National Atomic Company Kazatomprom JSC (KZAP) Q2 2026 TU earnings summary

Executive summary

• Second quarter and half-year 2026 update highlights operational and trading results, with a focus on uranium market developments and company performance.

• Global nuclear sector saw major investments, regulatory milestones, and new project launches, supporting robust uranium demand.

• Company completed 2025 dividend payment and maintained Board composition, with a partial bond redemption executed.

Market and industry conditions

• U.S. government approved $17.5 billion in loans for domestic nuclear supply chain, supporting new reactor builds.

• Significant progress in SMR projects in the U.S., Russia, Uzbekistan, and the UK, with new plants and regulatory approvals.

• UK banned Russian-origin uranium imports, with exemptions for certain cases; Australia and India expanded uranium trade.

• New uranium mining projects launched in Mongolia, Uzbekistan, Canada, and the U.S.; Cameco resumed Cigar Lake operations after a brief suspension.

• Uranium spot price averaged $85.98/lb in 1H2026, up from $69.11/lb in 1H2025; spot transaction volumes rose 19% year-over-year.

• Long-term contract volumes increased to 32.5 million lbs in 1H2026, with average long-term price up $15.50/lb year-over-year to $95.50/lb.

Financial highlights

• Group U3O8 production (100% basis) rose 8% in Q2 and 9% in 1H2026 year-over-year; attributable production up 10% for both periods.

• Group U3O8 sales volume up 19% in Q2 and flat in 1H2026; KAP sales volume up 3% in Q2 but down 13% in 1H2026 due to delivery timing.

• Group average realized price increased 17% in Q2 and 16% in 1H2026; KAP average realized price up 14% in Q2 and 13% in 1H2026.

• 2025 dividend of KZT 335.16 billion paid to shareholders in July 2026.