Joint Stock Company Kaspi.kz (NASDAQ:KSPI) reported second-quarter revenue growth of 15% and adjusted EBITDA growth of 5%, as gains in e-commerce and fintech were partly offset by higher funding costs and investments in Türkiye.
CEO and co-founder Mikheil Lomtadze said the board recommended increasing the dividend by 18% compared with the first-quarter dividend, citing the company’s performance and financial position. Net income was flat in the quarter, reflecting the same profitability pressures as well as higher National Bank reserve requirements that took effect in a second phase during the quarter.
E-commerce growth drives marketplace performance
E-commerce purchases increased 33% in the second quarter, reaching more than 76 million purchases. Lomtadze said 20% of GMV came from first-party sales, primarily e-grocery in Kazakhstan and electronics in Türkiye. Kazakhstan represented 53% of GMV and Türkiye represented 47%.
The marketplace take rate increased 110 basis points to 12.1%, driven by advertising and delivery services. Value-added services grew 49% on a constant-currency basis and 27% in reported terms, according to management.
Marketplace revenue increased 11% and EBITDA rose 9% on a reported basis. Management said reported results were affected by a 21% depreciation of the Turkish lira against the Kazakh tenge. Mobile commerce and travel were broadly flat, consistent with first-quarter trends.
Lomtadze said Kaspi.kz is pursuing a vertical-by-vertical strategy in Kazakhstan, including expansion in e-grocery. He said electronics demand had not fully recovered amid price changes, Middle East conflict-related disruptions, and higher GPU and chip prices, while categories including clothing, car parts and home goods continued to grow.
AI shopping assistant expands across Kazakhstan
On July 1, Kaspi.kz launched “Kasper,” an artificial intelligence-powered personal assistant integrated into its Super App. The initial use case is shopping, with the assistant able to help consumers search for products, compare options, review product information and proceed toward checkout.
Lomtadze said Kasper can work through text or voice requests and has access to about 20 million products on the company’s Kazakhstan e-commerce platform. The assistant was made available to all consumers in Kazakhstan during July.
While management said it was too early to provide detailed performance results, Lomtadze cited early indicators including:
- One in five customers with access to Kasper used the service.
- Responses were delivered in about three seconds.
- Kasper supported 22 product categories, covering nearly the full catalog.
- About 80% of conversations resulted in a product recommendation, while 60% led customers to a specific product.
- Users added products to favorites 50% faster and to baskets 30% faster than through regular product discovery.
Lomtadze said Kaspi.kz’s immediate priority is building trust through reliable and relevant recommendations. Over time, the company plans to extend the assistant to other tasks and services within its Super App and potentially expand it to other markets, including Türkiye.
Fintech mix supports revenue, while funding costs remain a headwind
Fintech revenue rose 23% year over year, outpacing the 18% increase in the average net loan portfolio. Management attributed the difference to a shift in loan mix toward longer-duration and higher-revenue products, including general-purpose loans and merchant financing, while buy now, pay later became a smaller share of the portfolio.
Cost of risk was 0.7%, compared with 0.6% a year earlier and unchanged from the first quarter. Management said it expects cost of risk to moderate slightly in the second half. The company also said real-time credit metrics, including payment defaults and delinquency rates, remained low and stable.
Funding costs increased by 150 basis points year over year in the second quarter. Kaspi.kz said Kazakhstan’s National Bank lowered its policy rate at the end of June, and the company subsequently reduced the rate on a three-month deposit product from 20% to 19%. That product represents about 30% of deposits.
Management said the impact from the lower deposit rate would begin to appear in the third quarter but would be more meaningful in the fourth quarter and fully reflected next year, because the product has a three-month duration. Deposits grew 21% year over year.
Türkiye banking acquisition supports 2027 fintech rollout
Kaspi.kz said it completed the acquisition of Rabobank A.Ş. and obtained a banking license in Türkiye. The company expects to invest about $300 million in the bank’s capital and said the initiative should not have a material impact this year.
Lomtadze said Kaspi.kz is building the operational and technology capabilities needed to launch consumer and merchant financial products in Türkiye next year. Planned offerings include shopping loans, merchant finance and savings products.
The company has already piloted a shopping loan product on Hepsiburada using its consumer finance license. The product represented 0.4% of GMV in June, according to Lomtadze. Kaspi.kz has also been rolling out risk-management processes covering loan approval, customer management and collections.
Management said its focus in Türkiye has been on consumer and merchant experience, including delivery speed and repeat usage, rather than maximizing near-term growth. Over the first half, Hepsiburada orders increased just under 18%, though management noted retail disruptions in Türkiye during March and April of the prior year affected comparisons.
Kaspi.kz reiterated its full-year outlook, including GMV growth of about 20%, TPV growth of about 15%, average net loan portfolio growth of about 15%, and adjusted EBITDA growth of about 15%. Management said it expects GMV trends to accelerate in the second half due to promotional timing and product initiatives.
About Joint Stock Company Kaspi.kz (NASDAQ:KSPI)
Joint Stock Company Kaspi.kz is a leading financial technology and e-commerce group headquartered in Almaty, Kazakhstan. The company has built one of the country’s largest digital ecosystems, offering a suite of integrated services that span consumer banking, payments, online marketplaces and merchant acquiring. Through its mobile and web platforms, Kaspi.kz aims to simplify everyday financial and shopping activities for individuals and businesses across Kazakhstan.
The company’s core offerings include digital banking solutions such as deposit accounts, digital wallets and money transfers, alongside consumer lending products that enable point-of-sale financing and “buy now, pay later” purchases.
