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

Executive summary

• Revenue for Q1 2026 was Tenge 154,224 million, down 28% year-over-year due to a 40% decrease in uranium sales volumes, partially offset by a 12% increase in average selling price per pound of uranium.

• Net profit for the period was Tenge 13,915 million, a 56% decrease compared to Tenge 31,899 million in Q1 2025, reflecting lower sales volumes and higher costs.

Financial highlights

• Gross profit declined to Tenge 50,170 million from Tenge 76,596 million year-over-year.

• Earnings per share attributable to owners was negative Tenge 30, compared to positive Tenge 99 in Q1 2025.

• Total assets increased to Tenge 4,126,001 million as of 31 March 2026, up from Tenge 4,027,236 million at year-end 2025.

• Cash and cash equivalents rose to Tenge 355,843 million from Tenge 347,398 million at year-end.

• Total equity attributable to shareholders was Tenge 2,319,307 million, with non-controlling interest at Tenge 863,570 million.

Outlook and guidance

• Management continues to monitor the impact of anti-Russian sanctions and exchange rate volatility, with action plans in place to mitigate risks.

• The uranium market remains subject to customer delivery timing and spot price fluctuations.