Q4 2025 Natsional'naya Atomnaya Kompaniya Kazatomprom AO Earnings Call Transcript
Key Points
- National Atomic Co Kazatomprom JSC (NATKY) achieved a historic milestone by mining 1 billion pounds of uranium in Kazakhstan over nearly 30 years.
- The company reported an 11% increase in production compared to 2024, with attributable production up by 10% at 35 million pounds.
- Kazatomprom's long-term strategy of value-over-volume has proven effective, focusing on sustainable development and market health.
- The company successfully diversified its customer base, welcoming new customers from Switzerland, the Czech Republic, and signing a new contract with a major Japanese utility.
- Despite a 14% decline in spot prices, Kazatomprom achieved substantial revenue and net profit levels, with adjusted EBITDA showing a 3% increase.
- The company faces rising costs due to global inflationary pressures, particularly in materials, supplies, and reagents like sulfuric acid.
- The Mineral Extraction Tax (MET) rate is increasing, contributing significantly to the rise in production costs.
- Kazatomprom's total level of contracting in 2025 fell short of actual needs, covering only 77% of the demand.
- The company is experiencing challenges with sulfuric acid supply, with prices doubling and affecting production costs.
- There is uncertainty regarding the long-term contracting progress for 2026, as 2025 results were slightly below expectations.
Good morning, ladies and gentlemen, and welcome to the Kazatomprom 2025 full-year operating and financial results. I would like to remind all participants this call is being recorded. I will now hand over to Ms. Botagoz Muldagaliyeva, Director of Investor Relations. Please go ahead.
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Thank you, operator. Good day, everyone, and good morning to those joining us from other time zones. Welcome to Kazatomprom's 2025 full-year results conference call. We appreciate your time and interest. With us today, we have Kazatomprom's management team. Meirzhan Yussupov, Chief Executive Officer; Marat Tulebayev, First Deputy and Chief Financial Officer; Dastan Kosherbayev, Chief Strategy and International Development Officer; and Seitzhan Zhanybekov, Managing Director for Sales.
Traditionally, the call will begin with a management presentation and move to a question-and-answer session. Corresponding instructions will be
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