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

Executive summary

• Achieved historic milestone of 1 billion lbs uranium mined in Kazakhstan over 30 years.

• Maintained world leadership in uranium supply and reinforced value over volume strategy.

• 2025 marked by strong operational and financial performance despite market volatility.

• Expanded customer base with new contracts in Switzerland, Czech Republic, Japan, and India.

• Proactive logistics and sales strategies ensured reliable deliveries amid geopolitical tensions.

Financial highlights

• Consolidated revenue for 2025 reached KZT 1.8 trillion, on par with 2024.

• Adjusted EBITDA increased by 3%, attributable EBITDA up 11% year-over-year.

• All cost metrics within guided ranges, demonstrating financial discipline.

• Attributable production rose 10% to 35 million lbs; total production up 11% to 67 million lbs.

• Sales volumes exceeded 2024 by 11% (group) and 7% (company).

Outlook and guidance

• 2026 production guidance: 27,500–29,000 tons total, 14,500–15,500 tons attributable.

• 2026 sales volume expected at 19,500–20,500 tons (group), 13,100–14,100 tons (company).

• Revenue forecast for 2026: KZT 2.2–2.3 trillion.

• All-in sustaining costs expected to rise due to higher C1 cash costs and MET expenses.