Q1 2026 Kaspi.kz AO Earnings Call Transcript

May 10, 2026 / 02:30 AM GMT

Release Date Price: $85.84 (-0.07%)

Transcript

Key Points

Positve

Kaspi.kz JSC (KSPI) reported a strong growth in e-commerce with a 41% year-over-year increase in GMV and a 43% increase in transactions.
The company maintained a high profitability with a recommended dividend payout ratio of 64%.
Kaspi.kz JSC (KSPI) is expanding its market presence in Turkey, contributing to its diversified business model.
Value-added services such as advertising and delivery grew by 73% year-over-year, enhancing monetization opportunities.
The company achieved a 31% year-on-year increase in consolidated revenue and a 9% increase in adjusted EBITDA, indicating robust financial performance.

Negative

The company's adjusted EBITDA growth of 9% was slower compared to its revenue growth, indicating potential margin pressures.
There was a 2% decline in TFV, which could signal challenges in certain financial segments.
Kaspi.kz JSC (KSPI) faces higher funding costs due to increased interest rates in Kazakhstan, impacting profitability.
The company's net income was flat, down 1% year-on-year, affected by higher interest expenses and COGS.
The payment segment experienced a slower revenue growth of 7% year-on-year due to take rate compression.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

KSPI.KZ - Kaspi.kz AO
Q1 2026 Kaspi.kz AO Earnings Call
May 11, 2026 / 02:30AM GMT

=====================
Presentation
--------------------------------------------------------------------------------
Unidentified_1 [1]
--------------------------------------------------------------------------------
Hello, everybody, and welcome to the CASPI KZ first quarter 2026 financial results. My name is Elliot, and I'll be your coordinator today.

If you would like to ask a question, please press the raise hand icon if you have joined a call via Zoom. If you have joined us on the phone, please press *1 on your telephone keypad.

I would now like to hand it over to David Ferguson, Head of Investor Relations at CASPI. Please go ahead.

--------------------------------------------------------------------------------
Unidentified_2 [2]
--------------------------------------------------------------------------------
Thank you, Elliot. Good morning. Good afternoon, everyone. Welcome to Kaspi KZ's first quarter 2026 financial

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

7-Day Free Trial · Cancel Anytime

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.