Kaspi.kz posts 31% revenue growth in 1Q 2026
Kaspi.kz reported strong growth for 1Q 2026, driven mainly by its e-Commerce and Marketplace platforms.
Rhea-AI Filing Summary
Kaspi.kz reported strong growth for 1Q 2026, driven mainly by its e-Commerce and Marketplace platforms. Revenue rose 31% year-over-year to KZT1.1 trillion ($2.3 billion), helped by higher order frequency, growing value-added services like advertising and delivery, and expansion in Türkiye.
Adjusted EBITDA increased 9% to KZT368 billion ($768 million), while net income was broadly stable at KZT252 billion ($526 million), down 1% year-over-year as higher deposit funding costs and consolidation of Hepsiburada weighed on margins. The Board recommended a quarterly dividend of KZT850 per ADS, a 64% payout ratio, subject to shareholder approval.
e-Commerce GMV grew 41% year-over-year to KZT1.3 trillion ($2.6 billion), with purchases per consumer rising from 10.4 to 15. Marketplace revenue increased 49% to KZT520 billion ($1.1 billion), Payments TPV grew 14% to KZT11.4 trillion ($23.7 billion), and Fintech revenue rose 25% to KZT430 billion ($897 million) with cost of risk at 0.7%. Kaspi.kz also completed a $600 million 5.900% five-year Eurobond, adding liquidity and financial flexibility, and reaffirmed its full-year 2026 guidance.
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Insights
Kaspi.kz is posting strong top-line growth, with stable profitability despite higher funding costs.
Kaspi.kz delivered 1Q 2026 revenue of KZT1.1 trillion (about $2.3 billion), up 31% year-over-year, led by e-Commerce and Marketplace. e-Commerce GMV grew 41% to KZT1.3 trillion, while e-Commerce revenue rose 58% to KZT394 billion, showing stronger monetization through advertising and delivery.
Profitability is holding up: adjusted EBITDA increased 9% to KZT368 billion, and net income was broadly flat at KZT252 billion, down just 1%. Pressure mainly comes from higher deposit funding costs, with average deposit rates up 220 bps to 14.3%, and the full-quarter consolidation of Hepsiburada.
The Board recommended a quarterly dividend of KZT850 per ADS, a 64% payout ratio, indicating confidence in cash generation. The company also settled a $600 million Eurobond at 5.900% due in 2031, which strengthens liquidity. Management reiterated full-year 2026 guidance, and future interim and full-year reports are expected to provide more detailed strategic updates while first- and third-quarter releases emphasize trading trends.
Key Figures
Key Terms
Adjusted EBITDA financial
GMV financial
TPV financial
Cost of Risk financial
constant-currency growth financial
Eurobond financial
Earnings Snapshot
Kaspi.kz stated 1Q 2026 results were in line with expectations and reiterated full-year 2026 consolidated guidance, which includes Türkiye and assumes constant currency rates as of January 1, 2026.
FAQ
How did Kaspi.kz (KSPI) perform financially in 1Q 2026?
What drove Kaspi.kz’s e-Commerce and Marketplace growth in 1Q 2026?
What dividend did Kaspi.kz (KSPI) announce for 1Q 2026?
How did Kaspi.kz’s Payments and Fintech platforms perform in 1Q 2026?
What are the key credit and funding metrics for Kaspi.kz in 1Q 2026?
What Eurobond issuance did Kaspi.kz complete in 2026?
Did Kaspi.kz (KSPI) change its 2026 guidance after 1Q 2026 results?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 6-K
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REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2026
Commission File Number: 001-41921
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Joint Stock Company Kaspi.kz
(Translation of registrant’s name into English)
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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 |
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Form 40-F |
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EXPLANATORY NOTE
On May 11, 2026, Joint Stock Company Kaspi.kz (the “Company”) issued a press release titled “Kaspi.kz 1Q 2026 Financial Results”, furnished as Exhibit 99.1 hereto.
The IFRS financial statement tables in Exhibit 99.1 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.
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Joint Stock Company Kaspi.kz |
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May 11, 2026 |
By: |
/s/ Tengiz Mosidze |
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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. |
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Description |
99.1 |
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Press release titled “Kaspi.kz 1Q 2026 Financial Results” |
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Exhibit 99.1
Kaspi.kz 1Q 2026 Financial Results
Almaty, Kazakhstan, 11 May 2026 – 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
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1Q 2026 Highlights
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.
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Kaspi.kz 1Q 2026 Financials
Total revenue increased 31% year-over-year to KZT1.1 trillion ($2.3 billion). Revenue 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.
Adjusted EBITDA increased 9% year-over-year to KZT368 billion ($768 million). Consolidated net income was broadly stable at KZT252 billion ($526 million), down 1% year-over-year. Net income margin was impacted by higher deposit funding costs following interest rate increases in Kazakhstan last year and the full-quarter consolidation of Hepsiburada.
Growth in COGS year-over-year is mainly due to Hepsiburada being consolidated for the entire quarter in 2026, compared with approximately two months in 1Q 2025. As previously communicated, we are choosing to operate Hepsiburada at around EBITDA breakeven as we prioritize investment in its future growth.
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Marketplace Platform
Within Marketplace, pro-forma e-Commerce GMV increased 41% year-over-year to KZT1.3 trillion ($2.6 billion) during the first quarter of 2026. In both Kazakhstan and Türkiye, we’re prioritising improving consumer engagement; this is illustrated by purchases per consumer increasing to 15 from 10.4 in the first quarter of 2025.
We’re also seeing good results growing revenue from value-added services, namely advertising and delivery. During 1Q 2026, VAS revenue increased 73% year-over-year. As a result, e-Commerce 3P take rate increased 90 bps year-over-year to 15.8%, and e-Commerce revenue grew significantly faster than GMV. During 1Q 2026, e-Commerce revenue increased 58% year-over-year to KZT394 billion ($824 million).
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Marketplace constant-currency and pro-forma GMV increased 19% year-over-year, driven by strong e-Commerce growth in Kazakhstan and Türkiye. Take rate improved 100 bps year-over-year to 12.1%, resulting in Marketplace revenue growing 49% year-over-year to KZT520 billion ($1.1 billion). Adjusted EBITDA grew 12% year-over-year to KZT118 billion ($247 million). Adjusted EBITDA growth was impacted by Hepsiburada, which generates around a third of its GMV from 1P retail, being consolidated for the entire first quarter in 2026, compared with approximately 2 months in 1Q 2025.
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Payments Platform
During 1Q 2026, 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). Revenue growth trailing TPV growth reflects take-rate decline to 1.03% from 1.09% in 1Q 2025. This is due to shifting product mix and is consistent with long-run trends. Interest revenue accounted for 26% of total revenue and increased 26% year-over-year.
Adjusted EBITDA was flat year-over-year at KZT90 billion ($187 million). Adjusted EBITDA excludes interest revenue. However, overall profitability remains high, and Payments’ capital-light model makes it highly cash generative, while Payments’ products drive high levels of day-to-day customer engagement.
Fintech Platform
During 1Q 2026, TFV origination declined 2% year-over-year, to KZT2.6 trillion ($5.4 billion). Over the same period, our average net loan portfolio increased by 23% year-over-year, to KZT7.2 trillion ($15.1 billion).
We are deliberately shifting our lending mix toward longer-duration, higher-revenue products. Average loan portfolio duration was 9.3 months in 1Q 2026, compared with 7.9 months in 1Q 2025. Portfolio yield was stable year-over-year at around 6%. As a result, Fintech revenue significantly outperformed TFV dynamics and increased 25% year-over-year to KZT430 billion ($897 million).
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Interest rate increases in Kazakhstan last year resulted in our cost of funding for deposits increasing 220 bps year-over-year to 14.3%. Cost of Risk was 0.7% in 1Q 2026 compared with 0.6% in the same period in 2025. Our underlying credit trends remain strong and consistent.
Our NPL ratio of 6.6% in 1Q 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, as well as ongoing improvements in our collection processes.
Higher deposit costs and a slightly higher Cost of Risk negatively impacted Fintech adjusted EBITDA growth which increased 12% year-over-year to KZT160 billion ($334 million).
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Full-year 2026 Guidance
Kaspi.kz’s financial results for the first quarter of 2026 were in line with our initial expectations.
As previously flagged, our 2026 consolidated Kaspi.kz guidance includes Türkiye.
Our guidance assumes constant currency exchange rates as of January 1, 2026.
Issuance of $600 million Eurobond
On 24 April 2026 Kaspi.kz settled the issuance of a $600 million five-year Eurobond. Interest on the Notes will be paid in cash semi-annually in arrears at a rate of 5.900% per annum from and including October 28, 2026.
We intend to use the net proceeds from the Notes for general corporate purposes.
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1Q 2026 Financial Results Conference Call
Monday, 11th May 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 25 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% 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:
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
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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 KZT478.77 per $1 as of 31 March 2026. The Turkish lira (TRY) exchange rate used by us for the presentation of certain financial, operating and other data denominated in lira and included in this presentation is KZT10.76 per TRY1 as of March 31, 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
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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.
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