Joint Stock Company Kaspi.kz Q2 2026 Earnings Recap

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.

Key Takeaways

• 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.