Almaty, 9 November. The fintech holding Kaspi.kz plans to bring the number of its neighbourhood Magnum Daily stores to around 300 by the end of 2027 and, in the medium term, to around 3,000, the company said in its report for the third quarter and nine months of 2026.
The 42-store pilot in Almaty, the company says, was completed successfully: EBITDA margin came to about 15%. The stores are supplied from the online supermarket’s existing dark stores and run by local partners, so, as Kaspi.kz explains, the network can expand quickly without a separate supply chain. The company puts Kazakhstan’s neighbourhood grocery market at about 9 billion dollars and sees the new outlets as infrastructure for 30-minute delivery. The online supermarket now serves 1.7 million customers, and its turnover grew 39% in nine months. Where the new stores will open, who the partners will be and how much it will cost, the report does not say.
For comparison: in 2025, as company head Mikheil Lomtadze told the prime minister, more than 800,000 Kazakhstanis placed 5.3 million orders at the Magnum online supermarket, and investment in the project exceeded 53 billion tenge, Informburo.kz wrote.
Third-quarter consolidated revenue rose 18% in constant currency to 1.1 trillion tenge (2.5 billion dollars). Adjusted EBITDA gained only 1% to 408 billion tenge (925 million dollars) and net income was 281 billion tenge (637 million dollars). The board proposed a quarterly dividend of 1,000 tenge per depositary share.
The report also has a less pleasant line. The 2026 marketplace turnover growth forecast was cut to about 12% in constant currency: with a strong tenge, buyers pay less per item. Over the year to September the dollar fell 20% against the tenge, the number of items sold in Kazakhstan grew 24% and the value per item fell 8%. The company confirmed its forecast of about 5% growth in adjusted EBITDA for the year.
Separately, Kaspi.kz spoke about its personal AI assistant Kasper: 1.4 million customers have used it since the July launch. According to the company, purchase conversion with the assistant is 1.5 times higher and the average order twice as large as with ordinary text search. Kaspi.kz promises to present a new generation of the assistant before the end of the year.
What it means: Kaspi.kz is carrying its online delivery experience into physical retail: neighbourhood stores are meant to be the next source of growth while marketplace turnover slows because of the strong tenge. All figures, including the pilot’s 15% margin, are the company’s own data.
Who benefits: Local partners who will run the stores: the company builds the network on their operating work. Customers, by the company’s promise, get delivery in 30 minutes.
Background: Dark stores are warehouses from which online orders are picked and dispatched, not shops selling from shelves. Kaspi.kz is a Kazakhstani fintech company whose shares trade on Nasdaq; the report is published under international financial reporting standards and is unaudited.
