NEW YORK, August 2, 2026, 14:20 EDT —
Joint Stock Company Kaspi.kz NASDAQ:KSPI closed last week up 3.5%. Director Vyacheslav Kim disposed of 56,806 ADSs using a Rule 10b5-1 trading plan. The last filing was submitted to regulators late Friday, following the close of Nasdaq trading.
The sales accounted for 3.7% of Kaspi’s average weekly trading volume on Nasdaq. Kim sold 0.15% of his initial direct stake. On Friday, the share price closed 2.0% higher than Kim’s average sale price.
Scheduled director stock sales compared to Nasdaq trading
| Session | ADSs sold | Weighted sale price | KSPI close | Sales as share of volume |
|---|---|---|---|---|
| July 27 | 17,490 | $86.58 | $86.48 | 4.8% |
| July 28 | 16,954 | $86.47 | $86.68 | 4.6% |
| July 29 | 14,592 | $87.81 | $87.14 | 4.5% |
| July 30 | 7,770 | $87.95 | $89.04 | 4.4% |
| Total for four sessions | 56,806 | $87.05 | $88.78 at July 31 close | 3.7% of the week’s volume |
Price information is sourced from SEC filings. Market share figures reflect trading volumes that have been reported.
The transaction was minor. Kaspi’s bigger challenge is converting profit ahead of its August 10 results. First-quarter segment figures indicate an incremental adjusted EBITDA margin of 11.5%.
The Nasdaq and Kazakhstan Stock Exchange did not trade on Sunday. Kaspi ended Friday down 0.3% at $88.78. The S&P 500 rose 1.0% for the week.
Weekly returns and market valuation
| Company or index | July 31 close | Weekly change | P/E ratio |
|---|---|---|---|
| Kaspi.kz NASDAQ:KSPI | $88.78 | up 3.5% | 7.6x |
| MercadoLibre Inc. NASDAQ:MELI | $1,877.95 | rising 4.2% | 49.6x |
| Nu Holdings Ltd. NYSE:NU | $14.33 | gains 1.7% | 22.1x |
| Sea Ltd. NYSE:SE | $106.74 | increased 6.7% | 41.7x |
| S&P 500 | 7,489.72 | rose 1.0% | — |
Week-on-week figures reflect closing prices from July 24 and July 31. The Wall Street Journal
P/E ratios shown are based on the most recent available data.
Kaspi’s price-to-earnings ratio was 66% to 85% lower than that of its chosen peers. The companies vary in both business composition and accounting practices. Nevertheless, the difference underscores the importance of profit conversion.
Revenue for the first quarter increased by 31% to KZT1.1 trillion. Adjusted EBITDA climbed 9%, but net income slipped 1%. Net margin declined to 23.3% from 30.9%.
The margin bridge was straightforward. Increased interest expense subtracted 2.5 percentage points, while cost of goods sold accounted for a further 4.4 point reduction.
Segment breakdown of first-quarter profit conversion
| Segment | Revenue growth | Adjusted EBITDA growth | EBITDA-margin change | Incremental margin |
|---|---|---|---|---|
| Marketplace | +49% | +12% | -7.4 percentage points | 7.6% |
| Payments | +7% | 0% | -4.3 percentage points | 0% |
| Fintech | +25% | +12% | -4.2 percentage points | 20.7% |
Estimate calculated using rounded company data. Incremental margin is determined by dividing additional EBITDA by additional revenue.
Marketplace accounted for 64% of additional segment revenue, based on rounded numbers. However, it contributed just 42% of the incremental EBITDA. Fintech generated 58%. Payments brought in KZT11 billion in extra revenue but did not contribute to EBITDA.
CEO Mikheil Lomtadze stated that Türkiye is “an important part of our next growth phase.” The market accounted for 50% of first-quarter e-commerce GMV. Kaspi maintained its Turkish e-commerce division close to EBITDA break-even as investment continued.
Kaspi increased its stake on July 15, finalising the acquisition of Rabobank A.Ş., a fully licensed bank in Turkey. Its upcoming results on August 10 are set to be the first scheduled release after the deal’s completion.
Funding continues to weigh in the short term. Kaspi’s deposit funding cost rose to 14.3%, an increase of 220 basis points. On July 24, Kazakhstan’s central bank lowered its base rate to 16.75%. Inflation in June stayed at 10.3%.
The rate reduction could gradually reduce funding strains. Changes in deposit pricing may take time to reflect the cut. The central bank noted that inflation risks are still skewed upward.
The primary peer review is scheduled for Wednesday. MercadoLibre will announce its second-quarter results after the market closes on August 5. Kaspi is set to report the next Monday.
Kaspi’s full-year outlook establishes the next performance benchmark. In the first quarter, both GMV and payments volume were each one point under the annual guidance rate. Total finance value trailed the guided pace by seven points. Adjusted EBITDA growth was four points higher than the forecasted annual rate.
Risks encompass Turkish execution, fluctuations in currency, funding expenses, and credit quality. Kaspi’s non-performing loan ratio increased to 6.6% from 6.1% at the end of the year. The incremental margin estimate of 11.5% is based on rounded data from company segments.
That is the key to valuation. Simply increasing volume may not bridge the gap with peers. Kaspi must generate greater EBITDA from every additional tenge in revenue.
