National Atomic Company Kazatomprom JSC (KZAP) Q1 2025 earnings summary

Executive summary

• Production volumes increased year-over-year, with both 100% and attributable basis up 11% and 9% respectively for Q1 2025.

• Group sales volume declined 7% year-over-year, while KAP sales volume rose 10% due to timing of customer deliveries.

• New long-term supply agreements signed with European utilities, expanding presence in Switzerland and the Czech Republic.

• Board recommended a 2024 dividend of KZT 1,264.12 per share, totaling KZT 327.9 billion, or 75% of free cash flow.

• 2025 guidance metrics for production, sales, and costs remain unchanged.

Financial highlights

• Group U3O8 production (100% basis) was 5,633 tU, up 11% year-over-year; attributable production was 2,963 tU, up 9%.

• Group U3O8 sales volume was 2,560 tU, down 7% year-over-year; KAP sales volume was 2,558 tU, up 10%.

• Group average realized price was $54.70/lb, down 13%; KAP average realized price was $54.69/lb, down 3%.

• Average month-end spot price fell 30% to $66.18/lb in Q1 2025.

Outlook and guidance

• 2025 production guidance: 25,000–26,500 tU (100% basis), 13,000–14,000 tU (attributable basis).

• Group sales volume guidance: 17,500–18,500 tU; KAP sales volume: 14,000–15,000 tU.

• Consolidated revenue expected at KZT 1,600–1,700 billion; Group U3O8 sales revenue at KZT 1,400–1,500 billion.

• C1 cash cost guidance: $16.50–18.00/lb; all-in sustaining cash cost: $29.00–30.50/lb.

• Total mining CAPEX for 2025 projected at KZT 385–415 billion.