$KSPI (-2,64%) reported consolidated figures for the Turkish business for the first time today. It also listed many special effects and compared them with underlying figures.
It is correspondingly difficult to classify the figures.
key facts:
- Kazakhstan continues double-digit profit and sales growth despite government regulation (bank deposit, key interest rate and higher taxes)
- Turkey still loss-making, but break-even in sight for 2026
- USD 300 million reserve for Rabobank takeover in mid-2026
- Resumption of dividend payment of 850 KZT for the past year
- Adjusted EBITDA to increase from KZT 1.56 trillion to KZT 1.6 trillion in 2026
Kaspi will therefore remain a high conviction stock in 2026 with not inconsiderable risks, but still in the portfolio.