KSPI · Joint Stock Company Kaspi.kz

Kaspi.kz's Q1 2026 results demonstrate strong momentum in e-Commerce, which has become a key growth engine. e-Commerce GMV grew 41% year-over-year on a constant-currency and pro-forma basis to KZT 1.3 trillion, driven by a 43% increase in orders and a 44% improvement in purchases per consumer to 15.0. Monetization improved significantly, with e-Commerce revenue up 58% to KZT 394 billion and value-added services (advertising and delivery) revenue surging 73%. The Marketplace platform overall saw GMV up 19% and revenue up 49%, with take rate expanding 100 bps to 12.1%. Payments TPV grew 14% to KZT 11.4 trillion, though revenue grew only 7% due to take-rate compression. Fintech revenue increased 25% to KZT 430 billion, driven by a 23% growth in average net loan portfolio as the company shifted to longer-duration loans (average duration 9.3 months vs 7.9 a year ago). Credit quality remained strong with cost of risk at 0.7%. Consolidated revenue rose 31% to KZT 1.1 trillion, while adjusted EBITDA grew 9% to KZT 368 billion. Net income was broadly flat at KZT 252 billion, impacted by higher deposit funding costs and full-quarter consolidation of Hepsiburada. The Board recommended a quarterly dividend of KZT 850 per ADS (64% payout ratio). Post-quarter, Kaspi.kz issued $600 million of 5.900% five-year Notes to strengthen liquidity. Management reiterated full-year 2026 guidance and highlighted Türkiye as a key growth market, now representing 50% of e-Commerce GMV.