Kazatomprom announces 1H2026 Financial Results

JSC National Atomic Co. Kazatomprom

21 August 2026

 

AIX: KAP, KAP.Y (GDR)

LSE: KAP (GDR)

21 August 2026, Astana, Kazakhstan

Kazatomprom announces 1H2026 Financial Results

National Atomic Company "Kazatomprom" JSC ("Kazatomprom", "KAP" or the "Company") announces its consolidated financial results for six months ended 30 June 2026, prepared in accordance with International Financial Reporting Standards (IFRS).

"Nuclear energy has officially transitioned from a policy debate on paper into operational execution. We see strong indication of this across the world. 38 countries, including Kazakhstan, signed the plan to triple nuclear power by 2050. Together, these nations make up over 70% of global GDP. That is a massive global change driving real momentum," - said Meirzhan Yussupov, CEO of Kazatomprom.

"This acceleration in demand is meeting a highly disciplined commercial environment. Long-term indicators have been incredibly stable and reached maximum in 18 years, being in the mid-to-high ninety-dollar range per pound. This is a very strong foundation for any future term contracting. The market is also showing clear signals of a fundamental shift: pricing power has returned to producers with proven and large uranium reserves, while utilities procurement strategies are moving away from short-term spot reliance toward long-term inventory security.

"Within this very dynamic market framework, our strong and steady financial and operational results clearly demonstrate that our strategy is delivering exceptional value. The Group presented strong top-line growth and resilient results throughout the first half of 2026. This happened despite significant global economic instability and currency fluctuations. Consolidated revenue showed a 9% year-on-year growth to almost 718 billion tenge, reflecting financial discipline and favorable uranium market conditions.

"However, challenging factors have impacted uranium production costs industry-wide, with us experiencing similar pressures. New realities are signaling that the era of "cheap" uranium is fading away. But the fundamental urgency for secure, baseload, emission-free power is stronger than ever. Global utilities completely recognize this shift, and we are certain that long-term uranium demand is going to be consistent and powerful. Every single pound we produce will have a clear, committed, and waiting buyer."

Corporate Update

Amendments to the Subsoil Use Code

On 7 July 2026, the Laws on "Radioactive waste management", "Amendments to legislative acts for radioactive waste management, energy, and development of the civil nuclear industry" and "Amendments to legislative acts for radioactive waste management and regulation of subsoil activities" were signed. These laws introduce amendments to the Code on Subsoil Use and other legislative acts of the Republic of Kazakhstan effective 7 September 2026.

Equity Thresholds for Uranium Production Licences

The law now differentiates the regulatory framework for production licensing depending on the type of uranium deposit. For open-pit or underground uranium production deposits, licences granted to the National operator on uranium can only be transferred to legal entities where the National operator's equity stake exceeds 50%. For In-Situ Recovery (ISR) deposits, the equity stake threshold remains unchanged at more than 75% ownership by the National operator. Currently, Kazatomprom holds a status of the national operator on uranium.

Extensions of Uranium Production Licences

In view of the national interests of the Republic of Kazakhstan, after obtaining approval from the Government of the Republic of Kazakhstan, the authorised regulatory body has the right to decide on extending a uranium production period. This extension is conditional upon the inclusion of proportionate obligations within the mining contract and separate agreements that are not provided for in paragraph 5-1 of Article 173 of the Code on Subsoil Use of the Republic of Kazakhstan. These commitments must relate to ensuring national security or implementing strategic projects of nationwide value for the state, as proposed by a foreign participant (shareholder) in a uranium mining joint venture and/or a foreign government.

Regulatory Framework for Uranium Exploration

The legal framework for uranium exploration is changing from licensing to contracting (subsoil use agreement) regime. Also, newly issued subsoil use agreements for exploration will be eligible for a one-time extension of up to five years. This amendment allows for a total maximum duration of 11 years for subsoil use agreements on uranium exploration.

Radioactive Waste Management

Liquidation activities, previously carried out in-house by mining enterprises, will now be carried out exclusively by the National operator for radioactive waste management, a newly established function specified in the Law "On Radioactive Waste Management" No. 335-VIII dated 7 July 2026.

Completion of 2025 dividend payment

As previously disclosed, the Company has completed the payment of its 2025 dividends to shareholders on 29 July 2026. A total of KZT 335,158,763,820.16 (three hundred thirty-five billion one hundred fifty-eight million seven hundred sixty-three thousand eight hundred twenty tenge 16 tiyn) or KZT 1,292.27 (one thousand two hundred ninety-two tenge 27 tiyn) per one ordinary share (one GDR is equal to one ordinary share) was paid out to the Company's shareholders, according to the decision adopted by the Annual General Meeting of Shareholders held on 26 May 2026.

For further detailed information on the distribution of dividends in various jurisdictions, shareholders should contact their brokers directly.

EGM notice

Today, Kazatomprom has notified its shareholders on the absentee Extraordinary General Meeting (EGM) with the following agenda:

1.  On concluding a transaction, which in aggregate with interrelated transactions is a major transaction, in which Kazatomprom has an interest - the Spot-term contract for the sale and purchase of natural uranium concentrates with State Nuclear Uranium Resource Development Company Limited;

2.  On concluding a major transaction, in which Kazatomprom has an interest - Contract for the supply of natural uranium in the form of U₃O₈ with the Uranium One Group JSC;

3.  On the composition of the Board of Directors of Kazatomprom.

For more information on the EGM agenda items, detailed voting deadlines and procedure, please refer to the notice of the upcoming EGM. The notice and the ballot for absentee voting are available on the Company's website.

Commissioning of the Zhalpak Processing Facility

As part of the mine development plan, Ortalyk LLP has been working on the construction of a processing facility at the Zhalpak deposit with a total production capacity of 900 tonnes per year. On 29 July 2026, the processing plant, with an annual capacity of up to 500 tonnes, was commissioned. Expansion to the nominal capacity of 900 tonnes is planned for 2027.

Update on TQZ Sulphuric Acid Plant Timeline

The project contractor has notified the Company that during earthworks it has encountered potential paleontological specimens at the TQZ site. In accordance with the law on national historical and cultural heritage, construction works in the affected area have been suspended pending official permit from relevant state authorities to resume work. Specialised excavations will be carried out in the area to safely and fully recover the specimens for comprehensive laboratory analysis.

Final assessment of this situation's impact on the TQZ construction schedule will be determined upon completion of the mandatory regulatory procedures and the receipt of official findings from local authorities. The timeline for resuming construction remains subject to the completion of laboratory sample analyses and surrounding area surveys. Should further samples be discovered or the excavation zone be expanded, a revision of the plant's project design documentation may become necessary to relocate infrastructure facilities outside the affected area.

Due to the regulatory suspension of work at the affected zone, the scheduled commissioning date for TQZ, originally targeted for the first quarter of 2027, is now projected to occur between the third quarter of 2027 and the first quarter of 2028, representing an anticipated project schedule shift of 6 to 12 months.

At this stage, the Company expects that this shift will not have a material impact on its uranium mining operations. Kazatomprom will evaluate potential impact of this situation with the consideration of existing sources of sulphuric acid. This assessment will be factored into the Company's production guidance for 2027.

Mine Tour

As previously announced, Kazatomprom will be hosting a two-day tour to the Company's uranium mines on  6-7 October 2026 for the representatives of investor community. Interested investors and analysts are welcome to pre-register until 15 September 2026 using the following link.

Key financial metrics

					Six months ended 30 June
(KZT million unless noted)					2026	2025	Change
Group's consolidated revenue					717,834	660,167	9%
Operating profit					252,554	253,665	(0%)
Net profit					240,428	263,233	(9%)
Earnings per share attributable to owners (basic and diluted), KZT/share1					604	779	(22%)
Adjusted net profit (net of one-time effects), attributable to:					240,428	263,233	(9%)
Owners of the Company					156,555	202,068	(23%)
Adjusted EBITDA2					371,252	363,111	2%
Attributable EBITDA3					264,840	302,408	(12%)
Cash flow from operating activities4					239,590	532,870	(55)%

¹ Calculated as: Profit for the period attributable to owners of the Company divided by Total share capital from section 9.0 OUTSTANDING SHARES of the Operating and Financial Review, 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 Consolidated Financial Statements (unaudited, reviewed) provide detailed explanations of Kazatomprom's results for the first half-year ended 30 June 2026. This press release should be read alongside these documents, all of which are available at www.kazatomprom.kz.

Revenue, Net profit, EBITDA

For the first half of 2026 the Group's consolidated revenue amounted to KZT 717,834 million, a 9% increase compared to the same period of 2025 (KZT 660,167 million for the first half of 2025) which is mainly attributable to a to higher average realized price in USD per pound associated with the uranium spot price increase.

Operating profit in the first half of 2026 amounted to KZT 252,554 million in line with KZT 253,665 million in the first half of 2025.

Net profit in the first half of 2026 decreased by 9% compared to the same period of 2025, amounting to KZT 240,428 million (KZT 263,233 million in the first half of 2025). The decrease is mostly attributable to a higher net foreign exchange loss and higher finance costs:

·      exchange rate loss of KZT 19,351 million (in the first half of 2025: exchange rate loss of KZT 12,741 million) originated from appreciation of KZT against the USD;

·      a decrease in finance income to KZT 24,323 million (in the first half of 2025: KZT 30,914 million), which is associated with lower cash balances and reduced yields on USD-denominated financial instruments; and

·      an increase in finance costs: KZT 14,524 million (in the first half of 2025: KZT 9,039 million).

Adjusted EBITDA totalled KZT 371,252 million in the first half of 2026, comparable to the same period of 2025 (KZT 363,111 million in the first half of 2025).

Attributable EBITDA amounted to KZT 264,840 million in the first half of 2026, a 12% decrease compared to the same period of 2025 (KZT 302,408 million in the first half of 2025) mainly due to the higher share of EBITDA of mining entities attributable to the non-controlling partners, as a result of increase in volumes of uranium sold. Consequently, it resulted in a decrease in the EBITDA attributable to owners of Kazatomprom.

Cost of sales

Cost of sales totalled KZT 427,519 million in the first half of 2026, a 14% year-on-year increase (KZT 373,666 million in the first half of 2025) is primarily due to growth in production costs, as well as higher sales volumes of uranium produced by JOs and consolidated subsidiaries with non-controlling interest.

Selling expenses

Selling expenses totalled KZT 14,819 million in the first half of 2026, a 23% year-on-year increase (KZT 12,012 million in the first half of 2025). The increase was primarily driven by shifts in delivery destinations and higher transportation tariffs.

General & administrative expenses (G&A)

G&A expenses comprised KZT 22,942 million in the first half of 2026, reflecting an increase by 10% compared to the same period of 2025 (KZT 20,824 million in the first half of 2025) mostly attributable to the increase in payroll costs and consulting services.

Liquidity

The Group manages its liquidity requirements to ensure the continued availability of cash sufficient to meet its obligations on time, avoid unacceptable losses, and settle its financial obligations.

(KZT million)	As at June 30, 2026	As at December 31, 2025	As at June 30, 2025	Change for six months of 2026
Cash and cash equivalents	360,669	347,398	583,885	4%
Term deposit (deemed as cash equivalents)	28	28	28	0%
Total cash	360,697	347,426	583,913	4%
Undrawn borrowing facilities	74,762	77,296	116,551	(3%)

As at 30 June 2026 total cash and cash equivalents, including current term deposits, amounted to KZT 360,697 million, increasing by 4% compared to KZT 347,426 million as at 31 December 2025. The decrease by 38% in comparison to KZT 583,913 million as of 30 June 2025, was primarily due to a decrease in operating cash flow, as well as the repayment of long-term coupon bonds in the amount of USD 100 million in June 2026. More details and explanations are presented in the section 7.4 Cash Flows of the Operating and Financial Review.

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 at 30 June 2026, the undrawn borrowing facilities amounted to KZT 74,762 million (USD 156 million) and consisted of:

·      KZT 73,493 million (USD 153 million) in corporate credit lines;

·      KZT 1,269 million (USD 2,6 million), a portion of the JV Budenovskoye's loan from the Eurasian Development Bank (EDB) available for drawdown.

Debt leverage ratios

The following table summarises the key ratios used by the Company's Management to measure financial stability. Management targets a net debt to adjusted EBITDA of less than 1.0.

(KZT million)	As at June 30, 2026	As at December 31, 2025	As at June 30, 2025	Change for six months of 2026
Total debt (excluding guarantees)	203,576	207,653	192,234	(2%)
Total cash balances (see Section 7.1 of the Operating and Financial Review)	(360,697)	(347,426)	(583,913)	4%
Net debt	(157,121)	(139,773)	(391,679)	12%
Adjusted EBITDA*	1,039,802	1,133,489	1,082,809	(8%)
Net debt / Adjusted EBITDA (coefficient)	(0.15)	(0.12)	(0.36)	25%

* For the purposes of Net debt/Adjusted EBITDA (coefficient) calculation Adjusted EBITDA for the six-month 2026 and 2025 was calculated for 12 months (the first half of the reporting period and the second half of the previous period). Adjusted EBITDA is calculated as 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

							Six months
							ended 30 June
							2026		2025		Change
Production volume of U3O8 (100% basis)				tU		13,291		12,242		9%
				Mlbs		34.6		31.8		9%
Production volume of U3O8 (attributable basis)1				tU		7,054		6,431		10%
				Mlbs		18.3		16.7		10%
U3O8 sales volume (consolidated)				tU		7,586		7,625		(1%)
				Mlbs		19.7		19.8		(1%)
Including KAP U3O8 sales volume2				tU		6,083		6,987		(13%)
				Mlbs		15.8		18.2		(13%)
Group inventory of finished goods (U3O8)				tU		8,245		6,677		23%
				Mlbs		21.4		17.4		23%
Including KAP inventory of finished goods (U3O8)3				tU		6,200		5,372		15%
				Mlbs		16.1		14.0		15%
Group average realized price				USD/lb		67.88		58.54		16%
KAP average realized price4				USD/lb		64.51		57.27		13%
Average weekly spot price				USD/lb		85.98		69.11		24%
Average month-end spot price5				USD/lb		86.83		69.38		25%

¹ The Production volumes of U₃O₈ (attributable basis) are not equal to the volumes purchased by KAP headquarters (HQ) in the section 4.8 Transactions with subsidiaries, JVs, JOs and associates of the Operating and Financial Review. For JV Inkai LLP, annual share of production on attributable basis is determined by the Implementation Agreement, concluded between participants of the entity.

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 on both 100% basis and attributable basis was higher in the first half of 2026 compared to the same period in 2025, due to a higher 2026 production plan in line with the Company's guidance and Subsoil Use Agreements' requirements for 2026.

First-half 2026 sales volumes at the Group level closely aligned with results from the corresponding period last year, reflecting stable overall performance. Sales variance at the KAP level (-13% year-on-year) was primarily driven by the timing and changes in the delivery schedule as per customer requests, rather than structural changes in KAP's portfolio. Sales volumes can vary substantially each quarter, and quarterly sales volumes vary from year to year due to the aforementioned specifics of uranium business.

Consolidated Group inventory of finished goods (U₃O₈) as at 30 June 2026 amounted to 8,245 tonnes (21.4 Mlbs), a 23% year-on-year increase (6,677 tonnes / 17.4 Mlbs as at 30 June 2025). At the Kazatomprom HQ and THK level the inventory of finished U₃O₈ products increased by 15% to 6,200 tonnes (16.1 Mlbs) compared to 5,372 tonnes (14.0 Mlbs) as at 30 June 2025. The increase in inventory in the first half of 2026 was driven by higher production volume and lower sales volume in the first half of 2026 compared to the first half of 2025.

The 25% increase in the spot price during the reporting period affected the growth of Group's and KAP's average realized prices by 16% and 13%, respectively, compared to the same period in 2025. The Company's current sales portfolio includes long-term contracts linked to uranium spot prices, however, certain deliveries under long-term contracts incorporate a portion of fixed pricing components, including price ceilings, which were negotiated during a different pricing environment.

In the uranium market, the trends in quarterly metrics and interim results are rarely representative of annual expectations; for annual expectations, please see the Company's guidance metrics, as well as its price sensitivity table from section 10.1 Uranium sales price sensitivity analysis of the Operating and Financial Review.

Uranium segment costs and capital expenditures

					Six months
					ended 30 June
(KZT million unless noted)					2026	2025	Change
C1 Cash cost (attributable basis)			USD/lb		24.48	17.86	37%
Capital cost (attributable basis)			USD/lb		13.97	12.95	8%
All-in sustaining cash cost (attributable C1 + capital cost)			USD/lb		38.45	30.81	25%
Capital expenditures of mining companies (100% basis) *					160,954	160,546	0%

^* Excludes liquidation funds and closure costs. Note that in section 6.0 CAPITAL EXPENDITURES of the Operating and Financial Review total results include liquidation funds and closure cost.

C1 Cash cost (attributable) and All-in-sustaining cash costs (AISC) (attributable C1 + capital cost) for the first half of 2026 increased by 37% and 25%, respectively, in USD equivalent compared to the same period of 2025. The increase in C1 Cash cost was primarily due to an increase in the MET tax rate from 9% to 12.4% (see section 4.4 Taxation and Mineral Extraction Tax ("MET") of the Operating and Financial Review), an increase in the cost of sulphuric acid (see section 4.5 Cost and availability of sulphuric acid of the Operating and Financial Review) as well as KZT appreciation against the USD.

The growth of AISC in USD terms is generally attributable to the increase in C1 Cash cost and KZT appreciation against the USD. Capital expenditures of mining entities (100% basis) in the first half of 2026 totalled KZT 160,954 million (compared to KZT 160,546 million in the first half of 2025). CAPEX primarily consists of expansion of wellfield development activities, costs of construction of wells and infrastructure, as well as purchase prices for materials, supplies, equipment and cost of drilling (see section 6.0 CAPITAL EXPENDITURES REVIEW of the Operating and Financial Review).

Health, safety and environment (HSE) results in the first half of 2026

The measures undertaken in the first half of 2026 to enhance the focus on safety awareness helped to prevent significant accidents (e.g. uncontrolled explosions, releases of hazardous substances and building destructions) within the framework of the Company's operations.

The table below shows key labour protection and industrial safety metrics for the first half of 2026 and 2025:

				Six months ended 30 June
Indicator				2026	2025	Change
Industrial accidents1				-	-	-
LTIFR (per million man-hours)2				0,11	0,06	83%
Unsafe conditions, unsafe actions, near-miss reporting				15,414	16,263	(5%)
Number of accidents3				2	1	100%
Fatalities				-	1	(100%)

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, two accidents were recorded during the reporting period. The first accident resulted in a hand injury to an employee, and the second involved an employee sustaining thermal burns. Official investigations into both matters were carried out in compliance with the laws of the Republic of Kazakhstan.

A thorough investigation has been conducted for each case to identify root causes, leading to the development of corrective and preventive measures as well as the revision of existing procedures to mitigate the risk of future accidents. The findings from these investigations will be 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.

Updated Guidance for 2026

		Updated Guidance for 2026	Previous Guidance for 2026
		490 KZT / USD	540 KZT / USD
Production volume U3O8 (100% basis)1,	tU	27,500 - 29,000	27,500 - 29,000
	Mlbs	71.49 - 75.39	71.49 - 75.39
Production volume U3O8 (attributable basis)2	tU	14,500 - 15,500	14,500 - 15,500
	Mlbs	37.70 - 40.30	37.70 - 40.30
Group sales volume (consolidated)3	tU	19,500 - 20,500	19,500 - 20,500
	Mlbs	50.70 - 53.30	50.70 - 53.30
Incl. KAP sales volume (included in Group sales volume)4	tU	13,100 - 14,100	13,100 - 14,100
	Mlbs	34.06 - 36.66	34.06 - 36.66
Revenue - consolidated5	KZT bln	2,100 - 2,200	2,200 - 2,300
Revenue from Group U3O8 sales5	KZT bln	1,900 - 2,000	2,075 - 2,175
C1 cash cost (attributable basis)*	USD/lb	25.50 - 27.00	23.50 - 25.00
All-in sustaining cash cost (attributable C1 + capital cost)*	USD/lb	39.00 - 40.50	35.00 - 36.50
Total capital expenditures of mining entities (100% basis)6	KZT bln	435 - 450	415 - 430

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 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. For JV Inkai LLP, annual share of production on attributable basis is determined by the Implementation Agreement, concluded between participants of the entity. For JV Budenovskoye LLP, 100% of the 2025-2026 annual production is fully committed under an offtake contract at market-related terms.

³ Group sales volume: includes Kazatomprom's sales and those of its consolidated subsidiaries (according to the definition of the Group provided on page one of this document). 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).

⁴ 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.

⁵ 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.

⁶ Total capital expenditures (100% basis): includes only capital expenditures of the mining entities, and 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, Ortalyk LLP (Zhalpak) and Kazatomprom-SaUran LLP (Inkai-3) for a total amount of approximately KZT 119 billion (previous Guidance for 2026 - 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 Company).

The Company reiterates its 2026 guidance in relation to production and sales volumes at this time.

The KZT appreciation against the USD in comparison to the originally budgeted figures has affected the Company's financial results for the first half of 2026, as well as full-year expectations. Consequently, the Company is revising all of its 2026 financial guidance metrics. The Company is slightly decreasing its revenue and revenue from Group U₃O₈ sales expectations as a result of the KZT appreciation against the USD in comparison to the originally budgeted figures.

The same factor led to the revision of the guidance ranges for C1 cash cost (attributable basis) and All-in Sustaining cash cost (attributable C1 + capital cost) in USD terms, which were also affected by significant growth in purchase prices for materials, mainly sulphuric acid. Sulphuric acid price increase affects capital expenditures of mining entities (on 100% basis) because the Group capitalizes the costs of sulphuric acid used for initial acidification of wells. The 2026 guidance for capital expenditures is also affected by a higher volume and costs of wellfield preparation works, including extensive drilling and well construction in 2026 to support future production periods, the cost for which showed notable increase compared to initial forecasts.

Revenue, C1 cash cost (attributable basis) and All-in Sustaining cash cost (attributable C1 + capital cost) may vary from the ranges shown to the extent that the USD/KZT exchange rate and uranium spot price differ significantly from the Company's assumptions.

Conference Call Notification - 2026 Half-Year Operating and Financial Review - 21 August 2026

Kazatomprom has scheduled a conference call to discuss its 2026 half-year operating and financial results, after they are released on 21 August 2026. The call will begin at 18:00 (GMT+5) / 14:00 (BST) / 09:00 (EDT). Following management remarks, an interactive English Q&A session will be held with the investment community.

For the English live webcast registration and conference call dial-in details, please visit the following link.

For the Russian (simultaneous translation) live webcast registration and corresponding dial-in details, please visit the following link.

A recording of the webcast will be available at www.kazatomprom.kz shortly after it concludes.

For more information, please contact:

Investor Relations Inquiries

Botagoz Muldagaliyeva, Director of Investor Relations

Tel: [phone] / 69

Email: [e-mail]

Public Relations and Media Inquiries

Daniyar Oralov, Director of Public Relations

Tel: [phone]

Email: [e-mail]

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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