$KSPI · Joint Stock Co Kaspi.kz
Kaspi.kz reported unaudited 3Q/9M 2026 IFRS results. Consolidated revenue rose 18% year-over-year on a constant-currency basis to KZT1.1 trillion ($2.5B), while adjusted EBITDA increased only 1% to KZT408B ($925M) and net income was stable at KZT281B ($637M). The Board proposed another quarterly dividend of KZT1,000 per ADS. The company reiterated ~5% consolidated adjusted EBITDA growth guidance for 2026 but cut constant-currency Marketplace GMV growth guidance to ~12%.
- Revenue +18% constant-currency to KZT1.1T ($2.5B); adjusted EBITDA +1% to KZT408B ($925M).
- Net income stable at KZT281B ($637M); Board proposed KZT1,000 per ADS quarterly dividend.
- Fintech revenue +19% to KZT489B ($1.1B) but adjusted EBITDA -1% on higher deposit funding costs.
- Marketplace GMV guidance cut to ~12% from prior, on tenge appreciation and lower item values.
- Magnum Daily 42-store pilot hit ~15% EBITDA margin; scaling to ~300 stores by end-2027.
Extended-hours last trade $92.00, +0.35% vs regular close of $91.68, a muted reaction to in-line results and reiterated guidance.
Kaspi.kz shows strong top-line growth but margin compression from funding costs, while signaling a 2027 earnings inflection from deposit-rate cuts and grocery expansion.
Kaspi.kz's super-app model spans payments, e-commerce, and fintech across Kazakhstan and Türkiye, with Hepsiburada (93.5% owned) driving Türkiye expansion.
Sharp tenge appreciation (USD -20%, TRY -32% vs tenge) suppressed reported GMV and revenue growth; NPL ratio rose to 6.9% in 9M 2026 from 6.1% in FY2025.