Kaspi.kz 2Q & 1H 2026 Financial Results

Rhea-AI Summary

Kaspi.kz (Nasdaq: KSPI) reported 2Q 2026 revenue up 15% year-over-year to KZT1.1 trillion, adjusted EBITDA up 5% to KZT397 billion and net income broadly stable at KZT259 billion. The Board proposed an 18% increase in the quarterly dividend to KZT1,000 per ADS, subject to shareholder approval.

e-Commerce remained the main growth driver, with constant-currency GMV up 28% to KZT1.3 trillion and revenue up 35% to KZT394 billion, while VAS revenue grew 49%. Marketplace revenue rose 11% to KZT508 billion, Payments revenue 5% to KZT169 billion, and Fintech revenue 23% to KZT455 billion. Kaspi.kz launched its Kasper AI assistant across e-Commerce in Kazakhstan and completed the acquisition of Rabobank A.Ş. in Türkiye, rebranding it Hepsi Bank.

Positive

• Dividend per ADS proposed up 18% to KZT1,000
• Total revenue up 15% year-over-year to KZT1.1 trillion
• e-Commerce GMV up 28% to KZT1.3 trillion; revenue up 35% to KZT394 billion
• Fintech revenue up 23% to KZT455 billion; net loan portfolio up 18%
• Marketplace revenue up 11% to KZT508 billion; EBITDA up 9% to KZT128 billion
• Rabobank A.Ş. acquisition in Türkiye closed and rebranded as Hepsi Bank

Negative

• Adjusted EBITDA grew 5% versus 15% revenue growth
• Payments revenue up 5% despite TPV up 13% to KZT12.7 trillion
• Payments adjusted EBITDA broadly stable at KZT98 billion amid Kaspi Alaqan investments
• Fintech adjusted EBITDA up 6%, lagging 23% revenue growth due to higher funding costs
• Net income broadly stable at KZT259 billion despite strong segment growth

News Explained

Kaspi.kz cut a deposit rate by 100 basis points in August, affecting around a third of deposits; Kasper reached all Kazakhstan e-Commerce consumers.

In August, Kaspi.kz reduced the interest rate on its three-month deposit product by 100 basis points; that product accounts for around a third of deposits, so the change applies to a stated portion of its deposit base.

Kasper began rolling out in July and is now available to all e-Commerce consumers in Kazakhstan; in less than a month, around 20% of consumers with access had used it.

For Türkiye, the release says Kaspi.kz plans to expand its Fintech offering from 2027, so that stated expansion remains a future plan rather than a completed change.

Market Reaction – KSPI

+4.68% $94.53 1.8x vol

15m delay

+4.68% Vs previous close

$94.53 Last Price

$90.96 $97.50 Day Range

$17.96B Market Cap

1.8x Rel. Volume

Following this news, KSPI has gained 4.68%, reflecting a moderate positive market reaction. Our momentum scanner has triggered 22 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $94.53. Trading volume is above average at 1.8x the average, suggesting increased trading activity.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Market Context

KSPI's tag-specific earnings history included a -7.67% reaction and a 13.8% reaction. That record fr...

Analysis

KSPI's tag-specific earnings history included a -7.67% reaction and a 13.8% reaction. That record frames the current results; recent insider activity was Net Selling, a risk to monitor.

Key Figures

Quarterly dividend: 18% increase to KZT1,000 per ADS from KZT850 e-Commerce GMV: 28% year-over-year to KZT1.3 trillion ($2.6 billion) e-Commerce VAS revenue: 49% year-over-year growth +5 more

8 metrics

Quarterly dividend 18% increase to KZT1,000 per ADS from KZT850 2Q 2026 proposed dividend, subject to shareholder approval

e-Commerce GMV 28% year-over-year to KZT1.3 trillion ($2.6 billion) 2Q 2026 constant-currency growth

e-Commerce VAS revenue 49% year-over-year growth 2Q 2026 constant-currency growth

e-Commerce revenue 35% year-over-year to KZT394 billion ($820 million) 2Q 2026 constant-currency growth

Fintech revenue 23% year-over-year to KZT455 billion ($946 million) 2Q 2026

Total revenue 15% year-over-year to KZT1.1 trillion ($2.3 billion) Kaspi.kz 2Q 2026

Adjusted EBITDA 5% year-over-year to KZT397 billion ($826 million) Kaspi.kz 2Q 2026

Net income KZT259 billion ($539 million) 2Q 2026, stable year-over-year

Previous Earnings Reports

5 past events · Latest: May 11 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 11	1Q25 earnings	Positive	-0.1%	Revenue and EBITDA increased, while net income declined 1% year-over-year.
Mar 02	4Q25 earnings	Positive	+10.5%	FY revenue and net income increased, alongside Türkiye expansion and dividend plans.
Nov 10	3Q25 earnings	Positive	+3.3%	Revenue and net income growth accompanied guidance, repurchase, and capital increase disclosures.
Aug 04	2Q25 earnings	Positive	+13.8%	Revenue and net income growth accompanied strong platform engagement and reaffirmed guidance.
May 12	1Q25 earnings	Positive	-7.7%	Revenue and net income increased, but full-year net income guidance was revised lower.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Tag-specific earnings reactions aligned with positive releases in three events and diverged in two.

Key Terms

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

6 terms

ifrs financial

"published its unaudited consolidated IFRS financial results"

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.

gmv financial

"Constant-currency e-Commerce GMV increased 28% year-over-year"

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.

adjusted ebitda financial

"adjusted EBITDA increased 9% to KZT128 billion"

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.

tpv financial

"Payments TPV increased 13% year-over-year"

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.

take rate financial

"e-Commerce 3P take rate increased 160 bps year-over-year"

Take rate is the share of a platform’s total transaction volume that the platform keeps as revenue, usually expressed as a percentage of the money that passes through it. Investors watch take rate because it shows how well a business converts activity into income — like a marketplace owner keeping a slice of every sale — and changes in the take rate can signal improving monetization, pricing power, or margin pressure.

bps financial

"increased 160 bps year-over-year to 16.1%"

bps stands for "basis points," a unit equal to one hundredth of a percentage point (0.01%). Investors and analysts use bps to describe small changes in interest rates, yields, fees, or margins without confusing decimals — for example, a 50 bps move means a 0.50% change. Using bps makes it easier to compare and communicate tiny but meaningful shifts that can significantly affect bond prices, loan costs, or investment returns.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ALMATY, Kazakhstan, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”) (Nasdaq:KSPI) today published its unaudited consolidated IFRS financial results for the quarter and first half ended 30 June 2026 (“2Q and 1H 2026”).

2Q 2026 Highlights

• Our Board has proposed increasing the quarterly dividend by 18% to KZT1,000 per ADS, from KZT850 in 1Q 2026, subject to shareholder approval. The increase reflects our performance in the first half and confidence in the long-term growth outlook for Kaspi.kz.
  
  
• e-Commerce continued to be our main growth driver. Constant-currency e-Commerce GMV increased 28% year-over-year to KZT1.3 trillion ($2.6 billion), while purchases increased 33% year-over-year.
  
  
• e-Commerce consumer engagement and monetization both strengthened. Annualised e-Commerce purchases per consumer increased to 15.8 from 11.6 in 2Q 2025, while e-Commerce 3P take rate increased 160 bps year-over-year to 16.1%, supported by growth in advertising and delivery. As a result, 49% year-over-year constant-currency e-Commerce VAS revenue growth, outpaced constant currency e-Commerce revenue growth of 35% to KZT394 billion ($820 million).
  
  
• Kasper, our personal AI shopping assistant, began rolling out in July and is now available to all our e-Commerce consumers in Kazakhstan. In less than a month, around 20% of consumers to whom Kasper is available had used it. Around eight in ten conversations produce a tailored product recommendation, and around six in ten of those recommendations guided the consumer to a specific product.
  
  
• Marketplace constant-currency GMV increased 15% year-over-year to KZT2.3 trillion ($4.8 billion). Reported Marketplace revenue increased 11% to KZT508 billion ($1.1 billion) and adjusted EBITDA increased 9% to KZT128 billion ($266 million).
  
  
• Payments TPV increased 13% year-over-year to KZT12.7 trillion ($26.3 billion). Payments revenue increased 5% year-over-year to KZT169 billion ($351 million), and adjusted EBITDA was broadly stable at KZT98 billion ($204 million) due to investments in Kaspi Alaqan (pay-by-palm).
  
  
• Fintech revenue increased 23% year-over-year to KZT455 billion ($946 million), supported by 18% growth in average net loan portfolio. Adjusted EBITDA increased 6% year-over-year to KZT171 billion ($356 million), with growth continuing to reflect higher funding costs.
  
  
• In August, we reduced the interest rate on our 3-month deposit product by 100bps. This accounts for around a third of our deposits and is the first reduction in more than two years.
  
  
• Kaspi.kz revenue increased 15% year-over-year to KZT1.1 trillion ($2.3 billion). Adjusted EBITDA increased 5% year-over-year to KZT397 billion ($826 million). Net income was stable at KZT259 billion ($539 million), even with investments in Türkiye and high funding costs in Kazakhstan.
  
  
• In July we completed the acquisition of Rabobank A.Ş. in Türkiye and rebranded the business Hepsi Bank. We are already piloting a new shopping loan integrated into Hepsiburada and plan to expand our Fintech offering in Türkiye from 2027.
  
  
• We reiterate our full-year 2026 guidance. As previously communicated, given changes in the mix and duration of our lending portfolio, average net loan portfolio growth is more representative of Fintech’s financial growth than TFV. Our guidance assumes constant currency exchange rates as of 1 January 2026.
  

Letter from Mikheil Lomtadze

We have reinvented Kaspi.kz several times. We started in financial services, expanded into an ecosystem of everyday services and then integrated those services into the Kaspi.kz Super App, which our customers use every day. In Kazakhstan, active customers now make 77 transactions with us per month.

Each reinvention made Kaspi.kz more useful to our customers and created new opportunities for growth. We are now at the beginning of our next chapter.

We believe AI will fundamentally change how consumers interact with mobile apps. Today, people read information on screens, scroll, navigate menus, click buttons and type product names into a search bar. In the future, we believe they will simply give a trusted personal AI assistant a task and expect to get it done.

Our ambition is to create that trusted assistant for our customers. We call it Kasper, our personal AI assistant for everyday tasks, and we launched it in July.

We are starting with shopping on e-Commerce. Consumers can simply describe what they need to Kasper, using text or voice, naturally in Kazakh or Russian. Kasper can ask clarifying questions, understand preferences and constraints, compare products, explain technical terms in simple language and help to buy the product that best fits.

We have built Kasper specifically around real customer tasks and plan to gradually add more uses. Rather than relying on a single AI model, we combine leading models with Kaspi.kz’s proprietary technology to understand customer intent, finding and ranking relevant products, using real-time information. For shopping, this includes current assortment, specifications, prices, ratings, reviews, merchants and delivery options.

Kaspi.kz has high-quality first-party transactional data from millions of everyday interactions. We believe this real-world context is critical to making Kasper highly relevant and reliable and is an important advantage.

We evaluate Kasper by whether it helps the customer complete the task successfully, not simply by whether it produces a good answer. Recommendation quality, accuracy, successful task completion and repeat use are therefore our priorities as we scale. Over time, we want Kasper not only to understand what customers want, but to accurately connect that intent to actions across Kaspi.kz services.

Our immediate priority is earning customers’ trust. If Kasper consistently helps customers get things done, we believe repeat use, engagement and long-term commercial value will follow. If we’re successful, the potential reward is significant, and Kasper can fundamentally change how customers interact with our services.

It is still very early, but the initial results are encouraging. In less than a month, around 20% of consumers to whom Kasper is available have used it. Around 80% of conversations produce a tailored product recommendation, and around 60% of those recommendations guide the consumer to a specific product. 

We recently presented Kasper at our Kaspi Event, including examples of how customers can use it. Watch the presentation here.

We are pursuing this next chapter from a position of strength. Reflecting our confidence in the outlook, our Board has proposed increasing the quarterly dividend by 18% to KZT1,000 per ADS.

We have always believed that the best way to create long-term value is to keep reinventing ourselves as we strive to improve our customers’ lives. Kasper is the next step in that journey, and we believe it opens an exciting new chapter for Kaspi.kz.

Thank you for your continued trust and support.

Mikheil Lomtadze
Co-Founder and CEO
Kaspi.kz

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/96ca42e1-69c2-498e-8985-ac28ed734b0f

FAQ

What were Kaspi.kz (NASDAQ: KSPI) key financial results for 2Q 2026?

Kaspi.kz reported 2Q 2026 revenue of KZT1.1 trillion, adjusted EBITDA of KZT397 billion and net income of KZT259 billion. According to Kaspi.kz, this reflects 15% year-over-year revenue growth and 5% adjusted EBITDA growth, with net income broadly stable despite investments and high funding costs.

How much is Kaspi.kz increasing its quarterly dividend per ADS for 2Q 2026?

Kaspi.kz’s Board proposed raising the quarterly dividend by 18% to KZT1,000 per ADS, from KZT850 in 1Q 2026. According to Kaspi.kz, this proposed increase reflects first-half performance and management’s confidence in the company’s long-term growth outlook, and remains subject to shareholder approval.

How fast did Kaspi.kz’s e-Commerce segment grow in 2Q 2026?

Kaspi.kz’s e-Commerce constant-currency GMV grew 28% year-over-year to KZT1.3 trillion, with revenue up 35% to KZT394 billion. According to Kaspi.kz, VAS revenue increased 49%, annualised purchases per consumer rose from 11.6 to 15.8, and the 3P take rate climbed 160 bps to 16.1%.

What were Kaspi.kz’s 2Q 2026 fintech and payments metrics (KSPI)?

Kaspi.kz’s Payments TPV rose 13% to KZT12.7 trillion, with revenue up 5% to KZT169 billion and adjusted EBITDA around KZT98 billion. According to Kaspi.kz, Fintech revenue grew 23% to KZT455 billion, supported by 18% growth in average net loan portfolio and 6% adjusted EBITDA growth to KZT171 billion.

What is Kasper, Kaspi.kz’s AI assistant, and how is it performing in 2026?

Kasper is Kaspi.kz’s personal AI shopping assistant, launched on e-Commerce in July 2026 for Kazakh and Russian speakers. According to Kaspi.kz, around 20% of eligible consumers used Kasper within a month; about 80% of conversations produced tailored recommendations and roughly 60% guided consumers to a specific product.

What did Kaspi.kz announce about its Türkiye expansion and Hepsi Bank in 2026?

Kaspi.kz completed acquiring Rabobank A.Ş. in Türkiye in July 2026 and rebranded it Hepsi Bank. According to Kaspi.kz, it is piloting a new shopping loan integrated into Hepsiburada and plans to expand its Fintech offering in Türkiye from 2027, while reiterating full-year 2026 guidance.