Kaspi.kz (KSPI) Q2 2026 Earnings Call Transcript
Kaspi.kz (KSPI) reported Q2 2026 revenue of KZT 1.1 trillion ($2.3B), up 15% YoY, with adjusted EBITDA of KZT 397B ($826M), up 5%. Net income was KZT 259B ($539M), flat YoY. Marketplace GMV rose 15% and the board proposed a KZT 1,000 per ADS dividend (+18%).
How this was made
The 30-second read
Why it matters
Traders can update expectations for profitability drivers (take rates, value-added services growth, cost of funding) and credit risk (NPL ratio, cost of risk) while also tracking capital allocation (18% dividend increase) and the timing of deposit-rate cut benefits into Q4.
Market read
The call combines strong growth metrics with explicit margin and credit headwinds from high rates, plus a dividend increase and a deposit-rate cut that should matter more in Q4.
What to watch
The deposit-rate cut benefits are explicitly expected to show more in Q4 due to product duration, so near-term margin optimism may be premature; also Turkey electronics recovery remains constrained by supply chain and regional conflict.
Background
Kaspi.kz is a Kazakhstan-based e-commerce and fintech platform with payments, lending, and marketplace services, now scaling fintech in Turkey after acquiring Rabobank and rebranding it as Hepsi Bank.
Ticker impact
Kaspi reported Q2 2026 revenue up 15% YoY to KZT 1.1T, with adjusted EBITDA up 5% and net income flat despite higher funding costs.
Near-term sentiment likely neutral to mildly positive, with focus on dividend increase and deposit-rate cut timing into Q4.
The call provides multiple fresh datapoints (dividend per ADS +18%, deposit rate cut, NPL ratio 7.0%, cost of funding 14.5%) that can shift expectations for profitability and credit quality, but it does not introduce new full-year guidance beyond reiteration.
Market effects
Highlights how high central-bank rates are pressuring fintech profitability while e-commerce take rates and value-added services are supporting growth.
Emphasizes Kazakhstan rate sensitivity (cost of funding, deposit pricing) and Turkey expansion via Hepsiburada pilot and Rabobank rebrand.
Limited direct global spillover, but reinforces cross-border payments monetization via Apple Pay and Google Pay integration.
Counterpoint
Net income staying flat despite revenue growth suggests operating leverage may be weaker than the topline implies, especially with cost of risk rising to 0.7% and NPL ratio at 7.0%.
Key entities
- companyKaspi.kz
Reported Q2 2026 results and provided operational metrics across marketplace, payments, and fintech lending, plus dividend and deposit-rate actions.
- subsidiaryHepsi Bank
Rabobank acquisition in Turkey rebranded as Hepsi Bank, positioned as the base for fintech rollout starting 2027.
- productKasper AI assistant
Personal AI assistant launched, reaching 20% of Kazakhstan customer base in its first month and driving product recommendations.
