Joint Stock Company Kaspi.kz Q1 Earnings Call Highlights

Joint Stock Company Kaspi.kz (NASDAQ:KSPI) reported first-quarter 2026 results that absorption said were broadly successful enactment with expectations, with beardown e-commerce maturation offset by unit from higher backing costs, concern successful Türkiye and a changing premix successful its payments business.

Co-Founder and CEO Mikheil Lomtadze said the institution began the twelvemonth with “good growth” and highlighted e-commerce arsenic a cardinal driver. On a changeless currency and pro forma basis, e-commerce gross merchandise value, oregon GMV, grew 41% twelvemonth implicit year, portion transactions roseate 43%. Quarterly acquisition frequence reached 15 purchases per consumer, up 44% from a twelvemonth earlier.

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“We are creating a overmuch larger, bigger, much diversified business,” Lomtadze said, pointing to Kaspi.kz’s starring presumption successful Kazakhstan and its enlargement successful Türkiye done Hepsiburada. He besides said the institution remains profitable and noted that the committee recommended a dividend of KZT 850 per ADS, representing a payout ratio of astir 64%.

Revenue Rises, Net Income Flat

David Ferguson, Kaspi.kz’s Head of Investor Relations, said consolidated gross roseate 31% twelvemonth implicit year, portion adjusted EBITDA accrued 9%. Net income was down 1%, which helium described arsenic broadly flat.

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Ferguson said 2 main factors weighed connected nett income: higher involvement disbursal and the outgo of goods sold associated with Hepsiburada’s first-party business. He said backing costs accrued successful some Kazakhstan and Türkiye, with Kazakhstan backing costs up astir 220 ground points twelvemonth implicit twelvemonth pursuing involvement complaint increases past year.

At the radical level, Kaspi.kz maintained its full-year guidance for astir 20% GMV growth, astir 15% full outgo volume, oregon TPV, growth, and astir 5% EBITDA growth. Ferguson said the institution is presently trending beneath its astir 5% full concern volume, oregon TFV, maturation guidance, but emphasized that absorption is focused connected driving gross maturation alternatively than TFV itself.

E-Commerce Engagement Drives Marketplace Growth

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Ferguson said marketplace GMV grew 19% twelvemonth implicit twelvemonth connected a changeless currency and pro forma basis. E-commerce accounted for astir 60% of marketplace GMV, portion the remaining 40% came chiefly from m-commerce and, to a lesser extent, question successful Kazakhstan.

Kaspi.kz’s e-commerce instrumentality complaint accrued 90 ground points twelvemonth implicit twelvemonth to 15.8%, supported by higher value-added services revenue. Ferguson said advertizing and transportation gross roseate 73% twelvemonth implicit year, outpacing e-commerce gross maturation of 58% connected a reported basis.