Kaspi.kz 1Q 2026 Financial Results

Rhea-AI Summary

Kaspi.kz (Nasdaq:KSPI) reported 1Q 2026 revenue up 31% year-over-year to KZT1.1 trillion and adjusted EBITDA up 9% to KZT368 billion. Net income was KZT252 billion, down 1% year-over-year.

e-Commerce GMV rose 41%, e-Commerce revenue 58%, marketplace revenue 49%, and fintech revenue 25%. The Board recommended a quarterly dividend of KZT850 per ADS, a 64% payout ratio, and the company settled $600 million 5.900% five-year notes to enhance liquidity.

AI-generated analysis. Not financial advice.

Positive

• Total revenue increased 31% year-over-year to KZT1.1 trillion
• Adjusted EBITDA grew 9% year-over-year to KZT368 billion
• e-Commerce GMV rose 41% to KZT1.3 trillion on constant-currency, pro-forma basis
• e-Commerce revenue increased 58% year-over-year to KZT394 billion
• Marketplace revenue grew 49% year-over-year to KZT520 billion
• Fintech revenue increased 25% year-over-year to KZT430 billion
• Board recommended KZT850 per ADS quarterly dividend, a 64% payout ratio
• $600 million 5.900% five-year notes issuance strengthens liquidity and flexibility

Negative

• Net income declined 1% year-over-year to KZT252 billion
• Fintech TFV decreased 2% year-over-year

Key Figures

Revenue: KZT 1.1 trillion ($2.3 billion) Adjusted EBITDA: KZT 368 billion ($768 million) Net income: KZT 252 billion ($526 million) +5 more

8 metrics

Revenue KZT 1.1 trillion ($2.3 billion) 1Q 2026; up 31% year-over-year

Adjusted EBITDA KZT 368 billion ($768 million) 1Q 2026; up 9% year-over-year

Net income KZT 252 billion ($526 million) 1Q 2026; down 1% year-over-year

Dividend per ADS KZT 850 1Q 2026 recommended quarterly dividend; 64% payout ratio

e-Commerce GMV KZT 1.3 trillion ($2.6 billion) 1Q 2026; up 41% year-over-year constant-currency, pro-forma

e-Commerce revenue KZT 394 billion ($824 million) 1Q 2026; up 58% year-over-year

Marketplace revenue KZT 520 billion ($1.1 billion) 1Q 2026; up 49% year-over-year

Senior Notes issuance $600 million 5.900% Notes Five-year Notes settled after 1Q; due 2031

Market Reality Check

Price: $85.87 Vol: Volume 605,716 is close t...

normal vol

$85.87 Last Close

Volume Volume 605,716 is close to the 20-day average of 589,506 (relative volume 1.03x). normal

Technical Shares at 85.87 trade 13.44% below the 52-week high and 25.19% above the 52-week low, and remain above the 200-day MA of 79.63.

Peers on Argus

While KSPI is down 0.91%, key software peers mostly trade higher: OKTA +4.44%, F...

While KSPI is down 0.91%, key software peers mostly trade higher: OKTA +4.44%, FFIV +2.61%, RBRK +3.38%, CHKP +1.45%, with only TOST -0.6%, indicating a stock-specific reaction rather than a sector-wide move.

Previous Earnings Reports

5 past events · Latest: Mar 02 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 02	FY 2025 earnings	Positive	+10.5%	FY 2025 revenue and net income grew, with dividends and Türkiye plans.
Nov 10	3Q 2025 earnings	Positive	+3.3%	Strong 3Q and 9M revenue and net income growth with payments strength.
Aug 04	2Q 2025 earnings	Positive	+13.8%	Q2 and H1 revenue and net income growth with Turkish expansion steps.
May 12	1Q 2025 earnings	Negative	-7.7%	Solid growth but lower 2025 net income guidance weighed on sentiment.
Feb 24	FY 2024 earnings	Positive	+0.8%	Strong FY 2024 growth and marketplace performance with 2025 outlook.

Pattern Detected

Earnings releases have generally been received positively, with all five prior earnings events showing price moves in the same direction as the underlying news tone.

Recent Company History

Recent earnings history shows consistent growth and generally supportive market reactions. FY 2024 results highlighted 32% revenue and 25% net income growth. Through 2025, quarterly updates repeatedly reported ~19–21% revenue growth and double‑digit net income gains, alongside payments and marketplace expansion and Turkish assets being integrated. Most of these earnings announcements produced positive single‑ to low double‑digit price moves, suggesting investors have typically rewarded Kaspi.kz’s growth and capital‑return narrative into today’s 1Q 2026 results.

Historical Comparison

+4.2% avg move · Past five earnings-related releases saw an average move of about 4.15%, as investors reacted to cons...

earnings

+4.2%

Average Historical Move earnings

Past five earnings-related releases saw an average move of about 4.15%, as investors reacted to consistent growth, dividends and Türkiye-driven expansion.

Earnings updates trace a path from strong FY 2024 growth through 2025’s expanding marketplace, payments and Turkish operations, into 1Q 2026 where e-commerce, monetization and dividends remain central themes.

Market Pulse Summary

This announcement highlighted broad-based strength: 1Q 2026 revenue rose 31% to KZT 1.1 trillion, e-...

Analysis

This announcement highlighted broad-based strength: 1Q 2026 revenue rose 31% to KZT 1.1 trillion, e-commerce GMV and revenue grew rapidly, and a quarterly dividend of KZT 850 per ADS was recommended. Net income was slightly lower year-over-year and the company issued $600 million in 5.900% Notes, adding to its funding tools. Investors may watch future earnings for trends in profitability, Türkiye’s contribution, and dividend sustainability versus growth investment.

Key Terms

ifrs, adjusted ebitda, gmv, tpv, +2 more

6 terms

ifrs financial

"published its unaudited consolidated IFRS financial results for the quarter"

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

adjusted ebitda financial

"Kaspi.kz remained highly profitable, with adjusted EBITDA growing 9%"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

gmv financial

"e-Commerce GMV grew 41% year-over-year on a constant-currency"

Gross merchandise value (GMV) is the total dollar value of all goods and services sold through a platform or marketplace over a given period, measured before deducting fees, returns, or discounts. Investors watch GMV to gauge the raw size and growth of customer activity—like counting every ticket sold at a concert before subtracting organizer costs—while remembering it is not the same as revenue or profit.

tpv financial

"Payments TPV increased 14% year-over-year to KZT11.4 trillion"

Total payment volume (TPV) is the total dollar value of all transactions routed through a platform, payment processor, or marketplace over a specific period. It matters to investors because it shows how much economic activity the business supports—similar to counting cars on a toll road to estimate toll income—and helps indicate growth, revenue potential, user engagement, and shifts in demand that can affect future profits.

ads financial

"dividend of KZT 850 per ADS, representing a 64% payout ratio"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

senior unsecured notes financial

"issuance of $600 million 5.900% five-year Notes, further strengthening"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

AI-generated analysis. Not financial advice.

ALMATY, Kazakhstan, May 11, 2026 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”, “we”) (Nasdaq:KSPI) today published its unaudited consolidated IFRS financial results for the quarter ended 31 March 2026 (“1Q 2026”).

Letter from Mikheil Lomtadze, Co-Founder and CEO of Kaspi.kz:

We’ve started the year with strong e-Commerce growth, higher purchase frequency and improving monetization. e-Commerce GMV grew 41% year-over-year on a constant-currency and pro-forma basis and orders grew 43% on pro-forma basis. Consumers are buying more frequently — purchases per consumer increased 44% to 15 purchases per quarter.

At the same time, Kaspi.kz remained highly profitable, with adjusted EBITDA growing 9%. Our Board recommended a dividend of KZT 850 per ADS, representing a 64% payout ratio, subject to shareholder approval. This reflects confidence in our cash generation and our growth outlook.

The most important message is simple: Kaspi.kz is becoming a larger, more diversified platform, with far greater growth potential than ever before. Building on our position as Kazakhstan’s leading Super App, we are now creating an international business.

e-Commerce is now one of our most important growth engines. It deepens customer engagement, expands our addressable market and creates monetization opportunities across advertising, delivery, payments and fintech. Advertising and delivery revenue grew 73% during the quarter, showing that e-Commerce is not only scaling, but becoming more monetizable over time.

Türkiye is a market of 85 million people and an important part of our next growth phase. It now represents 50% of our e-Commerce GMV. We are bringing Kaspi’s product culture and e-Commerce, payments and fintech expertise to Türkiye — with a long-term and disciplined approach.

Kaspi.kz is a profitable, dividend-paying platform with multiple growth engines, and our goal is clear: to build an even stronger company while staying true to our mission of improving people’s lives by developing innovative mobile products and services.

My personal investment alongside Tencent and other long-term investors reflects my strong confidence in Kaspi.kz’s long-term opportunity. As co-founder and CEO, I remain fully aligned with all shareholders.

Thank you for your continued trust and support.

Mikheil Lomtadze
Co-Founder and CEO
Kaspi.kz

1Q 2026 Highlights

• 1Q 2026 was in line with our expectations. We reiterate our full-year 2026 guidance.
   
• Our Board of Directors has recommended a quarterly dividend of KZT850 per ADS, subject to shareholder approval. This represents a dividend payout ratio of 64%.
   
• e-Commerce was the main growth driver. Constant-currency and pro-forma e-Commerce GMV increased 41% year-over-year to KZT1.3 trillion ($2.6 billion), while e-Commerce purchases increased 43% year-over-year.
   
• e-Commerce monetization continued to improve. e-Commerce revenue increased 58% year-over-year to KZT394 billion ($824 million), and value-added services (“VAS”) revenue from advertising and delivery increased 73% year-over-year.
   
• e-Commerce consumer frequency improved materially, with purchases per consumer increasing to 15.0, compared with 10.4 in 1Q 2025.
   
• Marketplace GMV increased 19% year-over-year on a constant-currency and pro-forma basis to KZT2.2 trillion ($4.5 billion). Marketplace revenue increased 49% year-over-year to KZT520 billion ($1.1 billion), and adjusted EBITDA increased 12% year-over-year to KZT118 billion ($247 million).
   
• Payments TPV increased 14% year-over-year to KZT11.4 trillion ($23.7 billion). Payments revenue increased 7% year-over-year to KZT158 billion ($331 million), and adjusted EBITDA was stable at KZT90 billion ($187 million).
   
• Fintech revenue increased 25% year-over-year to KZT430 billion ($897 million), even with TFV declining 2% year-over-year, reflecting disciplined origination in favour of longer duration loans. Our average net loan portfolio grew 23% year-over-year.
   
• Credit quality remained strong. Cost of risk was 0.7%
   
• Revenue increased 31% year-over-year to KZT1.1 trillion ($2.3 billion). Adjusted EBITDA increased 9% year-over-year to KZT368 billion ($768 million). Net income was broadly stable at KZT252 billion ($526 million), down 1% year-over-year.
   
• Following the end of the first quarter, Kaspi.kz successfully settled the issuance of $600 million 5.900% five-year Notes, further strengthening our liquidity and financial flexibility.

Going forward, our first and third quarter releases will focus primarily on trading and financial trends during the period, while our interim and full-year results will include more detailed product and strategic updates.

For further information

David Ferguson david.ferguson@kaspi.kz

Click on, or paste the following link into your web browser, to view the full announcement. 
http://ml.globenewswire.com/Resource/Download/f422225b-c5b9-413f-94de-1aa7583a463e

FAQ

How did Kaspi.kz (KSPI) perform financially in 1Q 2026?

Kaspi.kz reported strong top-line growth in 1Q 2026, with revenue up 31% year-over-year to KZT1.1 trillion. According to Kaspi.kz, adjusted EBITDA increased 9% to KZT368 billion, while net income was broadly stable at KZT252 billion, down 1% year-over-year.

What were Kaspi.kz (KSPI) e-Commerce results in 1Q 2026?

Kaspi.kz’s e-Commerce segment delivered rapid growth in 1Q 2026. According to Kaspi.kz, constant-currency, pro-forma e-Commerce GMV rose 41% to KZT1.3 trillion, with e-Commerce revenue up 58% to KZT394 billion and value-added services revenue from advertising and delivery up 73% year-over-year.

What dividend did Kaspi.kz (KSPI) announce for 1Q 2026 and what is the payout ratio?

Kaspi.kz’s Board recommended a quarterly dividend of KZT850 per ADS for 1Q 2026. According to Kaspi.kz, this proposed dividend represents a payout ratio of 64% and remains subject to shareholder approval, reflecting management’s stated confidence in cash generation and growth outlook.

How did Kaspi.kz (KSPI) marketplace and payments segments perform in 1Q 2026?

Kaspi.kz reported solid marketplace and payments trends in 1Q 2026. According to Kaspi.kz, marketplace GMV increased 19% year-over-year, with revenue up 49% to KZT520 billion, while payments TPV rose 14% to KZT11.4 trillion and payments revenue grew 7% to KZT158 billion.

What were Kaspi.kz (KSPI) fintech and credit quality metrics in 1Q 2026?

Kaspi.kz’s fintech revenue grew 25% year-over-year to KZT430 billion in 1Q 2026. According to Kaspi.kz, TFV declined 2% as the company focused on longer-duration loans, average net loan portfolio grew 23% year-over-year, and cost of risk remained low at 0.7%.

What new debt financing did Kaspi.kz (KSPI) complete after 1Q 2026?

Kaspi.kz completed a $600 million bond issuance after quarter-end, adding to liquidity. According to Kaspi.kz, the company settled 5.900% five-year notes, which it states will further strengthen its liquidity position and provide additional financial flexibility for future growth initiatives.

How is Kaspi.kz (KSPI) balancing growth and shareholder returns in 2026?

Kaspi.kz is combining strong growth with ongoing shareholder distributions in 2026. According to Kaspi.kz, revenue rose 31% year-over-year, e-Commerce and fintech expanded rapidly, and the Board recommended a KZT850 per ADS dividend with a 64% payout ratio, alongside a $600 million notes issuance.