Joint Stock Company Kaspi.kz Q2 FY26 Earnings Analysis

- Marketplace GMV expected to grow around 20% for the full year, on track and unchanged. - E-commerce GMV showing strong growth at 41% year-on-year, driven by increased consumer purchases (+43% YoY). - TPV (Total Payment Volume) up 14%, close to guidance of 15%. - Focus on increasing consumer engagement and frequency of purchases, targeting 7 purchases per consumer in Turkey and higher in Kazakhstan (27 purchases per consumer). - Growth fueled by expanding value-added services such as advertising, delivery, and fintech offerings. - Continued innovation in technology and data-driven logistics expected to improve delivery speed and customer experience. - Emphasis on profitable growth through sustainable customer acquisition and risk management in consumer finance. - EBITDA growth guided around 5% for the year, with some investments impacting short-term profitability but positioning for long-term growth.

- Consolidated revenue grew 31% YoY in Q1 2026; adjusted EBITDA up 9% YoY, in line with expectations. - EBITDA growth is above the full-year guidance of around 5%, implying slower growth in subsequent quarters. - Guidance remains unchanged; focus on sustainable profitable growth rather than short-term spikes. - E-commerce GMV up 41% YoY; transactions grew 43% YoY, indicating strong consumer engagement. - Marketing investments are focused on long-term profitable growth and customer engagement, not short-term targets. - Turkey segment is progressing towards EBITDA breakeven and free cash flow positive, aiming for profitability in coming years. - Fintech yield stable; portfolio shifting to longer-duration, higher-revenue loans impacting earnings growth. - Interest rate pressures have affected EBITDA growth, but rates are expected to have peaked, benefitting profitability next year. - Overall outlook is optimistic with growth driven by e-commerce, fintech, and payments, supported by innovative services and strong risk management.

- The recently raised $600 million capital at a 5.9% rate is for general corporate purposes, providing flexibility to fund multiple growth initiatives across both Kazakhstan and Turkey. - Investments focus on enhancing technology, data organization, and real-time decision-making systems to improve consumer and merchant experience, delivery speed, and payment options in Turkey. - Continued investment in the Hepsiburada marketplace includes improving delivery experience, reducing delivery fees, and rolling out a data-driven logistics platform supported by LLM and forecasting models. - Marketing investments aim to build sustainable, engaged consumer traffic rather than short-term gains. - Fintech growth initiatives target car finance and merchant loans with stable pricing, focusing on longer-duration loans. - Strategic emphasis on innovation and consumer engagement, supported by high-quality data from payments and fintech businesses, sustained by ongoing investments in AI and technology development.

- Recently raised $600 million debt at a 5.9% interest rate. - The capital raised is intended for general corporate purposes. - Funds will provide flexibility for multiple growth initiatives across both Turkey and Kazakhstan. - No specific large project identified for this funding deployment. - No new updates on other fundraising such as equity noted. - The company emphasizes the cost-effectiveness and strategic value of the recent debt raise.

The provided transcript does not specifically mention details about the current or expected orderbook or pending orders. However, related insights include: - Focus is on increasing consumer engagement and frequency of purchases, particularly in Turkey, aiming to reach levels similar to Kaspi's home market (around 27 purchases per consumer). - Growth in orders is a leading indicator of progress, linked with investments in marketing, delivery, and product assortment. - Hepsiburada’s strategy involves improving delivery experience and expanding low-ticket item sales, supported by a data-driven logistics platform. - Marketplace GMV growth is strong, with e-commerce purchases up 43% year-on-year, indicating increasing order volume. - Marketing investments aim to build sustainable, repeat target traffic rather than short-term spikes. No explicit numeric figures on orderbook or pending orders are mentioned on page 8 or adjacent pages.