party services like Glovo to strengthen its competitive position.