Kaspi.kz Reports 41% e-Commerce GMV Growth in 1Q 2026, Boosts Dividend
Event summary
- e-Commerce GMV grew 41% year-over-year to KZT1.3 trillion ($2.6 billion), with orders up 43% and purchases per consumer increasing 44% to 15 per quarter.
- Adjusted EBITDA increased 9% year-over-year to KZT368 billion ($768 million), while net income remained stable at KZT252 billion ($526 million).
- Board recommended a dividend of KZT 850 per ADS, representing a 64% payout ratio, subject to shareholder approval.
- Türkiye now represents 50% of e-Commerce GMV, highlighting international expansion as a key growth driver.
- Successfully issued $600 million in 5.900% five-year Notes, strengthening liquidity and financial flexibility.
The big picture
Kaspi.kz is solidifying its position as Kazakhstan’s leading Super App while aggressively expanding into Türkiye, a market of 85 million people. The company’s strong e-Commerce growth and disciplined financial management underscore its ability to balance expansion with profitability. The strategic issuance of $600 million in notes further bolsters its financial flexibility, positioning it for long-term growth in an increasingly competitive fintech and e-commerce landscape.
What we're watching
- International Expansion
- Whether Kaspi.kz can sustain its rapid growth in Türkiye while maintaining profitability and operational efficiency.
- Monetization Strategy
- How the company will further monetize its e-Commerce platform through advertising, delivery, and fintech services.
- Financial Flexibility
- The pace at which Kaspi.kz will deploy its newly raised $600 million in debt to fuel growth initiatives.
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