Joint Stock Company "National Company "KazMunayGas" (KMGZ) Q2 2025 earnings summary

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.