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

Executive summary

• Global nuclear energy demand is accelerating, with 38 countries committing to triple nuclear power by 2050 and over 70 reactors under construction worldwide.

• Maintains position as the world's largest natural uranium producer, accounting for 20% of global primary supply and 91% of revenue from the U3O8 segment.

• Strategic focus on efficient resource use, reserve replenishment, and expansion in the nuclear fuel cycle and rare metals, with continued exploration at six key areas.

• Commissioned a new processing plant at Zhalpak deposit (500 t annual capacity, expansion to 900 t planned for 2027).

• Consistent dividend payments and high total shareholder return since IPO.

Financial highlights

• Consolidated revenue rose 9% year-over-year to nearly KZT 718 billion in 1H 2026, driven by higher realized uranium prices.

• Net profit decreased 9% to KZT 240 billion due to higher FX losses and finance costs.

• Adjusted EBITDA was KZT 371 billion (+2% YoY); attributable EBITDA declined 12% to KZT 265 billion.

• Group U3O8 inventory increased 23% YoY to 8,245 tU; attributable inventory 6,200 tU (+15% YoY).

• C1 cash cost (attributable) increased 37% to USD 24.48/lb; all-in sustaining cash cost up 25% to USD 38.45/lb.

Outlook and guidance

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

• Consolidated revenue guidance revised to KZT 2,100–2,200 billion due to KZT appreciation.

• C1 cash cost guidance raised to USD 25.50–27.00/lb; all-in sustaining cash cost to USD 39.00–40.50/lb.

• Capital expenditures guidance increased to KZT 435–450 billion.

• Long-term uranium demand expected to remain strong, with every pound produced having a committed buyer.