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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Kaspi.kz
Kaspi.kz (KSPI) investor relations material
Kaspi.kz Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary10 Aug, 2026
Executive summary
Revenue grew 15% year-over-year to $2.3B in Q2 2026, with adjusted EBITDA up 5% to $826M and net income stable despite higher funding costs and investments in Türkiye.
Board proposed an 18% increase in quarterly dividend to KZT1,000 per ADS, reflecting strong performance and confidence in long-term growth.
E-commerce led growth with GMV up 28% year-over-year (constant currency), and purchases per consumer up 33%.
Launched Kasper, a personal AI assistant, with strong early adoption and high engagement rates.
Acquisition of Rabobank A.Ş. in Türkiye completed and rebranded as Hepsi Bank, with new fintech products piloted and $300M investment planned.
Financial highlights
Marketplace GMV reached $4.8B (+15% YoY), e-commerce GMV $2.6B (+28% YoY), and TPV $26B (+13% YoY).
Fintech revenue increased 23% YoY to $946M, with average net loan portfolio up 18% to $15B.
Payments revenue up 5% YoY, with TPV up 13% and adjusted EBITDA stable; take rate slightly down.
Marketplace revenue rose 11% YoY, adjusted EBITDA up 9%, and take rate expanded by 110 bps.
Value-added services (delivery, advertising) revenue up 49% YoY, outpacing core e-commerce growth.
Outlook and guidance
Full-year 2026 guidance reiterated: GMV, TPV, and average net loan portfolio expected to grow around 15–20% YoY; adjusted EBITDA to grow around 5–7%.
Guidance assumes constant currency rates as of January 1, 2026.
Management remains confident in meeting targets despite EBITDA trending up 7% YTD, below full-year guidance.
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Latest events from Kaspi.kz
- Revenue up 31% YoY, e-Commerce GMV up 41%, Türkiye now 50% of e-Commerce GMV.KSPI
Q1 2026 - FY 2025 saw 10% net income growth, robust e-Commerce gains, and a proposed KZT 850 dividend.KSPIQ4 2025
- Double-digit growth across core platforms, despite smartphone supply and regulatory headwinds.KSPIQ3 2025
- Double-digit growth across all segments in Q2/H1 2025; 2025 guidance reaffirmed.KSPIQ2 2025
- 9M 2024 revenue up 34% YoY, net income up 23% YoY; major Türkiye expansion underway.KSPIQ3 2024
- 36% revenue and 25% net income growth YoY, with 25% net income guidance reaffirmed.KSPIQ2 2024
- Revenue up 49% and net income up 14% YoY, with robust growth despite regulatory headwinds.KSPIQ1 2025
- 25% net income and 32% revenue growth in 2024, with Hepsiburada acquisition expanding reach.KSPIQ4 2024
Next Kaspi.kz earnings date
Q3 20269 Nov, 2026
Kaspi.kz
Next Kaspi.kz earnings date
Q3 20269 Nov, 2026
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Frequently asked questions
Kaspi.kz operates the largest payments, marketplace and fintech Ecosystem in Kazakhstan. Their flagship offering includes "Super App", an all around platform where users can conduct shopping, payments and personal finances, allowing customers to shop online and in-store, make and receive payments, manage all aspects of their personal finances, use location services and manage the bonus programme. The company is based in Almaty, the Republic of Kazakhstan.