Key Points – 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. – 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. Management said the Türkiye business is a major investment focus, with Hepsiburada being built toward Kaspi.kz’s Kazakhstan operating standards and targeted to remain at least EBITDA breakeven and free cash flow positive. Joint Stock Company Kaspi.kz (NASDAQ:KSPI) reported first-quarter 2026 results that management said were broadly in line with expectations, with strong e-commerce growth offset by pressure from higher funding costs, investment in Türkiye and a changing mix in its payments business.
Co-Founder and CEO Mikheil Lomtadze said the company began the year with “good growth” and highlighted e-commerce as a key driver. On a constant currency and pro forma basis, e-commerce gross merchandise value, or GMV, grew 41% year over year, while transactions rose 43%. Quarterly purchase frequency reached 15 purchases per consumer, up 44% from a year earlier. “We are creating a much larger, bigger, more diversified business,” Lomtadze said, pointing to Kaspi.kz’s leading position in Kazakhstan and its expansion in Türkiye through Hepsiburada.