Joint Stock Company Kaspi.kz

Consolidated revenue increased 31% year over year and adjusted EBITDA increased 9% year over year. Net income was flat, down 1% year over year. On a divisional basis, marketplace GMV grew 19% constant currency pro forma, e-commerce GMV grew 41%, and payments TPV grew 14%; fintech average net loan portfolio grew 23% while TFE declined 2%. For full-year guidance, management kept GMV growth around 20%, TPV growth around 15%, TFE growth around 5%, and EBITDA growth around 5% unchanged. The board recommended a dividend of 850 per share, implying about a 64% payout ratio, and management said that is consistent with the quarterly amount previously indicated.

Mikheil Lomtadze emphasized that Kaspi is becoming a larger and more diversified business while staying focused on the consumer-merchant front end, especially e-commerce. He highlighted faster monetization from value-added services such as advertising and delivery, which grew about 73% year over year, and said the company remains optimistic about its long-term opportunities in Kazakhstan and Turkey. His tone was confident and strategic, with repeated comments about continued innovation, alignment with long-term shareholders, and building future products, including AI-enabled experiences.

David Ferguson said the quarter was broadly on track with expectations, with consolidated revenue up 31% and adjusted EBITDA up 9%. He broke out key drivers: e-commerce revenue grew faster than GMV because take rate expanded 90 bps to 15.8%, while payments revenue grew more slowly due to mix compression as Kaspi QR and Kaspi B2B payments gained share. In fintech, the average net loan portfolio rose 23% even as TFE fell 2%, reflecting a deliberate shift toward longer-duration loans; he also noted funding costs rose about 220 bps year over year and that first-quarter EBITDA growth was above the full-year pace, implying slower growth later in the year. On liquidity and capital allocation, he said the new $600 million raise was for general corporate purposes and that the company was pleased to fund growth initiatives at a 5.9% rate.

Analysts focused on Turkey losses, marketplace take rate, financing, and the effect of the Tencent stake. Management said Turkey is being guided to EBITDA breakeven and free cash flow positive, and that the business is still in an investment phase aimed at raising engagement, delivery quality, and product depth rather than maximizing near-term profit. On marketplace take rate, management said the increase was not seasonal but reflected rising value-added services, while on payments the lower take rate was described as a mechanical mix shift toward QR and B2B products. Tencent was described as primarily a financial investment, with no specific strategic synergy update disclosed.