Joint Stock Company "National Company "KazMunayGas" (KMGZ) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 increased to 7,820,427 mln KZT, up from 7,057,574 mln KZT year-over-year.

• Net profit for the period rose 12.82% year-over-year to 978,034 mln KZT.

• Total comprehensive income for the nine months reached 1,291,493 mln KZT.

• Major one-time gain from disposal of subsidiaries contributed 560,392 mln KZT to income.

• Maintained a well-diversified asset portfolio across upstream, midstream, and downstream segments, with significant international presence.

Financial highlights

• Revenue for 9M 2025 was $13.6 bln, down 2.0% year-over-year; EBITDA was $3.46 bln, down 1.5%.

• Free cash flow decreased by 4.7% to $2.10 bln; net debt dropped sharply by 59.2% to $904 mln.

• Dividends from joint ventures and associates increased by 20.4% to $1,467 mln.

• Book value per ordinary share increased by 8.90%.

• Cash and cash equivalents at period end were 1,639,372 mln KZT, up from 1,216,451 mln KZT at year-end 2024.

Outlook and guidance

• Forward-looking statements highlight risks from macroeconomic volatility and commodity price fluctuations.

• Management expects continued operational stability and has assessed no material uncertainties regarding going concern.

• The Group is monitoring the impact of new sanctions on joint projects with Lukoil and Rosneft.