Kaspi.kz rose about 7 percent today, breaking out of a quiet stretch to hit a new high for the year. This move is a direct reaction to the company's quarterly earnings report released this morning.
Our view
The business continues to grow quickly while keeping its profit margins very high, which is a rare combination. If you have been thinking about buying it, this is still a fair price to pay for a company with such a strong grip on its market.
Kaspi.kz is scheduled to release its latest financial results today. Analysts are looking for revenue of about 2.31 billion dollars and earnings of 2.85 dollars per share.
For a long-term owner, the numbers themselves matter less than what they say about the company's expansion. We are watching for growth in the e-commerce marketplace and any updates on the integration of Hepsiburada in Türkiye. These moves are key to proving the super app model can succeed outside of Kazakhstan.
The board has called for a special meeting of shareholders to be held on September 9, 2026, in Almaty, Kazakhstan. While the notice does not list specific voting items, these meetings are often used to approve dividends or formalize board changes. It is a routine part of corporate governance for a public company.
Kaspi.kz has officially completed its purchase of Rabobank A.Ş., a bank with a full operating license in Türkiye. This follows the company's strategy to move beyond its home market in Kazakhstan and build a digital finance ecosystem in larger neighboring economies.
Owning a licensed bank is a critical foundation. It allows Kaspi.kz to offer its own payment and lending products directly to Turkish consumers rather than relying on partners. This is a vital piece of the plan to export its successful super app model.
CEO Mikheil Lomtadze recently introduced Kasper, a new artificial intelligence assistant built into the Kaspi.kz app. The tool is designed to act as a personal guide for the millions of people who use the platform for shopping, payments, and banking.
For a company that thrives on being the primary digital interface for its users, this is a smart move to increase engagement. If the AI can successfully help users find products or manage their finances more easily, it should help Kaspi.kz keep its dominant position as the go-to app for daily life.
Joint Stock Company Kaspi.kz analyst price targets
Analysts have recently cooled on the stock, highlighted by a downgrade from JP Morgan following a period of mixed updates. Only one of the two analysts currently recommends buying, and the average target price is slightly below the current price.
Average target$95-2%vs $96.57 today
TodayAvg price
Low $95High $95
Buy2 analysts
0Bearish
1Neutral
1Bullish
FirmRatingPrice TargetDate
Susquehanna
Positive
$87→$95
4/23/2026
Susquehanna
Positive
$87
2/2/2026
Goldman Sachs
Buy
$107
10/8/2025
Morgan Stanley
—
$127→$115
6/17/2025
Wolfe Research
—
$150
5/29/2024
Joint Stock Company Kaspi.kz earnings
The company has a history of growing its revenue by nearly 40 percent year over year, though its actual earnings per share sometimes land a bit below what analysts expect.
Earnings history
EstimateBeatMiss
Joint Stock Company Kaspi.kz past earnings results
Expected
Actual
Surprise
EPS
$2.59
$2.63
+1.5%
Revenue
$2.15B
$2.26B
+4.7%
Key highlights
E-commerce expansion accelerating: E-commerce revenue jumped 58% to KZT 394 billion, making it a primary engine for the business as shoppers in Kazakhstan and Türkiye used the app more often. Customers averaged 15.0 purchases per quarter during the period, a significant step up from 10.4 purchases just one year ago.
Türkiye integration driving growth: The company’s recent acquisition in Türkiye now accounts for 50% of all e-commerce transaction value, helping total marketplace revenue grow 49% to KZT 520 billion. Management is keeping the Turkish division, Hepsiburada, at a breakeven level for adjusted EBITDA, which is a measure of core operating profit, to prioritize capturing market share.
Funding costs impacting margins: The cost of paying interest on customer deposits rose 220 basis points to 14.3% following interest rate hikes in Kazakhstan. This higher expense contributed to net income falling 1% to KZT 252 billion even as the company brought in more total revenue.
Fintech shifting to longer loans: Fintech revenue grew 25% to KZT 430 billion because the company shifted its lending toward longer-duration products that earn more over time. The average loan now lasts 9.3 months compared to 7.9 months last year, which helped revenue rise even though the total amount of new loans issued actually fell by 2%.
Dividend and cash returns: The board recommended a dividend of KZT 850 per share, which uses 64% of the company's earnings for the quarter to pay shareholders. This payout follows a successful $600 million bond sale in April that added more cash to the balance sheet for general corporate use.
Full year outlook confirmed: Management stated that first quarter results were in line with their expectations and officially reiterated their financial guidance for the full year of 2026. This confirmation suggests the company remains on track to meet its original targets for revenue and profit across its payments, marketplace, and fintech divisions.
Our take: A solid quarter that proves the company can successfully expand beyond its home market. While higher deposit costs and investments in Türkiye are temporarily weighing on profit margins, the 41% jump in e-commerce volume shows the platform is becoming more essential to its users. The long-term case for the business remains very healthy.
Joint Stock Company Kaspi.kz’s next earnings date
Q2 2026
AUG
10
Expectation
EPS
$2.85
Revenue
$2.31B
Metrics we are tracking
Metric
Expectations
Status
Marketplace Revenue Growth
Growing above 25% year over year
49% YoY in Q1 2026
Monthly Active Users
Staying above 14 million in Kazakhstan
25 million in Kazakhstan and Türkiye in Q1 2026
Return on Invested Capital
Maintaining ROIC above 35%
41.7% TTM
Provision for Loan Losses
Keeping provisions below 3% of the total loan book
0.7% in Q1 2026
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