Joint Stock Company Kaspi.kz (NASDAQ:KSPI) reported first-quarter 2026 results that management said were broadly in line with expectations, with strong e-commerce growth offset by pressure from higher funding costs, investment in Türkiye and a changing mix in its payments business.
Co-Founder and CEO Mikheil Lomtadze said the company began the year with “good growth” and highlighted e-commerce as a key driver. On a constant currency and pro forma basis, e-commerce gross merchandise value, or GMV, grew 41% year over year, while transactions rose 43%. Quarterly purchase frequency reached 15 purchases per consumer, up 44% from a year earlier.
