Joint Stock Co Kaspi.kz (KSPI) SEC Filings, Aug 10-18, 2026

Joint Stock Co Kaspi.kz (symbol KSPI) received a Rule 144 notice from affiliate FINTECH PARTNERS LTD covering a proposed sale of up to 1,200,000 ADSs through Morgan Stanley Smith Barney LLC. The ADSs have an aggregate market value of $118,860,000.00. Kaspi.kz reports 190,027,266 ADSs outstanding as of 08/18/2026. The notice also lists multiple ADS sales by FINTECH PARTNERS LTD over the prior three months, detailing trade dates, share counts, and dollar amounts.

Kaspi.kz JSC (KSPI) filed a notice of proposed sale of 300,000 American Depositary Shares (ADS), to be handled through UBS Financial Services Inc. The ADS are listed on NASDAQ, with an indicated aggregate value of $29,754,000.00 and an anticipated sale date of August 17, 2026. The ADS relate to Reg S Global Depositary Receipts (GDRs) and common shares that were converted into ADS at the time of the issuer’s IPO. The filing also lists a prior transaction in the last three months in which 1,280,774 ADS were sold for an aggregate of $113,873,792.05 by Vyacheslav Kim.

Joint Stock Company Kaspi.kz has an updated large-shareholder disclosure from Vyacheslav Kim. Kim beneficially owned 38,095,117 Common Shares (via the same number of ADSs) as of June 30, 2026, representing 20.0% of the outstanding Common Shares, based on 190,027,266 shares outstanding.

As of the filing date, Kim owns 37,486,685 Common Shares (via 37,486,685 ADSs), representing 19.7% of the outstanding Common Shares on the same 190,027,266-share base. He reports sole voting and sole dispositive power over these shares, with no shared voting or dispositive power.

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported multiple open-market sales of American Depositary Shares (ADSs) over August 11–13, 2026, totaling 104,099 ADSs. The per-share sale prices reported for these transactions ranged from $94.90 to $100.33. Each ADS represents one common share of the company. The transactions are affirmed as made pursuant to a Rule 10b5-1 trading plan, and the issuer is treated as a foreign private issuer exempt from certain Exchange Act Section 16 provisions.

Joint Stock Co Kaspi.kz received an amended Schedule 13G from a group of Guernsey-based Baring/Asia Equity entities reporting their position in the company’s American depositary shares (ADSs). Asia Equity Partners Limited directly owns 7,106,927 ADSs, representing 3.7% of Kaspi.kz’s 190,027,266 common shares outstanding as of June 30, 2026. The same 7,106,927 ADSs may be deemed beneficially owned by Baring Fintech Nexus Limited, Baring Fintech Private Equity Fund III L.P.1, Baring Fintech Fund III (GP) LP and Baring Fintech Fund III Managers Limited through their control structure. Voting and investment power over these ADSs is exercised by AEPL’s board of directors, comprising Gillian Newton, Julian Timms and Holly Nielsen. The filing notes that each reporting person other than AEPL, as well as affiliates and related persons, disclaims beneficial ownership of the ADSs held by AEPL and confirms that the group now reports ownership of 5 percent or less of this class.

Joint Stock Company Kaspi.kz reported strong top-line growth for the six months ended 30 June 2026 under IAS 34. Revenue rose to KZT 2,192,782 million from KZT 1,789,352 million, driven by higher interest revenue across the Fintech and Marketplace platforms and continued expansion of payments and retail activities. Adjusted EBITDA increased to KZT 765,101 million, while net income was broadly stable at KZT 510,796 million, compared with 512,678 million a year earlier, as higher interest and operating costs and increased provision expenses partly offset revenue growth.

Total assets grew to KZT 12,057,493 million, with loans to customers of KZT 7,439,812 million and customer accounts of KZT 8,132,007 million, indicating continued expansion of the Fintech franchise. Non‑performing loans rose to a gross KZT 547,942 million, with allowance coverage of 76%. The banking subsidiary’s Basel III Tier 1 and total capital ratios were 20.8%, and the NBRK regulatory Tier 1 and total capital ratios were 14.1%, all above minimum requirements.

During the period the company declared dividends totaling KZT 323,201 million (KZT 850 per share twice) and continued its ADS buy-back program. After period-end Kaspi.kz completed the acquisition of Rabobank A.Ş., subsequently renamed Hepsi Bank A.Ş., and the board proposed an additional dividend of KZT 1,000 per share, subject to shareholder approval.

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported open-market sales of a total of 114,225 American Depositary Shares (ADSs), each representing one common share, over 6–10 August 2026. The transactions, executed under a Rule 10b5-1 trading plan, were priced at weighted-average per-share prices with individual trades occurring within disclosed price ranges around the reported figures.

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.