KSPI — Joint Stock Company Kaspi.kz

Kaspi (KSPI) Q1 2026 Earnings Call Summary

1. Key Financial Results and Metrics

• Consolidated Revenue: Up 31% year-over-year.
• Adjusted EBITDA: Increased by 9% year-over-year.
• Net Income: Flat, down 1% year-over-year, attributed to higher interest expenses and costs of goods sold (COGS) from the inclusion of Hepsiburada.
• E-commerce GMV: Grew 41% year-over-year on a constant currency basis, with transactions up 43%.
• Marketplace GMV: Increased by 19% year-over-year.
• Total Payment Volume (TPV): Up 14% year-over-year.
• Average Loan Portfolio: Grew by 23%.
• Dividend: Recommended at 850 per share, maintaining a 64% payout ratio.

2. Strategic Updates and Business Highlights

• Kaspi is focusing on enhancing its Super App capabilities, particularly in e-commerce and fintech, with significant growth in value-added services such as advertising and delivery, which rose 73% year-over-year.
• The company is expanding its presence in Turkey, aiming for breakeven EBITDA and positive free cash flow while investing in marketing and technology to improve service quality.
• The integration of Hepsiburada is ongoing, with efforts to enhance delivery and consumer experience in Turkey.
• The management expressed optimism about future innovations and strategic partnerships, particularly with Tencent, which has acquired a minority stake.

3. Forward Guidance and Outlook

• GMV Growth: Expected to be around 20% for the full year, unchanged from previous guidance.
• TPV Growth: Projected at 15%, also unchanged.
• Total Financing Volume (TFV): Anticipated to trend towards 5% growth, although currently below this target.
• EBITDA Growth: Guidance remains at around 5% for the year, with the first quarter exceeding this expectation, suggesting slower growth in subsequent quarters.

4. Bad News, Challenges, or Points of Concern

• Net Income Pressure: The flat net income is concerning due to rising interest expenses and COGS from Hepsiburada's integration.
• Take Rate Compression: The payments segment is experiencing a decline in take rates, primarily due to a shift towards lower-margin products like Kaspi QR and B2B payments.
• Consumer Financing Slowdown: There has been a deliberate slowdown in consumer financing activities in Turkey as the company enhances its risk management systems.
• Economic and Geopolitical Risks: The ongoing geopolitical situation in the Middle East could impact supply chains, although the management noted no material disruptions so far.

5. Notable Q&A Insights

• Management clarified that the decline in payment take rates is a mechanical function of product mix rather than a result of external pressures.
• The company is prioritizing longer-duration loans in its fintech segment, which could lead to improved revenue despite a decline in total financing volume.
• Questions about the strategic partnership with Tencent highlighted the potential for knowledge sharing and innovation, although specifics on operational synergies were not disclosed.
• The management emphasized that the focus on marketing in Turkey is aimed at building a sustainable consumer base rather than short-term traffic boosts.

Overall, Kaspi reported strong growth in e-commerce and maintained a positive outlook, despite facing challenges related to net income and payment take rates. The strategic focus remains on enhancing user engagement and expanding into new markets.