National Atomic Company Kazatomprom JSC (KZAP) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2025 was Tenge 1,192,894 million, up 4.7% year-over-year, driven by a 10% increase in uranium sales volumes despite a 6% decrease in average selling price due to lower spot prices and exchange rate effects.

• Net profit for the nine months was Tenge 532,915 million, down from Tenge 744,673 million in the prior year, reflecting higher costs and lower uranium prices.

• Total comprehensive income for the period was Tenge 533,791 million.

Financial highlights

• Gross profit for the nine months was Tenge 549,702 million, up from Tenge 446,032 million year-over-year.

• Earnings per share for the nine months were Tenge 1,610, compared to Tenge 2,332 in the prior year.

• Total assets as of 30 September 2025 were Tenge 3,952,965 million, with equity of Tenge 3,101,853 million.

• Cash flow from operating activities for the nine months was Tenge 651,534 million, up from Tenge 483,885 million year-over-year.

• Dividends paid to shareholders during the period totaled Tenge 327,858 million.

Outlook and guidance

• Management expects continued volatility in uranium sales volumes due to customer delivery timing and spot price fluctuations.

• The company is monitoring the impact of anti-Russian sanctions and changes in U.S. import duties, though its products remain exempt from new tariffs.