Joint Stock Company Kaspi.kz Q3 2026 Earnings Recap

Kaspi.kz shares fell 4.1% after earnings, with investors likely focused on EBITDA being broadly flat despite revenue growth of about 18% in constant currency. The transcript gives no updated financial guidance or clear explanation for the flat EBITDA, while management emphasized new initiatives and expansion plans.

Key Takeaways

• E-commerce GMV grew about 17% in constant currency; marketplace GMV grew 8%.
• TPV rose 14% in constant currency, and the portfolio exceeded $17 billion, also growing 14%.
• Revenue increased about 18% in constant currency, while EBITDA was broadly flat.
• The Kasper AI assistant had 1.4 million users; conversion was 1.5x higher and average GMV per order 2x higher than with traditional text search.
• Kaspi reported 42 neighborhood-grocery partner stores in Almaty, with a 15% EBITDA margin during the pilot and an 18-month EBITDA-level payback; it plans 300 stores by year-end and aspires to 3,000 in the midterm.