Asks why EBITDA guidance remains unchanged despite H1 performance and deposit rate cuts, and about early benefits, measurable impact, and investment costs for the Casper AI assistant.

Management clarifies that the deposit rate cut's full benefit will be seen next year, with only a partial impact in Q4 this year, hence unchanged FY guidance. For Casper, early metrics are encouraging (user engagement, speed), and costs are manageable due to the market size and transactional business model, with measurement tied to transaction enablement. “So you're right, there is some benefit of it this year, but it's for a relatively short period time, the full benefit of that and actually potentially other rate cuts that we might see will be felt from the beginning of next year.”

Asks about the impact of the National QR system and long-term effects on payments business and take rates.

Management states their take rate is trending towards 0.95% for majority transactions. They introduced Apple Pay/Google Pay for international travel, boosting overseas volumes. They collaborated with the National Bank on secure payment functionality, ensuring their vast network remains accessible and consumers have choices. “Our take rate, as we have said before, is trending towards what is the majority of the payment transactions and that is actually the transactions, which are through our payment system and the QR, which is priced around 0.95.”

Seeks clarification on the growth plans for Turkey in 2027.

Management outlines plans for increased delivery speed and user experience improvements to drive e-commerce growth. Fintech products (shopping loans, merchant finance, and savings products) will be launched, leveraging the $300 million investment in Rubber bank capital. “So to put it simply, there will be fintech products around consumer, helping them to fund the purchases, feedback products for the merchants so that they can actually acquire some of the inventory and then the savings product, which will enable fintech to continue to scale long term.”

KSPI

Joint Stock Company Kaspi.kz (KSPI) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Industrials· Aug 10, 2026

Source: earnings call transcript

Executive summary

Joint Stock Company Kaspi.kz Q2 FY26 — Strong E-commerce & Fintech Growth, AI Assistant Launch

Kaspi.kz delivered a strong quarter, driven by robust e-commerce GMV and fintech revenue growth, despite currency headwinds impacting marketplace profitability and moderated payments TPV. The company launched its Casper AI assistant in Kazakhstan, showing promising early engagement metrics and efficiency gains in product discovery. Strategic investments in Turkey's fintech capabilities and the recent deposit rate cut position the company for future growth and improved profitability, particularly in the coming fiscal year.

Highlights

E-commerce GMV grew 28% on a constant currency basis year-over-year.
E-commerce purchases grew 33% year-over-year, exceeding $76 million in Q2.
Fintech revenue grew 23% year-over-year, driven by a shift to longer-duration loans.
Deposits grew 21% year-over-year, with a recent deposit rate cut from 20% to 19% on 3-month products.
Launched Casper AI assistant in Kazakhstan, with 1 in 5 users engaging and 80% of conversations leading to product recommendations.

Concerns

Marketplace reported revenue growth of 11% and EBITDA growth of 9% were impacted by 21% depreciation of the Turkish lira.
Payments TPV growth moderated to 13%, reflecting a slight moderation in inflation.
Payments EBITDA was down 1% due to investments in CAS Alicon (pay by Par) and tech/product development.
Cost of funding for Fintech increased 150 bps year-over-year in Q2.

Guidance & targets

Category	Target	Timeline	Confidence
Full-year GMV growth	around 20% high materiality	FY26	High
Full-year TPV growth	around 15% medium materiality	FY26	Medium
Full-year Average Net Loan Portfolio growth	15% high materiality	FY26	High
Full-year Adjusted EBITDA growth	around 5% high materiality	FY26	High

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Marketplace Reported revenue and EBITDA growth impacted by 21% depreciation of Turkish lira. EBITDA growth lower than revenue due to margin pressure and investments in Hepsiburada. E-commerce and value-added services (advertising, delivery) drove take rate expansion. E-commerce purchases grew 33% YoY, exceeding $76 million. Constant currency GMV growth: 15%E-commerce GMV constant currency growth: 28%Take rate: 12.1% (up 110 bps)E-commerce GMV (Kazakhstan): 53% of totalE-commerce GMV (Turkey): 47% of total	up 11%	11%	—	EBITDA up 9%
Payments TPV growth moderated due to slight moderation in inflation. EBITDA pressure from investments in CAS Alicon (pay by Par) and tech/product development. Interest revenue up 15% YoY, which is net income accretive but not reflected in EBITDA. TPV growth: 13%Take rate: declined 7 bps	up 5%	5%	—	EBITDA down 1%
Fintech Revenue growth faster than loan portfolio growth due to mix shift towards longer-duration, higher-revenue loans. Cost of funding up 150 bps YoY. National Bank rate cut in June, leading to a 1% reduction in 3-month deposit rate (20% to 19%) for 30% of deposits, expected to benefit profitability from Q4. Average net loan portfolio growth: 18%Cost of risk: 0.7% (up from 0.6% YoY, flat QoQ)NPL ratio: stable (function of changing mix)Deposit growth: 21% YoY	up 23%	23%	—	EBITDA up 6%

Product announcements

Product	Type	Timeline	Details
Casper AI Assistant	launch	Launched July 1, 2026, scaled across Kazakhstan in July
New Shopping Loan	launch	Piloting as of June 2026

Deals & partnerships

Rubber bank Acquisition of a banking license to build fintech capabilities in Turkey. $300 million investment into capital

Secured banking license, completed acquisition. Investing $300 million for bank capital. Building fintech capabilities to roll out products next year for consumers and merchants.

Apple / Google Integration of Apple Pay and Google Pay for payment transactions.

Introduced Apple Pay and Google Pay to cater to consumer demand for international travel payments, complementing their local mobile application payment system.

Risks & headwinds

Turkish Lira depreciation Q2 FY26

21% depreciation YoY vs Kazakh Tenge

Moderation of inflation impacting TPV growth Q2 FY26 and ongoing

TPV growth moderated to 13%

Mitigation:Integration with Apple Pay expected to benefit higher overseas volumes.

Investments in CAS Alicon and tech/product development impacting Payments EBITDA Q2 FY26

Payments EBITDA down 1%

Mitigation:These are strategic investments for future growth.

Increased cost of funding for Fintech business Q2 FY26

Up 150 bps YoY in Q2

Mitigation:Kazakhstan lowered national bank rate, leading to a deposit rate cut (20% to 19%) for 30% of deposits, expected to benefit from Q4 FY26.

Higher national bank reserve requirements Second phase introduced in Q2 FY26

Pressuring net income

Mitigation:Will be in the base next year.

What to watch in Q3 FY26

Deposit rate cut impact

Q4 FY26 and FY27

Current 3-month deposit rate cut from 20% to 19% for 30% of deposits

Target Positive impact on profitability, especially from Q4 FY26

Why it matters

This is the first rate cut in over two years and is expected to turn a significant headwind into a tailwind for the company's bottom line.

So you're right, there is some benefit of it this year, but it's for a relatively short period time, the full benefit of that and actually potentially other rate cuts that we might see will be felt from the beginning of next year.

Find out whether KSPI delivers this. Inve re-checks your case every morning.

Q&A highlights

Inquires about the deposit rate cut, future pricing strategy, the combination of deposit growth and rate cut, and the differing growth dynamics between Kazakhstan and Turkey marketplaces.

Management explains the deposit rate cut was market-driven and will benefit profitability from Q4. For Kazakhstan, e-commerce growth is vertical-driven, while Turkey focuses on foundational consumer experience and delivery speed to build loyalty for future fintech launches, not immediate growth.

“So what you could expect is this product specific product, which is the 3-month saving account, around 30% of our deposit base, so you expect the impact -- positive impact financially in the -- by the end of the year as deposits churn, the duration is, again, of the positive. So all the deposits will be repriced when the duration is basically in 3 months.”

asked by Gabor Kemeny · answered by Mikheil Lomtadze

2 min read 5 chapters

Detailed narrative

Casper AI Assistant Launch and Early Performance

Kaspi.kz launched its personal AI assistant, Casper, on July 1, 2026, integrating it into the super app for shopping tasks across Kazakhstan. Built on proprietary technology and data, Casper enables product discovery via voice and text. Early metrics are encouraging: 1 in 5 available customers used it, with a 3-second response rate. 80% of conversations lead to product recommendations, and 60% convert to specific products.

Casper significantly speeds up product discovery (50% faster) and adding to the basket (30% faster), aiming to build user trust and expand to other tasks and markets like Turkey.

Strategic Expansion and Fintech Development in Turkey

The company completed the acquisition of Rubber bank, securing a banking license in Turkey, and plans to invest $300 million into its capital. This investment will fund the development and rollout of fintech products, including shopping loans, merchant finance, and savings products, starting in 2027.

A new shopping loan is already being piloted, contributing 6.4% of GMV in June. The strategy in Turkey focuses on building a loyal customer base through superior consumer experience and delivery speed, laying the foundation for future fintech adoption and growth.

Deposit Rate Dynamics and Funding Cost Outlook

Following a national bank rate cut in Kazakhstan, Kaspi.kz reduced its 3-month deposit rate from 20% to 19% for approximately 30% of its deposit base. This is the first rate cut in over two years and is expected to positively impact profitability, particularly from Q4 FY26 and into FY27, as deposits reprice.

Strong deposit growth of 21% year-over-year supports the company's funding position, with management anticipating a sustained tailwind from falling interest rates if inflation continues to moderate.

Marketplace Performance and Geographic Strategy

Marketplace GMV grew 15% year-over-year on a constant currency basis, with e-commerce GMV up 28%. Kazakhstan's e-commerce is experiencing rapid growth, driven by a vertical-by-vertical development strategy, excluding electronics. In contrast, Turkey's marketplace strategy prioritizes improving consumer engagement, Net Promoter Score, and delivery speed to cultivate a highly satisfied customer base.

This foundational work is intended to prepare the market for the adoption of new fintech products next year, rather than focusing on immediate GMV growth.

Payments Business Evolution and Network Expansion

Payments TPV growth moderated to 13%, reflecting a slight moderation in inflation, while the take rate declined by 7 bps due to a shift in product mix towards CASB Pay. Kaspi.kz introduced Apple Pay and Google Pay to facilitate international transactions for its consumers, which positively impacted overseas payment volumes.

The company also collaborated with the National Bank to enhance the security and scalability of the payment system, expanding its QR network and ensuring broad accessibility for both its own and other consumers.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.