Kaspi.kz revenue rises 31% as e-commerce expansion offsets tax headwinds

Kaspi.kz (NASDAQ:KSPI) reported first-quarter 2026 revenue of KZT1.1 trillion, a 31% increase year-over-year.

The results highlight the continued rapid scaling of its marketplace and fintech platforms, even as the company navigates a more stringent tax environment and higher reserve requirements in Kazakhstan.

Adjusted EBITDA rose 9% to KZT368 billion, though net income saw a marginal 1% decline to KZT252 billion.

Management noted that bottom-line growth was tempered by a higher effective tax rate and the impact of elevated interest rates, which are expected to be fully absorbed into the earnings base by the end of the year.

The company’s e-commerce segment remained the primary growth engine, with Gross Merchandise Value (GMV) rising 41% and segment revenue climbing 58%.

Marketplace revenue grew 49%, while the fintech division posted a 25% revenue increase.

Reinforcing its commitment to shareholder returns, the Board recommended a quarterly dividend of KZT850 per ADS, representing a 64% payout ratio.

To further optimize its capital structure, Kaspi.kz settled $600 million in 5.900% senior notes during the quarter, a move aimed at enhancing long-term liquidity and reducing interest expense.