Strong e-Commerce growth and dividend announcement are positive, but flat net income and rising deposit costs warrant caution. Monitor next quarter for margin trends and Hepsiburada's contribution. The $600M bond issuance adds leverage but also liquidity.
Price Chart
Executive Summary
Kaspi.kz reported strong 1Q 2026 results with revenue up 31% YoY to $2.3B and adjusted EBITDA up 9% to $768M, driven by robust e-Commerce growth (GMV +41%) and improving monetization. However, net income was flat (-1% YoY) due to higher deposit costs and full-quarter consolidation of Hepsiburada. The board recommended a quarterly dividend of KZT850/ADS (64% payout) and the company reiterated full-year guidance.
Key Facts
- Revenue increased 31% YoY to KZT1.1 trillion ($2.3 billion)
- Adjusted EBITDA increased 9% YoY to KZT368 billion ($768 million)
- Net income was broadly stable at KZT252 billion ($526 million), down 1% YoY
- e-Commerce GMV grew 41% YoY on a constant-currency and pro-forma basis to KZT1.3 trillion ($2.6 billion)
- Marketplace revenue increased 49% YoY to KZT520 billion ($1.1 billion)
- Payments revenue increased 7% YoY to KZT158 billion ($331 million)
- Fintech revenue increased 25% YoY to KZT430 billion ($897 million)
- Board recommended quarterly dividend of KZT850 per ADS, representing a 64% payout ratio
- Issued $600 million 5.900% five-year Eurobond post-quarter
- Cost of risk was 0.7% (vs 0.6% in 1Q 2025)
Financial Impact
Revenue up $2.3B (31% YoY), net income flat at $526M; dividend yield ~2.5% implied
Risk Factors
- Higher deposit funding costs compressing net income margin
- Integration of Hepsiburada and its breakeven operation
- Currency volatility in Kazakhstan and Turkey
- Potential competitive pressures in fintech and e-commerce
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001985487-26-000015 |
| Document: kaspi.kz_form_6-k_may_11.htm | 0001985487-26-000015 |
| Document: 0001985487-26-000015-index-headers.html | 0001985487-26-000015 |
| Document: 0001985487-26-000015-index.html | 0001985487-26-000015 |
| Document: 0001985487-26-000015.txt | 0001985487-26-000015 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 6w ago | 6-K | $97.15 | awaiting T+60 | — | $90.14 (−7.22%) |
Aug 26, 2026 8w ago | Insider Cluster | $105.01 | awaiting T+60 | — | $90.14 (−14.16%) |
Aug 21, 2026 9w ago | Insider Cluster | $106.46 | awaiting T+60 | — | $90.14 (−15.33%) |
Aug 19, 2026 9w ago | Insider Cluster | $103.70 | awaiting T+60 | — | $90.14 (−13.08%) |
Aug 12, 2026 10w ago | 6-K | $99.55 | awaiting T+60 | — | $90.14 (−9.45%) |
Aug 10, 2026 11w ago | 6-K | $94.00 | awaiting T+60 | — | $90.14 (−4.11%) |
Aug 10, 2026 11w ago | Press Release | $94.00 | awaiting T+60 | — | $90.14 (−4.11%) |
Jun 24, 2026 17w ago | Press Release | $85.80 $97.43 | ▲ +13.55% | ▲ +10.72% | $90.14 (+5.06%) |
Jun 12, 2026 19w ago | 6-K | $80.56 $107.21 | ▲ +33.08% | ▲ +29.82% | $90.14 (+11.89%) |
Jun 12, 2026 19w ago | Press Release | $80.56 $107.21 | ▲ +33.08% | ▲ +29.82% | $90.14 (+11.89%) |
US Market Status
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