Kaspi.kz’s e-Commerce Engine Powers Diversification, With 41% GMV Growth and Turkey Now Half of Segment Revenue
e-Commerce Growth Accelerates, Driving Revenue and Engagement
Kaspi.kz’s latest results reveal its e-Commerce division as a core growth engine, posting a 41% year-over-year surge in gross merchandise value (GMV) on a constant-currency and pro-forma basis in Q1 2026, reaching KZT 1.3 trillion ($2.6 billion). This segment’s revenue climbed 58% to KZT 394 billion ($824 million) as consumer activity accelerated, with purchases per customer increasing 44% to 15 per quarter—a significant jump from 10.4 a year ago. Notably, Turkey accounted for 50% of the segment’s GMV, highlighting the company’s successful international scaling and further diversifying its revenue base.
| Segment | YoY Growth (%) | Q1 2026 Value (KZT) | Q1 2026 Value (USD) |
|---|---|---|---|
| e-Commerce GMV | 41% | 1.3 trillion | 2.6 billion |
| Marketplace GMV | 19% | 2.2 trillion | 4.5 billion |
| e-Commerce Revenue | 58% | 394 billion | 824 million |
| Advertising & Delivery Revenue | 73% | — | — |
Diversification Strengthens with International Expansion and Enhanced Monetization
Kaspi.kz’s expansion into Turkey—now contributing half of e-Commerce GMV—signals a major strategic shift. Management emphasizes a disciplined, long-term approach, leveraging product innovation and a growing portfolio across e-Commerce, payments, and fintech. Within Kazakhstan, rapidly growing value-added services such as advertising and delivery show increasing monetization potential, with their revenue up 73% year-over-year. Marketplace revenues also surged 49% to KZT 520 billion ($1.1 billion), reinforcing platform breadth and resilience.
Profitability and Payout: Strong Earnings, Robust Dividend Policy
The company remained highly profitable in Q1 2026, posting adjusted EBITDA of KZT 368 billion ($768 million), a 9% increase from the previous year. Net income held steady at KZT 252 billion ($526 million), only marginally lower by 1%. The Board’s recommendation of a KZT 850 per ADS quarterly dividend, representing a 64% payout ratio, demonstrates management’s confidence in ongoing cash generation and earnings consistency.
| Metric | Q1 2026 Value | YoY Change |
|---|---|---|
| Adjusted EBITDA | KZT 368 billion ($768 million) | +9% |
| Net Income | KZT 252 billion ($526 million) | -1% |
| Dividend per ADS | KZT 850 | 64% payout ratio |
Other Business Lines: Marketplace, Payments, and Fintech Advance Steadily
Kaspi.kz’s broader platform showed solid results. Marketplace GMV increased 19%, with revenue up 49% and adjusted EBITDA rising 12% year-over-year. In payments, total processed value climbed 14% to KZT 11.4 trillion ($23.7 billion), though revenue growth in this segment slowed to 7% and EBITDA remained steady. Fintech also saw double-digit revenue growth, despite a slight 2% dip in transaction flow value, reflecting a deliberate move toward longer-duration loans and stability—a strategy that kept cost of risk low at 0.7%.
Debt Financing Primes Kaspi.kz’s Balance Sheet for Future Growth
After quarter-end, Kaspi.kz successfully issued $600 million in five-year notes at a 5.9% coupon, enhancing liquidity and financial flexibility. With stable profitability and strong cash flows, the company is primed for further expansion both domestically and internationally.
Key Takeaways: Multiple Engines, International Expansion, and Reliable Returns
Kaspi.kz’s Q1 2026 results underscore its evolution into a diverse, fast-growing platform anchored by e-Commerce and supported by payments, marketplace, and fintech businesses. With expanding international operations—especially in Turkey—a robust dividend policy, and steady profitability, the company is well-positioned for future growth. Investors may want to watch whether Kaspi.kz’s renewed focus on international scaling and monetization translates into even greater platform stickiness and returns in coming quarters.
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