Kaspi.kz 2Q 2026: Revenue Climbs 15%, Dividend Hiked 18%, AI Assistant Kasper Debuts
KSPI sits 33% above its 52-week low of $68.59.
Summary
Kaspi.kz posted 2Q 2026 revenue of KZT1.1 trillion (+15% YoY) and proposed an 18% dividend increase to KZT1,000 per ADS. The company also launched its AI shopping assistant Kasper, which saw strong early engagement, and completed the acquisition of Rabobank A.Ş. in Türkiye, rebranding it Hepsi Bank.
Key Events · Earnings and Guidance · KSPI
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2Q 2026 Revenue +15% to KZT1.1T
Revenue reached KZT1.1 trillion ($2.3 billion), driven by 28% constant-currency e-Commerce GMV growth and an 18% expansion in the average net loan portfolio. Adjusted EBITDA rose 5% to KZT397 billion, while net income was flat at KZT259 billion due to higher deposit costs and Türkiye investments.
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Dividend Increased 18% to KZT1,000/ADS
The Board proposed a quarterly dividend of KZT1,000 per ADS, up from KZT850, reflecting strong first-half performance and confidence in long-term growth. Shareholder approval will be sought at the September 9 EGM.
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Kasper AI Assistant Launched with Strong Early Adoption
Kasper, a personal AI shopping assistant, began rolling out in July. Within a month, 20% of available consumers used it; 80% of conversations produced tailored product recommendations, and 60% of those guided the consumer to a specific product.
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Türkiye Expansion: Hepsi Bank Launched Post-Acquisition
The acquisition of Rabobank A.Ş. was completed in July, and the business was rebranded Hepsi Bank. A new shopping loan integrated with Hepsiburada has been piloted, with plans to expand lending and deposit products from 2027.
Analysis · KSPI · Trade & Services
A solid quarter for Kaspi.kz featured 15% revenue growth and a 5% rise in adjusted EBITDA, though net income stayed flat as higher funding costs and Türkiye investments weighed on the bottom line. Signaling confidence in the trajectory, the Board proposed an 18% dividend increase to KZT1,000 per ADS. Early adoption of Kasper, the newly launched AI shopping assistant, looks promising: within a month, 20% of available consumers had used it, and 80% of those conversations generated product recommendations. Meanwhile, the acquisition of Rabobank A.Ş. in Türkiye closed, the business was rebranded Hepsi Bank, and a pilot shopping loan was introduced. Full-year guidance was reiterated. Taken together — earnings, a dividend boost, an AI product launch, and strategic M&A completion — this marks a significant update for investors.
At the time of this filing, KSPI was trading at $91.32 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $17.2B. The 52-week trading range was $68.59 to $99.20. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.