Kaspi.kz Plans KZT 850 Quarterly Dividend After Hepsiburada 19% Q4 Growth
Kaspi.kz will resume quarterly dividends of KZT 850 per ADS, citing sustainable cash generation post-Hepsiburada acquisition. Hepsiburada achieved 19% Q4 2025 order growth and increased next-day shipment coverage to 63%, while Kazakhstan’s 200-bp corporate tax and reserve requirement hikes will weigh on 2026 earnings.
1. Dividend Resumption and Policy
Kaspi.kz intends to resume quarterly dividends of KZT 850 per ADS in 2026, subject to shareholder approval, based on current cash generation projected to sustain distributions throughout the year.
2. Hepsiburada Growth Metrics
Hepsiburada order growth recovered from –11% in Q1 to +19% in Q4 2025, with next-day shipment coverage rising from 47% to 63% and engaged consumers up 29% year-on-year, supporting the drive toward Adjusted EBITDA breakeven.
3. Regulatory and Tax Headwinds
Effective 2026, the corporate tax rate in Kazakhstan for banks rose from 20% to 25%, increasing Kaspi.kz’s consolidated tax rate by approximately 200 basis points, while higher reserve requirements will dampen interest revenue in a high-rate environment.
4. Outlook and User Expansion
Kaspi.kz aims to build a 100 million user base across Kazakhstan and Türkiye, currently serving 20 million consumers and 200,000 merchants, and is targeting further growth via e-commerce, fintech integration, and potential interest rate cuts later in the year.