National Atomic Company Kazatomprom JSC (KZAP) Q1 2026 TU earnings summary

Executive summary

• First quarter 2026 saw strong uranium market activity, with global policy support for nuclear energy expansion and new supply chain initiatives in the US and EU.

• Kazakhstan adopted a long-term nuclear strategy targeting 8,000 MWe by 2050 and mandated uranium reserve build-up.

• Kazatomprom increased uranium production year-over-year, but sales volumes declined due to timing of customer deliveries.

Financial highlights

• Group U3O8 production (100% basis) rose 9% year-over-year to 6,144 tU (15.97 Mlbs); attributable production up 10% to 3,247 tU (8.44 Mlbs).

• Group U3O8 sales volume fell 40% to 1,535 tU (3.99 Mlbs) due to delivery timing.

• Group average realized price increased 12% to $61.33/lb U3O8, reflecting higher spot prices.

• Spot uranium prices averaged $88.49/lb in Q1 2026, up 34% year-over-year.

Outlook and guidance

• 2026 production guidance unchanged: 27,500–29,000 tU (100% basis), 14,500–15,500 tU (attributable).

• Group sales volume guidance: 19,500–20,500 tU; revenue expected at KZT 2,200–2,300 billion.

• C1 cash cost (attributable) forecast at $23.50–$25.00/lb; all-in sustaining cost at $35.00–$36.50/lb.

• Guidance may be revised only for operational factors within management control.