Joint Stock Company Kaspi.kz Q2 Earnings Call Highlights

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MarketBeat

Mon, August 10, 2026 astatine 9:04 AM CDT 6 min read

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Kaspi.kz reported mixed second-quarter results: gross grew 15% and adjusted EBITDA roseate 5%, portion nett income was level owed to higher backing costs, National Bank reserve requirements and investments successful Türkiye. The committee recommended an 18% sequential dividend increase.
E-commerce was the main maturation driver: marketplace GMV accrued 15% twelvemonth implicit year, including 28% constant-currency e-commerce growth, portion purchases roseate 33% to much than 76 million. The institution besides launched its AI buying assistant, Kasper, crossed Kazakhstan and plans to grow its capabilities.
Kaspi.kz is preparing for Türkiye enlargement portion maintaining its outlook: it completed the Rabobank A.Ş. acquisition and plans to put astir $300 cardinal up of launching user and merchant fiscal products successful 2027. Management reiterated full-year targets of astir 20% GMV growth, 15% TPV and loan-portfolio growth, and 15% adjusted EBITDA growth.

Joint Stock Company Kaspi.kz (NASDAQ:KSPI) reported second-quarter gross maturation of 15% and adjusted EBITDA maturation of 5%, arsenic gains successful e-commerce and fintech were partially offset by higher backing costs and investments successful Türkiye.

CEO and co-founder Mikheil Lomtadze said the committee recommended expanding the dividend by 18% compared with the first-quarter dividend, citing the company's show and fiscal position. Net income was level successful the quarter, reflecting the aforesaid profitability pressures arsenic good arsenic higher National Bank reserve requirements that took effect successful a 2nd signifier during the quarter.

E-commerce maturation drives marketplace show

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Marketplace gross merchandise worth roseate 15% twelvemonth implicit twelvemonth connected a constant-currency basis, led by 28% constant-currency maturation successful e-commerce GMV. The institution said payments full outgo measurement accrued 13%, portion its mean nett indebtedness portfolio grew 18% twelvemonth implicit year.

E-commerce purchases accrued 33% successful the 2nd quarter, reaching much than 76 cardinal purchases. Lomtadze said 20% of GMV came from first-party sales, chiefly e-grocery successful Kazakhstan and electronics successful Türkiye. Kazakhstan represented 53% of GMV and Türkiye represented 47%.

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The marketplace instrumentality complaint accrued 110 ground points to 12.1%, driven by advertizing and transportation services. Value-added services grew 49% connected a constant-currency ground and 27% successful reported terms, according to management.

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