Kaspi.kz 2Q & 1H 2026 Financial Results

ALMATY, Kazakhstan, Aug. 10, 2026 (GLOBE NEWSWIRE) — 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.
• 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.

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 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.

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

For further information

David Ferguson david.ferguson@kaspi.kz

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