Joint Stock Company Kaspi.kz Q2 Earnings Call Highlights
Kaspi.kz (NASDAQ:KSPI) reported Q2 marketplace revenue up 11% and EBITDA up 9% on a reported basis, noting results were affected by a 21% Turkish lira depreciation versus the Kazakh tenge. Management said fintech revenue rose 23% YoY, cost of risk was 0.7%, and funding costs rose 150 bps. On July 1 it launched “Kasper” AI shopping assistant; early indicators cited. It also completed Rabobank A.Ş. acquisition and got a Türkiye banking license.
How this was made
The 30-second read
Why it matters
Traders can update expectations for margin trajectory (funding costs rising, deposit-rate impact starting in Q3), AI-driven conversion efficiency (early recommendation and basket-rate lift), and the timing of Türkiye consumer and merchant finance product scaling.
Market read
The call combines near-term financial drivers (FX, funding costs, cost of risk) with measurable AI engagement and a longer-dated Türkiye banking catalyst, while reiterating full-year growth targets.
What to watch
The article attributes reported results to Turkish lira depreciation and deposit-rate changes with timing into Q3-Q4, so near-term margin pressure may be delayed rather than fully captured yet.
Background
Kaspi.kz’s Q2 earnings call covered marketplace and fintech performance, an AI shopping assistant launch, and progress on its Türkiye banking acquisition and licensing.
Ticker impact
Kaspi.kz reported Q2 marketplace revenue up 11% and EBITDA up 9%, while detailing FX headwinds and fintech funding-cost pressure.
Near-term bias likely mixed: investors may focus on fintech funding-cost headwinds and FX impact, while AI engagement and reiterated growth targets provide support.
The article provides concrete Q2 growth rates, cost-of-risk and funding-cost changes, and specific AI usage metrics, but it does not introduce a new earnings surprise or revised guidance beyond reiteration.
Market effects
Highlights how fintech funding costs and FX translation can swing reported profitability for digital lenders and super-app marketplaces.
Türkiye banking license and planned 2027 fintech rollout keep regional expansion risk and execution in focus for investors.
AI-assisted commerce adoption and embedded fintech product mix are relevant to global investors tracking consumer internet and fintech convergence.
Counterpoint
AI engagement metrics may not translate into durable monetization, and funding-cost increases could outweigh marketplace and fintech revenue growth.
Key entities
- companyKaspi.kz
Kazakhstan-based e-commerce and fintech group reporting Q2 results and launching an AI shopping assistant, while expanding into Türkiye via a banking acquisition.
- productKasper (AI shopping assistant)
AI-powered personal assistant integrated into Kaspi.kz’s Super App, launched July 1, with early usage and conversion indicators.
- transactionRabobank A.Ş. (Türkiye acquisition)
Kaspi.kz completed acquisition and obtained a banking license in Türkiye, planning capital investment and fintech rollout.
