Quarterly ResultMay 11, 2026, 06:56 AM
Kaspi.kz 1Q e-Commerce GMV +41%; Recommends KZT 850 Dividend
AI Summary
Kaspi.kz reported strong unaudited consolidated IFRS financial results for 1Q 2026, with e-Commerce GMV growing 41% year-over-year on a constant-currency and pro-forma basis, and orders increasing 43%. The company's Board recommended a quarterly dividend of KZT 850 per ADS, representing a 64% payout ratio, reflecting confidence in cash generation and growth outlook. Kaspi.kz also highlighted its strategic expansion into Türkiye, which now accounts for 50% of its e-Commerce GMV, and reiterated its full-year 2026 guidance.
Key Highlights
- Board recommended a quarterly dividend of KZT 850 per ADS, representing a 64% payout ratio.
- e-Commerce GMV increased 41% year-over-year to KZT 1.3 trillion ($2.6 billion).
- e-Commerce revenue increased 58% year-over-year to KZT 394 billion ($824 million).
- Value-added services (advertising and delivery) revenue grew 73% year-over-year.
- Total revenue increased 31% year-over-year to KZT 1.1 trillion ($2.3 billion).
- Adjusted EBITDA increased 9% year-over-year to KZT 368 billion ($768 million).
- Net income was broadly stable at KZT 252 billion ($526 million), down 1% year-over-year.
- Türkiye now represents 50% of Kaspi.kz's e-Commerce GMV.