KAP announces 2025 Full Year Financial Results
Summary by AI BETAClose X
AIX: KAP, KAP.Y (GDR)
LSE: KAP (GDR)
20 March 2026, Astana, Kazakhstan
Kazatomprom announces 2025 Full Year Financial Results
National Atomic Company "Kazatomprom" JSC ("Kazatomprom", "KAP" or "the Company") announces its consolidated financial results for the year ended 31 December 2025, prepared in accordance with the International Financial Reporting Standards (IFRS).
"Last year was a period of profound achievements for Kazatomprom. We continued to reinforce our position as the world leader in uranium supply. We have also reached a historic milestone: 1 billion pounds of uranium have been mined in Kazakhstan throughout our nearly 30-year history. The global landscape for nuclear energy has reached a new level of maturity, with uranium establishing itself as the cornerstone of national strategies for resource and energy security, backed by an unprecedented level of government support worldwide.
Today, major consumers are prioritizing physical availability over short-term price concerns, and many are entering into commitments that extend well into the next decade. Despite this momentum, the total level of contracting in 2025 still fell short of actual needs. In this context, the Company continues to execute its strategy of geographic diversification. This was evidenced in 2025 by adding Switzerland and the Czech Republic to our customer base, signing a contract with a major Japanese utility, and establishing a new long-term partnership with India," said Meirzhan Yussupov, Chief Executive Officer of Kazatomprom.
"Our long-standing 'Value over Volume' strategy remains more relevant than ever, as it focuses on preserving and replenishing our resource base. With high-quality assets and a resilient contract portfolio, Kazatomprom is exceptionally well-positioned to capitalize on fundamental growth while continuing to focus on long-term value creation for our shareholders."
Corporate Update
Upcoming Transfer of the Akdala Deposit into Trust Management of Kazatomprom
The state regulator has notified Kazatomprom on the upcoming termination of the subsoil use rights for the Akdala deposit due to expiration of its subsoil use agreement's (SUA) term, and its further transfer to the trust management of Kazatomprom. SUA for exploration and production at Akdala deposit dated 28 March 2001 (the "Contract") is set to expire on 28 March 2026. In accordance with Article 164 of the Code of the Republic of Kazakhstan "On Subsoil and Subsoil Use", following the expiration of the Contract, the deposit shall be transferred under a trust management agreement to Kazatomprom as the National company. The subsoil use rights under this Contract belong to JV "SMCC" LLP (Kazatomprom - 30%, Uranium One - 70%).
It is estimated that upon expiration of the SUA, Akdala deposit is expected to have about 1,500 tonnes of remaining reserves that will require continued development. Based on current production rates, continuous mining is required until 2030 to prevent suspension or disruption of technological process. Therefore, the Company is exploring the possibility of securing a new SUA for production at Akdala deposit to maintain production capacity and ensure continuity of operations. It is worth mentioning that the terms of the initial Contract have been fully performed and settled, and all rights of JV "SMCC" LLP as the subsoil user under the initial Contract have been satisfied.
Throughout this transition, Kazatomprom remains committed to its key priorities: maintaining social stability, preserving highly qualified human capital, and ensuring operational continuity at the Akdala mine.
EGM Notice
On 20 February 2026, Kazatomprom issued a notice to its shareholders regarding an Extraordinary General Meeting (EGM) to be conducted via absentee voting. The EGM's agenda includes the approval of a long-term contract for the sale and purchase of natural uranium concentrates between the Company and India's Department of Atomic Energy (DPS). The agreement provides for the sale of natural uranium concentrates in the form of U3O8, to be delivered physically to the DPS in the Republic of India.
The notice of the upcoming EGM, as well as the ballot for absentee voting are available on the Company's website. Global Depositary Receipt holders shall exercise their voting rights through the procedures established by the depositary bank, Citibank, N.A.
Changes in the Management Board
In order to enhance corporate governance practices, Kazatomprom's Board of Directors resolved to change the number of the Company's Management Board members from eight to six. Consequently, Mr. Zhanat Umerbekov, Managing Director for HR and HSE, a member of the Management Board since June 2024, and Mr. Yermek Kuantyrov, Chief Legal and Corporate Governance Officer, a member of the Management Board since August 2023, will cease to be members of the Management Board, effective 27 April 2026.
Kazatomprom's Management Board will continue to consist of (effective 27 April 2026):
• Meirzhan Yussupov, Chief Executive Officer;
• Marat Tulebayev, First Deputy CEO - Chief Financial Officer;
• Dastan Kosherbayev, Chief Strategy and International Development Officer;
• Kuanysh Omarbekov, Chief Operating Officer;
• Vladislav Baiguzhin, Chief Commercial Officer;
• Darkhan Sagindykov, Chief Procurement and General Affairs Officer;
Detailed information on the Management Board is available on the Company's website.
Key financial metrics
|
(KZT billion unless noted) |
|
|
|
|
2025 |
2024 |
Change |
|
Group's consolidated revenue |
|
|
|
|
1,803 |
1,813 |
(1%) |
|
Operating profit |
|
|
|
|
779 |
807 |
(3%) |
|
Net profit |
|
|
|
|
807 |
1,132 |
(29%) |
|
Earnings per share attributable to owners (basic and diluted), KZT/share1 |
2,200 |
3,363 |
(35%) |
||||
|
Adjusted net profit (net of one-time effects), attributable to: |
|
|
|
|
807 |
836 |
(4%) |
|
Owners of the Company |
|
|
|
|
570 |
577 |
(1%) |
|
Adjusted EBITDA2 |
|
|
|
|
1133 |
1097 |
(3%) |
|
Attributable EBITDA3 |
|
|
|
|
872 |
789 |
11% |
|
Cash flow from operating activities4 |
|
|
|
|
810 |
516 |
57% |
1 Calculated as: Profit for the year attributable to owners of the Company divided by Total share capital, rounded to the nearest KZT.
2 Adjusted EBITDA is calculated by excluding from EBITDA items not related to the main business and having a one-time effect. Calculation: Profit before tax - finance income + finance expense +/- Net FX loss/(gain) + Depreciation and amortisation + Impairment losses - reversal of impairment +/- one-off or unusual transactions.
3 Attributable EBITDA (previously "Adjusted Attributable EBITDA") is calculated as: Adjusted EBITDA less the share of the results in the net profit in JVs and associates, plus the share of Adjusted EBITDA of JVs and associates engaged in the uranium segment, less non-controlling share of adjusted EBITDA of Appak LLP, JV Inkai LLP, Baiken-U LLP, Ortalyk LLP, Turanium LLP (previously - JV Khorasan-U LLP) and JV Budenovskoye LLP less any changes in the unrealized gain in the Group.
4 Includes income tax and interest paid.
Operating and Financial Review, and Financial Statements
The Operating and Financial Review and Audited Consolidated Financial Statements provide a detailed analysis of Kazatomprom's results for the year ended 31 December 2025, compared to 2024, as well as the Company's 2026 Guidance. The abbreviations, links, and references provided below correspond to those used in the Operating and Financial Review. This press release should be read alongside these documents, which are available at www.kazatomprom.kz
Update on geopolitical events
The Company continues to constantly monitor international sanctions regimes and packages assessing potential risks. To date, events in Ukraine and the Middle East have not affected the Group's operations or financial position. The duration and full impact of capital markets turmoil caused by geopolitical uncertainty and/or commodity price volatility remains to be seen. The majority of the Group's revenues are received in US dollars, and financing is also raised in US dollars, creating a natural hedging effect against currency risks. Accordingly, fluctuations in the exchange rate of the national currency do not have a significant impact on the Group's financial results.
The Group continues to export its products through the territory of the Russian Federation and along the Trans-Caspian International Transport Route (TITR), the latter of which the Company has successfully utilised since 2018. As of the date of the Group's financial statements, there are no restrictions on activities pertaining to the delivery of products to end customers, and both transport routes remain fully operational.
Health, safety and environment (HSE) results
Health, safety, and environmental protection, including nuclear and radiation safety, are priorities for the Company. The Company is continuously improving the management system of its industrial HSE programs as it strives to a goal of zero injuries.
The table below reflects the safety results of 2025 and 2024:
|
Indicator |
|
|
|
2025 |
2024 |
Change |
|
Industrial accidents1 |
|
|
|
- |
- |
- |
|
LTIFR (per million man-hours)2 |
|
|
|
0.14 |
0.09 |
56% |
|
Unsafe conditions, unsafe actions, near-miss reporting |
|
|
34,629 |
33,434 |
4% |
|
|
Number of accidents3 |
|
|
|
5 |
3 |
67% |
|
Fatalities |
|
|
|
2 |
- |
- |
1 Defined as uncontrolled explosions, emissions of dangerous substances, or destruction of buildings.
2 Lost-Time Injury Frequency Rate (LTIFR) per million hours.
3 Defined as the impact of harmful or hazardous production factors on an employee during the performance of their professional duties or assigned tasks, resulting in an industrial accident, sudden health deterioration, or poisoning that leads to temporary or permanent disability or fatality.
The Group remains steadfast in its commitment to enhancing occupational health and safety standards across its operations. Despite these efforts, five incidents resulting in five injuries were recorded during the reporting period. Regrettably, two of these incidents were fatal, involving a road accident and an electrical shock. The remaining three injuries were classified as non-severe and were attributed to chemical and thermal burns as well as contact with rotating machinery.
A thorough investigation was conducted for each case to identify root causes, resulting in the development of corrective and preventive measures as well as the revision of existing procedures to mitigate the risk of future incidents. The findings from these investigations were communicated across the entire Group to facilitate organisational learning and ensure that processes are adjusted accordingly. Moving forward, the Company remains dedicated to enhancing employee involvement and raising awareness regarding all matters of industrial safety.
The Company maintains robust environmental and radiation safety monitoring systems across all uranium mines and production facilities in full compliance with ISO 14001 standards, and no environmental incidents were recorded during the reporting period.
Revenue, Net profit, EBITDA
The Group's consolidated revenue was within the guidance provided for 2025 and amounted to KZT 1,803,049 million in 2025, an insignificant decrease of 1% compared to prior year (2024: KZT 1,813,352 million). The 1% year-on-year variance is attributable to a decrease in EUP sales to "Ulba-FA" LLP, offset by an increase in volumes sold of U3O8 and increase in KZT-to-USD exchange rate.
Operating profit in 2025 was KZT 778,978 million, a decrease of 3% compared to 2024 (KZT 806,849 million). The decrease was mainly due to lower revenue in 2025 as indicated above.
In 2025, other income amounted to KZT 17,455 million in comparison to other income of KZT 402,700 million in 2024, originated primarily from a one-time effect - an accounting gain of KZT 295,719 million from the consolidation of JV Budenovskoye starting from 1 January 2024.
Attributable to the one-time accounting gain from the consolidation of JV Budenovskoye, Net profit in 2025 showed a decrease amounting to KZT 806,707 million, while net profit adjusted for one-time effects has showed an insignificant decrease of 4%. Higher 2024 net profit results were mainly associated with the one-time effects, as well as the reversal of the provision on receivables from Dioxitek S.A. (Argentina) for the sale of uranium in the amount of KZT 15,692 million. In addition, adjusted net profit for the reporting period was impacted by a net foreign exchange loss of KZT 32,848 million (2024: net foreign exchange rate gain of KZT 73,494 million).
Net of one-time effects, adjusted net profit attributable to the owners of the Company amounted to KZT 570,460 million remaining almost on the same level as the previous year's result of KZT 576,544 million.
Adjusted EBITDA amounted to KZT 1,133,489 million in 2025, a 3% year-on-year increase (2024: KZT 1,096,711 million), which is mainly attributable to an increase in the share of results of JVs and associates. Attributable EBITDA amounted to KZT 872,191 million in 2025, an increase of 11% compared to previous year (2024: KZT 788,681 million), mainly due to the increase in EBITDA of the JVs and associates as a result of increase in volumes sold by these entities.
Operating cash flows in 2025 amounted to KZT 809,845 million, a significant increase compared to KZT 516,487 million in 2024 mainly due to:
· KZT 535,413 million net increase in cash receipts from customers and under swap transactions during 2025 compared to 2024, due to a growth in volumes of U3O8 sold;
· KZT 36,619 million increase inflows from VAT refunds in 2025.
Offset by:
· KZT 238,500 million increase in cash payments to suppliers and under swap transactions during 2025 compared to 2024, due to a growth in volumes of U3O8 from JVs and associates, as well as inflationary pressure on materials and supplies;
· KZT 33,676 million increase in other taxes paid was primarily driven by the higher MET rate, which was partially offset by a lower amount of accrued VAT. This reduction in VAT resulted from a decline in the value of intra-group sales within the territory of Republic of Kazakhstan, following a drop in U3O8 spot prices;
· KZT 10,903 million increase in income tax paid as a result of higher advances paid for CIT.
Cost of sales
The cost of sales totaled KZT 940,653 million in 2025, remaining in line with prior period (2024: KZT 931,621 million).
Materials and supplies amounted to KZT 495,364 million in 2025, a decrease of 4% compared to KZT 518,578 million in 2024 due to a lower cost of uranium purchased from JVs and associates, as well as from third parties, associated with the decrease in spot prices in 2025. When such uranium is sold, the cost of sales is predominantly represented by the cost of purchased materials and supplies at the prevailing spot price with certain applicable discounts.
Selling expenses
Selling expenses totalled KZT 34,107 million in 2025, a 30% year-on-year increase (2024: KZT 26,216 million). The increase was primarily driven by shifts in delivery destinations and higher sales volumes and transportation tariffs, as well as the weakening of the KZT against the USD, as a significant portion of shipping, transport and storage expenses is denominated in foreign currency.
General & Administrative expenses
General and Administrative expenses amounted to KZT 49,311 million in 2025, in line with 2024.
Liquidity
The Group manages its liquidity requirements to ensure sufficient cash to meet liabilities as they fall due, minimise exposure to capital losses and settle its financial obligations without jeopardising its reputation.
|
(KZT million) |
2025 |
2024 |
Change |
|
Cash and cash equivalents |
347,398 |
294,385 |
18% |
|
Term deposit (deemed as cash equivalents) |
28 |
28 |
0% |
|
Total cash |
347,426 |
294,413 |
18% |
|
Undrawn borrowing facilities |
77,296 |
101,346 |
(24%) |
Total cash, including term deposits, as of 31 December 2025, amounted to KZT 347,426 million, an 18% increase compared to KZT 294,413 million at 31 December 2024.
The Group maintains undrawn borrowing facilities (payable within 12 months) as an additional liquidity buffer. These facilities are available to bridge short-term funding gaps caused by fluctuations in trade receivable receipts.
As of 31 December 2025, the aggregated limit on the Group's undrawn revolving credit lines was KZT 114,661 million (USD 227 million), of which KZT 77,296 million were available for use at the Company's discretion (31 December 2024: USD 194 million).
Debt leverage ratios
The following table summarises the key ratios used by the Company's management to measure financial stability as of year-end 2025 and 2024. Management targets a net debt to adjusted EBITDA of less than 1.0.
|
(KZT million) |
2025 |
2024 |
Change |
|
Total debt (excluding guarantees) |
207,653 |
149,953 |
38% |
|
Total cash balances |
(347,426) |
(294,413) |
18% |
|
Net debt |
(139,773) |
(144,460) |
(3%) |
|
Adjusted EBITDA* |
1,133,489 |
1,096,711 |
3% |
|
Net debt / Adjusted EBITDA (coefficient) |
(0.12) |
(0.13) |
(8%) |
*Adjusted EBITDA is calculated by excluding from EBITDA items not related to the main business and having a one-time effect. Calculation: Profit before tax - finance income + finance expense +/- net FX loss/(gain) + depreciation and amortisation + impairment losses - reversal of impairment +/- one-off or unusual transactions.
Uranium segment production and sales metrics
|
|
|
|
|
|
2025 |
2024 |
Change |
|
Production volume of U3O8 (100% basis) |
tU |
|
|
25,839 |
23,270 |
11% |
|
|
Mlbs |
|
67.18 |
60.50 |
||||
|
Production volume of U3O8 (attributable basis) 1 |
tU |
|
|
13,519 |
12,286 |
10% |
|
|
Mlbs |
|
35.15 |
31.94 |
||||
|
U3O8 sales volume (consolidated) |
tU |
|
|
18,494 |
16,670 |
11% |
|
|
Mlbs |
|
48.08 |
43.34 |
||||
|
Including KAP U3O8 sales volume2 |
tU |
|
|
13,699 |
12,769 |
7% |
|
|
Mlbs |
|
35.61 |
33.20 |
||||
|
Group inventory of finished goods (U3O8) |
tU |
|
|
6,636 |
6,334 |
5% |
|
|
Mlbs |
|
17.25 |
16.47 |
||||
|
Including KAP inventory of finished goods (U3O8)3 |
tU |
|
|
5,964 |
5,431 |
10% |
|
|
Mlbs |
|
15.51 |
14.12 |
||||
|
Group average realized price |
KZT/kg |
|
88,543 |
84,733 |
4% |
||
|
USD/lb |
|
65.32 |
69.48 |
(6%) |
|||
|
KAP average realized price4 |
|
USD/lb |
|
62.33 |
65.78 |
(5%) |
|
|
Average weekly spot price |
|
USD/lb |
|
72.75 |
86.28 |
(16%) |
|
|
Average month-end spot price5 |
|
USD/lb |
|
73.54 |
85.14 |
(14%) |
|
1 The Production volumes of U3O8 (attributable basis) are not equal to the volumes purchased by KAP headquarters (HQ) in the Section 5.8 Transactions with subsidiaries, JVs, JOs and Associates.
2 KAP U3O8 sales volume (incl. in Group): includes only the total external sales of KAP HQ and THK. Intercompany transactions between KAP HQ and THK are not included. Yet, some part of Group U3O8 production may go to the production of EUP, fuel pellets, and fuel assemblies (FA) at Ulba-FA LLP.
3 KAP inventory of finished goods (incl. in Group) includes the inventories of KAP HQ and THK.
4 KAP average realized price: the weighted average price per pound for the total external sales of KAP and THK. The pricing of intercompany transactions between KAP and THK are not included.
5 Source: UxC, TradeTech. Values provided represent the average of the uranium spot prices quoted at month-end, and not the average of each weekly quoted spot price, as contract price terms generally refer to a month-end price.
Production volumes in 2025, both on a 100% basis and on an attributable basis, increased compared to 2024 due to a higher 2025 production plan as per the Company's initial guidance.
In line with the Company's guidance and production plans, in 2025 Group and KAP sales volumes showed a noticeable increase compared to 2024, during which a portion of uranium production was sold in the form of EUP (approximately 1,800 tonnes in U3O8 equivalent). In 2025, the entirety of sales was carried out in the form of U3O8.
The Group inventory of finished U3O8 products on a consolidated basis amounted to 6,636 tonnes as at 31 December 2025, 5% higher than at 31 December 2024. At the KAP HQ and THK level, inventory of finished U3O8 products amounted to 5,964 tonnes, showing a 10% growth compared at 31 December 2024. The increase in inventory balance resulted from a higher 2025 production plan as per the Company's initial guidance and in line with the Company's efforts in building and maintaining a comfortable level of inventories.
Average realized prices for 2025, at both the Group and KAP levels, declined year-on-year due to lower uranium spot prices. However, the 14% decline in the average month-end spot price during the reporting period had a limited effect on average realized prices, which decreased by only 6% for the Group and 5% for KAP, respectively, compared to 2024. The Company's current sales portfolio includes long-term contracts linked to uranium spot prices, however certain 2025 deliveries incorporated a portion of fixed pricing components, including price ceilings that were negotiated during a different price environment.
The Company's current contract portfolio pricing correlates with uranium spot prices. For short-term deliveries, a time lag often exists between the price determination date required by Kazakhstan's transfer pricing legislation and the prevailing spot market price at the time of actual delivery. Market volatility during these time lags becomes more pronounced as prices fluctuate sharply, regardless of whether the market is trending upward or downward.
Uranium segment costs and capital expenditures
|
(KZT million unless noted) |
2025 |
2024 |
Change |
|
|
C1 Cash cost (attributable basis) |
USD/lb |
18.06 |
16.59 |
9% |
|
Capital cost (attributable basis) |
USD/lb |
11.47 |
11.06 |
4% |
|
All-in sustaining cash cost (attributable C1 + capital cost) |
USD/lb |
29.53 |
27.65 |
7% |
|
Capital expenditures of mining entities (100% basis)1 |
398,187 |
317,540 |
25% |
|
1 Excludes liquidation funds and closure costs. Note that in Section 7.0 CAPITAL EXPENDITURES REVIEW total results include liquidation funds and closure cost.
In 2025, both C1 Cash cost (attributable) ($17.00 - $18.50/lb) and All-in-sustaining cash cost (attributable C1 + capital cost, "AISC") landed within the guided ranges ($29.00 - $30.50/lb).
Compared to 2024 results, both C1 Cash cost and AISC showed an increase of 9% and 7%, respectively. The increase in C1 Cash cost was primarily driven by the MET tax rate increase, as well as increasing inflationary pressure on materials and supplies.
Kazatomprom's attributable C1 cash costs generally comprise the following categories (proportions vary by year, operation, deposit, and region):
|
General Attributable Cash cost (C1) Categories |
2025 |
2024 |
|
MET |
36% |
30% |
|
Material and supplies |
23% |
23% |
|
Payroll costs |
15% |
17% |
|
Processing and other services |
11% |
13% |
|
General and administrative expenses |
4% |
5% |
|
Selling expenses |
2% |
3% |
|
Others |
9% |
9% |
|
Total |
100% |
100% |
AISC increased due to an overall increase in capital cost on an attributable basis, driven by factors specified below.
Capital expenditures of mining entities (100% basis) in 2025 totaled KZT 398,187 million, an increase of 25% compared to 2024 (KZT 317,540 million), staying within the guidance range provided for 2025 (KZT 385 - 415 billion). The increase was attributable to:
· capital investments for the wells construction and building infrastructure for new facilities commissioned at JV Katco LLP, MC Ortalyk LLP, and JV Budenovskoye LLP for an aggregate amount of KZT 132 bln;
· an increase in purchase prices for materials, supplies, and equipment, alongside higher costs for drilling and wellfield preparation in 2025 (compared to 2024 volumes) as per 2025 guidance.
Kazatomprom's 2026 Guidance
|
|
|
Guidance for 2026 |
Actual for 2025 |
|
|
|
|
540 KZT/USD |
521.37 KZT/USD |
|
|
Production volume U3O8, (100% basis)1, 2 |
tU |
27,500 - 29,0002 |
25,839 |
|
|
Mlbs |
71.49 - 75.39 |
67.18 |
||
|
Production volume U3O8, (attributable basis) 2,3 |
tU |
14,500 - 15,5002 |
13,519 |
|
|
Mlbs |
37.70 - 40.30 |
35.15 |
||
|
Group sales volume, (consolidated)4 |
tU |
19,500 - 20,500 |
18,494 |
|
|
Mlbs |
50.70 - 53.30 |
48.08 |
||
|
Incl. KAP sales volume, (included in Group sales volume) 5 |
tU |
13,100 - 14,100 |
13,699 |
|
|
Mlbs |
34.06 - 36.66 |
35.61 |
||
|
Revenue - consolidated, (KZT billions)6 |
|
2,200 - 2,300 |
1,803 |
|
|
Revenue from Group U3O8 sales, (KZT billions)6 |
|
2,075 - 2,175 |
1,638 |
|
|
C1 cash cost (attributable basis) (USD/lb) * |
|
23.50 - 25.00 |
18.06 |
|
|
All-in sustaining cash cost (attributable C1 + capital cost) (USD/lb)* |
|
35.00 - 36.50 |
29.53 |
|
|
Total capital expenditures of mining entities (KZT billions) (100% basis)7 |
|
415 - 430 |
398 |
|
1 Production volume U3O8 (tU) (100% basis): Amounts represent the entirety of production of an entity in which the Company has an interest; it disregards that some portion of production may be attributable to the Group's JV partners or other third-party shareholders. Precise actual production volumes remain subject to converter adjustments and adjustments for in-process material.
2 The duration and full impact including, but not limited to sanctions pressure due to the Russian-Ukrainian conflict and limited access to some key materials are not known. As a result, annual production volumes may differ from internal expectations.
3 Production volume U3O8 (tU) (attributable basis): Amounts represent the portion of production of an entity in which the Company has an interest, corresponding only to the size of such interest; it excludes the portion attributable to the JV partners or other third-party shareholders, except for JV "Inkai" LLP, where the annual share of production is determined as per Implementation Agreement as disclosed in IPO Prospectus. Actual drummed production volumes remain subject to converter adjustments and adjustments for in-process material. For JV Budenovskoye LLP, 100% of the 2025-2026 annual production is fully committed under an offtake contract at market-related terms.
4 Group sales volume: includes Kazatomprom's sales and those of its consolidated subsidiaries. Group U3O8 sales volumes do not include other forms of uranium products (including but not limited to the sales of fuel pellets and enriched uranium).
5 KAP sales volume (included in Group sales volume): includes only the total external sales of KAP HQ and THK. Intercompany transactions between KAP HQ and THK are not included.
6 Revenue expectations are based on uranium prices taken at a single point in time from third-party sources. The prices used do not reflect any internal estimate from Kazatomprom, and 2026 revenue could be materially impacted by how actual uranium prices and exchange rates vary from the third-party estimates.
7 Total capital expenditures (100% basis): includes only capital expenditures of the mining entities, including significant CAPEX for investment and expansion projects. Excludes liquidation funds and closure costs. For 2026 includes development costs for mining infrastructure of JV Budenovskoye LLP, MC Ortalyk LLP (Zhalpak) and Kazatomprom-Sauran LLP (Inkai-3) for a total amount of approximately KZT 121 billion.
* Note that the conversion of kgU to pounds U3O8 is 2.5998.
** For some JVs, the Company has a right to purchase additional volumes beyond its attributable share if the JV partner chooses to forgo its entitled share of production (beyond the production volume attributable to the Company).
As was disclosed in the latest Competent Person's Report (CPR), published in August 2025, Kazatomprom's 2026 nominal production levels (on a 100% basis) were revised from 32,777 tU (85.21 Mlbs) to 29,697 tU (77.21 Mlbs), representing about 3,000 tonnes (~8 Mlbs) or roughly a 10% decrease.
Kazatomprom's production volumes for 2026 are expected within the 27,500 - 29,000 tU (71.49 - 75.39 Mlbs) range on a 100% basis. Attributable to the Company, 2026 production volumes are expected at 14,500 - 15,500 tU (37.70 - 40.30 Mlbs). The 2026 production guidance remains subject to sulphuric acid availability.
For 2026, the Group's sales volume is expected to be in the range of 19,500 - 20,500 tU (50.70 - 53.30 Mlbs), including KAP sales volume of 13,100 - 14,100 tU (34.06 - 36.66 Mlbs).
The year-on-year increase in production is primarily driven by the planned JV Budenovskoye ramp-up and corresponding growth of its output, 100% of which is fully reserved under an offtake contract for the period from 2025 to 2026, as was previously disclosed. Increase in production from other mines is aimed at building up and maintaining a comfortable level of Company's inventories. Such a strategic approach enables the Company both to ensure uninterrupted fulfillment of its contractual obligations to clients, including in the event of possible production constraints, and to capture additional value amid the widening gap between supply and demand.
Kazatomprom remains fully committed to its "Value over Volume" strategy and a disciplined market approach.
The Company's revenue expectations are trending upwards showing significant growth compared to previous years amid strong contracting momentum, which allows the market-linked portfolio to effectively capture the upside of the current price cycle.
The Company anticipates an increase in its total capital expenditures for mining entities on a 100% basis for 2026 as compared to the previous year. This growth is primarily attributed to increased production targets, which necessitate a higher volume of wellfield preparation and development activities, including extensive drilling and well construction in 2026 to support future production periods. Furthermore, the expansion is driven by anticipated capital expenditures of KZT 121 billion allocated for the development of mining infrastructure and production ramp-up at JV Budenovskoye LLP, Ortalyk LLP (Zhalpak), and Kazatomprom-SaUran LLP (Inkai-3). In this regard, the guidance range for capital expenditures of mining entities on a 100% basis has been increased, which results in a corresponding increase in the guidance for the All-in sustaining cash cost (AISC), encompassing attributable capital costs, relative to the results achieved in 2025.
The increase in C1 cash cost on an attributable basis reflects the anticipated growth in MET expenses resulting from the differentiated tax rate approach applicable from 2026 onwards. When compared to 2025 results, both the C1 cash cost on an attributable basis and the AISC increased by 34% and 21%, respectively. This upward trend in the C1 cash cost was primarily driven by the aforementioned MET rate hike, alongside mounting inflationary pressures on the cost of materials and supplies, including sulphuric acid.
Revenue, C1 cash cost and AISC may vary from the guidance provided if the KZT to USD exchange rate fluctuates significantly during 2026. Increase in the spot market price for U3O8 affecting the MET, as well as procurement and supply chain issues, including inflationary pressure on production materials and reagents, are expected to continue throughout 2026. This may affect the Company's financial metrics for 2026.
Conference Call Reminder - 2025 Full-Year Operating and Financial Review
Kazatomprom has scheduled a conference call to discuss its 2025 full-year operating and financial results later today, 20 March 2026. The call will begin at 17:00 (Astana) / 12:00 (GMT) / 08:00 (EST). Following Management remarks, an interactive English Q&A session will be held with the investment community.
For the live English webcast (including online question submission), conference call dial-in information, and Q&A participation instructions, please visit:
Conference-Call | SparkLive | LSEG
For the live Russian webcast (listen-only, no Q&A) and related dial-in information, please visit:
Конференц-звонок | SparkLive | LSEG
A recording of the webcast, conference call transcript and presentation will also be available at www.kazatomprom.kz
For more information, please contact:
Investor Relations Inquiries
Botagoz Muldagaliyeva, Director of Investor Relations
Tel: +7 (7172) 45 81 80 / 69
Email: ir@kazatomprom.kz
Public Relations and Media Inquiries
Daniyar Oralov, Director of Public Relations
Tel: +7 (7172) 45 80 63
Email: pr@kazatomprom.kz
About Kazatomprom
Kazatomprom is the world's largest producer of uranium, with the Company's attributable production representing approximately 20% of global primary uranium production in 2025. The Group benefits from the largest reserve base in the industry and operates, through its subsidiaries, JVs and Associates, 27 deposits grouped into 14 mining assets. All of the Company's mining operations are located in Kazakhstan and extract uranium using ISR technology with a focus on maintaining industry-leading health, safety, and environment standards.
Kazatomprom securities are listed on the London Stock Exchange and Astana International Exchange. Kazatomprom is the national atomic company in the Republic of Kazakhstan. The Group's primary customers are operators of nuclear power plants, the principal export markets for the Group's products are countries in Asia, Europe, and the Americas. The Group sells uranium and uranium products under long-term contracts, short-term contracts, as well as in the spot market, directly from its headquarters in Astana, Kazakhstan, and through its Switzerland-based trading subsidiary, TH Kazakatom AG (THK).
For more information, please see the Company's website at www.kazatomprom.kz.
Forward-looking statements
All statements other than statements of historical fact included in this communication or document are forward-looking statements. Forward-looking statements give the Company's current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as "target," "believe," "expect," "aim," "intend," "may," "anticipate," "estimate," "plan," "project," "will," "can have," "likely," "should," "would," "could" and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future. THE INFORMATION WITH RESPECT TO ANY PROJECTIONS PRESENTED HEREIN IS BASED ON A NUMBER OF ASSUMPTIONS ABOUT FUTURE EVENTS AND IS SUBJECT TO SIGNIFICANT ECONOMIC AND COMPETITIVE UNCERTAINTY AND OTHER CONTINGENCIES, NONE OF WHICH CAN BE PREDICTED WITH ANY CERTAINTY AND SOME OF WHICH ARE BEYOND THE CONTROL OF THE COMPANY. THERE CAN BE NO ASSURANCES THAT THE PROJECTIONS WILL BE REALISED, AND ACTUAL RESULTS MAY BE HIGHER OR LOWER THAN THOSE INDICATED. NONE OF THE COMPANY NOR ITS SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES, ADVISORS OR AFFILIATES, OR ANY REPRESENTATIVES OR AFFILIATES OF THE FOREGOING, ASSUMES RESPONSIBILITY FOR THE ACCURACY OF THE PROJECTIONS PRESENTED HEREIN. The information contained in this communication or document, including but not limited to forward-looking statements, applies only as of the date hereof and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to such information, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the Information that may result from any change in the Company's expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date hereof.
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