Joint Stock Company "National Company "KazMunayGas" (KMGZ) Q4 2025 earnings summary

Executive summary

• Achieved record hydrocarbon processing of 21.0 million tonnes and record refining depth and light product yield in 2025.

• Oil and gas condensate production rose 10% year-over-year to 26.2 mt; gas production up 19.8% to 11,450 mln m³.

• Revenue increased 1.3% year-over-year to $17,977 mln; EBITDA up 7.7% to $4,591 mln.

• Net profit for the year was KZT 1,072,054 mln, down 2% from 2024.

• S&P Global Ratings upgraded credit rating to BBB- with a Stable outlook.

Financial highlights

• Revenue: $17,977 mln (+1.3% YoY); EBITDA: $4,591 mln (+7.7% YoY); FCF: $2,365 mln (-7.4% YoY).

• Gross debt reduced by 7.8% to $6,967 mln; net debt down 66.5% to $742 mln.

• Capital expenditures (cash method) decreased 6.8% to $1,281 mln.

• Dividends paid for 2024 totaled KZT 300 bln (KZT 491.71 per share).

• Book value per ordinary share increased 4.77% to KZT 19,000.

Outlook and guidance

• Ongoing construction of a 247 MW hybrid power plant and design completed for a 1 GW wind project.

• Continued focus on ESG, maintaining MSCI ESG rating at BBB and CDP climate rating at B.