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

Executive summary

• Nuclear energy is increasingly recognized as essential for energy security and net-zero goals, with global support for tripling nuclear output by 2050, including Kazakhstan's commitment.

• Kazakhstan holds 14% of the world's uranium resources, with significant reserves and a robust exploration pipeline to replenish and expand resources.

• The company maintains a value-over-volume, market-centric strategy, adjusting production to market conditions and focusing on long-term sustainability.

• Cash and cash equivalents nearly doubled to KZT 583.9 billion as of June 30, 2025, reflecting strong liquidity.

• Net profit dropped 54% to KZT 263.2 billion in 1H2025, mainly due to a one-time gain in 2024 from JV Budenovskoye consolidation; adjusted net profit fell 5%.

Financial highlights

• 1H2025 consolidated revenue reached KZT 701 bln, up from KZT 660 bln in 1H2024.

• Operating profit was KZT 263 bln, and net profit was KZT 254 bln for 1H2025.

• Adjusted EBITDA attributable to owners was KZT 293 bln, with attributable EBITDA at KZT 274 bln.

• Attributable cash cost (C1) was $17.86/lb, and all-in sustaining cost (AISC) was $28.06/lb.

• Total CAPEX (100% basis) was KZT 276 bln.

Outlook and guidance

• 2025 production guidance: 25,000–26,500 tU (64.99–68.89 Mlbs) on a 100% basis.

• Attributable production: 13,000–14,000 tU (33.79–36.40 Mlbs).

• Group sales volume expected at 17,500–18,500 tU (45.50–48.10 Mlbs).

• C1 cash cost guidance: $16.50–$18.00/lb; AISC: $29.00–$30.50/lb.

• 2026 nominal production level expected to decrease by 10% to 29,697 tU (77 Mlbs), mainly due to JV Budenovskoye adjustments.