Kaspi.kz 3Q & 9M 2026 Financial Results
ALMATY, Kazakhstan, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”) (Nasdaq:KSPI) today published its unaudited consolidated IFRS financial results for the quarter and nine months ended 30 September 2026 (“3Q and 9M 2026”).
Letter from Mikheil Lomtadze
We remain confident in the strength of our businesses and their long-term growth potential.
Our focus has always been on developing innovative products and services that improve people's lives. This mission has enabled us to build highly engaged and profitable businesses, and continues to create exciting opportunities for future growth.
I would like to share three reasons why I am excited about our future.
First, our consumers are shopping more frequently and buying more products
Across our e-Commerce business, annualized purchases per consumer increased 27% year-over-year.
Our Marketplace connects consumers with merchants who set their own prices. A stronger tenge reduces the local-currency cost of foreign-currency-priced imports, creating opportunities for merchants to offer more competitive prices.
We believe more frequent purchases and more competitive prices strengthen our customer proposition and support long-term growth, even as lower average selling values and easing inflation moderate GMV growth today.
Importantly, monetization continues to improve. Marketplace revenue grew 20% year-over-year on a constant-currency basis, compared with GMV growth of 8%, while adjusted EBITDA increased 8%.
Second, we see opportunities for stronger earnings growth in 2027
Our Payments and Fintech businesses continue to provide a strong foundation for future earnings growth. We have reduced our three-month deposit rate by 100 basis points in both August and October, and expect the benefits to become increasingly visible in 2027.
We also expect investments in Türkiye to moderate significantly next year, supporting our consolidated earnings outlook.
Third, our track record of innovation gives us confidence in our ability to build new businesses
In just five years, we built one of Kazakhstan's leading grocery businesses. Today, our e-Grocery serves 1.7 million consumers and grew GMV by 39% in the first nine months of 2026.
We are now leveraging this infrastructure, technology and data to expand into Kazakhstan's estimated $9 billion neighbourhood grocery market through Magnum Daily.
We have successfully completed our initial 42-store pilot in Almaty, achieving approximately 15% EBITDA margin. Magnum Daily stores are supplied by our existing e-Grocery darkstores and operated by local partners, enabling us to expand rapidly without building a separate supply chain.
We also see opportunities to leverage Magnum Daily stores for 30-minute e-Commerce delivery, making shopping faster and more convenient for our consumers.
Encouraged by these results, we are ready to scale to around 300 stores by the end of 2027, with a medium-term ambition of 3,000 stores.
In Türkiye, our strategy is to combine a strong e-Commerce platform with innovative Fintech products.
Consumer engagement at Hepsiburada continues to improve, with order frequency increasing 11% year-over-year in 3Q 2026.
Having launched our consumer shopping loan, we are now building our Fintech platform. In October, Hepsicredit financed approximately 8% of Hepsiburada's smartphone GMV. We see significant opportunities to develop innovative Fintech products for consumers and merchants, creating another source of long-term growth.
We believe AI will fundamentally transform how consumers interact with mobile applications. Our ambition is for Kasper to become a trusted personal assistant for everyday tasks across the Kaspi Super App.
We started with e-Commerce, where Kasper has already been used by 1.4 million consumers since launching in July. Early results are encouraging, with purchase conversion 1.5 times higher and average GMV per order twice that of traditional text search.
Later this year, we plan to introduce a new generation of Kasper, making shopping more intuitive, personal and effortless.
Imagine showing Kasper a photo of something you like, describing what you need in your own words and receiving recommendations tailored specifically to you. Kasper will remember your preferences, learn from previous interactions and understand your personal context, becoming more helpful every time you use it.
We believe this is only the beginning of what Kasper can do for our consumers.
I see significant opportunities ahead to keep innovating, building new businesses and creating long-term value for our customers and shareholders.
Reflecting this confidence and our commitment to shareholder returns, our Board has proposed another quarterly dividend of KZT1,000 per ADS, subject to shareholder approval.
Thank you for your continued trust and support.
Mikheil Lomtadze
Co-Founder and CEO
Kaspi.kz
3Q 2026 Highlights
- Kaspi.kz consolidated revenue increased 18% year-over-year on a constant-currency basis to KZT1.1 trillion ($2.5 billion). Adjusted EBITDA increased 1% to KZT408 billion ($925 million), while net income reached KZT281 billion ($637 million).
- Reflecting our confidence in the business and commitment to shareholder returns, our Board has proposed another quarterly dividend of KZT1,000 per ADS, subject to shareholder approval.
- e-Commerce consumer engagement and monetization continue to improve. Annualized purchases per consumer increased 27% year-over-year to 16.3.
Constant-currency e-Commerce revenue grew 23% to KZT343 billion ($779 million), outpacing GMV growth of 17%. e-Commerce 3P take rate increased 210bps to 16.3%, supported by growth in advertising and delivery revenues.
- e-Grocery is our fastest-growing category and one of our largest, with GMV increasing 40% year-over-year in 3Q 2026. Building on this success, we are entering Kazakhstan's estimated $9 billion neighbourhood grocery market with the launch of Magnum Daily stores.
- Our initial 42-store pilot has achieved approximately 15% EBITDA margin.
- Magnum Daily stores are supplied by our existing e-Grocery darkstores and operated by local partners, allowing us to expand rapidly.
- We plan to reach around 300 stores by the end of 2027, with a medium-term ambition of approximately 3,000 stores.
- In Türkiye, our strategy is to combine a strong e-Commerce platform with innovative Fintech products. Hepsiburada order frequency increased 11% year-over-year in 3Q 2026. In October, Hepsicredit financed approximately 8% of smartphone GMV, demonstrating early progress in our Fintech strategy.
We expect investments in Türkiye to moderate significantly in 2027.
- Kasper, our personal AI assistant, has been used by 1.4 million consumers in Kazakhstan since launching in July. Early results are encouraging, with purchase conversion 1.5 times higher and average GMV per order twice that of traditional text search.
We are expanding Kasper's capabilities and integrating it more deeply into the Kaspi Super App, with the ambition of becoming a trusted personal assistant for everyday tasks.
- Marketplace monetization continues to improve, with revenue growth significantly outpacing GMV growth. Constant-currency revenue increased 20% year-over-year to KZT466 billion ($1.1 billion), supported by improving take rates and growth in advertising and delivery revenues. Adjusted EBITDA increased 8% to KZT124 billion ($281 million).
At the same time, the sharp appreciation of the tenge has affected reported GMV growth. Over the year to September, the US dollar and Turkish lira declined 20% and 32%, respectively, against the tenge. This reduced the reported tenge value of our Türkiye business, while tenge appreciation and easing inflation contributed to more competitive pricing in Kazakhstan and lower value per item sold.
Marketplace constant-currency GMV increased 8% to KZT2.2 trillion ($4.9 billion). In Kazakhstan, e-Commerce items sold increased 24% year-over-year, while value per item sold declined 8%.
- Payments continues to deliver strong growth and stable profitability. Constant-currency TPV increased 14% year-over-year to KZT13.6 trillion ($30.8 billion). Revenue grew 6% to KZT182 billion ($413 million), while adjusted EBITDA remained broadly stable at KZT105 billion ($238 million), reflecting investments in Kaspi Alaqan.
- Fintech revenue growth remains robust, with opportunities for improving profitability. Revenue increased 19% year-over-year to KZT489 billion ($1.1 billion), supported by 14% growth in the average net loan portfolio. Adjusted EBITDA declined 1% to KZT179 billion ($406 million).
Following two 100bps reductions in our three-month deposit rate, we expect funding-cost pressures to ease from the fourth quarter, with a more meaningful earnings benefit in 2027.
- We reiterate our guidance for around 5% year-over-year consolidated adjusted EBITDA growth in 2026. We are revising our 2026 constant-currency Marketplace GMV growth guidance to around 12%, reflecting lower value per items sold in Kazakhstan amid tenge appreciation. Payments TPV and Fintech average loan portfolio growth remain on track and our guidance is unchanged. Softer GMV growth trends are broadly offset at the adjusted EBITDA level by lower Fintech funding costs.
3Q and 9M 2026 Financial Results Conference Call
Monday, 9th November 2026 at 8.00am EST (1pm GMT, 6.00pm Astana time).
To pre-register for this call, please go to the following link:
You will receive access details via email.
For further information
David Ferguson david.ferguson@kaspi.kz
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