Joint Stock Company Kaspi.kz Q1 Earnings Call Highlights
Key takeaways
- Kaspi.kz said Q1 2026 results were broadly in line with expectations, with revenue up 31% and adjusted EBITDA up 9%, while net income was essentially flat due to higher funding costs and Hepsiburada-related costs.
- E-commerce remained the main growth engine, with GMV up 41% on a constant-currency pro forma basis and transactions up 43%.
- Payments and fintech stayed profitable but faced mix-related pressure: payments TPV rose 14% while revenue grew 7%, and fintech portfolio growth shifted toward longer-duration, higher-revenue loans.
Joint Stock Company Kaspi.kz Q1 Earnings Call Highlights Market Beat Mon, May 11, 2026 at 10:07 PM GMT+7 7 min read KSPI Joint Stock Company Kaspi.kz logo Key Points Interested in Joint Stock Company Kaspi.kz Sponsored ADR? Here are five stocks we like better.
Kaspi.kz said Q1 2026 results were broadly in line with expectations, with revenue up 31% and adjusted EBITDA up 9%, while net income was essentially flat due to higher funding costs and Hepsiburada-related costs. The company kept its full-year guidance for about 20% GMV growth, 15% TPV growth, and 5% EBITDA growth.
E-commerce remained the main growth engine, with GMV up 41% on a constant-currency pro forma basis and transactions up 43%. Management highlighted rising engagement and monetization, including higher take rates, advertising revenue, and delivery revenue.