Kaspi.kz Increased Revenue and Plans to Raise Dividends

The U.S. Securities and Exchange Commission has publishedthe financial statements filed by Kaspi.kz
for the second quarter and first half of 2026. The company’s consolidated
revenue for the first half of the year increased by 23% compared to the same
period of the previous year, reaching 2.19 trillion tenge ($4.56 billion). Adjusted
EBITDA rose by 7% to 765.1 billion tenge ($1.59 billion). Net income, meanwhile,
decreased by 0.4%—from 512.7 billion tenge to 510.8 billion tenge ($1.06 billion).

In the second quarter, revenue rose 15% to 1.11 trillion tenge ($2.3 billion), while adjusted EBITDA increased 5% to 397.2 billion tenge ($826 million). Net income remained virtually unchanged at 258.9 billion tenge ($539 million), compared with 258.6 billion tenge a year earlier. Profitability was pressured by higher costs of deposit funding in Kazakhstan and ongoing investments in Turkey’s Hepsiburada, according to the company’s statement: Over the first half of the year, operating expenses and cost of sales rose by 33%, while revenue increased by 23%.

Kaspi.kz’s marketplace continued to grow faster than its other business segments. Its revenue in the first half of the year increased by 27% to 1.03 trillion tenge ($2.2 billion at the National Bank’s exchange rate as of August 10, 2026), and adjusted EBITDA rose by 10% to 246.3 billion tenge ($528.5 million). In the second quarter, the segment’s revenue grew by 11% to 508.2 billion tenge ($1.09 billion), and EBITDA rose by 9% to 128.1 billion tenge ($274.8 million).

Total gross merchandise volume (GMV)—the total value of goods sold online before deducting commissions, returns, and certain other adjustments—increased by 28% in the second quarter at constant exchange rates, while the company’s own e-commerce revenue—after payments to sellers—rose by 13% to 394 billion tenge ($845.3 million). The nominal growth of the latter figure was 35%, but its performance was negatively impacted by the depreciation of the Turkish lira against the tenge. “This performance was primarily driven by an increase in order frequency and the rapid expansion of value-added services in the e-commerce segment, growth in the fintech division’s loan portfolio, and the steady and predictable development of the payment platform. The impact of these factors was partially offset by the 21% year-over-year depreciation of the Turkish lira against the Kazakhstani tenge, which affects the reported growth rates of e-commerce and the marketplace,” the company said in a statement.

The fintech segment increased its revenue by 24% to 884.5 billion tenge ($1.9 billion) in the first half of the year, while its EBITDA rose by 9% to 330.9 billion tenge ($710 million). In the second quarter, revenue rose 23% to 454.9 billion tenge ($976 million).

In the second quarter, revenue rose 23% to 454.9 billion tenge ($976 million), and EBITDA increased 6% to 171 billion tenge ($366.9 million). The average net loan portfolio increased by 18% year-over-year to 7.3 trillion tenge ($15.7 billion). At the same time, the average cost of funding rose by 1.5 percentage points to 14.5%. The non-performing loan ratio rose from 6.1% at the end of 2025 to 7% over the first half of the year.

The payments business grew at a slower pace. Revenue for the first half of the year increased by 6% to 327.2 billion tenge ($702 million), while EBITDA decreased by approximately 0.4% to 187.9 billion tenge ($403.1 million). In the second quarter, payment volume rose 13% to 12.7 trillion tenge ($27.2 billion), while revenue increased 5% to 168.9 billion tenge ($362.4 million). EBITDA decreased by 1% to 98.2 billion tenge ($210.7 million)—according to the company, due to expenses related to the development of the Kaspi Alaqan palm-payment system.

Kaspi.kz has maintained its forecast for the full year 2026. The company expects GMV to grow by approximately 20%, payment volume by 15%, average net loan portfolio by 15%, and adjusted EBITDA by approximately 5%. The Board of Directors also proposed increasing the quarterly dividend by 18%—from 850 to 1, tenge per share and per depositary receipt.

Following the release of its financial statements, Kaspi.kz shares rose to 44,300 tenge on the KASE, but by evening had fallen to 43,949.9 tenge (up 3.19%). On Nasdaq, the intraday high was $97.5, but by 9:30 p.m. Almaty time, the stockhad fallen to $94.29—which, nevertheless, represents a 4.42% increase from the previous close.

This article was AI-translated and verified by a human editor