Kaspi.kz Reports Strong 1Q 2026 Results, Reaffirms Guidance, and Recommends Quarterly Dividend

summarizeSummary

Kaspi.kz reported strong 1Q 2026 financial results, driven by robust e-Commerce growth and increased consumer engagement, and reiterated its full-year guidance while recommending a quarterly dividend of KZT850 per ADS.

check_boxKey Events

• Strong 1Q 2026 Financial Performance

  Total revenue increased 31% year-over-year to KZT1.1 trillion ($2.3 billion), with adjusted EBITDA up 9% to KZT368 billion ($768 million). Net income was broadly stable at KZT252 billion ($526 million), down 1% year-over-year, impacted by higher funding costs and Hepsiburada consolidation.

• Robust e-Commerce Growth

  e-Commerce GMV surged 41% year-over-year (constant-currency, pro-forma), with orders increasing 43% and purchases per consumer rising 44% to 15.0. e-Commerce revenue grew 58% to KZT394 billion ($824 million), driven by a 73% increase in value-added services revenue.

• Quarterly Dividend Recommendation

  The Board recommended a quarterly dividend of KZT850 per ADS, representing a 64% payout ratio, subject to shareholder approval.

• Full-Year Guidance Reaffirmed

  Kaspi.kz reiterated its full-year 2026 guidance, indicating that 1Q 2026 results were in line with expectations.

auto_awesomeAnalysis

This filing provides the first quarterly update for 2026, confirming strong operational momentum, particularly in its e-Commerce segment, which is a key growth driver. The significant increase in e-Commerce GMV and revenue, coupled with improved consumer engagement and monetization, demonstrates the effectiveness of Kaspi.kz's Super App model and its expansion into Türkiye. While net income saw a slight dip due to strategic investments in Hepsiburada and higher funding costs, the overall financial health remains robust, supported by strong loan portfolio growth in Fintech and stable Payments performance. The reiteration of full-year guidance and the recommended quarterly dividend signal management's confidence in sustained performance and commitment to shareholder returns. This report is crucial for investors to assess the company's execution on its growth strategy and its ability to navigate market challenges.