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National Atomic Company Kazatomprom JSC (KZAP) investor relations material
National Atomic Company Kazatomprom JSC Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Fourth quarter and full-year 2025 saw increased uranium production and sales volumes, with notable regulatory and market developments impacting operations.
Strategic supply agreements and regulatory changes in Kazakhstan strengthened the company's position in the uranium sector.
Global uranium market dynamics were influenced by legislative actions, new nuclear projects, and supply chain shifts.
Financial highlights
2025 production volume (100% basis) rose 11% year-over-year to 25,839 tU; attributable production up 10% to 13,519 tU.
Group U3O8 sales volume increased 11% to 18,495 tU; KAP sales volume up 7% to 13,700 tU.
Group average realized price fell 6% to $65.10/lb; KAP average realized price down 6% to $62.01/lb.
Spot uranium price averaged $73.54/lb in 2025, down 14% year-over-year; long-term price ended at $86.50/lb, up 7%.
Outlook and guidance
2026 production guidance: 27,500–29,000 tU (100% basis), 14,500–15,500 tU attributable.
Group sales volume expected at 19,500–20,500 tU; KAP sales volume at 13,100–14,100 tU.
Production guidance revised downward by ~10% from previous CPR due to market and operational factors.
Guidance subject to sulphuric acid availability and ongoing market conditions.
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