Q2 2026 Natsional'naya Atomnaya Kompaniya Kazatomprom AO Earnings Call Transcript
Key Points
- Strong market fundamentals with long-term uranium prices at 18-year highs in the mid-to-high $90s per pound, supporting future contracting.
- Group production increased 9% year-on-year in H1 2026, keeping the company on track with subsoil use requirements.
- Average realized price rose 16% year-on-year to $67.88 per pound, reflecting a strong commercial portfolio.
- Consolidated revenue grew 9% to KZT718 billion, with adjusted EBITDA up 2% to KZT371 billion, demonstrating financial stability.
- Inventory levels increased 23% to over 8,200 tonnes, providing a strong buffer for delivery obligations and market flexibility.
- Global nuclear expansion (70+ reactors under construction, 38 countries committed to tripling nuclear by 2050) drives long-term demand.
- C1 cash costs rose 37% and all-in sustaining costs increased 25% due to higher mineral extraction tax, sulfuric acid prices, and tenge appreciation.
- Net profit declined to KZT240 billion from KZT263 billion due to unfavorable foreign exchange losses and higher finance costs.
- Attributable EBITDA fell 12% to KZT265 billion due to a larger share of profits allocated to non-controlling partners.
- Regulatory pause at a TQZ construction site will delay the project by 6-12 months, though no material impact on mining operations is expected.
- Revenue guidance was revised downward due to the strengthening of the Kazakh tenge against the US dollar, impacting financial outlook.
- Sulfuric acid prices increased 39%, and the company has not yet fully contracted its 2027 requirements, posing future cost risks.
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Hello, everyone, and welcome to Kazatomprom's conference call to discuss 2026 half-year operating and financial results. My name is Botagoz, and I'm leading the Investor Relations team at Kazatomprom. Thank you for taking the time to join us today.
Traditionally, our conversation will begin with a management presentation, which will be delivered by our CEO, Mr. Yussupov. (Event Instructions)
For those who joined through the companies or the London Stock Exchange website, there will be slides displayed during the remarks. These webcast slides will be available for download in English and in Russian shortly after the call.
Note that our press release, full version of the 2026 half-year operating and financial review, along with the financial statements for three and six months ended June 30, 2026, are now available on Kazatomprom's website.
Participating in today's call, we have Kazatomprom's management team, Meirzhan Yussupov
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