Kaspi.kz e-Commerce GMV Soars 41% to KZT1.3T, Board Recommends KZT850 Dividend
Kaspi.kz’s 1Q 2026 e-Commerce GMV rose 41% year-over-year to KZT1.3 trillion, with orders up 43% and purchases per consumer at 15 per quarter, driving a 58% rise in e-Commerce revenue to KZT394 billion. Adjusted EBITDA climbed 9% to KZT368 billion and the board recommended a KZT850 per ADS dividend (64% payout).
1. Robust e-Commerce Expansion
Kaspi.kz’s constant-currency e-Commerce GMV climbed 41% year-over-year to KZT1.3 trillion ($2.6 billion) in 1Q 2026, with orders up 43% on a pro-forma basis. Purchases per consumer increased 44% to 15 per quarter, underpinning a 58% jump in e-Commerce revenue to KZT394 billion ($824 million).
2. Improved Monetization and Profitability
Value-added services from advertising and delivery surged 73%, boosting overall revenue by 31% to KZT1.1 trillion ($2.3 billion). Adjusted EBITDA grew 9% to KZT368 billion ($768 million), while net income remained stable at KZT252 billion ($526 million).
3. Diversified Segment Performance
Marketplace GMV rose 19% to KZT2.2 trillion ($4.5 billion) with revenue up 49% to KZT520 billion ($1.1 billion) and EBITDA up 12% to KZT118 billion ($247 million). Payments TPV reached KZT11.4 trillion ($23.7 billion) with revenue up 7% to KZT158 billion ($331 million), and fintech revenue grew 25% to KZT430 billion ($897 million) as the net loan portfolio expanded 23%.
4. Capital Allocation and Dividend
The board proposed a KZT850 per ADS quarterly dividend, reflecting a 64% payout ratio, and the company reinforced liquidity by issuing $600 million of five-year notes at 5.90%. Cost of risk remained low at 0.7%, supporting disciplined growth and cash generation.