Kaspi.kz

Joint Stock Company Kaspi.kz is a payments, marketplace and fintech company based in Almaty, Kazakhstan. In Kazakhstan, its Kaspi.kz Super App gives consumers payments, e-Commerce, e-Grocery, loans, deposits, travel and government services in one app, and its Kaspi Pay Super App serves merchants. Active consumers in Kazakhstan make 77 transactions a month with it. Kaspi.kz has three segments: Payments, Marketplace and Fintech.

Fintech is Kaspi Bank, which lends to consumers and merchants and takes deposits. In January 2025, Kaspi.kz bought control of Hepsiburada, an e-Commerce company in Türkiye, and it now owns 93.51% of it. In July 2026, it bought Rabobank A.Ş. in Türkiye and renamed it Hepsi Bank. The company serves more than 27 million consumers and 907 thousand merchants in the two countries.

Mikheil Lomtadze is co-founder and Chief Executive Officer. Kaspi.kz files Form 20-F and Form 6-K with the SEC and reports in Kazakhstan tenge (KZT) under IFRS Accounting Standards. Its American Depositary Shares (ADSs) trade on Nasdaq in US dollars, and the Form 20-F states that each ADS represents one common share.

The price of Kaspi.kz depends on whether its profits in Kazakhstan can grow again while it spends money in Türkiye. In the nine months to September 30, 2026, net income was KZT 792 billion, about the same as a year earlier. Three things held profit back. The cost of deposits rose after interest rates went up in Kazakhstan, the tax rate for banks went up to 25% in 2026, and Hepsiburada lost money, KZT 93 billion in 2025.

The market also prices the risk of one country and one currency, because almost all profit comes from Kazakhstan in tenge. Kaspi.kz pays most of its profit as dividends. The dividend for Q2 2026 was KZT 1,000 per ADS, and the Board proposed KZT 1,000 more for Q3 2026, for a vote on December 9, 2026. For the price to rise, three things must happen.

The two cuts of 100 basis points to the deposit rate in August and October 2026 must lower funding costs in 2027, as the company expects. Spending in Türkiye must fall in 2027, as the company also expects. The marketplace in Kazakhstan must grow again after a stronger tenge made goods cheaper. The Q4 2026 report, expected in late February or early March 2027, is the next test.

AI estimate, checked by Kevin. How it is made

1. Dec 9, 2026Pending

   Shareholder vote on the Q3 2026 dividendShareholders approve the dividend of KZT 1,000 per share, and this passes; a lower dividend fails.
2. Mar 1, 2027 · est.Pending

   Q4 2026 results and 2027 guidanceAdjusted EBITDA grows about 5% for 2026 as guided and the 2027 guidance shows lower funding costs and less spending in Türkiye, and this passes; a missed 2026 guidance fails.
3. May 2027 · est.Pending

   Q1 2027 resultsNet income grows faster than in 2026 as deposit costs fall, and this passes; flat net income fails.

Every passed and failed checkpoint across all picks

• November 9, 2026Kaspi.kz reported Q3 2026 results. Revenue rose 18% in constant currency to KZT 1.1 trillion, adjusted EBITDA rose 1% to KZT 408 billion and net income was KZT 281 billion. The company kept its guidance of about 5% growth in adjusted EBITDA for 2026 and cut its guidance for Marketplace GMV growth to about 12%.
• November 9, 2026The Board proposed a dividend of KZT 1,000 per common share for Q3 2026. Shareholders vote on it on December 9, 2026, with a record date of December 8, 2026.
• November 9, 2026Kaspi.kz said that it will grow its Magnum Daily grocery stores in Kazakhstan from a pilot of 42 stores to about 300 stores by the end of 2027.

Next earnings

Expected about March 1, 2027. The company has not confirmed the date.

• 20-FAnnual report for the period ended Dec 31, 2025Filed March 16, 2026 · kspi-20251231
• 20-FAnnual report for the period ended Dec 31, 2024Filed March 10, 2025 · kspi-20241231

Every filing on SEC EDGAR (CIK 1985487)

• Almost all profit comes from Kazakhstan and is in tenge. A weaker tenge lowers the value of profit and dividends in US dollars. Changes in tax, bank rules or reserve requirements in Kazakhstan can cut profit, as the higher bank tax rate of 2026 did.
• Kaspi Bank pays for its loans with deposits. In Q3 2026, the average cost of funding was 14.9%, 150 basis points more than a year earlier. If interest rates stay high, profit in Fintech stays under pressure.
• Hepsiburada lost KZT 93 billion in 2025, and Kaspi.kz plans to put about $300 million into Hepsi Bank. Türkiye has high inflation and a weak lira, and the business there may not earn a profit for several years.
• Consumer loans can go bad when the economy slows. The NPL ratio was 6.9% in the first nine months of 2026, up from 6.1% for 2025.
• Dividends depend on payments from Kaspi Bank. The bank must keep capital above the minimum of the National Bank of Kazakhstan, and a lower capital ratio could limit the dividend.

At September 30, 2026, Kaspi.kz had total assets of KZT 12,392 billion. They included cash and cash equivalents of KZT 1,080 billion, mandatory cash balances with the National Bank of Kazakhstan of KZT 493 billion, investment securities of KZT 1,580 billion and loans to customers of KZT 7,650 billion. Read more

Yield at the current rate

9.6% (current annual rate, at today’s price)

Dividend yield

6.4% (last 12 months, at today’s price of $89.44)

Paid per share

$5.707 in the last 12 months (3 payments)

Current annual rate

$8.596 ($2.149 × 4 a year)

Latest ex-dividend date

September 10, 2026, $2.149 per share

Fewer payments or a raise. The last 12 months paid at least 25% less than the current annual rate. A payment may fall just outside the 12 months, or the company may have raised its dividend.

Dividends per share by year

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.