Joint Stock Company "National Company "KazMunayGas" (KMGZ) Q2 2026 earnings summary

Executive summary

• Revenue rose 30.3% year-over-year to $11,452 million (5,567,754 million tenge) in 1H 2026, with EBITDA up 52.7% to $3,405 million (1,655,369 million tenge) and net profit increasing 69.1% to 903,773 million tenge.

• Oil production declined 4.6% year-over-year to 12.4 million tonnes, while oil transportation volumes increased 4.0% to 43.3 million tonnes.

• Free cash flow improved 18.1% to $1,573 million, and net debt rose to $2,046 million from $742 million at year-end 2025.

Financial highlights

• Revenue: $11,452 million (+30.3% YoY) / 5,567,754 million tenge (+24% YoY); EBITDA: $3,405 million (+52.7% YoY) / 1,655,369 million tenge; net profit: 903,773 million tenge (+69.1% YoY).

• Free cash flow: $1,573 million (+18.1% YoY); CAPEX (cash): $869 million (+69.6% YoY); capital commitments for asset acquisition/construction: 272,696 million tenge.

• Gross debt: $7,096 million (+1.8% from Dec 2025); net debt: $2,046 million (+175.7%); borrowings: 3,411,001 million tenge.

• Assets: $39.5 billion; equity: 12,463,033 million KZT (+0.62% from Dec 2025); cash and cash equivalents: 1,522,178 million tenge.

• Dividends paid: $2 billion / 350,001 million tenge.

Outlook and guidance

• Management highlights access to major demand centers in Europe and China, solid reserves, and expects continued operational stability for at least 12 months.

• No material uncertainties identified regarding going concern; forward-looking statements caution on risks and uncertainties due to market and macroeconomic volatility.