Joint Stock Company Kaspi.kz — Cyborg Score 8/10

Strong
Financial Technology (Fintech)

Strategic Profile

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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