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    KSPI
    Earnings call· Jun 2026(Q2 FY26)

    Joint Stock Co Kaspi.kz Q2 FY26 earnings call KSPI

    Aug 10, 2026 Source

    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

    5

    • 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

    4

    • 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

    4
    CategoryTargetConfidence
    Full-year GMV growth
    around 20%
    high materiality
    High
    Full-year TPV growth
    around 15%
    medium materiality
    Medium
    Full-year Average Net Loan Portfolio growth
    15%
    high materiality
    High
    Full-year Adjusted EBITDA growth
    around 5%
    high materiality
    High

    Segment performance

    3
    SegmentRevenueYoYQoQMargin
    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%

    Operational metrics

    18
    E-commerce purchases
    $76 millionup 33% YoY
    Q2 FY26

    Delivered in excess of $76 million purchases in the second quarter.

    Value-added services growth
    49%constant currency growth
    Q2 FY26

    Value-added services grew 49% on a constant currency growth and 27% wheel growth growing faster on the constant currency basis than e-commerce revenue.

    Value-added services growth
    27%reported growth
    Q2 FY26

    Value-added services grew 49% on a constant currency growth and 27% wheel growth growing faster on the constant currency basis than e-commerce revenue.

    Casper AI user engagement
    1 out of 5
    July 2026

    1 out of 5 customers whom customer was available actually used it.

    Casper AI response rate
    3 seconds
    July 2026

    The response rate is around seconds. (Later clarified as 3 seconds in Q&A)

    Casper AI product recommendation rate
    80%
    July 2026

    8 in 10 conversations, so 80% of conversations actually end up with a product recommendation.

    Casper AI recommendation conversion to specific product
    60%
    July 2026

    60% of those take customer through the specific product.

    Casper AI product discovery speed improvement
    50%
    July 2026

    With the Casper is 50% faster than just a regular product discovery.

    Casper AI add to favorites speed improvement
    50%
    July 2026

    50% faster adding to fibroids.

    Casper AI add to basket speed improvement
    30%
    July 2026

    30% faster to the basket.

    Turkey new shopping loan GMV penetration
    6.4%
    June 2026

    We are piloting the new shopping loan is already 0.54% of the GMV in June. (Transcript states '0.54%' in prepared remarks but '6.4%' in Q&A for the same metric. Using the Q&A figure as it was explicitly requested.)

    Turkish Lira depreciation vs Kazakh Tenge
    21%YoY
    Q2 FY26

    Impacted by 21% depreciation of the Turkish lira versus the Kazakh tenge.

    Payments interest revenue growth
    15%YoY
    Q2 FY26

    That interest revenue was up 15% year-on-year. That's not reflected in EBITDA, but is reflected in net income is net income accretive.

    Fintech cost of funding increase
    150 bpsYoY
    Q2 FY26

    Cost of funding remains an issue, up 150 bps year-on-year in the second quarter.

    Deposit rate cut (3-month product)
    19%from 20%
    August 2026

    We lowered the rate from 20% to 19%. So clearly, this isn't reflected in Q2 numbers. Some of it will be reflected in Q3. It's a 3-month duration product. So it will be reflected to a much greater extent in the fourth quarter and then fully as we go into next year.

    National Bank reserve requirements impact
    —
    Q2 FY26

    The regulatory changes that were announced last year, particularly higher national bank reserve requirements have been introduced in 2 phases. The first phase was last year. The second kickup was in the second quarter of this year. So you see that pressuring net income.

    Turkey order growth
    just under 18%YoY
    H1 FY26

    If you look over a longer period of time, H1, where orders increased just under 18%, you get a bit of a better indication of the performance of the business this year.

    Payment points
    $800,000
    Q2 FY26

    We have what about -- I don't remember the exact number, but whatever, $800,000 cost minus points where you can pay with the customer well application. (The transcript states '$800,000 cost minus points', which appears to be an ASR error for a number of payment points. Captured verbatim as stated.)

    Industry KPIs

    13
    MetricValueDetails
    Fee revenue—
    Funding mix21%%
    Payment rate—
    Delinquencieslow and stable
    Capital returns—
    Credit quality mixlow and stable
    Net charge off rate—
    Loans card receivables18%%
    Provision reserve rate0.7%%
    Rewards engagement costs—
    New accounts card acquisitions—
    Billed business purchase volume28%%
    Net interest margin yield on receivables—

    Product announcements

    2
    ProductTypeDetails
    Casper AI Assistantlaunch
    New Shopping Loanlaunch

    Deals & partnerships

    2
    Rubber bankAcquisition 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 / GoogleIntegration 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

    5
    Turkish Lira depreciationQ2 FY26

    21% depreciation YoY vs Kazakh Tenge

    Moderation of inflation impacting TPV growthQ2 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 EBITDAQ2 FY26

    Payments EBITDA down 1%

    Mitigation: These are strategic investments for future growth.

    Increased cost of funding for Fintech businessQ2 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 requirementsSecond phase introduced in Q2 FY26

    Pressuring net income

    Mitigation: Will be in the base next year.

    What to watch in Q3 FY26

    4

    Deposit rate cut impact

    Q4 FY26 and FY27
    Current3-month deposit rate cut from 20% to 19% for 30% of deposits
    TargetPositive 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.

    Q&A highlights

    5

    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 read5 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

    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.

    04

    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.

    05

    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.

    AI-generated summary of the company’s earnings call. Not investment advice.