Key Points – Kaspi.kz reported mixed second-quarter results: revenue grew 15% and adjusted EBITDA rose 5%, while net income was flat due to higher funding costs, National Bank reserve requirements and investments in Türkiye.
The board recommended an 18% sequential dividend increase. – E-commerce was the main growth driver: marketplace GMV increased 15% year over year, including 28% constant-currency e-commerce growth, while purchases rose 33% to more than 76 million
The company also launched its AI shopping assistant, Kasper, across Kazakhstan and plans to expand its capabilities. – Kaspi.kz is preparing for Türkiye expansion while maintaining its outlook: it completed the Rabobank A.Ş. acquisition and plans to invest about $300 million ahead of launching consumer and merchant financial products in 2027. Management reiterated full-year targets of roughly 20% GMV growth, 15% TPV and loan-portfolio growth, and 15% adjusted EBITDA growth. Joint Stock Company Kaspi.kz (NASDAQ:KSPI) reported second-quarter revenue growth of 15% and adjusted EBITDA growth of 5%, as gains in e-commerce and fintech were partly offset by higher funding costs and investments in Türkiye.
CEO and co-founder Mikheil Lomtadze said the board recommended increasing the dividend by 18% compared with the first-quarter dividend, citing the company’s performance and financial position. Net income was flat in the quarter, reflecting the same profitability pressures as well as higher National Bank reserve requirements that took effect in a second phase during the quarter. E-commerce growth drives marketplace performance Marketplace gross merchandise value rose 15% year over year on a constant-currency basis, led by 28% constant-currency growth in e-commerce GMV.