Kaspi.kz (KSPI) investor relations material

Executive summary

• Revenue grew 15% year-over-year to $2.3B in Q2 2026, with adjusted EBITDA up 5% to $826M and net income stable despite higher funding costs and investments in Türkiye.

• Board proposed an 18% increase in quarterly dividend to KZT1,000 per ADS, reflecting strong performance and confidence in long-term growth.

• E-commerce led growth with GMV up 28% year-over-year (constant currency), and purchases per consumer up 33%.

• Launched Kasper, a personal AI assistant, with strong early adoption and high engagement rates.

• Acquisition of Rabobank A.Ş. in Türkiye completed and rebranded as Hepsi Bank, with new fintech products piloted and $300M investment planned.

Financial highlights

• Marketplace GMV reached $4.8B (+15% YoY), e-commerce GMV $2.6B (+28% YoY), and TPV $26B (+13% YoY).

• Fintech revenue increased 23% YoY to $946M, with average net loan portfolio up 18% to $15B.

• Payments revenue up 5% YoY, with TPV up 13% and adjusted EBITDA stable; take rate slightly down.

• Marketplace revenue rose 11% YoY, adjusted EBITDA up 9%, and take rate expanded by 110 bps.

• Value-added services (delivery, advertising) revenue up 49% YoY, outpacing core e-commerce growth.

Outlook and guidance

• Full-year 2026 guidance reiterated: GMV, TPV, and average net loan portfolio expected to grow around 15–20% YoY; adjusted EBITDA to grow around 5–7%.

• Guidance assumes constant currency rates as of January 1, 2026.

• Management remains confident in meeting targets despite EBITDA trending up 7% YTD, below full-year guidance.