The revenue beat is offset by margin compression and rising NPLs, creating a mixed picture. Monitor the Q2 2026 earnings for signs of cost control and NPL stabilization. The USD 600M debt issuance and proposed dividend signal confidence, but the declining net income warrants caution.
Price Chart
Executive Summary
Kaspi.kz reported Q1 2026 revenue of KZT 1,080,630 million, up 31.5% YoY from KZT 821,851 million, driven by Marketplace (+48.8%) and Fintech (+25.3%) segments. However, net income attributable to shareholders declined 1.1% to KZT 249,394 million from KZT 252,056 million, as costs and operating expenses grew 47.4% to KZT 758,329 million, outpacing revenue growth. The company also announced a proposed Q1 2026 dividend of KZT 850 per share and completed a USD 600 million debt issuance in April 2026.
Key Facts
- Q1 2026 revenue of KZT 1,080,630 million, up 31.5% YoY from KZT 821,851 million
- Net income attributable to shareholders declined 1.1% to KZT 249,394 million from KZT 252,056 million
- Adjusted EBITDA grew 9.0% to KZT 367,859 million from KZT 337,566 million
- Marketplace segment revenue surged 48.8% to KZT 519,860 million, driven by Hepsiburada acquisition
- Fintech segment revenue grew 25.3% to KZT 429,553 million, with interest revenue up 40.6%
- Costs and operating expenses rose 47.4% to KZT 758,329 million, outpacing revenue growth
- Gross NPLs increased to KZT 503,031 million from KZT 466,845 million; allowance coverage declined to 78% from 80%
- Company completed USD 600 million debt issuance at 5.9% maturing 2031 in April 2026
- Proposed Q1 2026 dividend of KZT 850 per share, subject to shareholder approval
- Share buy-back program repurchased 737,578 ADSs for KZT 28,368 million in Q1 2026
Financial Impact
Revenue up 31.5% YoY to KZT 1,080,630 million, but net income down 1.1% to KZT 249,394 million. Costs grew 47.4% to KZT 758,329 million, with interest expenses up 46.4% and cost of goods up 55.6%.
Risk Factors
- Cost growth outpacing revenue growth, compressing margins
- Rising NPLs (KZT 503,031 million) with declining allowance coverage (78%)
- Integration and profitability of Hepsiburada acquisition in Türkiye
- Currency risk from KZT depreciation and Turkish lira exposure
- Regulatory risk in Kazakhstan's financial sector
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001985487-26-000020 |
| Document: kaspi.kz_form_6-k_may_14.htm | 0001985487-26-000020 |
| Document: 0001985487-26-000020-index-headers.html | 0001985487-26-000020 |
| Document: 0001985487-26-000020-index.html | 0001985487-26-000020 |
| Document: 0001985487-26-000020.txt | 0001985487-26-000020 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 6w ago | 6-K | $97.15 | awaiting T+60 | — | $91.74 (−5.57%) |
Aug 26, 2026 8w ago | Insider Cluster | $105.01 | awaiting T+60 | — | $91.74 (−12.64%) |
Aug 21, 2026 9w ago | Insider Cluster | $106.46 | awaiting T+60 | — | $91.74 (−13.83%) |
Aug 19, 2026 9w ago | Insider Cluster | $103.70 | awaiting T+60 | — | $91.74 (−11.53%) |
Aug 12, 2026 10w ago | 6-K | $99.55 | awaiting T+60 | — | $91.74 (−7.85%) |
Aug 10, 2026 11w ago | 6-K | $94.00 | awaiting T+60 | — | $91.74 (−2.40%) |
Aug 10, 2026 11w ago | Press Release | $94.00 | awaiting T+60 | — | $91.74 (−2.40%) |
Jun 24, 2026 17w ago | Press Release | $85.80 $97.43 | ▲ +13.55% | ▲ +10.72% | $91.74 (+6.92%) |
Jun 12, 2026 19w ago | 6-K | $80.56 $107.21 | ▲ +33.08% | ▲ +29.82% | $91.74 (+13.88%) |
Jun 12, 2026 19w ago | Press Release | $80.56 $107.21 | ▲ +33.08% | ▲ +29.82% | $91.74 (+13.88%) |
US Market Status
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