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Investor Relations14 Oct 2025
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Joint Stock Company "National Company "KazMunayGas" (KMGZ) investor relations material
Joint Stock Company "National Company "KazMunayGas" Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary21 Aug, 2025
Executive summary
Crude oil and condensate production rose 8.8% year-over-year to 13.0 mt (549 kbopd) in 1H 2025.
Revenue for the six months ended June 30, 2025, was 4,500,494 million tenge, up from 4,239,360 million tenge year-over-year, but in USD terms declined 6.9% to $8.8 bln due to lower oil prices.
Net profit for 1H 2025 was 534,377 million tenge, down from 549,506 million tenge in the prior year.
Total comprehensive income for the period was 437,686 million tenge, down from 814,076 million tenge year-over-year.
Dividends of 300,002 million tenge were declared and paid for 2024.
Financial highlights
EBITDA for the six months was $2.2 bln (1,141,819 million tenge), with the largest contribution from exploration and production (68%).
Gross debt decreased 0.9% to $7.49 bln; net debt fell 30.2% to $1.55 bln.
Book value per share rose 1.4% to KZT 18,249.
Dividends from JVs and associates increased 34.4% to $926 mln, including 474,356 million tenge from TCO and MMG.
Capital expenditures dropped 14.7% to $512 mln (189,432 million tenge).
Outlook and guidance
Management highlights a well-balanced asset portfolio and expects adequate resources to continue operations for at least 12 months from the reporting date.
Dividend policy targets 25–30% of FCF; share price as of August 2025 reached 20,130 tenge.
The estimated average annual tax rate for 2025 is 24%, down from 27% in 2024.
Explain Corporate segment's EBITDA improvement.
Impact of Polimer Production LLP disposal on KMG?
What is the status of Atyrau Refinery's antitrust case?
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Next Joint Stock Company "National Company "KazMunayGas" earnings date
Q3 202521 Nov, 2025
Next Joint Stock Company "National Company "KazMunayGas" earnings date
Q3 202521 Nov, 2025
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