National Atomic Company Kazatomprom JSC (KZAP) Q4 2025 TU earnings summary

Executive summary

• Fourth quarter and full-year 2025 saw increased uranium production and sales volumes, with notable regulatory and market developments impacting operations.

• Strategic supply agreements and regulatory changes in Kazakhstan strengthened the company's position in the uranium sector.

• Global uranium market dynamics were influenced by legislative actions, new nuclear projects, and supply chain shifts.

Financial highlights

• 2025 production volume (100% basis) rose 11% year-over-year to 25,839 tU; attributable production up 10% to 13,519 tU.

• Group U3O8 sales volume increased 11% to 18,495 tU; KAP sales volume up 7% to 13,700 tU.

• Group average realized price fell 6% to $65.10/lb; KAP average realized price down 6% to $62.01/lb.

• Spot uranium price averaged $73.54/lb in 2025, down 14% year-over-year; long-term price ended at $86.50/lb, up 7%.

Outlook and guidance

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

• Group sales volume expected at 19,500–20,500 tU; KAP sales volume at 13,100–14,100 tU.

• Production guidance revised downward by ~10% from previous CPR due to market and operational factors.

• Guidance subject to sulphuric acid availability and ongoing market conditions.