Q1 2026 saw 31% revenue growth and 9% adjusted EBITDA growth, led by a 41% surge in e-Commerce GMV and higher value-added services. The company aims to build Kaspi.kz into a 100 million user company, with every strategic decision including the launch of new products and services, investments in Türkiye, and dividend policy anchored to this goal. The Board recommended a quarterly dividend of KZT850 per ADS, representing a 64% payout ratio, positioning the company as a shareholder-friendly business.
Cyborg Score Rationale
Kaspi.kz delivered 31% revenue growth in Q1 2026, reaching KZT1.1 trillion, with e-commerce GMV rising 41% and segment revenue climbing 58%. The company maintains strong capital discipline with Basel III Tier 1 and total capital ratios of 20.1%, and under National Bank of Kazakhstan rules ratios of 13.5%, comfortably above regulatory requirements. However, 2026 guidance of ~5% Adjusted EBITDA growth reflects headwinds including a ~200 basis point increase in consolidated tax rate and higher reserve requirements, which will cause bottom-line growth to lag top-line growth in Kazakhstan.
Top Insights
E-commerce segment is the primary growth engine with GMV up 41%, while Marketplace revenue grew 49% and fintech posted 25% revenue increase
In Türkiye, Hepsiburada purchases increased 19% year-over-year with monthly average consumers up 15% YoY in 4Q 2025, the fastest rate of increase for some time
Company recommends quarterly dividend of KZT850 per ADS and believes this is sustainable at least through remainder of 2026
In April 2026, the Group issued USD 600 million of debt securities with a fixed interest rate of 5.9% per annum, maturing in 2031
Named Competitors
Wildberries — Russian e-commerce and fintech superapp
Ozon — Russian digital marketplace and fintech platform
WeChat Pay — Integrated mobile superapp with payments and commerce
Recent Developments
(May 2026) Q1 2026 earnings reported 31% revenue growth to KZT1.1 trillion and 41% e-commerce GMV surge
(April 2026) Tencent investment approved and $600 million senior unsecured notes issued at 5.9% maturing 2031
(March 2026) FY 2025 results showed 19% revenue growth and 10% net income growth; guidance for 2026 Adjusted EBITDA growth of ~5% YoY including Türkiye
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