Key Highlights

• Kaspi.kz reported Q2 2026 Revenue growth of 15 percent year-over-year and adjusted EBITDA growth of 5 percent.

• E-commerce GMV grew 28 percent on a constant currency basis, with e-commerce purchases up 33 percent to more than 76 million in the quarter.

• The board recommended an 18 percent increase in the quarterly Dividend compared to the first quarter.

• The company's new Kasper AI shopping assistant was used by one in five customers to whom it was made available during its first month on the platform.

Marketplace and E-Commerce Growth Lead Results

Joint stock company Kaspi.kz ( Nasdaq :KSPI) reported second quarter revenue growth of 15 percent and adjusted EBITDA growth of 5 percent, with the board recommending an 18 percent increase in the quarterly dividend. Kaspi.kz is a Kazakhstan-based super-app operator combining payments, marketplace, and Fintech services, with an expanding presence in Turkey through its Hepsiburada platform. Marketplace gross merchandise value rose 15 percent year-over-year, driven by e-commerce growth of 28 percent on a constant currency basis, while total payment Volume grew 13 percent and the average net Loan portfolio expanded 18 percent.

E-commerce purchases per consumer continued to climb in both Kazakhstan and Turkey, with e-commerce purchases up 33 percent to more than 76 million for the quarter. Value-added services, chiefly delivery and Advertising , grew 49 percent on a constant currency basis, outpacing overall e-commerce revenue growth and pushing the marketplace take rate up 110 basis points to 12.1 percent. Growth in Turkey has been deliberately measured rather than growth-maximizing, with management emphasizing consumer experience metrics over order volume as it builds toward a broader product launch.

Kasper AI Assistant Shows Early Traction

Kaspi.kz launched Kasper, a voice- and text-enabled AI shopping assistant, on July 1 and has scaled it across its entire Kazakhstan e-commerce platform. Early metrics point to meaningful engagement: one in five customers to whom the tool was available used it, response times average around three seconds, and 80 percent of conversations end in a product recommendation. Management said the assistant helps customers add products to favorites roughly twice as fast and reach checkout 30 percent faster than traditional search and filtering.

The results remain preliminary after only one month of availability, and management has been explicit that trust and reliability, not scale, are the near-term priority before broader expansion. The company's cost advantage stems from operating in a 20-million-person market rather than a market ten times that size, which management said allows it to train and refine the assistant more cheaply than competitors serving larger populations, though this advantage may narrow if Kaspi.kz extends the assistant into Turkey's larger consumer base.

Falling Interest Rates Could Ease a Persistent Earnings Headwind

Kaspi.kz reduced the deposit rate on its three-month savings product from 20 percent to 19 percent last week, its first rate cut in more than two years, following a National Bank of Kazakhstan policy rate reduction at the end of June. Management said the move reflects a broader shift from rising rates, which have pressured Net Income for several years, toward a potential tailwind as Inflation continues to moderate. Deposit growth remained strong at 21 percent even after the cut, and roughly 30 percent of the deposit base sits in the repriced three-month product.

The benefit will phase in gradually rather than immediately. Because the affected deposits carry three-month duration, the fourth quarter of 2026 will capture only a partial benefit, with the fuller impact appearing in 2027. Management cautioned that Kaspi.kz has historically not been the first mover on rate changes in either direction, meaning the pace of further cuts will depend on how quickly national rates continue to decline.

Banking License Opens Path to Turkey Fintech Expansion

Kaspi.kz completed its Acquisition of a Turkish bank and plans to invest approximately $300 million in Capital to build out fintech capabilities there, with product rollout targeted for next year. In the meantime, the company has piloted a new shopping loan on its Hepsiburada platform, which reached 0.4 percent of GMV in June, and has spent the period building risk management infrastructure covering loan approval, servicing, and collections.

The Turkey fintech opportunity remains unproven at scale. Management acknowledged the shopping loan is still in a pilot phase and that meaningful revenue contribution depends on successfully replicating a risk management playbook that took years to refine in Kazakhstan, in a market with different regulatory requirements and consumer Credit behavior.

Conclusion

Kaspi.kz delivered a quarter marked by steady core growth and an encouraging, if early, start for its Kasper AI assistant, alongside a dividend increase that signals management's confidence in cash generation. The first Interest Rate cut in over two years could mark the start of a shift from Margin headwind to tailwind, though the benefit will build gradually into 2027 rather than showing up immediately. Longer term, the pace of fintech product launches in Turkey and the durability of Kasper's early engagement metrics as it scales beyond a single-task assistant are likely to shape how much of the company's ambitions become realized growth.