Kaspi.kz (KSPI) Q1 2026 earnings summary

Executive summary

• Revenue grew 31% year-over-year to $2.3B in Q1 2026, with adjusted EBITDA up 9% to $768M and net income stable at $0.5B, as higher funding costs and investments offset revenue gains.

• E-Commerce GMV surged 41% year-over-year to $2.6B, with transaction frequency up 44% and value-added services (advertising, delivery) up 73%.

• Türkiye now represents 50% of e-Commerce GMV, reflecting successful international expansion and full-quarter consolidation of Hepsiburada.

• Board recommended a dividend of KZT 850 per ADS, representing a 64% payout ratio, subject to shareholder approval.

• Active consumers increased 3% year-over-year to 26.5M, supporting ecosystem growth.

Financial highlights

• Marketplace GMV rose 19% year-over-year to $4.5B, with revenue up 49% and adjusted EBITDA up 12%.

• Payments TPV grew 14% year-over-year to $24B, with revenue up 7% and stable adjusted EBITDA.

• Fintech average net loan portfolio expanded 23% to $15B, revenue up 25%, and adjusted EBITDA up 12%, with portfolio duration increasing to 9.3 months.

• Net income margin at 23.3%, reflecting higher funding costs and Türkiye consolidation.

• Advertising and delivery revenue in e-Commerce grew 73% year-over-year, outpacing GMV growth.

Outlook and guidance

• Full-year 2026 guidance targets around 20% GMV growth, 15% TPV growth, 5% TFV growth, and 5% adjusted EBITDA growth; Q1 results are on track.

• No interest rate cuts assumed in guidance; inflation in Kazakhstan has started to fall.