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Kaspi.kz 3Q & 9M 2026 Financial Results

KSPI
  • Kaspi.kz reported unaudited consolidated IFRS results for the quarter & nine months ended September 30, 2026.
  • Consolidated revenue rose 18% year-over-year on a constant-currency basis to KZT1.1 trillion ($2.5 billion), while adjusted EBITDA increased 1% to KZT408 billion ($925 million).
  • Net income reached KZT281 billion ($637 million), & the Board proposed a quarterly dividend of KZT1,000 per ADS subject to shareholder approval.
  • Annualized purchases per e-Commerce consumer increased 27% year-over-year to 16.3, driven by a stronger tenge & more competitive import prices.
  • Constant-currency e-Commerce revenue grew 23% to KZT343 billion ($779 million), outpacing GMV growth of 17% as the 3P take rate rose to 16.3%.
  • e-Grocery GMV increased 40% year-over-year in Q3 2026, & the company launched the Magnum Daily pilot with 42 stores achieving a 15% EBITDA margin.
  • Kaspi plans to expand Magnum Daily to around 300 stores by the end of 2027, with a medium-term ambition of 3,000 stores.
  • In Türkiye, Hepsiburada order frequency increased 11% year-over-year, & Hepsicredit financed approximately 8% of smartphone GMV in October.
  • Investments in Türkiye are expected to moderate significantly in 2027, & the company anticipates earnings growth opportunities in the coming year.
  • Kasper, the AI personal assistant, has been used by 1.4 million consumers in Kazakhstan, with purchase conversion 1.5 times higher & average GMV per order twice that of traditional search.
  • Marketplace constant-currency GMV increased 8% to KZT2.2 trillion ($4.9 billion), & revenue grew 20% year-over-year on a constant-currency basis to KZT466 billion ($1.1 billion).
  • Payments TPV increased 14% year-over-year to KZT13.6 trillion ($30.8 billion), while Fintech revenue grew 19% to KZT489 billion ($1.1 billion).
  • The company reduced its three-month deposit rate by 100 basis points in August & October, expecting funding cost pressures to ease from Q4 2026.
  • Kaspi reiterated guidance for ~5% year-over-year consolidated adjusted EBITDA growth in 2026, & revised constant-currency Marketplace GMV growth guidance to ~12%.
Company
JSC Kaspi.kz
Keywords
Nasdaq:KSPI, JSC Kaspi.kz