Kaspi.kz 1Q 2026 Financial Results

ALMATY, Kazakhstan, May 11, 2026 (GLOBE NEWSWIRE) -- 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

1Q 2026 Highlights

1Q 2026 was in line with our expectations. We reiterate our full-year 2026 guidance.
Our Board of Directors has recommended a quarterly dividend of KZT850 per ADS, subject to shareholder approval. This represents a dividend payout ratio of 64%.
e-Commerce was the main growth driver. Constant-currency and pro-forma e-Commerce GMV increased 41% year-over-year to KZT1.3 trillion ($2.6 billion), while e-Commerce purchases increased 43% year-over-year.
e-Commerce monetization continued to improve. e-Commerce revenue increased 58% year-over-year to KZT394 billion ($824 million), and value-added services (“VAS”) revenue from advertising and delivery increased 73% year-over-year.
e-Commerce consumer frequency improved materially, with purchases per consumer increasing to 15.0, compared with 10.4 in 1Q 2025.
Marketplace GMV increased 19% year-over-year on a constant-currency and pro-forma basis to KZT2.2 trillion ($4.5 billion). Marketplace revenue increased 49% year-over-year to KZT520 billion ($1.1 billion), and adjusted EBITDA increased 12% year-over-year to KZT118 billion ($247 million).
Payments 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), and adjusted EBITDA was stable at KZT90 billion ($187 million).
Fintech revenue increased 25% year-over-year to KZT430 billion ($897 million), even with TFV declining 2% year-over-year, reflecting disciplined origination in favour of longer duration loans. Our average net loan portfolio grew 23% year-over-year.
Credit quality remained strong. Cost of risk was 0.7%
Revenue increased 31% year-over-year to KZT1.1 trillion ($2.3 billion). Adjusted EBITDA increased 9% year-over-year to KZT368 billion ($768 million). Net income was broadly stable at KZT252 billion ($526 million), down 1% year-over-year.
Following the end of the first quarter, Kaspi.kz successfully settled the issuance of $600 million 5.900% five-year Notes, further strengthening our liquidity and financial flexibility.

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.

For further information

David Ferguson david.ferguson@kaspi.kz

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