National Atomic Company Kazatomprom JSC (KZAP) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 production and consolidated uranium sales increased YoY; realized prices also rose, while sales timing varied between consolidated and KAP-level deliveries.

• 2026 guidance was reiterated unchanged across production, sales, revenue, cash-cost and capital-expenditure ranges.

• Uranium spot and long-term prices strengthened amid constrained spot availability and growing uncovered demand; market and policy developments remained significant.

Financial highlights

• 9M production rose 10% YoY to 20,508 tU on a 100% basis and 12% to 10,969 tU on an attributable basis.

• 9M consolidated U3O8 sales increased 10% YoY to 14,030 tU; KAP-level sales declined 7% to 10,303 tU, reflecting delivery schedules and customer requests.

• 9M consolidated average realized price rose 17% YoY to $73.51/lb; KAP average realized price increased 14% to $70.19/lb.

Outlook and guidance

• 2026 guidance remains unchanged: production 27,500–29,000 tU at 100% basis and 14,500–15,500 tU attributable; consolidated sales 19,500–20,500 tU.

• Revenue guidance is KZT 2,100–2,200bn consolidated and KZT 1,900–2,000bn from consolidated uranium sales; actual results may vary with uranium prices and USD/KZT rates.

• Cash-cost guidance: attributable C1 $25.50–27.00/lb and all-in sustaining cost $39.00–40.50/lb; mining-entity capex guidance is KZT 435–450bn.