Q2 2026 Kaspi.kz AO Earnings Call Transcript
Key Points
- Strong financial performance in Q2 2026 with revenue up 15% and adjusted EBITDA up 5%, leading to an 18% dividend increase.
- E-commerce GMV grew 28% on a constant currency basis, driven by strategic focus and value-added services like delivery and advertising.
- Successful launch of Casper, an AI personal assistant, with encouraging early metrics: 1 in 5 customers used it, 80% of conversations ended in product recommendations, and it speeds up product discovery by 50%.
- Completed acquisition of Rabobank, securing a banking license in Turkey, with plans to invest $300 million to scale fintech products next year.
- First deposit rate cut in over two years (from 20% to 19% on 3-month products), signaling a potential shift from high-rate headwinds to tailwinds as inflation falls.
- Strong loan portfolio growth of 18% year-over-year, with a strategic shift toward higher-revenue, longer-duration loans, driving revenue growth of 23%.
- Payments business continues to grow with TPV up 15% quarter-on-quarter, and integration of Apple Pay and Google Pay boosts international volumes.
- Turkey operations show progress with improved delivery speed and consumer engagement, and new shopping loan pilot already at 0.54% of GMV in June.
- Adjusted EBITDA growth of 5% lagged revenue growth due to investments in Turkey and higher interest costs, with net income flat.
- Turkish lira depreciation of 21% versus the Kazakh tenge negatively impacted reported revenue and EBITDA growth.
- Cost of funding remains elevated, up 150 basis points year-over-year, though recent rate cuts are expected to provide relief.
- Payments take rate declined by 7 basis points due to product mix shifts toward Kaspi Pay, and TPV growth is moderating as inflation falls.
- Regulatory changes, including higher national bank reserve requirements, pressured net income in Q2, with the full impact expected to persist into next year.
- Casper AI assistant is still in early stages with no detailed performance metrics yet, and its long-term cost and scalability remain uncertain.
- E-commerce growth in Kazakhstan is partly offset by weak electronics sales due to supply chain issues and price volatility.
- Turkey's e-commerce growth was slower in Q2, with management prioritizing foundational improvements over growth, which may delay near-term returns.
So our financial performance for the second quarter is strong.
The revenue went up 15%, adjusted EBITDA 5% considering the performance and the strong financial position of the company where the board is recommending to increase the dividends by 18%. Compared to the first Q dividend.
Our core businesses continue to perform the marketplace GMV plus 15% driven by the e-commerce, which is our strategic most important focus both in Kazakhstan and Turkey. It's 28% growth on the constant currency basis. TPV, our. Major business in the payments still continues growth very nicely around 15% growth quarter on quarter and average net loan portfolio continues to grow strongly around 18% year over year.
So e-commerce is the area which we believe is extremely important for us. That's the final destination. For our consumers and merchants is where we can add the most of the value in terms of enabling the purchases and connecting merchants and sellers.
So e-commerce GMV
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