Kaspi.kz 3Q & 9M 2026 Financial Results

Lower funding costs broadly offset softer GMV growth at the adjusted EBITDA level, leaving the 2026 earnings growth forecast unchanged.

Rhea-AI Summary

Kaspi.kz (KSPI) reported third-quarter 2026 consolidated revenue of KZT1.1 trillion, up 18% year over year on a constant-currency basis. Adjusted EBITDA rose 1% to KZT408 billion, while net income reached KZT281 billion. Marketplace constant-currency revenue grew 20%, Payments revenue rose 6%, and Fintech revenue increased 19%.

The company maintained its forecast for around 5% consolidated adjusted EBITDA growth in 2026 and revised constant-currency Marketplace gross merchandise value (GMV) growth guidance to around 12%. Tenge appreciation weighed on reported GMV, while Kazakhstan e-Commerce value per item fell 8% year over year. Kaspi.kz expects lower deposit rates to ease funding-cost pressure from the fourth quarter and investments in Türkiye to moderate significantly in 2027. Its board proposed another quarterly dividend of KZT1,000 per ADS, subject to shareholder approval.

21 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 6 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point3Q consolidated revenue increased 18% year over year at constant currency to KZT1.1 trillion.
• Moderate point3Q adjusted EBITDA increased 1% to KZT408 billion; net income reached KZT281 billion.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 consolidated adjusted EBITDA guidance remains around 5% year-over-year growth.
• Moderate point3Q Marketplace GMV increased 8% year over year at constant currency to KZT2.2 trillion.
• Moderate point3Q e-Commerce third-party take rate increased 210 basis points to 16.3%, supported by advertising and delivery revenues.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Türkiye investments are expected to moderate significantly in 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Three-month deposit rates fell 100 basis points in both August and October; funding-cost pressure is expected to ease from 4Q.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Payments volume and Fintech average loan portfolio growth guidance remain unchanged and on track.

13 minor points

• Minor point3Q Marketplace revenue increased 20% year over year at constant currency to KZT466 billion.
• Minor point3Q Marketplace adjusted EBITDA increased 8% to KZT124 billion.
• Minor point3Q e-Commerce revenue grew 23% at constant currency to KZT343 billion, versus 17% GMV growth.
• Minor pointAnnualized e-Commerce purchases per consumer increased 27% year over year to 16.3.
• Minor pointKazakhstan e-Commerce items sold increased 24% year over year in 3Q 2026.
• Minor pointe-Grocery GMV increased 40% year over year in 3Q and 39% in the first nine months of 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Magnum Daily pilot achieved approximately 15% EBITDA margin; expansion is planned to around 300 stores by end-2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Magnum Daily medium-term ambition is approximately 3,000 stores, supplied by existing e-Grocery darkstores and operated by local partners.
• Minor pointHepsiburada order frequency increased 11% year over year in 3Q 2026.
• Minor pointHepsicredit financed approximately 8% of Hepsiburada smartphone GMV in October following the consumer shopping loan launch.
• Minor point3Q Payments total payment volume increased 14% year over year at constant currency to KZT13.6 trillion.
• Minor point3Q Payments revenue grew 6% to KZT182 billion.
• Minor point3Q Fintech revenue increased 19% year over year to KZT489 billion, supported by 14% average net loan portfolio growth.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 Marketplace constant-currency GMV growth guidance was revised to around 12%, reflecting lower Kazakhstan value per item sold.
• Moderate pointKazakhstan e-Commerce value per item sold declined 8% year over year in 3Q 2026.
• Minor pointTenge appreciation reduced reported Türkiye GMV; the dollar and lira fell 20% and 32% against it over the year to September.
• Minor point3Q Fintech adjusted EBITDA declined 1% to KZT179 billion.
• Minor point3Q Payments adjusted EBITDA remained broadly stable at KZT105 billion, reflecting investments in Kaspi Alaqan.
• Minor point. Forward-looking: it has not happened yet and may not happen.Proposed KZT1,000 quarterly dividend per ADS remains subject to shareholder approval.

News Explained

Kaspi.kz has completed a 42-store Magnum Daily pilot in Almaty, reporting an approximately 15% EBITDA margin, and plans around 300 stores by end of 2027, with a medium-term ambition of 3,000. The stores are supplied by existing e-Grocery darkstores and operated by local partners, without a separate supply chain.

Key Figures

Consolidated revenue: KZT1.1 trillion ($2.5 billion), +18% year-over-year Adjusted EBITDA: KZT408 billion ($925 million), +1% Net income: KZT281 billion ($637 million) +5 more

Consolidated revenue

KZT1.1 trillion ($2.5 billion), +18% year-over-year

3Q 2026, constant-currency basis

Adjusted EBITDA

KZT408 billion ($925 million), +1%

3Q 2026 consolidated

Net income

KZT281 billion ($637 million)

3Q 2026 consolidated

Proposed quarterly dividend

KZT1,000 per ADS

Subject to shareholder approval

Marketplace revenue

KZT466 billion ($1.1 billion), +20% year-over-year

3Q 2026, constant-currency basis

Marketplace adjusted EBITDA

KZT124 billion ($281 million), +8%

3Q 2026

e-Commerce 3P take rate

16.3%, increased 210 bps

3Q 2026

Payments TPV

KZT13.6 trillion ($30.8 billion), +14%

3Q 2026, constant-currency basis

Key Terms

ifrs, gmv, ads, constant-currency, +1 more

5 terms

ifrs financial

"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

"Marketplace constant-currency GMV increased 8% to KZT2.2 trillion"

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.

ads financial

"KZT1,000 per ADS, subject to shareholder approval"

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.

constant-currency financial

"Constant-currency e-Commerce revenue grew 23% to KZT343 billion"

Constant-currency is a way of reporting financial results that strips out the effect of changes in exchange rates so that performance can be compared as if currency values stayed the same. For investors, it shows the underlying growth or decline in sales and profits without the noise of currency swings—like comparing two years’ store receipts after converting them with the same price tag instead of letting changing exchange rates inflate or shrink the numbers.

3p take rate financial

"e-Commerce 3P take rate increased 210bps to 16.3%"

Short for “third‑party take rate,” the 3p take rate is the percentage of sales made by third‑party sellers on a platform that the platform captures as revenue. It is normally calculated by dividing the platform’s fees and other direct revenue from third‑party transactions (commissions, marketplace fees, fulfillment or payment fees, sometimes advertising tied to those sales) by the gross merchandise value (GMV) of those third‑party sales; companies vary on which fee types they include, so the exact components should be checked in a given company’s reporting. The metric shows how much a marketplace monetizes third‑party commerce and can be reported on a per-transaction basis or as an aggregate for a period.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

ALMATY, Kazakhstan, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”) (Nasdaq:KSPI) today published its unaudited consolidated IFRS financial results for the quarter and nine months ended 30 September 2026 (“3Q and 9M 2026”).

Letter from Mikheil Lomtadze

We remain confident in the strength of our businesses and their long-term growth potential.

Our focus has always been on developing innovative products and services that improve people's lives. This mission has enabled us to build highly engaged and profitable businesses, and continues to create exciting opportunities for future growth.

I would like to share three reasons why I am excited about our future.

First, our consumers are shopping more frequently and buying more products

Across our e-Commerce business, annualized purchases per consumer increased 27% year-over-year.

Our Marketplace connects consumers with merchants who set their own prices. A stronger tenge reduces the local-currency cost of foreign-currency-priced imports, creating opportunities for merchants to offer more competitive prices.

We believe more frequent purchases and more competitive prices strengthen our customer proposition and support long-term growth, even as lower average selling values and easing inflation moderate GMV growth today.

Importantly, monetization continues to improve. Marketplace revenue grew 20% year-over-year on a constant-currency basis, compared with GMV growth of 8%, while adjusted EBITDA increased 8%.

Second, we see opportunities for stronger earnings growth in 2027

Our Payments and Fintech businesses continue to provide a strong foundation for future earnings growth. We have reduced our three-month deposit rate by 100 basis points in both August and October, and expect the benefits to become increasingly visible in 2027.

We also expect investments in Türkiye to moderate significantly next year, supporting our consolidated earnings outlook.

Third, our track record of innovation gives us confidence in our ability to build new businesses

In just five years, we built one of Kazakhstan's leading grocery businesses. Today, our e-Grocery serves 1.7 million consumers and grew GMV by 39% in the first nine months of 2026.

We are now leveraging this infrastructure, technology and data to expand into Kazakhstan's estimated $9 billion neighbourhood grocery market through Magnum Daily.

We have successfully completed our initial 42-store pilot in Almaty, achieving approximately 15% EBITDA margin. Magnum Daily stores are supplied by our existing e-Grocery darkstores and operated by local partners, enabling us to expand rapidly without building a separate supply chain.

We also see opportunities to leverage Magnum Daily stores for 30-minute e-Commerce delivery, making shopping faster and more convenient for our consumers.

Encouraged by these results, we are ready to scale to around 300 stores by the end of 2027, with a medium-term ambition of 3,000 stores.

In Türkiye, our strategy is to combine a strong e-Commerce platform with innovative Fintech products.

Consumer engagement at Hepsiburada continues to improve, with order frequency increasing 11% year-over-year in 3Q 2026.

Having launched our consumer shopping loan, we are now building our Fintech platform. In October, Hepsicredit financed approximately 8% of Hepsiburada's smartphone GMV. We see significant opportunities to develop innovative Fintech products for consumers and merchants, creating another source of long-term growth.

We believe AI will fundamentally transform how consumers interact with mobile applications. Our ambition is for Kasper to become a trusted personal assistant for everyday tasks across the Kaspi Super App.

We started with e-Commerce, where Kasper has already been used by 1.4 million consumers since launching in July. Early results are encouraging, with purchase conversion 1.5 times higher and average GMV per order twice that of traditional text search.

Later this year, we plan to introduce a new generation of Kasper, making shopping more intuitive, personal and effortless.

Imagine showing Kasper a photo of something you like, describing what you need in your own words and receiving recommendations tailored specifically to you. Kasper will remember your preferences, learn from previous interactions and understand your personal context, becoming more helpful every time you use it.

We believe this is only the beginning of what Kasper can do for our consumers.

I see significant opportunities ahead to keep innovating, building new businesses and creating long-term value for our customers and shareholders.

Reflecting this confidence and our commitment to shareholder returns, our Board has proposed another quarterly dividend of KZT1,000 per ADS, subject to shareholder approval.

Thank you for your continued trust and support.

Mikheil Lomtadze 
Co-Founder and CEO 
Kaspi.kz

3Q 2026 Highlights

• Kaspi.kz consolidated revenue increased 18% year-over-year on a constant-currency basis to KZT1.1 trillion ($2.5 billion). Adjusted EBITDA increased 1% to KZT408 billion ($925 million), while net income reached KZT281 billion ($637 million).
  
  
• Reflecting our confidence in the business and commitment to shareholder returns, our Board has proposed another quarterly dividend of KZT1,000 per ADS, subject to shareholder approval.
  
  
• e-Commerce consumer engagement and monetization continue to improve. Annualized purchases per consumer increased 27% year-over-year to 16.3.

Constant-currency e-Commerce revenue grew 23% to KZT343 billion ($779 million), outpacing GMV growth of 17%. e-Commerce 3P take rate increased 210bps to 16.3%, supported by growth in advertising and delivery revenues.

• e-Grocery is our fastest-growing category and one of our largest, with GMV increasing 40% year-over-year in 3Q 2026. Building on this success, we are entering Kazakhstan's estimated $9 billion neighbourhood grocery market with the launch of Magnum Daily stores.
  
  
  • Our initial 42-store pilot has achieved approximately 15% EBITDA margin.
  • Magnum Daily stores are supplied by our existing e-Grocery darkstores and operated by local partners, allowing us to expand rapidly.
  • We plan to reach around 300 stores by the end of 2027, with a medium-term ambition of approximately 3,000 stores.
    
    
• In Türkiye, our strategy is to combine a strong e-Commerce platform with innovative Fintech products. Hepsiburada order frequency increased 11% year-over-year in 3Q 2026. In October, Hepsicredit financed approximately 8% of smartphone GMV, demonstrating early progress in our Fintech strategy.

We expect investments in Türkiye to moderate significantly in 2027.

• Kasper, our personal AI assistant, has been used by 1.4 million consumers in Kazakhstan since launching in July. Early results are encouraging, with purchase conversion 1.5 times higher and average GMV per order twice that of traditional text search.

We are expanding Kasper's capabilities and integrating it more deeply into the Kaspi Super App, with the ambition of becoming a trusted personal assistant for everyday tasks.

• Marketplace monetization continues to improve, with revenue growth significantly outpacing GMV growth. Constant-currency revenue increased 20% year-over-year to KZT466 billion ($1.1 billion), supported by improving take rates and growth in advertising and delivery revenues. Adjusted EBITDA increased 8% to KZT124 billion ($281 million).

At the same time, the sharp appreciation of the tenge has affected reported GMV growth. Over the year to September, the US dollar and Turkish lira declined 20% and 32%, respectively, against the tenge. This reduced the reported tenge value of our Türkiye business, while tenge appreciation and easing inflation contributed to more competitive pricing in Kazakhstan and lower value per item sold.

Marketplace constant-currency GMV increased 8% to KZT2.2 trillion ($4.9 billion). In Kazakhstan, e-Commerce items sold increased 24% year-over-year, while value per item sold declined 8%.

• Payments continues to deliver strong growth and stable profitability. Constant-currency TPV increased 14% year-over-year to KZT13.6 trillion ($30.8 billion). Revenue grew 6% to KZT182 billion ($413 million), while adjusted EBITDA remained broadly stable at KZT105 billion ($238 million), reflecting investments in Kaspi Alaqan.
  
  

• Fintech revenue growth remains robust, with opportunities for improving profitability. Revenue increased 19% year-over-year to KZT489 billion ($1.1 billion), supported by 14% growth in the average net loan portfolio. Adjusted EBITDA declined 1% to KZT179 billion ($406 million).  

Following two 100bps reductions in our three-month deposit rate, we expect funding-cost pressures to ease from the fourth quarter, with a more meaningful earnings benefit in 2027.

• We reiterate our guidance for around 5% year-over-year consolidated adjusted EBITDA growth in 2026. We are revising our 2026 constant-currency Marketplace GMV growth guidance to around 12%, reflecting lower value per items sold in Kazakhstan amid tenge appreciation. Payments TPV and Fintech average loan portfolio growth remain on track and our guidance is unchanged. Softer GMV growth trends are broadly offset at the adjusted EBITDA level by lower Fintech funding costs.

3Q and 9M 2026 Financial Results Conference Call

Monday, 9^th November 2026 at 8.00am EST (1pm GMT, 6.00pm Astana time).

To pre-register for this call, please go to the following link:

Register Now

You will receive access details via email.

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/f7946112-85da-40a4-816c-417fdd02eba4

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Kaspi.kz's third-quarter 2026 financial results?

Kaspi.kz reported KZT1.1 trillion in consolidated revenue, KZT408 billion in adjusted EBITDA and KZT281 billion in net income. Revenue increased 18% year over year on a constant-currency basis, while adjusted EBITDA increased 1%. The consolidated results for the quarter ended September 30, 2026 were unaudited.

What is Kaspi.kz's updated 2026 growth guidance?

Kaspi.kz maintained guidance for around 5% year-over-year consolidated adjusted EBITDA growth and revised constant-currency Marketplace GMV growth guidance to around 12%. Payments total payment volume and Fintech average loan portfolio growth guidance remain unchanged. Lower Fintech funding costs broadly offset softer GMV growth at the adjusted EBITDA level.