National Atomic Company Kazatomprom JSC (KZAP) Q2 2025 TU earnings summary

Executive summary

• Production volumes increased 14% year-over-year on a 100% basis and 13% on an attributable basis for the first half of 2025, reflecting higher output in line with guidance.

• Group sales volumes were slightly lower year-over-year, while KAP sales volumes rose 4%, mainly due to timing of customer deliveries.

• Average realized prices declined 12% for the Group and 8% for KAP, despite a 24% drop in spot prices, due to long-term contracts and fixed price components.

• The company completed its 2024 dividend payment and amended its dividend policy to refine free cash flow calculations.

• CEO Meirzhan Yussupov was elected to the World Nuclear Association's Board of Governors, enhancing global industry influence.

Financial highlights

• Group U3O8 production (100% basis) for H1 2025: 12,242 tU (31.83 Mlbs), up 13% year-over-year.

• Attributable U3O8 production for H1 2025: 6,431 tU (16.72 Mlbs), up 11% year-over-year.

• Group U3O8 sales volume for H1 2025: 7,625 tU (19.82 Mlbs), down 2% year-over-year.

• KAP U3O8 sales volume for H1 2025: 6,987 tU (18.16 Mlbs), up 4% year-over-year.

• Group average realized price: $58.54/lb, down 12% year-over-year; KAP average realized price: $57.27/lb, down 8%.

Outlook and guidance

• 2025 production and sales guidance remains unchanged except for a 500 tU reduction in KAP sales volume due to rescheduled deliveries.

• Full-year 2025 production (100% basis) expected at 25,000–26,500 tU (64.99–68.89 Mlbs); attributable production at 13,000–14,000 tU (33.79–36.40 Mlbs).

• Group sales volume guidance: 17,500–18,500 tU (45.50–48.10 Mlbs); KAP sales volume: 13,500–14,500 tU (35.10–37.70 Mlbs).

• Consolidated revenue expected at KZT 1,600–1,700 billion; C1 cash cost (attributable) $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, including major development projects.