Kaspi.kz (KSPI) grows revenue to KZT1.1T and proposes 18% dividend hike

Rhea-AI Filing Summary

Kaspi.kz reported unaudited 2Q 2026 results showing continued growth across its ecosystem. Total revenue rose 15% year-over-year to KZT1.1 trillion ($2.3 billion), driven by e-Commerce value-added services, strong Fintech loan growth and steady Payments. Adjusted EBITDA increased 5% to KZT397 billion ($826 million), while net income was stable at KZT259 billion ($539 million), reflecting higher funding costs and investments, particularly in Türkiye.

Constant-currency e-Commerce GMV grew 28% to KZT1.3 trillion, VAS revenue grew 49%, and Fintech revenue rose 23% to KZT455 billion on an 18% larger average net loan portfolio. Payments TPV increased 13% to KZT12.7 trillion, though the take rate declined to 1.00%. The company launched its AI assistant Kasper, with about 20% of eligible users trying it and high conversion to product recommendations, and completed the Rabobank A.Ş. acquisition, rebranding it as Hepsi Bank in Türkiye. The Board proposed an 18% increase in the quarterly dividend to KZT1,000 per ADS/common share, subject to approval at an extraordinary general meeting on 9 September 2026, and reiterated full-year 2026 guidance.

Positive

• Total revenue grew 15% year-over-year to KZT1.1 trillion ($2.3 billion), with contributions from e-Commerce, Payments and Fintech.
• Fintech revenue rose 23% to KZT455 billion ($946 million), supported by an 18% increase in the average net loan portfolio.
• The Board proposed an 18% dividend increase to KZT1,000 per ADS/common share, signaling confidence in performance and outlook.
• e-Commerce VAS revenue grew 49% year-over-year, lifting the 3P take rate to 16.1% and supporting ecosystem monetization.
• AI assistant Kasper showed early traction, with ~20% of eligible users trying it and most conversations yielding tailored product recommendations.
• The company completed the acquisition of Rabobank A.Ş., rebranding it as Hepsi Bank and adding a regulated banking platform in Türkiye.

Negative

• Adjusted EBITDA grew only 5% to KZT397 billion, lagging 15% revenue growth amid higher funding and technology costs.
• Payments take rate declined to 1.00% from 1.07%, contributing to Payments revenue growth of just 5% versus 13% TPV growth.
• Cost of funding increased 150 bps year-over-year to 14.5%, pressuring Fintech margins despite strong loan and revenue growth.
• NPL ratio rose to 7.0% for 6M 2026 versus 6.1% for full-year 2025, reflecting a changing loan mix and requiring careful credit management.
• A 21% depreciation of the Turkish lira versus the Kazakhstan tenge weighed on reported e-Commerce and Marketplace growth.

Filing Explained

The filing adds a proposed September 8 eligibility date, a 100-basis-point deposit-rate cut, and an approximately $300 million planned Hepsi Bank capitalization.

The proposed dividend remains subject to shareholder approval; if approved, shareholders on the proposed September 8, 2026 record date would be eligible for KZT1,000 per common share.

The extraordinary general meeting is scheduled for September 9, 2026, with a repeated meeting on September 10, 2026 if a quorum is not met.

Kaspi reduced the interest rate on its three-month deposit product by 100 basis points; the product accounts for around one-third of deposits, and the company expects the earnings benefit in the final part of 2026.

For Hepsi Bank, Kaspi says it initially intends to provide approximately $300 million of capital, which is described as a planned capitalization rather than a completed funding event.

Key Figures

Total revenue: KZT1.1 trillion ($2.3 billion) Adjusted EBITDA: KZT397 billion ($826 million) Net income: KZT259 billion ($539 million) +5 more

8 metrics

Total revenue KZT1.1 trillion ($2.3 billion) 2Q 2026 revenue, up 15% year-over-year

Adjusted EBITDA KZT397 billion ($826 million) 2Q 2026 adjusted EBITDA, 5% year-over-year growth

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

Proposed quarterly dividend KZT1,000 per ADS/common share Board proposal for 2Q 2026, up from KZT850 in 1Q 2026

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

Average net loan portfolio KZT7.3 trillion ($15.2 billion) 2Q 2026 average net loan portfolio, up 18% year-over-year

Payments TPV KZT12.7 trillion ($26.3 billion) 2Q 2026 total payments volume, 13% year-over-year growth

NPL ratio 7.0% Non-performing loan ratio for 6M 2026 versus 6.1% for full-year 2025

Key Terms

Adjusted EBITDA, GMV, TPV, cost of risk, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA increased 5% year-over-year to KZT397 billion ($826 million)."

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 increased 28% year-over-year to KZT1.3 trillion ($2.6 billion)."

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 13% year-over-year to KZT12.7 trillion ($26.3 billion)."

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.

cost of risk financial

"Cost of risk was 0.7% in 2Q 2026 compared with 0.6% in the same period in 2025."

Cost of risk is the total expected financial hit a business expects from its exposure to loss, combining actual payouts (like claims or write‑downs), administrative expenses to handle those losses, and the capital set aside to cover them. Think of it as the combined “insurance premium, deductible and emergency fund” for a company; it directly affects profitability, cash flow and how much capital is tied up, so investors watch it to judge future earnings stability and management quality.

constant currency growth financial

"Constant currency growth is calculated by using end of period exchange rate for previous year reporting period."

Constant currency growth measures how a company’s sales or revenue would have changed if exchange rates had stayed the same as in a prior period, removing the ups and downs caused by currency swings. Investors use it to see the underlying business trend—like comparing two baking recipes using the same-sized cups—so performance comparisons across periods and markets aren’t distorted by changing exchange rates.

non-IFRS financial measures financial

"To supplement our results presented in accordance with IFRS, we present Adjusted EBITDA, a non-IFRS financial measure."

Non-IFRS financial measures are company-reported numbers that modify or exclude items from standard accounting results so management can highlight what it sees as underlying business performance—common examples are adjusted EBITDA or adjusted earnings per share. They matter to investors because they can make trends clearer by removing unusual or noncash items, like cleaning lens smudges off a camera, but they require scrutiny since companies decide what to exclude and comparisons across firms may not be uniform.

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

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FAQ

How did Kaspi.kz (KSPI) perform financially in 2Q 2026?

Kaspi.kz reported 2Q 2026 revenue of KZT1.1 trillion ($2.3 billion), up 15% year-over-year. Adjusted EBITDA increased 5% to KZT397 billion ($826 million), while net income was stable at KZT259 billion ($539 million) amid higher funding and investment costs.

What dividend has Kaspi.kz (KSPI) proposed for shareholders?

The Board recommended a KZT1,000 dividend per common share/ADS, an 18% increase from KZT850 in 1Q 2026. The proposed record date for dividends is 8 September 2026, subject to approval at the extraordinary general meeting.

When is Kaspi.kz’s (KSPI) Extraordinary General Meeting and what is on the agenda?

The Extraordinary General Meeting is scheduled for 9 September 2026, with a repeat on 10 September if no quorum. Key agenda items are approval of the agenda and approval of the KZT1,000 per share dividend recommended by the Board.

How fast are Kaspi.kz’s e-Commerce and Marketplace businesses growing?

In 2Q 2026, constant-currency e-Commerce GMV grew 28% to KZT1.3 trillion, while e-Commerce revenue rose 35% to KZT394 billion. Overall Marketplace GMV increased 15%, with revenue up 11% to KZT508 billion and adjusted EBITDA up 9%.

What were the key 2Q 2026 trends in Kaspi.kz’s Payments and Fintech segments?

Payments TPV rose 13% to KZT12.7 trillion, but revenue grew 5% as the take rate fell to 1.00%. Fintech’s average net loan portfolio increased 18% to KZT7.3 trillion, driving 23% revenue growth, while adjusted EBITDA grew 6%.

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

Kasper is Kaspi.kz’s new personal AI shopping assistant in its e-Commerce platform. Within a month of launch, about 20% of eligible users tried it, with around 80% of conversations yielding tailored recommendations and roughly 60% guiding users to a specific product.

How is Kaspi.kz (KSPI) expanding in Türkiye through Hepsi Bank?

Kaspi.kz completed the acquisition of Rabobank A.Ş. in Türkiye and rebranded it as Hepsi Bank. It launched a new shopping loan integrated with Hepsiburada and intends to initially capitalise Hepsi Bank with approximately $300 million to expand Fintech products from 2027.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

________________________

FORM 6-K

________________________

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2026

Commission File Number: 001-41921

_________________________

Joint Stock Company Kaspi.kz

(Translation of registrant’s name into English)

______________________

154A Nauryzbai Batyr Street

Almaty, Kazakhstan

050013

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

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EXPLANATORY NOTE

On August 10, 2026, Joint Stock Company Kaspi.kz (the “Company”) issued a press release titled “Kaspi.kz 2Q & 1H 2026 Financial Results”, furnished as Exhibit 99.1 hereto. The Company also published the notice of extraordinary general meeting of shareholders of the Company, furnished as Exhibit 99.2 hereto.

The IFRS financial statement tables in Exhibit 99.1, as well as all Exhibit 99.2, are incorporated by reference into the Company’s registration statement on Form S-8 (File No. 333-276609).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Joint Stock Company Kaspi.kz
August 10, 2026	By:	/s/ Tengiz Mosidze
		Name: Tengiz Mosidze Title: Chief Financial Officer

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EXHIBIT INDEX

The following exhibits are furnished as part of this Form 6-K:

No.		Description
99.1		Press release titled “Kaspi.kz 2Q & 1H 2026 Financial Results”
99.2		Notice of Extraordinary General Meeting of Shareholders of Kaspi.kz

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Exhibit 99.1

Kaspi.kz 2Q & 1H 2026 Financial Results

Almaty, Kazakhstan, 10 August 2026 – 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.

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•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.

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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

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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: https://www.youtube.com/watch?v=Rk5vkC47yGo

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

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Update on key strategic initiatives

Kasper: Kaspi.kz’s personal AI assistant

In July, we commenced the rollout of Kasper, our personal AI assistant with the initial task of shopping on our e-Commerce platform.

Kasper transforms how consumers discover products by enabling them to describe what they need in natural language rather than relying only on keyword search or catalogue filters.

Following its initial launch, Kasper, has demonstrated strong consumer adoption and engagement. 1 in 5 of those consumers to whom it is available have used it. Around 8 in 10 Kasper conversations produce a tailored product recommendation, and around 6 in 10 of those recommendations guide the customer to a specific product. Natural-language discovery with Kasper significantly reduces friction, produces more relevant results and accelerates buyer decision-making.

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Kasper is built using leading models, Kaspi.kz’s proprietary technology and our unique commerce data. Our objective is to create an AI shopping experience specifically designed around the languages, products, merchants, payments and fulfilment capabilities of our ecosystem.

Kasper is now available in Kazakhstan.

Hepsi Bank Türkiye

Having completed the acquisition of Rabobank A.Ş. in Türkiye, we have subsequently rebranded the business as Hepsi Bank.

Following roll out of our risk management platform and leveraging Hepsiburada’s existing micro finance licence, we have launched a new shopping loan, seamlessly integrated with Hepsiburada. Initial consumer feedback has been positive and risk indicators are acceptable to scale further.

Our banking licence gives us the ability to expand lending and deposit products in Türkiye, which will be a key priority from 2027. As previously communicated, we initially intend to capitalise Hepsi Bank with approximately $300 million.

We see a significant long-term opportunity to develop high-quality, transparent and convenient digital Fintech products for consumers and merchants in Türkiye.

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Kaspi.kz 2Q 2026 Financials

Total revenue increased 15% year-over-year to KZT1.1 trillion ($2.3 billion). Growth was mainly driven by improving order frequency and fast growth from VAS in our e-Commerce business, strong Fintech loan portfolio growth, alongside robust and predictable growth from our Payments Platform. This was partially offset by 21% year-over-year depreciation of the Turkish Lira versus the Kazakhstan Tenge, which mainly impacts reported e-Commerce and Marketplace growth.

Adjusted EBITDA increased 5% year-over-year to KZT397 billion ($826 million). Consolidated net income was stable at KZT259 billion ($539 million). Net income margin was impacted by higher deposit funding costs and ongoing investments at Hepsiburada.

In August, we lowered the interest rate offered on our 3-month deposit product by 100 bps, with the earnings benefit expected to be visible in the final part of the year.

Our Board has proposed increasing our quarterly dividend to KZT 1,000 per ADS up from KZT 850 paid in the first quarter of this year.

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Marketplace Platform

Within Marketplace, constant currency e-Commerce GMV increased 28% year-over-year to KZT1.3 trillion ($2.6 billion), during the second quarter of 2026.

In both Kazakhstan and Türkiye, we’re prioritising improving consumer engagement; this is illustrated by e-Commerce purchases per consumer increasing to 15.8 from 11.6 in the second quarter of 2025.

We’re also seeing good results growing revenue from value-added services, namely advertising and delivery. During 2Q 2026, constant currency VAS revenue increased 49% year-over-year. As a result, e-Commerce 3P take rate increased 160 bps year-over-year to 16.1%, and e-Commerce revenue grew significantly faster than GMV. During 2Q 2026, e-Commerce revenue increased 35% year-over-year on a constant currency basis to KZT394 billion ($820 million).

Marketplace constant-currency GMV increased 15% year-over-year, driven by strong e-Commerce growth in Kazakhstan and Türkiye. Take rate improved 110 bps year-over-year to 12.1%, resulting in reported Marketplace revenue growing 11% year-over-year to KZT508 billion ($1.1 billion). Adjusted EBITDA grew 9% year-over-year to KZT128 billion ($266 million). Adjusted EBITDA growth was impacted by ongoing investments into Hepsiburada.

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Payments Platform

During 2Q 2026, 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). Revenue growth below TPV growth reflects take-rate decline to 1.00% from 1.07% in 2Q 2025. This is due to changing product mix and is consistent with long-run trends. Interest revenue accounted for 24% of total revenue and increased 15% year-over-year.

Adjusted EBITDA was down 1% year-over-year at KZT98 billion ($204 million), impacted by higher technology costs related to Kaspi Alaqan. In Payments, adjusted EBITDA excludes interest revenue.

Fintech Platform

During 2Q 2026, our average net loan portfolio increased by 18% year-over-year, to KZT7.3 trillion ($15.2 billion).

We are deliberately shifting our lending mix toward longer-duration, higher-revenue products. Average net loan portfolio duration was 9.0 months in 2Q 2026, compared with 7.7 months in 2Q 2025. Portfolio yield was stable year-over-year at 6%. As a result, Fintech revenue growth remained strong and increased 23% year-over-year to KZT455 billion ($946 million).

Interest rate increases in Kazakhstan last year resulted in our average cost of funding increasing 150 bps year-over-year during 2Q 2026 to 14.5%. In August, we lowered the interest rate offered on our 3-month deposit product, which accounts for around a third of deposits, by 100 bps. The benefits of this will be visible in the final part of this year.

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Cost of risk was 0.7% in 2Q 2026 compared with 0.6% in the same period in 2025. Our underlying credit trends remain strong and consistent.

Our NPL ratio of 7.0% in 6M 2026 was higher than the 6.1% seen in full-year 2025. Lower coverage reflects the growing share of lower risk car and merchant loans in our portfolio, a decreasing share of BNPL loans and ongoing improvements in our collection processes.

Higher deposit costs and a slightly higher cost of risk negatively impacted 2Q 2026 Fintech adjusted EBITDA which increased 6% year-over-year to KZT171 billion ($356 million), compared with revenue growth of 23% to KZT455 billion ($946 million).

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Full-year 2026 Guidance

We reiterate our full-year 2026 guidance. As previously flagged, given changes in our loan portfolio product mix and resulting duration, average net loan portfolio growth is more indicative of Fintech’s financial growth outlook than TFV.

Our guidance assumes constant currency exchange rates as of January 1, 2026.

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2Q and 1H 2026 Financial Results Conference Call

Monday, 10th August 2026 at 8.00am EST (1pm GMT, 5.00pm Astana time).

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

Register Now

You will receive access details via email.

About Kaspi.kz

Kaspi.kz’s mission is to improve people’s lives by developing innovative mobile products and services.

Kaspi.kz operates a unique two-sided Super App model, serving more than 26 million consumers and 900 thousand merchants across Kazakhstan and Türkiye. In Kazakhstan, our Super App seamlessly integrates payments, e-Commerce, e-Grocery, fintech, travel, classifieds and government services. This comprehensive offering is deeply relevant to users’ daily lives, driving exceptional engagement with 77 monthly transactions per active consumer. In Türkiye, Kaspi.kz owns an 86.7% stake in Hepsiburada, one of the country’s leading e-Commerce platforms.

Kaspi.kz has been listed on Nasdaq since January 2024.

For further information

David Ferguson david.ferguson@kaspi.kz

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Kaspi.kz Consolidated Financial Statements

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Use of key financial & operating metrics

Certain parts of this press release contain our key financial and operating metrics, which we do not consider to be non-IFRS financial measures. We use these metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions. Our key operating metrics may be calculated in a manner different than similar key financial and operating metrics used by other companies. For definitions of our key financial and

operating metrics please refer to “Other Key Financial and Operating Metrics” section of our latest 20-F.

Additional/updated key financial and operating metrics used in this Release:

(1)Adjusted EBITDA (Kaspi.kz Consolidated) is Profit or loss for the period less interest revenue from other operations, plus interest expense and fees from other operations, share-based compensation expense, other gains (losses), less income tax expense, depreciation and amortization expenses.

(2)Marketplace Active consumers is The total number of consumers, including consumers in Türkiye, that completed at least one purchase of goods and services within Marketplace during the prior 12 months

(3)e-Commerce Active Consumers is The total number of consumers, including consumers in Türkiye, that completed at least one purchase of goods and services within e-Commerce during the prior 12 months

(4)Total Active Consumers is The total number of consumers, including consumers in Türkiye, that completed at least one transaction with Kaspi or Hepsiburada during the prior 12 months

(5)Loan Duration (months) is Average effective maturity of loans measured in months

(6)Cost of Funding is Average effective rate paid on term deposits of individuals and legal entities

(7)e-Commerce GMV is The total transaction value of goods and services sold within the e-Commerce business of Marketplace (on an aggregate, “third-party” or “first-party” basis, as applicable). Our “first-party” e-Commerce GMV includes e-Grocery’s GMV. Starting from January 2026 e-Commerce GMV also includes GMV of Hepsiburada

(8)Constant currency growth is calculated by using end of period exchange rate for previous year reporting period and applying it to the corresponding current year reporting period, so as to calculate what our results would have been had exchange rates remained stable from one year to the next

(9)Pro-forma growth is Includes full 1Q’25 result of Hepsiburada including the amounts which were prior to acquisition of Hepsiburada on 28 January 2025, for comparability purposes in 1Q’26

Non-IFRS financial measures

To supplement our results presented in accordance with IFRS, we present Adjusted EBITDA for both the Company and Hepsiburada on a standalone basis. The Company provides a reconciliation of Adjusted EBITDA, a non-IFRS financial measure for historical periods. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts, the probable significance of which cannot be determined. The adjustments from net income for these forward-looking amounts include, for Adjusted EBITDA of the Company, earnings before interest revenue from other operations, interest expenses and fees from other operations, share-based compensation expense, other gains (losses), income tax expense, and depreciation and amortization expenses, and for Adjusted EBITDA of Hepsiburada on a standalone basis, taxation on income, financial income, financial expenses, depreciation and amortization, and monetary gain/(loss).

Exchange rate calculations

The Kazakhstani tenge (KZT) to US dollar ($) exchange rate used by us for the presentation of certain financial, operating and other data denominated in tenge and included in this presentation is KZT480.72 per $1 as of 30 June 2026. The Turkish lira (TRY) exchange rate used by us for the presentation of certain

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financial, operating and other data denominated in lira and included in this presentation is KZT10.30 per TRY1 as of 30 June 2026.

Cautionary statement regarding forward-looking statements

This release contains forward-looking statements within the meaning of the U.S. federal securities laws, which statements relate to our current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “believe,” “may,” “might,” “will,” “expect,” “estimate,” “could,” “should,” “anticipate,” “aim,” “intend,” “plan,” “potential,” “prospective,” “continue,” “is/are likely to” or other similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. Therefore, you should not place undue reliance on these forward-looking statements. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, risks related to the following: our ability to attract sufficient new customers, engage and retain our existing customers or sell additional functionality, products and services to them on our platforms; our ability to maintain and improve the network effects of our Super App business model; our ability to improve or maintain technology infrastructure; our ability to successfully execute the new business model and reach profitability in certain of our operations; our ability to partner with sufficient new merchants or maintain relationships with our existing merchant partners; our ability to effectively manage the growth of our business and operations; developments affecting the financial services industry; our brand or trusted status of our platforms and Super Apps; our ability to retain and motivate our personnel and attract new talent, or to maintain our corporate culture; our ability to keep pace with rapid technological developments to provide innovative services; our ability to implement changes to our

systems and operations necessary to capitalize on our future growth opportunities; changes in relationships with third-party providers, including software and hardware suppliers, delivery services, credit bureaus and debt collection agencies; our ability to compete successfully against existing or new competitors; our ability to integrate acquisitions, strategic alliances and investments and realize the benefits of such transactions; our ability to adequately obtain, maintain, enforce and protect our intellectual property and similar proprietary rights; risks related to Kazakhstan and the other countries in which we operate, including with regard to the evolving nature of the applicable legislative and regulatory framework and that of other jurisdictions in which we operate; our ability to obtain or retain certain licenses, permits and approvals in a timely manner; the significant influence of our existing shareholders and ability of ADS holders to influence corporate matters; differences between the rights of our shareholders, governed by Kazakhstan law and our charter, from the typical rights of shareholders under U.S. state laws; our ability to remediate additional material weaknesses (if any) in our internal control over financial reporting or those of certain of our subsidiaries and our ability to establish and maintain an effective system of internal control over financial reporting; dependence on our subsidiaries for cash to fund our operations and expenses, including future dividend payments, if any; lack of protections for ADS holders compared to those afforded to shareholders of companies that are not “foreign private issuers;” the fact that the price of our ADSs might fluctuate significantly and that any future sales of ADSs or common shares may negatively impact the stock price; and risks related to other factors discussed under Item 3.D. “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on March 16, 2026 and our other SEC filings we make from time to time. We operate in an evolving environment. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the effect of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

18

Exhibit 99.2

Notice of Extraordinary General Meeting of Shareholders of Kaspi.kz

The Board of Directors of JSC Kaspi.kz (Nasdaq: KSPI) hereby announces the Extraordinary General Meeting of Shareholders of JSC Kaspi.kz will be held on 09 September 2026 at 10:00 Astana time at: 154 “А”, Nauryzbai Batyr Street, Almaty, Kazakhstan, 050013.

If a quorum is not met, a repeated General Meeting of Shareholders will be held on 10 September 2026 at 10:00 Astana time at: 154 “А”, Nauryzbai Batyr Street, Almaty, Kazakhstan, 050013.

Agenda of the Extraordinary General Meeting of Shareholders:

1.Approval of the agenda;

Standard EGM item, under the law of the Republic of Kazakhstan.

2.Payment of dividends on common shares of JSC Kaspi.kz and approval of the amount of dividend per common share.

The Board of Directors recommends 1 000 KZT dividend per common share for approval by the shareholders.

The proposed record date of shareholders list for dividends is 08 September 2026.

The list of shareholders entitled to participate in the Extraordinary General Meeting of Shareholders will be determined based on the shareholder register of JSC Kaspi.kz as at 06 August 2026.

For further information

David Ferguson, david.ferguson@kaspi.kz

+44 7427 751 275

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 157.5 KB
• EX-99.2 EX-99.2 7.2 KB