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National Atomic Company Kazatomprom JSC (KZAP) investor relations material

National Atomic Company Kazatomprom JSC Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary22 Aug, 2025

Executive summary

  • Nuclear energy is increasingly recognized as essential for energy security and net-zero goals, with global support for tripling nuclear output by 2050, including Kazakhstan's commitment.

  • Kazakhstan holds 14% of the world's uranium resources, with significant reserves and a robust exploration pipeline to replenish and expand resources.

  • The company maintains a value-over-volume, market-centric strategy, adjusting production to market conditions and focusing on long-term sustainability.

  • Cash and cash equivalents nearly doubled to KZT 583.9 billion as of June 30, 2025, reflecting strong liquidity.

  • Net profit dropped 54% to KZT 263.2 billion in 1H2025, mainly due to a one-time gain in 2024 from JV Budenovskoye consolidation; adjusted net profit fell 5%.

Financial highlights

  • 1H2025 consolidated revenue reached KZT 701 bln, up from KZT 660 bln in 1H2024.

  • Operating profit was KZT 263 bln, and net profit was KZT 254 bln for 1H2025.

  • Adjusted EBITDA attributable to owners was KZT 293 bln, with attributable EBITDA at KZT 274 bln.

  • Attributable cash cost (C1) was $17.86/lb, and all-in sustaining cost (AISC) was $28.06/lb.

  • Total CAPEX (100% basis) was KZT 276 bln.

Outlook and guidance

  • 2025 production guidance: 25,000–26,500 tU (64.99–68.89 Mlbs) on a 100% basis.

  • Attributable production: 13,000–14,000 tU (33.79–36.40 Mlbs).

  • Group sales volume expected at 17,500–18,500 tU (45.50–48.10 Mlbs).

  • C1 cash cost guidance: $16.50–$18.00/lb; AISC: $29.00–$30.50/lb.

  • 2026 nominal production level expected to decrease by 10% to 29,697 tU (77 Mlbs), mainly due to JV Budenovskoye adjustments.

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Frequently asked questions

JSC National Atomic Company Kazatomprom operates in the uranium industry. The company engages in the exploration, mining, and processing of uranium and its compounds. Additionally, Kazatomprom is involved in the production and sale of rare metals and the provision of related services. The company serves various sectors including nuclear power generation, where its uranium products are used as fuel for nuclear reactors. The company is headquartered in Nur-Sultan, Kazakhstan, and its shares are listed on the LSE.

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