National Atomic Company Kazatomprom JSC
Consolidated Financial Statements
for the year ended 31 December 2025 and
Independent Auditor’s Report
Content
INDEPENDENT AUDITOR’S REPORT
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statement of Profit or Loss and Other Comprehensive Income ............................................................... 1
Consolidated Statement of Financial Position ............................................................................................................. 2-3
Consolidated Statement of Cash Flows ......................................................................................................................... 4
Consolidated Statement of Changes in Equity ............................................................................................................... 5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1 General Information ............................................................................................................................................ 6
2 Basis of Preparation ........................................................................................................................................... 8
3 Adoption of New or Revised Standards and Interpretations ............................................................................... 9
4 Segment Information ........................................................................................................................................ 10
5 Balances and Transactions with Related Parties .............................................................................................. 13
6 Revenue ........................................................................................................................................................... 15
7 Cost of Sales .................................................................................................................................................... 17
8 Distribution Expenses ....................................................................................................................................... 17
9 General and Administrative Expenses .............................................................................................................. 17
10 Net Reversal of Impairment Losses on Financial Assets .................................................................................. 18
11 Other Income .................................................................................................................................................... 18
12 Other Expenses and Net Foreign Exchange (Loss)/Gain ................................................................................. 18
13 Payroll Costs .................................................................................................................................................... 19
14 Finance Income and Costs ............................................................................................................................... 19
15 Income Tax Expense ........................................................................................................................................ 20
16 Earnings per Share ........................................................................................................................................... 22
17 Intangible Assets .............................................................................................................................................. 23
18 Property, Plant and Equipment ......................................................................................................................... 24
19 Mine Development Assets ................................................................................................................................ 26
20 Mineral Rights ................................................................................................................................................... 27
21 Exploration and Evaluation Assets ................................................................................................................... 28
22 Investments in Associates ................................................................................................................................ 29
23 Investments in Joint Ventures ........................................................................................................................... 32
24 Accounts Receivable ........................................................................................................................................ 34
25 Other Financial Assets ..................................................................................................................................... 34
26 Other Non-Financial Assets .............................................................................................................................. 35
27 Inventories ........................................................................................................................................................ 36
28 Cash and Cash Equivalents ............................................................................................................................. 37
29 Share Capital .................................................................................................................................................... 37
30 Loans and Borrowings ...................................................................................................................................... 38
31 Provisions ......................................................................................................................................................... 40
32 Accounts Payable ............................................................................................................................................. 43
33 Other Liabilities ................................................................................................................................................. 43
34 Contingencies and Commitments ..................................................................................................................... 44
35 Non-Controlling Interest .................................................................................................................................... 45
36 Principal Subsidiaries ....................................................................................................................................... 49
37 Financial Risk Management ............................................................................................................................. 50
38 Fair Value Disclosures ...................................................................................................................................... 56
39 Presentation of Financial Instruments by Measurement Category ................................................................... 57
40 Business Combination ...................................................................................................................................... 58
41 Events after the Reporting Period ..................................................................................................................... 59
PricewaterhouseCoopers LLP
34 Al-Farabi Ave., Building A, 4th floor, Almaty, Kazakhstan, A25D5F6
Т: +7 (727) 330 3200, F: +7 (727) 244 6868, www.pwc.com/kz
Independent Auditor’s Report
To the Shareholders and the Board of Directors of National Atomic Company Kazatomprom JSC
Report on the audit of the consolidated financial statements
Our opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the
consolidated financial position of National Atomic Company Kazatomprom JSC (the “Company”) and its
subsidiaries (together – the “Group”) as at 31 December 2025, and the Group’s consolidated financial
performance and consolidated cash flows for the year then ended in accordance with IFRS Accounting
Standards.
What we have audited
The Group’s consolidated financial statements comprise:
• the consolidated statement of profit or loss and other comprehensive income for the year ended 31
December 2025;
• the consolidated statement of financial position as at 31 December 2025;
• the consolidated statement of changes in equity for the year then ended;
• the consolidated statement of cash flows for the year then ended; and
• the notes to the consolidated financial statements, comprising material accounting policy information
and other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit
of the consolidated financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Independence
We are independent of the Group in accordance with the ethical requirements of the Law on Audit
Activity that are relevant to our audit of the consolidated financial statements in the Republic of
Kazakhstan and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA
Code) as applicable to audits of financial statements of public interest entities. We have also fulfilled our
other ethical responsibilities in accordance with the ethical requirements of the Republic of Kazakhstan
and the IESBA Code.
Our audit approach
Overview
Overall Group materiality: Tenge 49,000 million, which represents 5% of profit before tax
• Group audit scope included the Company, eight subsidiaries, one joint arrangement,
two associates in Kazakhstan, and one subsidiary in Switzerland.
• Our audit scope addressed 82% of the Group’s absolute revenue amounts, 84% of
the Group’s absolute value of underlying profit before tax, and 85% of the Group’s
absolute value of total assets.
• Provisions for asset retirement obligations
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where management
made subjective judgements; for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain. As in all of our audits,
we also addressed the risk of management override of internal controls including, among other matters,
consideration of whether there was evidence of bias that represented a risk of material misstatement due
to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance whether the consolidated financial statements are free from material misstatement.
Misstatements may arise due to fraud or error. They are considered material if individually or in
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of the consolidated financial statements.
Materiality
Group
Scoping
Key Audit
Matters
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the consolidated financial statements as a whole as set out in
the table below. These, together with qualitative considerations, helped us to determine the scope of our
audit and the nature, timing and extent of our audit procedures and to evaluate the effect of
misstatements, if any, both individually and in aggregate on the consolidated financial statements as a
whole.
Tenge 49,000 million
Approximately 5% of profit before tax for the year ended 31 December 2025
We chose profit before tax as the benchmark because, in our view, it is the
benchmark against which the performance of the Group is most commonly
measured by users of the consolidated financial statements and is a generally
accepted benchmark. We chose 5% which is consistent with quantitative
materiality thresholds used for profit-oriented companies in this sector.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements of the current period. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
Key audit matter
How our audit addressed the key audit matter
Provisions for asset retirement obligations
Refer to Note 31 in the consolidated financial statements
The Group estimates asset retirement obligations for its
mining entities in accordance with an approved
methodology. The Group engages an external expert
annually to review the estimates of these provisions. As of
31 December 2025, the Group's asset retirement obligations
for its mining entities amounted to Tenge 39,494 million
(2024: Tenge 44,662 million). In 2022, the Group developed
a methodology for calculation of the provision for asset
retirement obligations for its non-mining entities in response
to the requirements of the Ecological Code of the Republic
of Kazakhstan issued in 2021. As of 31 December 2025, the
Group's asset retirement obligations for its non-mining
entities amounted to Tenge 2,474 million (2024: Tenge
4,325 million).
The assessment of provisions for asset retirement
obligations was a key audit matter due to their significance
relative to the Group's financial position and the level of
judgement applied in evaluating management's estimates of
the quantum and timing of future costs.
Our audit procedures included:
• We assessed the competence and objectivity of the external
expert engaged to review the Group's estimates of provisions for
asset retirement obligations for its mining entities. We reviewed the
expert's report and reconciled the asset retirement obligations
amounts in the report to the amounts used by the Group in its
provision estimates.
• We reviewed the Group's calculations of provisions for asset
retirement obligations for its mining and non-mining entities,
reconciled key assumptions to external sources, and, on a sample
basis, tested the input data used in the nominal cost calculations,
including the physical volume of works, unit costs, and construction
estimate norms.
• We involved our valuation experts to assess the reasonableness
of the discount and inflation rates used by the Group in calculations
of provisions for asset retirement obligations for its mining and non-
mining entities.
• We assessed the related disclosures in the consolidated financial
statements for compliance with the requirements of IFRS
Accounting Standards.
How we tailored our Group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the consolidated financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industry in which the Group operates.
The Group's major production facilities and uranium sites are located in the Republic of Kazakhstan. The
Group's trading activities are carried out primarily out of Kazakhstan, as well as through operations of a
trading subsidiary set up in Switzerland. The Group operates eight mining subsidiaries (under fourteen
subsurface contracts), three mining joint arrangements (under five subsurface use contracts) and four
mining associates (under four subsurface use contracts). Group audit scope included the Company, four
mining subsidiaries, three non-mining subsidiaries, and one mining associate audited by us; one non-
mining subsidiary audited by one of PwC network firms, which reported to us on their audit; one mining
subsidiary, one mining associate, and one mining joint arrangement audited by other auditors, which
reported to us on their audits.
We included in our group audit scope the Company and twelve entities (components), including three
components audited by other auditors.
In order to achieve appropriate audit coverage of the audit risks, our selection was based on the relative
significance of the entities within the Group or specific risks identified. The components within the scope
of our work accounted for the following percentages of the Group's measures (1):
Audit instructions set out the significant audit areas, materiality thresholds (which ranged from Tenge
4,000 million to Tenge 26,000 million) and specific reporting requirements. The Group audit team
directed the work undertaken by component auditors, through a combination of related network and
non-network firm reporting, regular interaction on audit and accounting matters, periodic site visits and
review of specific audit work papers.
By performing the procedures above at the components in combination with additional procedures
performed at the Group level, we have obtained sufficient and appropriate audit evidence regarding the
consolidated financial statements as a whole that provides basis for our opinion.
Other information
Management is responsible for the other information. The other information comprises the Integrated
annual report (but does not include the consolidated financial statements and our auditor’s report
thereon), which is expected to be made available to us after the date of this auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we will
not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information identified above when it becomes available to us and, in doing so, consider whether the
other information is materially inconsistent with the consolidated financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially misstated.
When we read the Integrated annual report, if we conclude that there is a material misstatement therein,
we are required to communicate the matter to those charged with governance.
Responsibilities of management and those charged with governance for the
consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with IFRS Accounting Standards, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless management either intends to liquidate the Group or
to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
Auditor’s responsibilities for the audit of the consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these consolidated financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report
to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business units within the Group as a basis for forming an
opinion on the consolidated financial statements. We are responsible for the direction, supervision
and review of the audit work performed for the purposes of the group audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the consolidated financial statements of the current period and
are therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
Report on the compliance of the marking up of consolidated financial statements with the
requirements of the European Single Electronic Format (“ESEF”)
We have been engaged as part of our audit engagement letter No.192/НАК-24 dated 29 October 2024 by
the management of the Group to conduct a reasonable assurance engagement for the verification of
compliance with the applicable requirements of the presentation of the consolidated financial statements
of the Group for the year ended 31 December 2025 (the “presentation of the consolidated financial
statements”).
Description of a subject matter and applicable criteria
The presentation of the consolidated financial statements has been applied by the management to
comply with the requirements of Delegated Regulation (EU) 2019/815 of 17 December 2018
supplementing Directive 2004/109/EC of the European Parliament and of the Council with regard to
regulatory technical standards on the specification of a single electronic reporting format (the “ESEF
Regulation”). The applicable requirements regarding the presentation of the consolidated financial
statements are contained in the ESEF Regulation.
The requirements described in the preceding sentence determine the basis for application of the
presentation of the consolidated financial statements and, in our view, constitute appropriate criteria to
form a reasonable assurance conclusion.
Responsibility of the management and those charged with governance
The management is responsible for the presentation of the consolidated financial statements that
complies with the requirements of the ESEF Regulation.
This responsibility includes the selection and application of appropriate markups in XBRL using ESEF
taxonomy and designing, implementing and maintaining internal controls relevant for the preparation of
the presentation of the consolidated financial statements which is free from material non-compliance
with the requirements of the ESEF Regulation.
Those charged with governance are responsible for overseeing the financial reporting process, which
should also be understood as the preparation of consolidated financial statements in accordance with the
format resulting from the ESEF Regulation.
Our responsibility
Our responsibility was to express a reasonable assurance conclusion whether the presentation of the
consolidated financial statements complies, in all material respects, with the ESEF Regulation.
We conducted our engagement in accordance with the International Standard on Assurance
Engagements 3000 (R) Assurance Engagements other than Audits and Reviews of Historical Financial
Information’ (ISAE 3000 (R). This standard requires that we comply with ethical requirements, plan and
perform procedures to obtain reasonable assurance whether the presentation of the consolidated
financial statements complies, in all material aspects, with the applicable requirements.
Reasonable assurance is a high level of assurance, but it does not guarantee that the service performed in
accordance with ISAE 3000 (R) will always detect the existing material misstatement (significant non-
compliance with the requirements).
Quality management requirements and professional ethics
We apply International Standard on Quality Management 1, which requires the firm to design,
implement and operate a system of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
We comply with the independence and other ethical requirements of the International Code of Ethics for
Professional Accountants (including International Independence Standards) issued by the International
Ethics Standards Board for Accountants, which is founded on fundamental principles of integrity,
objectivity, professional competence and due care, confidentiality and professional behaviour.
Summary of the work performed
Our planned and performed procedures were aimed at obtaining reasonable assurance that the
presentation of the consolidated financial statements complies, in all material aspects, with the
applicable requirements and such compliance is free from material errors or omissions. Our procedures
included in particular:
• obtaining an understanding of the process of preparation of the consolidated financial statements
in ESEF format, including the Group’s process of selection and application of XBRL tags and maintaining
compliance with the ESEF regulations;
• evaluating the completeness of marking up the consolidated financial statements using the XBRL
markup language according to the requirements of the implementation of electronic format as described
in the ESEF Regulation;
• reconciling of the tagged information included in the consolidated financial statements in ESEF
format to the audited consolidated financial statements;
• assessment whether the applied XBRL tags from the taxonomy specified by the ESEF regulations
were applied appropriately and that extensions to the elements in the taxonomy specified in the ESEF
regulations were used when there were no suitable elements in the taxonomy specified in the ESEF
regulations;
• evaluating the appropriateness of anchoring of the extension elements to the ESEF taxonomy
specified by the ESEF Regulations.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion.
Conclusion
In our opinion, based on the procedures performed, the presentation of the consolidated financial
statements complies, in all material respects, with the ESEF Regulation.
The engagement partner on the audit resulting in this independent auditor’s report is Azamat
Konratbaev.
On behalf of PricewaterhouseCoopers LLP
Approved and signed by:
Azamat Konratbaev
Managing Director
PricewaterhouseCoopers LLP
(General State License of the Ministry of
Finance of the Republic of Kazakhstan
#0000005 dated 21 October 1999)
Auditor in charge
(Qualified Auditor’s certificate
№МФ-0000315 dated 28 December 2015)
19 March 2026
Almaty, Kazakhstan
National Atomic Company Kazatomprom JSC
Consolidated Statement of Profit or Loss and Other Comprehensive Income
The accompanying notes are an integral part of these consolidated financial statements.
1
In millions of Kazakhstani Tenge
Note
For the year ended
31 December 2025
31 December 2024
Revenue
6
1,803,049
1,813,352
Cost of sales
7
(940,653)
(931,621)
Gross profit
862,396
881,731
Distribution expenses
8
(34,107)
(26,216)
General and administrative expenses
9
(49,311)
(48,666)
Net impairment losses on non-financial assets
(580)
(1,114)
Net reversal of impairment losses on financial assets
10
786
14,545
Net foreign exchange (loss)/gain
12
(32,848)
73,494
Gain from business combination
40
-
295,719
Other income
11
24,071
20,475
Other expenses
12
(17,250)
(12,293)
Finance income
14
62,565
30,527
Finance costs
14
(19,289)
(18,653)
Share of results of associates
22
170,022
142,533
Share of results of joint ventures
23
29,217
17,030
Profit before tax
995,672
1,369,112
Income tax expense
15
(188,965)
(236,997)
PROFIT FOR THE YEAR
806,707
1,132,115
Other comprehensive (loss)/income
Exchange differences arising on translation of entities with
foreign functional currency
(324)
1,054
Share in other comprehensive income/(loss) of entities
accounted for using the equity method
11
(23)
Remeasurement of post-employment benefit obligations
(793)
(178)
Other comprehensive (loss)/income for the year
(1,106)
853
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
805,601
1,132,968
Profit for the year attributable to:
- Owners of the Company
570,460
872,263
- Non-controlling interest
35
236,247
259,852
PROFIT FOR THE YEAR
806,707
1,132,115
Total comprehensive income attributable to:
- Owners of the Company
569,408
873,133
- Non-controlling interest
236,193
259,835
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
805,601
1,132,968
Earnings per share attributable to the owners of the
Company, basic and diluted (rounded to Tenge)
16
2,200
3,363
These consolidated financial statements were approved by management at 19 March 2026:
Tulebayev M.D.
First Deputy CEO –
Chief Financial Officer
Abdimoldayev D.K.
Financial Controller
Jakypbekova S.J.
Chief Accountant
National Atomic Company Kazatomprom JSC
Consolidated Statement of Financial Position
The accompanying notes are an integral part of these consolidated financial statements.
2
In millions of Kazakhstani Tenge
Note
31 December 2025
31 December 2024
ASSETS
Non-current assets
Property, plant and equipment
18
271,576
226,432
Mine development assets
19
368,159
290,708
Mineral rights
20
1,126,561
1,170,206
Intangible assets
17
61,584
61,253
Exploration and evaluation assets
21
21,220
14,792
Investments in associates
22
275,551
218,219
Investments in joint ventures
23
73,847
53,605
Deferred tax assets
15
55,146
40,465
Other financial assets
25
131,448
86,214
Other non-financial assets
26
63,573
33,448
2,448,665
2,195,342
Current assets
Accounts receivable
24
339,944
676,161
Prepaid income tax
49,153
9,508
VAT recoverable
26
274,180
219,672
Inventories
27
415,319
388,157
Other financial assets
25
133,131
20,421
Other non-financial assets
26
19,443
18,235
Cash and cash equivalents
28
347,398
294,385
1,578,568
1,626,539
Assets of disposal groups classified as held for sale
3
-
1,578,571
1,626,539
TOTAL ASSETS
4,027,236
3,821,881
National Atomic Company Kazatomprom JSC
Consolidated Statement of Financial Position
The accompanying notes are an integral part of these consolidated financial statements.
3
In millions of Kazakhstani Tenge
Note
31 December 2025
31 December 2024
EQUITY
Share capital
29
37,051
37,051
Additional paid-in capital
2,539
2,539
Reserves
1,955
2,282
Retained earnings
2,286,398
2,044,521
Equity attributable to shareholders of the Company
2,327,943
2,086,393
Non-controlling interest
35
913,762
911,158
TOTAL EQUITY
3,241,705
2,997,551
LIABILITIES
Non-current liabilities
Loans and borrowings
30
51,587
106,401
Provisions
31
41,588
47,427
Deferred tax liabilities
15
230,806
239,814
Employee benefits
2,444
1,930
Other liabilities
33
4,881
7,773
331,306
403,345
Current liabilities
Loans and borrowings
30
155,910
43,306
Provisions
31
4,480
12,494
Accounts payable
32
191,429
281,672
Liabilities for other taxes and compulsory payments
54,464
47,931
Employee benefits
653
399
Income tax liabilities
1,213
7,482
Other liabilities
33
46,076
27,701
454,225
420,985
TOTAL LIABILITIES
785,531
824,330
TOTAL EQUITY AND LIABILITIES
4,027,236
3,821,881
Carrying value of one share (rounded to Tenge)
16
12,262
11,321
These consolidated financial statements were approved by management at 19 March 2026:
Tulebayev M.D.
First Deputy CEO –
Chief Financial Officer
Abdimoldayev D.K.
Financial Controller
Jakypbekova S.J.
Chief Accountant
National Atomic Company Kazatomprom JSC
Consolidated Statement of Cash Flows
The accompanying notes are an integral part of these consolidated financial statements.
4
In millions of Kazakhstani Tenge
Note
For the year ended
31 December 2025
31 December 2024
OPERATING ACTIVITIES
Receipts from customers
2,167,956
1,605,362
Receipts under swap transactions
141,625
168,806
VAT refund
90,484
53,865
Interest received
46,348
23,666
Payments to suppliers
(840,638)
(616,590)
Payments under swap transactions
(142,257)
(127,805)
Payments of wages and salaries
(156,018)
(135,095)
Income tax paid
(241,594)
(230,691)
Other taxes paid
(240,225)
(206,549)
Social payments
(7,634)
(5,727)
Interest paid
30
(11,230)
(4,464)
Other receipts/(payments), net
3,028
(8,291)
Cash flows from operating activities
809,845
516,487
INVESTING ACTIVITIES
Acquisition of property, plant and equipment
(87,927)
(55,473)
Proceeds from disposal of property, plant and equipment
22
96
Acquisition of intangible assets
(932)
(653)
Acquisition of mine development assets
(136,164)
(115,759)
Acquisition of exploration and evaluation assets
(4,893)
(1,886)
Cash of acquired subsidiary
40
-
11,885
Acquisition of debt securities
25
(1,319,682)
(303,707)
Redemption of debt securities
25
1,180,586
334,549
Placement of term deposits and restricted cash
(12,834)
(6,365)
Redemption of term deposits and restricted cash
4,821
1,920
Dividends received from associates, joint ventures
22, 23
128,735
91,110
Investments in associated and joint ventures
23
(10,977)
(45)
Other receipts, net
688
1,913
Cash flows from investing activities
(258,557)
(42,415)
FINANCING ACTIVITIES
Proceeds from loans and borrowings
30
89,513
159,655
Proceeds from financing arrangements
33
13,034
-
Repayment of loans and borrowings
30
(29,111)
(139,166)
Dividends paid to shareholders
29
(327,858)
(314,649)
Dividends paid to non-controlling interest
(233,589)
(120,252)
Other payments, net
(133)
(852)
Cash flows from financing activities
(488,144)
(415,264)
Net increase in cash and cash equivalents
63,144
58,808
Cash and cash equivalents at the beginning of the year
294,385
211,912
Effect of exchange rate fluctuations on cash and cash
equivalents
(10,201)
23,808
Change in impairment provision for cash and cash
equivalents
70
(143)
Cash and cash equivalents at the end of the year
28
347,398
294,385
* Information about significant non-cash transactions is provided in Note 28.
These consolidated financial statements were approved by management at 19 March 2026:
Tulebayev M.D.
First Deputy CEO –
Chief Financial Officer
Abdimoldayev D.K.
Financial Controller
Jakypbekova S.J.
Chief Accountant
National Atomic Company Kazatomprom JSC
Consolidated Statement of Changes in Equity
The accompanying notes are an integral part of these consolidated financial statements.
5
In millions of Kazakhstani Tenge
Note
Attributable to the shareholders of the Company
Non-
controlling
interest
Total equity
Share capital
Reserves
Retained
earnings
Additional
paid-in capital
Total
Balance at 1 January 2024
37,051
1,228
1,487,091
2,539
1,527,909
480,358
2,008,267
Profit for the year
-
-
872,263
-
872,263
259,852
1,132,115
Foreign currency translation difference
-
1,054
-
-
1,054
-
1,054
Remeasurements of post-employment benefit
obligations
-
-
(161)
-
(161)
(17)
(178)
Share in other comprehensive loss of entities
accounted for using the equity method
-
-
(23)
-
(23)
-
(23)
Total comprehensive income for the year
-
1,054
872,079
-
873,133
259,835
1,132,968
Dividends declared to shareholders
29
-
-
(314,649)
-
(314,649)
-
(314,649)
Dividends declared by subsidiaries to other participants
35
-
-
-
-
-
(120,045)
(120,045)
Business combination
40
-
-
-
-
-
291,010
291,010
Balance at 31 December 2024
37,051
2,282
2,044,521
2,539
2,086,393
911,158
2,997,551
Profit for the year
-
-
570,460
-
570,460
236,247
806,707
Foreign currency translation difference
-
(327)
-
-
(327)
3
(324)
Remeasurements of post-employment benefit
obligations
-
-
(736)
-
(736)
(57)
(793)
Share in other comprehensive income of entities
accounted for using the equity method
-
-
11
-
11
-
11
Total comprehensive income for the year
-
(327)
569,735
-
569,408
236,193
805,601
Dividends declared to shareholders
29
-
-
(327,858)
-
(327,858)
-
(327,858)
Dividends declared by subsidiaries to other participants
35
-
-
-
-
-
(233,589)
(233,589)
Balance at 31 December 2025
37,051
1,955
2,286,398
2,539
2,327,943
913,762
3,241,705
These consolidated financial statements were approved by management at 19 March 2026:
Tulebayev M.D.
First Deputy CEO –
Chief Financial Officer
Abdimoldayev D.K.
Financial Controller
Jakypbekova S.J.
Chief Accountant
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
6
1 General Information
These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards for the
year ended 31 December 2025 for National Atomic Company Kazatomprom JSC (the “Company”) and its subsidiaries
(hereinafter collectively referred to as “the Group”).
The Company is a joint stock company set up in accordance with regulations of the Republic of Kazakhstan. The
Company was established pursuant to the Decree of the President of the Republic of Kazakhstan on the establishment
of National Atomic Company Kazatomprom No. 3593, dated 14 July 1997, and the Decree of the Government of the
Republic of Kazakhstan on National Atomic Company Kazatomprom Issues No. 1148 dated 22 July 1997, as a closed
joint stock company with a 100% government shareholding.
As at 31 December 2025, 62.99% of the Company’s shares are held by Sovereign Wealth Fund Samruk-Kazyna JSC,
12.01% are held by the Ministry of Finance of the Republic of Kazakhstan and 25% are on free float (Note 29). The
Government of the Republic of Kazakhstan is an ultimate controlling party of the Group. This is unchanged from the
prior year end.
The Company’s registered address is Syganak street, building 17/12, Astana city, the Republic of Kazakhstan. The
principal place of business is the Republic of Kazakhstan.
The Group’s principal activities include production of uranium and sale of uranium products. The Group is one of the
world leading uranium producing companies. The Group is also involved in processing of rare metals, manufacture and
sale of beryllium and tantalum products and scientific support of operational activities.
NAC Kazatomprom JSC is an entity representing interests of the Republic of Kazakhstan at the initial stages of the
nuclear fuel cycle and production of fuel assemblies and their components. The Group is a participant in a number of
associates and joint ventures, which make a significant contribution to its profit (Notes 22 and 23).
The Group’s development strategy adopts a market-driven approach within the industry, focusing on adaptation to new
economic and technological realities. It also incorporates additional strategic objectives that take into account global
energy trends, emerging challenges, and opportunities in the uranium market, the nuclear fuel cycle, and rare metals.
The strategy is aimed at ensuring long-term value growth for all stakeholders of the Group in line with the principles of
sustainable development that will be achieved through the efficient utilisation of resource potential, diversification of
business activities, and strengthening the Group’s position in the global market.
As at 31 December 2025, the Group and its associates and joint ventures were a party to the following contracts for
production and exploration of uranium:
Entity/mine, area Stage Contract date Contract term The Company and entities under control Kazatomprom-SaUran LLP Kanzhugan Production 27 November 1996 51 years Uvanas Liquidation 27 November 1996 - Mynkuduk, East block Production 27 November 1996 31 years Moinkum, block 1 (South) (south part) Liquidation 26 September 2000 - Moinkum, block 3 (Central) (north part) Production 31 May 2010 31 years Inkai, block 3 Production 5 June 2024 4 years MC Ortalyk LLP Mynkuduk, Central block Production 8 July 2005 28 years Zhalpak Production 14 December 2021 25 years Appak LLP Mynkuduk, West block Production 8 July 2005 30 years RU-6 LLP North and South Karamurun Production 15 November 1996 44 years JV Inkai LLP Inkai, block 1 Production 13 July 2000 45 years Company Inkai, block 2 Exploration 25 June 2018 10 years Baiken-U LLP North Khorasan, block 2 Production 1 March 2006 49 years Turanium LLP North Khorasan, block 1 Exploration and Production 8 May 2005 53 years JV Budenovskoye LLP Budenovskoye, blocks 6, 7 Production 16 October 2020 25 years
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
7
1 General Information (Continued)
Entity/mine, area Stage Contract date Contract term Associates JV KATCO LLP Southern Moinkum, Northern part and Tortkuduk Production 3 March 2000 39 years JV Zarechnoye JSC Zarechnoye Production 23 September 2002 26 years JV South Mining Chemical Company LLP Akdala* Production 28 March 2001 25 years Inkai, block 4 Production 8 July 2005 24 years Joint Ventures Semizbay-U LLP Semizbay Production 2 June 2006 25 years Irkol Production 14 July 2005 25 years Joint Operations Karatau LLP Budenovskoye, block 2 Production 8 July 2005 35 years JV Akbastau JSC Budenovskoye, block 1 Production 20 November 2007 30 years Budenovskoye, blocks 3, 4 Production 20 November 2007 31 years
* In accordance with Article 164 of the Code of the Republic of Kazakhstan "On Subsoil and Subsoil Use", on 28 January 2026
the competent state body decided to terminate the Contract for the exploration and production of uranium at the Akdala mine
from the date of expiration and to transfer the subsoil area of the Akdala mine to the Company's trust management until a new
subsoil use contract is formalised.
In 2024, the Company received exploration licenses for areas 5-1, 5-3, the Northern Budenovskoye mine and the
Eastern Zhalpak area. Under these licenses, geological exploration works are planned for 6 years.
In 2025, the Company received an exploration license for the Inkai-Mynkuduk area. Under this license, geological
exploration works are planned for 6 years.
At 31 December 2025, the Group comprises 33 entities (2024: 33), mainly located in five regions of the Republic of
Kazakhstan: Turkestan region, East Kazakhstan region, Kyzylorda region, Akmola region and Almaty region.
At 31 December 2025 and 2024, the aggregate number of employees of the Group is about 22 thousand people.
Economic environment of the Group
The economy of the Republic of Kazakhstan continues to develop. Additionally, the uranium sector in the Republic of
Kazakhstan is still impacted by political, legislative, fiscal and regulatory developments. Uncertainty remains in relation
to the exchange rate of Tenge and commodity prices.
The economic environment has a significant impact on the Group’s operations and financial position. Management is
taking necessary measures to ensure sustainability of the Group’s operations. However, the future effects of the current
economic situation are difficult to predict, and management’s current expectations and estimates could differ from
actual results.
Impact of anti-Russian sanctions
On 10 January 2025, the U.S. Department of the Treasury imposed sanctions against a number of top managers of
the State Corporation Rosatom. The consequences of the blocking sanctions imposed against these top managers
include freezing of assets, a ban on commercial (and some non-commercial) relations with these individuals and
transactions with their assets, and a ban on entry into the United States. At the same time, as of the date of approval
of these consolidated financial statements, the entities of the Rosatom State Corporation group, the partners of the
Group in four uranium mining entities in Kazakhstan, are not included in the sanctions list.
Based on the initial risk assessment and subsequent updates to the sanctions’ programs and lists, the Group drew up
an action plan to minimise possible negative consequences. This action plan is updated as new risks are identified or
sanctions programs and lists are updated.
The Group’s management is unable to predict the impact of future events on the Group’s financial position and its
results of this matter. Management will continue to monitor the potential impact of anti-Russian sanctions on the Group
and will take all necessary steps to mitigate risks.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
8
2 Basis of Preparation
These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards under
the historical cost convention, as modified by financial instruments categorised at fair value through profit or loss
(“FVTPL”) and at fair value through other comprehensive income (“FVOCI”). The principal accounting policies applied
in the preparation of these consolidated financial statements are set out below. These policies have been consistently
applied to all the periods presented unless specified.
The preparation of consolidated financial statements in conformity with IFRS Accounting Standards requires the use of
certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying
the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant are disclosed in the corresponding notes of these consolidated financial
statements.
Presentation currency
These consolidated financial statements are presented in millions of Kazakhstani Tenge (“Tenge”), unless otherwise
stated.
Consolidation
(i) Consolidated financial statements
The Group has several subsidiaries disclosed in Note 36. Unless otherwise stated, they have share capital consisting
solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the
voting rights held by the Group. The country of incorporation or registration is also their principal place of business.
(ii) Associates and joint ventures
The Group’s associates and joint ventures are disclosed in Notes 22 and 23. The entities have share capital, which is
held directly by the Group. The country of incorporation or registration is also their principal place of business, and the
proportion of ownership interest is the same as the proportion of voting rights held. Associates are entities over which
the Group has significant influence (directly or indirectly), but not control, generally accompanying a shareholding of
between 20% and 50% of the voting rights. Entities where the Group holds joint control by means of unanimous decision
making with the second participant over relevant activities, are classified as joint ventures.
(iii) Joint operations
The Group is a party to joint operations as disclosed in Note 36. In accordance with requirements of the relevant
agreements, participants buy output of joint operations equally in accordance with their ownership interest. If
participants of the joint operations do not comply with this requirement during a period, a liability or receivable under
joint operations is recognised for an amount equivalent to the corresponding gross margin. The liability/receivable is
settled either when participants satisfy the parity requirements or participants mutually agree to discharge the
liabilities/receivables, and a corresponding loss/gain is recognised in profit or loss statement. Receivables and payables
between participants of the joint operations are presented on a gross basis in the financial statements. No revenue
from joint operations is recognised in the financial statements until the Group sells the output to third parties.
Foreign currency translation
The functional currency of each of the Group’s consolidated entities is the currency of the primary economic
environment in which the entity operates. The functional currency of the Company and its Kazakhstan subsidiaries is
the national currency of Kazakhstan, Kazakhstani Tenge. Exchange restrictions and currency controls exist in relation
of converting Tenge into other currencies. Currently, Tenge is not freely convertible outside of the Republic of
Kazakhstan. Monetary assets and liabilities are translated into each entity’s functional currency at the official exchange
rate at the respective end of the reporting period. The official exchange rate of Kazakhstan Stock Exchange (KASE) as
at 31 December 2025 was Tenge 505.53 per 1 U.S. Dollar (2024: Tenge 525.11 per 1 US Dollar). Foreign exchange
gains and losses resulting from the settlement of the transactions and from the translation of monetary assets and
liabilities into each entity’s functional currency at year-end official exchange rates are recognised in profit or loss
statement as a separate line item. Note 12 provides additional information about foreign exchange gains and losses
from financing activities (attributable to borrowings) and operating activities (all other foreign exchange gains and
losses).
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
9
2 Basis of Preparation (Continued)
The results and financial position of the Group’s foreign operation, which has financial statements with different
functional currency, are translated into the presentation currency as follows:
• assets and liabilities for each statement of financial position are translated at the closing rate at the end of the
respective reporting period;
• income and expenses are translated at average exchange rates (unless this average is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and
expenses are translated at the dates of the transactions);
• components of equity are translated at the historic rate;
• all resulting exchange differences are recognised in other comprehensive income.
Translation at year-end does not apply to non-monetary items that are carried at historic costs.
3 Adoption of New or Revised Standards and Interpretations
The following amendments became effective from 1 January 2025, but did not have any material impact on the Group:
• Amendments to IAS 21 Restricted Exchange Feature (issued on 15 August 2023 and effective for annual periods
beginning on or after 1 January 2025).
Certain new standards and interpretations have been issued that are mandatory for annual periods beginning on or
after 1 January 2026 or later, and which the Group has not early adopted. These are:
• Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS
7 (issued on 30 May 2024 and effective for annual periods beginning on or after 1 January 2026);
• IFRS 18 Presentation and Disclosure in Financial Statements (Issued on 9 April 2024 and effective for annual
periods beginning on or after 1 January 2027);
• IFRS 19 Subsidiaries without Public Accountability: Disclosures (Issued on 9 May 2024, then amended on
21 August 2025 and effective for annual periods beginning on or after 1 January 2027);
• IFRS 14, Regulatory Deferral Accounts (issued on 30 January 2014 and effective for annual periods beginning on
or after 1 January 2016);
• Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to IFRS 10
and IAS 28 (issued on 11 September 2014 and effective for annual periods beginning on or after a date to be
determined by the IASB);
• Contracts Referencing Nature-dependent Electricity Amendments to IFRS 9 and IFRS 7 (Issued on 18 December
2024 and effective from 1 January 2026);
• Amendments to IAS 21 Translation to a hyperinflationary presentation currency (issued on 13 November 2025 and
effective for annual periods beginning on or after 1 January 2027);
• Annual Improvements to IFRS Accounting Standards (Issued in July 2024 and effective from 1 January 2026).
The Group is currently assessing the impact of the amendments on its financial statements. From the high-level
preliminary assessment performed, the following potential impacts have been identified as a result of IFRS 18 adoption:
foreign exchange differences currently aggregated in the line Net foreign exchange (loss)/gain need to be
disaggregated with some foreign exchange gains or losses presented below operating profit.
The line items presented on the primary financial statements might change as a result of the application of the concept
of ‘useful structured summary’ and the enhanced principles on aggregation and disaggregation. In addition, since
goodwill will be required to be separately presented in the statement of financial position, the group will disaggregate
goodwill and other intangible assets and present them separately in the statement of financial position.
From a cash flow statement perspective, there will be changes to how interest received and interest paid are presented.
Interest paid will be presented as financing cash flows and interest received as investing cash flows, which is a change
from current presentation as part of operating cash flows.
In addition, there is a requirement for new disclosures: management-defined performance measures and for the first
annual period of application of IFRS 18, a reconciliation for each line item in the statement of profit or loss between the
restated amounts presented by applying IFRS 18 and the amounts previously presented applying IAS 1.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
10
4 Segment Information
Operating segments are components that engage in business activities that may earn revenues or incur expenses,
whose operating results are regularly reviewed by the chief operating decision maker (CODM) and for which discrete
financial information is available. The CODM is the person or group of persons who allocates resources and assesses
the performance for the entity. The CODM has been identified as the Management Board of the Group headed by the
CEO.
(a) Description of products and services from which each reportable segment derives its revenue
The Group is a vertically integrated business involved in the production chain of end products – from geological
exploration, mining of uranium and nuclear fuel production, to marketing and auxiliary services (transportation and
logistics, procurement, research and other). The Group is organised on the basis of two main business segments:
• Uranium – uranium mining and processing from the Group’s mines, purchases of uranium from joint ventures and
associates, external sales and marketing of produced and purchased natural uranium, sales of enriched uranium.
This segment includes the Group’s share in the net results of joint ventures and associates engaged in uranium
production, as well as the Group’s head office (NAC Kazatomprom JSC);
• UMP (Ulba Metallurgical Plant JSC) – production and sales of products containing beryllium, tantalum and niobium,
hydrofluoric acid and by-products, processing of uranium on tolling basis for the Group’s uranium entities and
production of uranium powders and pellets to external markets and its joint venture, Ulba-FA LLP.
The revenues and expenses of some of the Group’s subsidiaries, which primarily provide services to the uranium
segment (such as drilling, transportation, security and geological), are not allocated to the results of this operating
segment. These Group’s businesses are not included within reportable operating segments as their financial results do
not meet the quantitative threshold. The results of these and other minor operations are included in the “Other” caption.
(b) Factors that management used to identify the reportable segments
The Group’s segments are strategic business units that focus on different customers. They are managed separately
because of the differences in the production processes, the nature of products produced and required marketing and
investment strategies. Segment financial information reviewed by the CODM includes:
• information about income and expenses by business units (segments) based on IFRS figures on a quarterly basis;
• assets and liabilities as well as capital expenditures by segment on a quarterly basis;
• operating data (such as production and inventory volumes) and revenue data (such as sales volumes per type of
product, average sales price) are also reviewed by the CODM on a monthly and quarterly basis.
(c) Measurement of operating segment profit or loss, assets and liabilities
The CODM evaluates performance of each segment based on gross and net profit. Segment financial information is
prepared on the basis of IFRS financial information and measured in a manner consistent with that in these consolidated
financial statements. Revenues from other segments include transfers of raw materials, goods and services from one
segment to another, amount is determined based on market prices for similar goods.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
11
4 Segment Information (Continued)
(d) Information about reportable segment profit or loss, assets and liabilities
Segment information for the reportable segments for the years ended 31 December 2025 and 2024 is set out below:
Uranium UMP Other Eliminations Total In millions of Kazakhstani Tenge 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 External revenue 1,639,671 1,662,725 75,043 71,848 88,335 78,779 - - 1,803,049 1,813,352 Revenues from other segments 982 4,253 15,601 12,048 182,524 138,409 (199,107) (154,710) - - Cost of sales (809,197) (807,147) (67,165) (61,749) (236,677) (187,239) 172,386 124,514 (940,653) (931,621) Gross profit 831,456 859,831 23,479 22,147 34,182 29,949 (26,721) (30,196) 862,396 881,731 Net (impairment losses)/reversal of impairment 1,300 13,784 (739) (483) (17) 26 (338) 104 206 13,431 Share of results of associates and joint ventures 192,740 163,732 4,478 (6,634) 2,021 2,465 - - 199,239 159,563 Gain from business combination - 295,719 - - - - - - - 295,719 Net foreign exchange gain/(loss) (31,915) 71,716 (823) 2,049 (110) (271) - - (32,848) 73,494 Finance income 57,692 27,308 1,247 1,182 3,626 2,037 - - 62,565 30,527 Finance costs (18,296) (17,698) (621) (600) (372) (394) - 39 (19,289) (18,653) Income tax expense (179,787) (230,253) (2,971) (3,461) (6,207) (3,283) - - (188,965) (236,997) Profit for the period 793,328 1,130,404 11,748 2,925 26,910 24,275 (25,279) (25,489) 806,707 1,132,115 Depreciation and amortisation charge (150,152) (120,185) (2,638) (2,428) (8,151) (6,709) 12,490 7,205 (148,451) (122,117)
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
12
4 Segment Information (Continued)
Segment information for the reportable segments for the years ended 31 December 2025 and 2024 is set out below (continued):
Uranium UMP Other Eliminations Total In millions of Kazakhstani Tenge 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Investments in associates and joint ventures 316,742 256,541 4,478 - 28,178 15,283 - - 349,398 271,824 Total reportable segment assets 3,802,725 3,620,092 116,338 108,916 170,597 133,910 (62,427) (41,037) 4,027,233 3,821,881 Assets of disposal groups classified as held for sale 3 - - - - - - - 3 - Total assets 3,802,728 3,620,092 116,338 108,916 170,597 133,910 (62,427) (41,037) 4,027,236 3,821,881 Total liabilities 749,131 787,921 22,235 21,005 48,076 41,806 (33,911) (26,402) 785,531 824,330 Capital expenditure 242,568 185,949 6,272 4,150 12,929 15,459 (5,394) (15,134) 256,375 190,424
Capital expenditure represents additions to non-current assets other than financial instruments, deferred tax assets, post-employment benefits assets and rights arising under
insurance contracts.
(e) Analysis of revenues by products and services
The Group’s revenues are analysed by products and services in Note 6. Information about finance income and costs is disclosed in Note 14.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
13
4 Segment Information (Continued)
(f) Geographical information
The Group’s main assets are located in the Republic of Kazakhstan. Distribution of the Group’s sales between countries
on the basis of the customer’s country of domicile was as follows:
In millions of Kazakhstani Tenge 2025 2024 China 797,296 663,721 Russia 218,358 253,166 USA 204,415 142,610 Canada 182,240 167,524 France 108,464 110,853 Kazakhstan 94,862 336,634 United Kingdom 90,565 44,725 Other countries 106,849 94,119 Total consolidated revenues 1,803,049 1,813,352
Major customers
The Group has a group of customers under common control that accounts for more than 10% of the Group’s
consolidated revenue. This revenue of Tenge 781,529 million (2024: Tenge 642,942 million) is reported under the
Uranium segment mainly.
5 Balances and Transactions with Related Parties
Parties are generally considered to be related if the parties are under common control or if one party has the ability to
control the other party or can exercise significant influence or joint control over the other party in making financial and
operational decisions. In considering each possible related party relationship, management has regard to the substance
of the relationship, not merely the legal form. Transactions with related parties are performed at normal commercial
terms unless disclosed otherwise.
Entities under common control include companies under control of Sovereign Wealth Fund Samruk-Kazyna JSC.
Transactions with other government owned entities are not disclosed when they are entered into in the ordinary course
of business with terms consistently applied to all public and private entities, when they are not individually significant,
if the Group’s services are provided on standard terms available for all customers, or where there is no choice of
supplier of services such as electricity transmission services and telecommunications. In accordance with IAS 24.26
the Group discloses only individually significant transactions and qualitative and quantitative indication of other
collectively, but not individually significant transactions with government and state owned entities.
At 31 December 2025, the outstanding balances with related parties were as follows:
Accounts Accounts receivable and Other financial payable and Loans and In millions of Kazakhstani Tenge other assets assets other liabilities borrowings Associates 7,548 4,343 62,256 - Joint ventures 2,972 - 5,230 - Entities under common control 1,106 - 1,779 - Controlling shareholder - - - 103,462 Associates of the controlling shareholder 21 30,071 5,975 - Other government owned entities 3 21,234 - 71,127 Total 11,650 55,648 75,240 174,589
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
14
5 Balances and Transactions with Related Parties (Continued)
Transactions with related parties for the year ended 31 December 2025 were as follows:
Purchase of Dividends Finance and Sale of goods Dividends goods and to the other income/ In millions of Kazakhstani Tenge and services received services Shareholder (expenditures) Associates 58,674 112,690 302,326 - - Joint ventures 25,188 20,529 57,238 - - Entities under common control 29 - 27,591 - (726) Controlling shareholder - - - 206,529 (5,188) Associates of the controlling shareholder 236 - 18,080 - 1,512 Other government owned entities 36 - 317 39,365 11,210 Total 84,163 133,219 405,552 245,894 6,808
The Group is a guarantor for loan obtained by Ulba-FA LLP in the amount of Tenge 5,741 million (2024:
Tenge 12,397 million) (Note 34).
The Group is a guarantor for Taiqonyr Qyshqyl Zauyty LLP (Note 23) under the agreement on joint implementation of
the project on sulfuric acid plant construction with a maximum exposure of Tenge 16,733 million (2024: Tenge 14,295
million) (Note 34).
In 2025, the Group transferred obligatory pension payments for its employees to the state-owned United Accumulative
Pension Fund JSC in the amount of Tenge 13,031 million (2024: Tenge 11,511 million). Corporate income tax (Note
15) and other taxes, penalties and fines are also transferred to the state (Notes 7-9).
At 31 December 2024, the outstanding balances with related parties were as follows:
Accounts Accounts receivable and Other financial payable and Loans and In millions of Kazakhstani Tenge other assets assets other liabilities borrowings Associates 10,754 - 117,198 - Joint ventures 146,521 - 42,004 - Entities under common control 501 - 1,189 - Controlling shareholder - - - 105,479 Associates of the controlling shareholder 21 28,602 2,948 - Other government owned entities - 25,781 - - Total 157,797 54,383 163,339 105,479
Transactions with related parties for the year ended 31 December 2024 were as follows:
Purchase of Dividends Finance and Sale of goods Dividends goods and to the other income/ In millions of Kazakhstani Tenge and services received services Shareholder (expenditures) Associates 72,500 76,579 256,921 - 109 Joint ventures 273,581 13,503 65,296 - 2 Entities under common control 57 - 18,320 - (3,032) Controlling shareholder - - - 235,987 (3,234) Associates of the controlling shareholder 234 - 17,736 - (2,026) Other government owned entities 18 - 107 - 1,969 Total 346,390 90,082 358,380 235,987 (6,212)
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
15
5 Balances and Transactions with Related Parties (Continued)
Key management personnel are represented by personnel with authority and responsibility in planning, management
and control of the Group's activities, directly or indirectly. Key management personnel include all members of the
Management Board and the members of the Board of Directors. The table below represents remuneration of the key
management personnel, paid by the Group in exchange for services provided. This remuneration includes salaries,
bonuses, as well as associated taxes and payments. No remuneration is paid or payable to representatives of the
Controlling shareholder in the Board of Directors.
2025 2024 In millions of Kazakhstani Tenge Expense Accrued liability Expense Accrued liability Short-term benefits Salaries and bonuses 1,050 50 819 47 Total 1,050 50 819 47
6 Revenue
The Group’s revenue arises from contracts with customers where performance obligations are satisfied mostly at a
point in time.
In millions of Kazakhstani Tenge 2025 2024 Sales of natural uranium 1,637,508 1,412,466 Sales of purchased goods 57,494 53,566 Sales of beryllium products 36,769 30,666 Sales of tantalum products 17,555 19,670 Sales of processing services 15,627 15,186 Sales of other services 14,556 11,473 Transportation services 10,462 8,101 Drilling services 8,631 7,275 Sales of materials and other goods 4,447 2,580 Sales of enriched uranium - 248,820 Sales of uranium products - 3,549 Total revenue 1,803,049 1,813,352 Revenue recognised at a point in time 1,791,234 1,803,512 Revenue recognised over time 11,815 9,840
The most significant factors that affected the Group’s revenue during 2025 included:
• A 11% increase in natural uranium sales volumes compared to 2024 primarily due to the timing of customers’
requests of scheduled deliveries and the volume of uranium produced. Sales volumes may vary from year to year
due to differences in customer delivery schedules and requests throughout the year and actual physical deliveries;
• A 6% decrease in the average selling price compared to 2024 (U.S. Dollars 65.32 versus U.S. Dollars 69.48) due
to a 14% decline in the average uranium spot price (U.S. Dollars 73.54 versus U.S. Dollars 85.14). The Group’s
current sales portfolio includes long-term contracts linked to the uranium spot prices. Certain deliveries under long-
term contracts in 2025 incorporated a portion of fixed pricing components, including price ceilings that were
negotiated during a different price environment;
• In 2025, there were no sales contracts with Ulba-FA LLP (Note 23), according to which the Group sold enriched
uranium.
Material accounting policies and significant judgements
Revenue is defined as income arising in the course of the Group’s ordinary activities. Revenue is recognised in the
amount of transaction price. Transaction price is the amount of consideration to which the Group expects to be entitled
in exchange for transferring control over promised goods or services to a customer, excluding the amounts collected
on behalf of third parties. Revenue is recognised net of discounts, returns and value added taxes, export duties and
other similar mandatory payments.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
16
6 Revenue (Continued)
(i) Sales of goods (uranium, tantalum, beryllium, niobium and other products)
Sales are recognised when control of the good has transferred, being when the goods are delivered to the customer,
the customer has full discretion over the goods, and there is no unfulfilled obligation that could affect the customer’s
acceptance of the goods. Delivery occurs when the goods have been delivered to the specific location, the risks of
obsolescence and loss have been transferred to the customer, and either the customer has accepted the goods in
accordance with the contract, the acceptance provisions have lapsed, or the Group has objective evidence that all
criteria for acceptance have been satisfied.
Revenue from the sales with discounts is recognised based on the price specified in the contract, net of the estimated
volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value
method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.
No element of financing is deemed present as the sales are made with an average credit term of 30-60 days, which is
consistent with market practice. A receivable is recognised when the goods are delivered as this is the point in time
that the consideration is unconditional because only the passage of time is required before the payment is due.
Delivery of uranium, tantalum and beryllium products vary depending on the individual terms of a sale contract usually
in accordance with the Incoterms classification. Delivery of uranium products occurs at the date of physical delivery in
accordance with Incoterms or at the date of book-transfer to an account with a convertor specified by the customer. A
book-transfer operation represents a transaction whereby the uranium account balance of the transferor is decreased
with a simultaneous allocation of uranium to the transferee’s uranium account with the same specialised conversion /
reconversion entity.
(ii) Sales of services (transportation, drilling and other)
The Group may provide services under fixed-price contracts. Revenue from providing services is recognised at a point
in time, drilling and other services are recognised in the accounting period in which the services are rendered
proportionately to the percentage of actually provided services. For fixed-price contracts, revenue is recognised based
on the actual service provided to the end of the reporting period as a proportion of the total services to be provided
because the customer receives and uses the benefits simultaneously.
Swap transactions (judgements)
The Group sells part of its uranium products under swap transactions with separate agreements with the same
counterparty, being for sales and purchase of the same volume of uranium for the same price at different delivery points
or different timeframes. Effectively, this results in the exchange of own uranium (produced or purchased from the
Group’s entities) with purchased uranium.
Normally, under a swap transaction, the Group delivers physical uranium to one destination point, and purchases the
same volume of uranium at a third-party converter for sale to end customers. Swap transactions are entered into
primarily to reduce transportation costs for uranium delivery from Kazakhstan to end customers.
Despite the fact that swap agreements are not formally related to each other, management concluded that these
transactions are in substance linked and would not have occurred on an isolated basis, driven by the existing market
demand and supply forces. In management’s view, supply of the same volume of homogeneous product (uranium) for
the same price represents an exchange of products, which should be presented on a net basis in the consolidated
financial statements, reflecting the economic substance of the transaction. Interpretation of terms and approach to the
accounting for swap transactions requires judgement.
In 2025, the Group did not recognise sales revenue from swap transactions of Tenge 139,157 million (2024:
Tenge 169,556 million) and related cost of sales of Tenge 142,923 million (2024: Tenge 158,551 million).
Purchase and sales agreements assume cash transfers on a regular payment terms, similar to contracts with
customers. The Group presents cash receipts as “receipts under swap transactions” and cash payments as “payments
under swap transactions”.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
17
7 Cost of Sales
In millions of Kazakhstani Tenge 2025 2024 Materials and supplies 495,364 518,578 Depreciation and amortisation 146,227 119,922 Taxes other than income tax 137,186 91,487 Payroll costs 81,128 71,346 Processing and other services 57,190 113,015 Transportation expenses 6,739 4,967 Maintenance and repair 6,463 5,966 Utilities 3,468 2,467 Write-off of inventories to net realisable value 2,688 (199) Other 4,200 4,072 Total cost of sales 940,653 931,621
8 Distribution Expenses
In millions of Kazakhstani Tenge 2025 2024 Shipping, transportation and storage 26,610 19,291 Payroll costs 2,228 2,163 Commissions 1,529 1,125 Cargo insurance 1,172 1,211 Rent 462 110 Materials and supplies 154 179 Depreciation and amortisation 101 99 Other 1,851 2,038 Total distribution expenses 34,107 26,216
9 General and Administrative Expenses
In millions of Kazakhstani Tenge 2025 2024 Payroll costs 30,495 26,567 Consulting and information services 6,785 5,167 Depreciation and amortisation 1,927 1,914 Business trip expenses 960 854 Training expenses 771 666 Insurance 705 900 Maintenance and repair 651 483 Rent 650 503 Communication 611 650 Financial support to flood-affected regions - 3,032 Provisions - 2,794 Other 5,756 5,136 Total general and administrative expenses 49,311 48,666
The PwC network of companies provided the Group with the following audit and non-audit services (net of VAT):
In millions of Kazakhstani Tenge 2025 2024 Audit services 582 466 Non-audit services 44 38 Total services provided 626 504
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
18
10 Net Reversal of Impairment Losses on Financial Assets
Impairment losses for the following financial assets:
In millions of Kazakhstani Tenge 2025 2024 Accounts receivable 979 15,323 Other assets (193) (778) Total net reversal of impairment losses on financial assets 786 14,545
11 Other Income
In millions of Kazakhstani Tenge 2025 2024 Gain from joint operations 9,421 1,990 Reversal of provision 5,342 - Fines and penalties 4,468 1,158 Gain from revaluation and disposal of inventory loan - 14,332 Other 4,840 2,995 Total other income 24,071 20,475
Gain from joint operations
The Group has fulfilled its obligations under joint operations agreements to purchase equal amounts of uranium for
2025 and 2024, however, volatility in exchange rates and spot prices resulted in disproportionate Tenge contributions
by each participant and recognition of gain of Tenge 9,421 million by the Group (2024: Tenge 1,990 million).
12 Other Expenses and Net Foreign Exchange (Loss)/Gain
In millions of Kazakhstani Tenge 2025 2024 Research expenses 3,600 2,303 Social expenses 3,414 1,856 Loss on disposal of non-current assets 996 1,216 Loss on suspension of production 610 596 Fines and penalties 581 58 Non-recoverable VAT 296 403 Depreciation and amortisation 196 182 Other 7,557 5,679 Total other expenses 17,250 12,293
Net foreign exchange (loss)/gain
In millions of Kazakhstani Tenge 2025 2024 Foreign exchange gain/(loss) on financing activities, net 5,116 (9,204) Foreign exchange (loss)/gain on operating activities, net (37,964) 82,698 Total foreign exchange (loss)/gain, net (32,848) 73,494
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
19
13 Payroll Costs
In millions of Kazakhstani Tenge 2025 2024 Wages and salaries 151,257 132,877 Including pension contributions 13,031 11,511 Social tax and social payments 23,314 17,904 Total payroll costs 174,571 150,781
Payroll costs are included in cost of sales in the amount of Tenge 81,128 million (2024: Tenge 71,346 million), in
general and administrative and distribution expenses in the amount of Tenge 32,723 million (2024: Tenge 28,730
million), the difference is mainly posted to mine development assets and inventory (finished goods and work-in-
progress).
Material accounting policies and significant judgements
Wages, salaries, contributions to pension and social insurance funds, paid annual leave and sick leave, bonuses, and
non-monetary benefits are accrued in the year in which the associated services are rendered by the employees of the
Group. In this case, the Group applies the defined contribution plans scheme. In accordance with the legal requirements
of the Republic of Kazakhstan, the Group withholds pension contributions from employees’ salary and transfers them
into the United Accumulative Pension Fund JSC. Upon retirement of employees, all pension payments are administered
by the United Accumulative Pension Fund JSC. The Group does not have any legal or constructive obligation to pay
additional contributions other than pension contributions withheld from the salaries of the Group's employees.
14 Finance Income and Costs
In millions of Kazakhstani Tenge Note 2025 2024 Interest income calculated using the effective interest rate Cash and cash equivalents 40,604 21,172 Debt securities 19,291 6,295 Term deposits 4 3 Loans at amortised cost - 109 Other finance income Revaluation of other investments 25 1,512 - Other 1,154 2,948 Total finance income 62,565 30,527 Finance costs Interest expense on loans and borrowings 13,142 9,273 Unwinding of discount on provisions 31 5,649 4,835 Revaluation of other investments 25 - 2,026 Other 498 2,519 Total finance costs 19,289 18,653
Material accounting policies
Interest income on financial assets at amortised cost, other than those at FVTPL, is recorded on an accrual basis using
the effective interest method and recognised in the profit or loss as part of ‘finance income’. This method defers, as
part of interest income, all fee received between the parties to the contract that are an integral part of the effective
interest rate, all other premiums or discounts. Interest income on debt instruments at FVTPL calculated at nominal
interest rate is presented within ‘finance income’ line in profit or loss.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
20
15 Income Tax Expense
(a) Components of income tax expense
Income tax expense recorded in profit or loss comprises the following:
In millions of Kazakhstani Tenge 2025 2024 Current income tax 212,651 252,893 Deferred income tax (23,686) (15,896) Total income tax expense 188,965 236,997
The income tax rate applicable to the majority of the Group’s profits in 2025 is 20% (2024: 20%).
(b) A reconciliation between the expected and the actual taxation charge is provided below:
In millions of Kazakhstani Tenge 2025 2024 Profit before tax 995,672 1,369,112 Theoretical tax charge at statutory tax rate of 20% 199,134 273,822 Prior periods adjustments of income tax (409) 1,154 Transfer pricing adjustment 15,442 31,579 Withholding tax on dividend payments 10,636 7,960 Share of results of joint ventures and associates (39,848) (31,913) Gain from business combination - (59,143) Revaluation of fair value of an inventory loan - 7,607 Other items 4,010 5,931 Income tax expense 188,965 236,997
The Group assesses compliance of sales transactions with transfer pricing requirements and makes additional
corporate income tax accruals on an annual basis, if necessary.
(c) Deferred taxes analysed by type of temporary difference
Differences between IFRS and statutory taxation regulations in Kazakhstan give rise to temporary differences between
the carrying amount of assets and liabilities for financial reporting purposes and their tax bases. The tax effect of the
movements in these temporary differences is detailed below at 20%.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
21
15 Income Tax Expense (Continued)
Management estimates that investments in subsidiaries, associates and joint ventures will be recovered primarily
through dividends. Dividends from subsidiaries, associates and joint ventures are not taxable, accordingly the Group
did not recognise deferred tax on undistributed earnings from investments.
Exchange differences arising on translation of entities with Credited/ foreign 1 January (charged) to functional 31 December In millions of Kazakhstani Tenge 2025 profit or loss currency 2025 Tax effect of deductible/(taxable) temporary differences Property, plant and equipment, intangible assets and mineral rights (244,571) 9,681 - (234,890) Accounts receivable 640 (624) - 16 Loans and borrowings (347) 460 - 113 Provisions 1,750 (1,520) 7 237 Accrued liabilities on vacation payments and bonuses 3,044 467 - 3,511 Taxes 4,783 1,522 - 6,305 Inventories 37,095 14,977 - 52,072 Other assets (2,918) (403) - (3,321) Other liabilities 1,175 (874) (4) 297 (199,349) 23,686 3 (175,660) Recognised deferred tax asset 40,465 14,674 7 55,146 Recognised deferred tax liabilities (239,814) 9,012 (4) (230,806)
The tax effect of the movements in the temporary differences for the year ended 31 December 2024 is:
Exchange differences arising on translation of entities with Credited/ foreign 1 January (charged) to functional Business 31 December In millions of Kazakhstani Tenge 2024 profit or loss currency combinations 2024 Tax effect of deductible/(taxable) temporary differences Property, plant and equipment, intangible assets and mineral rights (112,678) 10,108 - (142,001) (244,571) Accounts receivable (2,200) 2,840 - - 640 Loans and borrowings 169 (516) - - (347) Accounts payable 3,184 (3,184) - - - Provisions 1,392 505 (129) (18) 1,750 Accrued liabilities on vacation payments and bonuses 2,618 404 - 22 3,044 Taxes 3,376 1,407 - - 4,783 Inventories 26,728 10,367 - - 37,095 Other assets (3,341) 423 - - (2,918) Other liabilities 8,073 (6,464) 5 (439) 1,175 (72,679) 15,890 (124) (142,436) (199,349) Recognised deferred tax asset 33,802 6,636 5 22 40,465 Recognised deferred tax liabilities (106,481) 9,254 (129) (142,458) (239,814)
In the context of the Group’s structure, tax losses of different Group companies may not be offset against current tax
liabilities and taxable profits of other Group companies and, accordingly, taxes may accrue even where there is a
consolidated tax loss. Therefore, deferred tax assets and liabilities are offset only when they relate to the same taxable
entity.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
22
15 Income Tax Expense (Continued)
There were no unused tax loss carry forwards in 2025 and 2024.
The Group is within the scope of the OECD Pillar Two model rules introducing a global minimum effective tax rate of
15% for multinational enterprise groups.The Group has performed assessment of its exposure to Pillar Two income
taxes. Based on this assessment, the Group does not have exposure to top-up tax under the Pillar Two rules for the
years ended 31 December 2025 and 31 December 2024.The Group will continue to monitor developments in the
implementation of Pillar Two legislation in the jurisdictions in which it operates and assess the potential impact on its
financial statements.
Material accounting policies and significant judgements
Current tax is the amount expected to be paid to, or recovered from, the taxation authorities in respect of taxable profits
or losses for the current and prior periods using tax rates enacted or substantively enacted at the reporting date, and
any adjustment in respect of previous years. Deferred tax assets and liabilities are offset if there is a legally enforceable
right to offset current tax liabilities and assets, and they relate to the same tax authority on the same taxable entity, if
there is an intention to settle current tax liabilities and assets on a net basis or tax assets and liabilities will be realised
simultaneously.
The Group’s uncertain tax positions are reassessed by management at the end of each reporting period. Liabilities are
recorded for income tax positions that are determined by management as more likely than not to result in additional
taxes being levied if the positions were to be challenged by the tax authorities.
The assessment is based on the interpretation of tax laws that have been enacted by the end of the reporting period,
and any known court or other rulings on such issues.
Liabilities for penalties, interest and taxes other than on income are recognised based on management’s best estimate
of the expenditure required to settle the obligations at the end of the reporting period.
16 Earnings per Share
Basic earnings per share is calculated by dividing the profit or loss attributable to owners of the Company by the number
of ordinary shares in issue during the year (Note 29). The Company has no dilutive potential ordinary shares, therefore,
the diluted earnings per share equals the basic earnings per share. Earnings per share from continuing operations is
calculated as follows:
In millions of Kazakhstani Tenge 2025 2024 Profit for the year for the year attributable to owners of the Company (in millions of Kazakhstani Tenge) 570,460 872,263 Number of ordinary shares (in thousands) 259,357 259,357 Earnings per share attributable to the owners of the Company, basic and diluted (rounded to Tenge) 2,200 3,363
Book value per share is calculated as follows:
In millions of Kazakhstani Tenge 2025 2024 Total assets of the Group (in millions Tenge) 4,027,236 3,821,881 Intangible assets (in millions Tenge) (61,584) (61,253) Total liabilities of the Group (in millions Tenge) (785,531) (824,330) 3,180,121 2,936,298 Number of ordinary shares (in thousands) 259,357 259,357 Book value of one share (Tenge per share) 12,262 11,321
Material accounting policies and significant judgements
Earnings per share are determined by dividing profit or loss attributable to the Company's shareholders by the weighted
average number of participating shares outstanding during the reporting year, adjusted for stock splits.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
23
17 Intangible Assets
Licences In millions of Kazakhstani Tenge Note and patents Software Goodwill Other Total At 1 January 2024 Cost 3,249 11,141 53,439 6,215 74,044 Accumulated depreciation and impairment (1,616) (5,975) (4,945) (1,352) (13,888) Carrying value 1,633 5,166 48,494 4,863 60,156 Additions 944 275 - 1,331 2,550 Additions from business combination 40 14 - - - 14 Depreciation charge (399) (974) - (130) (1,503) Other 28 300 - (292) 36 At 31 December 2024 Cost 4,233 11,638 53,439 7,254 76,564 Accumulated depreciation and impairment (2,013) (6,871) (4,945) (1,482) (15,311) Carrying value 2,220 4,767 48,494 5,772 61,253 Additions 128 840 - 1,687 2,655 Depreciation charge (478) (1,283) - (137) (1,898) Other (29) 3,721 - (4,118) (426) At 31 December 2025 Cost 4,336 16,138 53,439 4,818 78,731 Accumulated depreciation and impairment (2,495) (8,093) (4,945) (1,614) (17,147) Carrying value 1,841 8,045 48,494 3,204 61,584
MC Ortalyk LLP, JV Akbastau JSC and Karatau LLP
Goodwill relates to prior period business combinations of MC Ortalyk LLP in the amount of Tenge 5,166 million, Karatau
LLP of Tenge 24,808 million and JV Akbastau JSC of Tenge 18,520 million. At least annually, goodwill is tested for
impairment at the level of a corresponding cash generating unit (the lowest levels for which there are separately
identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets).
The Group has identified each mine (contract territory) as a separate cash-generating unit unless several mines are
technologically connected with single processing plant in which case the Group considers such mines as one cash-
generating unit. The carrying value of goodwill applicable to each of the entities was allocated to their respective cash
generating units, Central Mynkuduk mine (Central block) and separate blocks of Budenovskoye mine (Note 1) for
MC Ortalyk LLP, Karatau LLP and JV Akbastau JSC, respectively.
The recoverable amount was determined on a value-in-use basis, cash flows forecasts were based on approved
reserves, estimated production volumes, subsurface use contracts periods and a pre-tax discount rate in U.S. Dollars
of 14.30% per annum in 2025 (2024: 14.65% per annum). Discount rate is calculated based on information from open
sources, including US risk-free rate because revenue is mainly generated in U.S. Dollars.
Production volumes are consistent with those agreed with the competent authority and independent consultant’s report
and are based on the production capacity of the cash-generating units. Key assumptions used in calculations include
forecast sales prices, production volumes. Sales prices used in developing forecasted cash flows were based on annual
spot and long-term base price projections (denominated in US Dollar per pound of uranium) published by UxC LLC in
the fourth quarter of 2025. Production costs and capital expenditures are based on approved business plans for 2026-
2030 and growth of about 5% which approximates long-term average inflation rates.
The estimated values in use significantly exceed the carrying amounts of the non-current assets of the three cash-
generating units, including goodwill, and therefore even reasonably possible changes in key assumptions would not
lead to impairment losses being recognised.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
24
18 Property, Plant and Equipment
Movements in the carrying amount of property, plant and equipment were as follows:
Railway Machinery Construction In millions of Kazakhstani Tenge Прим. Land infrastructure Buildings and equipment Vehicles Other in progress Total At 1 January 2024 Cost 404 2,074 154,903 113,170 34,051 8,136 18,576 331,314 Accumulated depreciation and impairment - (1,215) (55,276) (57,448) (15,627) (5,465) (836) (135,867) Carrying amount 404 859 99,627 55,722 18,424 2,671 17,740 195,447 Additions 344 - 772 10,235 9,374 1,222 26,755 48,702 Additions from business combination 40 - - 1,747 69 11 2 601 2,430 Transfers - 36 5,023 4,229 295 71 (9,654) - Depreciation charge - (91) (6,204) (8,763) (3,151) (779) - (18,988) Changes in estimate 31 1 - 325 (68) - - - 258 Other (29) - 131 (313) (20) 32 (1,218) (1,417) At 31 December 2024 Cost 720 2,110 162,670 124,790 42,943 9,312 35,041 377,586 Accumulated depreciation and impairment - (1,306) (61,249) (63,679) (18,010) (6,093) (817) (151,154) Carrying amount 720 804 101,421 61,111 24,933 3,219 34,224 226,432 Additions - - 584 10,387 8,896 1,829 55,895 77,591 Transfers - 36 28,495 14,844 63 704 (44,142) - Transfer to Mine development assets 19 - - - - - - (2,228) (2,228) Depreciation charge - (94) (8,549) (10,930) (3,841) (850) - (24,264) Changes in estimate 31 - - (5,010) - - - - (5,010) Other (5) - (56) (67) (38) 8 (787) (945) At 31 December 2025 Cost 715 2,146 186,672 148,172 50,262 11,488 44,235 443,690 Accumulated depreciation and impairment - (1,400) (69,787) (72,827) (20,249) (6,578) (1,273) (172,114) Carrying amount 715 746 116,885 75,345 30,013 4,910 42,962 271,576
Construction in progress relates mainly to Zhalpak by Tenge 10,306 million, blocks 6,7 of Budenovskoye by Tenge 7,434 million and block 1 of Inkai by Tenge 4,827 million (2024:
construction of the uranium processing plant for Tenge 11,094 million).
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
25
18 Property, Plant and Equipment (Continued)
At 31 December 2025, the Group had contractual capital expenditure commitments in respect of property, plant and
equipment of Tenge 35,541 million (2024: Tenge 27,037 million).
At 31 December 2025, the cost of fully depreciated property, plant and equipment still in use was Tenge 43,714 million
(2024: Tenge 43,375 million).
During 2025 the amount of capitalised interest on loans in construction in progress was Tenge 1,970 million (2024:
Tenge 537 mln).
Depreciation and amortisation charged on long-term assets for the years ended 31 December are as follows:
In millions of Kazakhstani Tenge 2025 2024 Mine development assets 87,369 68,345 Mineral rights 44,177 37,434 Intangible assets 1,898 1,503 Property, plant and equipment 24,264 18,988 Right-of-use assets 163 164 Total accrued depreciation and amortisation 157,871 126,434
Depreciation and amortisation charged to profit or loss for the years ended 31 December are as follows:
In millions of Kazakhstani Tenge 2025 2024 Cost of sales 146,227 119,922 General and administrative expenses 1,927 1,914 Distribution expenses 101 99 Other expenses 196 182 Total depreciation and amortisation charged to profit or loss 148,451 122,117
Material accounting policies and significant judgements
Property, plant and equipment are stated at cost, less accumulated depreciation and provision for impairment, where
required. The individual significant parts of an item of property, plant and equipment (components) with useful lives
different from the useful lives of the given asset as a whole are depreciated individually, applying depreciation rates
reflecting their anticipated useful lives.
(i) Depreciation
Land is not depreciated. Depreciation of items within buildings category that are used in extraction of uranium and its
preliminary processing is charged on a unit-of-production (UoP) method in respect of items for which this basis best
reflects the pattern of consumption. Depreciation on other items of property, plant and equipment is calculated using
the straight-line method to allocate their cost to their residual values over their estimated useful lives:
Useful lives in years Buildings 10 to 50 Machinery and equipment 3 to 50 Vehicles 3 to 10 Other 3 to 20
Each item’s estimated useful life depends on its own useful life limitations and/or term of a subsurface use contract and
the present assessment of economically recoverable reserves of the mine property at which the item is located. Since
2017, the Group uses reserve reports prepared by an independent consultant (Note 20).
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
26
19 Mine Development Assets
Site Field restoration Ion exchange In millions of Kazakhstani Tenge Note preparation costs resin Total At 1 January 2024 Cost 463,262 12,693 20,464 496,419 Accumulated depreciation and impairment (295,410) (6,084) (7,709) (309,203) Carrying amount 167,852 6,609 12,755 187,216 Additions 134,911 - 2,203 137,114 Additions from business combination 40 23,275 44 - 23,319 Transfer from exploration and evaluation assets 21 13,423 - - 13,423 Depreciation charge (66,574) (1,092) (679) (68,345) Changes in accounting estimates 31 (1,282) (737) - (2,019) At 31 December 2024 Cost 633,589 12,000 22,667 668,256 Accumulated depreciation and impairment (361,984) (7,176) (8,388) (377,548) Carrying amount 271,605 4,824 14,279 290,708 Additions 164,239 139 4,673 169,051 Transfer from property, plant and equipment 18 2,205 23 - 2,228 Depreciation charge (86,092) (534) (743) (87,369) Changes in accounting estimates 31 (3,330) (3,084) - (6,414) Other (45) - - (45) At 31 December 2025 Cost 796,658 9,078 27,340 833,076 Accumulated depreciation and impairment (448,076) (7,710) (9,131) (464,917) Carrying amount 348,582 1,368 18,209 368,159
Estimated site restoration costs are capitalised when the Group recognises a provision for site restoration. The carrying
value of the provision and site restoration assets is reassessed at each reporting period end (Note 31).
Material accounting policies and significant judgements
Mine development assets are stated at cost, less accumulated depreciation and provision for impairment, where
required. Mine development assets comprise reclassified exploration and evaluation costs, the capitalised costs of
pump-in and pump-out well drilling, main external tying of the well with surface piping, equipment, measuring
instruments, ion-exchange resin, estimated site restoration, acid costs and other development costs. Under existing
production method, the wellfields are progressively established over the orebody by blocks.
Mine development assets are amortised at the mine level using the unit-of-production method based on carrying value
of the asset. Unit-of-production rates are based on proved and probable reserves for reclassified exploration and
evaluation assets, while capitalised development costs that are amortised based on ready for extraction volumes.
Ready for extraction volumes represent a portion of proved and probable reserves that management estimates to
extract from a mine as a result of available capitalised costs.
The estimate of proved and probable reserves is based on reserve reports which are an integral part of each subsoil
use contract. These reserve reports are incorporated into feasibility models which are approved by the government and
detail the total proven reserves and estimated scheduled extraction by year. Since 2017, the Group uses reserve
reports prepared by an independent consultant (Note 20).
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
27
19 Mine Development Assets (Continued)
Impairment of non-financial assets (estimates)
Assets related to uranium mines include property, plant and equipment, mine development assets, mineral rights,
exploration and evaluation assets, investments in associates, investments in joint ventures, and other investments.
At the end of each reporting period, management assesses whether there are any impairment indicators of individual
assets (or cash-generating units). If any such indicators exist, management estimates the recoverable amount, which
is determined as the higher of an asset’s fair value less costs to sell and its value in use. An impairment loss is
recognised for the amount by which carrying amount exceeds recoverable amount.
The calculation of value in use requires management to make estimates regarding the Group’s future cash flows. The
estimation of future cash flows involves significant estimates and assumptions regarding commodity prices (uranium
and other products), the level of production and sales, discount rates, growth rates, operating costs and other factors.
The impairment test and calculations are based on assumptions that are consistent with the Group’s business plans.
Due to its subjective nature, these estimates could differ from future actual results of operations and cash flows, any
such difference may result in impairment in future periods which would decrease the carrying value of the respective
asset.
As of 31 December 2025, management did not identify any impairment indicators of assets (cash generating units)
associated with the production of uranium products.
20 Mineral Rights
In millions of Kazakhstani Tenge Note At 1 January 2024 Cost 649,593 Accumulated depreciation and impairment (153,344) Carrying amount 496,249 Additions 28 Additions from business combination 40 709,797 Transfer from exploration and evaluation assets 21 1,566 Depreciation for the year (37,434) At 31 December 2024 Cost 1,360,984 Accumulated depreciation and impairment (190,778) Carrying amount 1,170,206 Additions 532 Depreciation for the year (44,177) At 31 December 2025 Cost 1,361,516 Accumulated depreciation and impairment 234,955 Carrying amount 1,126,561
Material accounting policies and significant judgements
Mineral rights are stated at cost, less accumulated depreciation and provision for impairment, where required. Mineral
rights acquired as part of business combinations are recognised at fair value. The capitalised cost of acquisition of
mineral rights comprises subscription bonus, commercial discovery bonus, the cost of subsurface use rights and
capitalised historical costs. The Group is obliged to reimburse historical costs incurred by the state in respect of mining
rights prior to licence or subsoil use contracts being issued. These historical costs are recognised as part of the
acquisition cost with a corresponding liability equal to the present value of payments made during the licence period or
subsoil use contract.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
28
20 Mineral Rights (Continued)
Mineral rights are amortised using unit-of-production method based upon proved and probable reserves commencing
when uranium first starts to be extracted. The estimate of proved and probable reserves is based on reserve reports,
which are an integral part of each subsoil use contract. These reserve reports are incorporated into feasibility models,
which are approved by the government and detail the total proven reserves and estimated scheduled extraction by
year. Since 2017, the Group uses reserve reports prepared by an independent consultant.
Ore reserves (estimates)
Uranium reserves are a critical component of the Group’s projected cash flow estimates that are used to assess the
recoverable values of relevant assets as well as depreciation and amortisation expense. Estimates of uranium reserves
also determine the life of mines, which in turn affect asset retirement obligation calculations.
On an annual basis the Group engages an independent consultant to assess the Group’s ore reserves and mineral
resources in accordance with the Australasian Code for reporting on geological exploration works, mineral resources
and ore reserves (hereinafter - JORC Code). Independent assessment of reserves and resources was carried out as
at 31 December 2025 and 31 December 2024. The consultant reviewed all key information upon which the reported
mineral resource and ore reserve statements for the mining assets of the Group are based.
The consultant’s reports contain an assessment of the tons of uranium contained in ore which has the potential to be
extracted by the existing and planned mining operations (the mineral resource), and also the tons of uranium contained
in ore currently planned to be extracted as envisaged by the respective life-of-mine plans (the ore reserve). The Group
used the ore reserves data for calculation of impairment of long-term assets, unit of production depreciation for each
of the Group’s mines as well as asset retirement obligation calculations.
21 Exploration and Evaluation Assets
Tangible Intangible In millions of Kazakhstani Tenge Note assets assets Total At 1 January 2024 23,047 2,972 26,019 Additions 2,027 3 2,030 Additions from business combination 40 1,723 - 1,723 Material used 58 - 58 Transfer to mine development assets 19 (13,423) - (13,423) Transfers to mineral rights 20 - (1,566) (1,566) Changes in accounting estimates 31 (49) - (49) At 31 December 2024 13,383 1,409 14,792 Additions 6,544 2 6,546 Changes in accounting estimates 31 (88) - (88) Disposal (30) - (30) At 31 December 2025 19,809 1,411 21,220
Material accounting policies and significant judgements
Exploration and evaluation assets are measured at cost less provision for impairment, where required. The Group
classifies exploration and evaluation assets as tangible or intangible according to the nature of the assets acquired.
Exploration and evaluation assets comprise the capitalised costs incurred by the Group prior to proving that viable
production is possible and include geological and geophysical costs, the costs of exploratory wells and directly
attributable overheads associated with exploration activities.
The decision to enter or renew a subsoil use contract after the expiration of the exploration and appraisal period is
subject to the success of the exploration and appraisal of mineral resources and the Group's decision to proceed to the
production (development) stage.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
29
21 Exploration and Evaluation Assets (Continued)
Tangible exploration and evaluation assets are transferred to mine development assets upon demonstration of
commercial viability of uranium production and amortised using unit-of-production method based upon proved reserves.
Once commercial reserves (proved or commercial reserves) are found, intangible exploration and evaluation assets
are transferred to mineral rights. Accordingly, the Group does not amortise exploration and evaluation assets before
commercial reserves (proved or commercial reserves) are found. If no commercial reserves are found, exploration and
evaluation assets are expensed.
Costs associated with activities undertaken prior to exploration such as design, technical and economical assessments
are expensed as incurred.
22 Investments in Associates
The table below summarises the movements in the carrying amount of the Group’s investment in associates:
In millions of Kazakhstani Tenge Note 2025 2024 Carrying value at 1 January 218,219 152,266 Share of results of associates 170,022 142,533 Dividends received from associates (108,206) (76,580) Dividends receivable 25 (4,484) - Carrying value at 31 December 275,551 218,219
The Group’s interests in its principal associates were as follows:
2025 2024 % ownership % ownership Country of interest held / Carrying value in interest held / Carrying value incorpora-% of voting millions of % of voting in millions of tion Principal activities rights Tenge rights Tenge Extraction, processing and export of uranium JV KATCO LLP Kazakhstan products 49.00% 205,473 49.00% 138,146 JV South Mining Extraction, processing Chemical and export of uranium Company LLP Kazakhstan products 30.00% 41,291 30.00% 50,630 Extraction, processing JV Zarechnoye and export of uranium JSC Kazakhstan products 49.98% 20,791 49.98% 22,210 Extraction, processing and export of uranium Kyzylkum LLP Kazakhstan products 50.00% 5,878 50.00% 5,772 Production of sulphuric SSAP LLP Kazakhstan acid 9.89% 1,376 9.89% 1,083 JV Rusburmash Kazakhstan Geological exploration, LLP Kazakhstan drilling services 49.00% 540 49.00% 199 Zhanakorgan-Transit LLP Kazakhstan Transportation 40.00% 202 40.00% 179 Total investments in associates 275,551 218,219
According to amendments to the Partnership Agreement, the Group also became entitled to an additional 11% of
JV KATCO LLP annual profit allocation starting from 2022 and until the end of JV KATCO LLP operations, with the
ownership interest being unchanged.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
30
22 Investments in Associates (Continued)
Summarised financial information for 2025 in respect of each of the Group’s material associates is set out below. The summarised financial information below represents amounts
shown in the associates’ financial statements prepared in accordance with IFRS accounting standards, adjusted by the Group for equity accounting purposes.
JV South Mining Chemical Company In millions of Kazakhstani Tenge Kyzylkum LLP JV KATCO LLP LLP JV Zarechnoye JSC Other Total Current assets 2,199 203,628 150,776 39,313 6,842 402,758 Including cash 193 102,425 63,825 4,905 1,386 172,734 Non-current assets 13,793 249,522 78,743 29,689 15,673 387,420 Total assets 15,992 453,150 229,519 69,002 22,515 790,178 Current liabilities (1,340) (29,079) (23,741) (16,232) (4,775) (75,167) Including financial liabilities net of trade and other accounts payable and provisions - (444) (143) (57) - (644) Non-current liabilities (1,405) (19,217) (37,713) (6,733) (1,660) (66,728) Including financial liabilities net of trade and other accounts payable and provisions - (475) (27,341) - - (27,816) Total liabilities (2,745) (48,296) (61,454) (22,965) (6,435) (141,895) Net assets 13,247 404,854 168,065 46,037 16,080 648,283 Group’s share of net assets of associates 6,624 198,378 50,420 23,009 2,167 280,598 Unrealised profit - (20,736) (9,129) (2,260) - (32,125) Additional allocation of profits - 27,763 - - - 27,763 Other (746) - - 42 (131) (835) Goodwill - 68 - - 82 150 Carrying value of investments in associates 5,878 205,473 41,291 20,791 2,118 275,551 Total revenue 20,012 368,884 273,966 53,325 27,302 743,489 Depreciation and amortisation (1,178) (34,915) (15,198) (8,261) (1,125) (60,677) Finance income 375 2,533 8,653 810 704 13,075 Finance costs (106) (1,865) (10,760) (1,009) (132) (13,872) Foreign exchange gain/(loss) - (3,162) (2,411) (779) - (6,352) (Impairment losses)/reversal of impairment losses - (118) 31 (12) 1 (98) Income tax (132) (52,274) (38,751) (3,318) (1,215) (95,690) Profit for the year 212 190,183 153,875 12,887 3,725 360,882 Total comprehensive income 212 190,183 153,875 12,887 3,725 360,882 Unrealised profit - (1,169) (22) 3,736 - 2,545 Share of result of associates 106 112,941 46,140 10,177 658 170,022 Dividends received - 45,614 55,480 11,596 - 112,690
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
31
22 Investments in Associates (Continued)
Summarised financial information for 2024 in respect of each of the Group’s material associates is set out below. The summarised financial information below represents amounts
shown in the associates’ financial statements prepared in accordance with IFRS accounting standards, adjusted by the Group for equity accounting purposes.
JV South Mining Chemical Company In millions of Kazakhstani Tenge Kyzylkum LLP JV KATCO LLP LLP JV Zarechnoye JSC Other Total Current assets 2,787 110,132 194,519 43,053 6,554 357,045 Including cash 532 17,800 61,846 12,138 2,414 94,730 Non-current assets 14,312 221,614 60,206 28,736 13,824 338,692 Total assets 17,099 331,746 254,725 71,789 20,378 695,737 Current liabilities (2,500) (26,587) (26,456) (7,179) (6,653) (69,375) Including financial liabilities net of trade and other accounts payable and provisions - (374) (25) - (2,988) (3,387) Non-current liabilities (1,563) (14,464) (29,146) (8,258) (1,396) (54,827) Including financial liabilities net of trade and other accounts payable and provisions - (842) (18,543) - - (19,385) Total liabilities (4,063) (41,051) (55,602) (15,437) (8,049) (124,202) Net assets 13,036 290,695 199,123 56,352 12,329 571,535 Group’s share of net assets of associates 6,518 142,440 59,737 28,164 1,506 238,365 Unrealised profit - (19,567) (9,107) (5,996) - (34,670) Additional allocation of profits - 15,205 - - - 15,205 Other (746) - - 42 (127) (831) Goodwill - 68 - - 82 150 Carrying value of investments in associates 5,772 138,146 50,630 22,210 1,461 218,219 Total revenue 17,706 242,535 270,503 61,338 26,846 618,928 Depreciation and amortisation (906) (20,502) (13,141) (6,487) (846) (41,882) Finance income 397 1,609 1,899 766 185 4,856 Finance costs (193) (2,367) (3,566) (700) (668) (7,494) Foreign exchange gain/(loss) (62) 9,451 7,549 4,496 - 21,434 (Impairment losses)/reversal of impairment losses 6 (26) (29) (33) - (82) Income tax (215) (28,573) (44,026) (7,540) (944) (81,298) Profit for the year 842 138,226 168,868 29,002 6,149 343,087 Total comprehensive income 842 138,226 168,868 29,002 6,149 343,087 Unrealised profit - (2,687) (2,750) (1,086) - (6,523) Share in accumulated unrecognised losses - - - - (1,409) (1,409) Share of result of associates 421 80,249 47,911 13,410 542 142,533 Dividends received - 39,604 27,048 9,870 58 76,580
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
32
23 Investments in Joint Ventures
The table below summarises the movements in the carrying amount of the Group’s investment in joint ventures:
In millions of Kazakhstani Tenge 2025 2024 Carrying value at 1 January 53,605 56,585 Share of results of joint ventures 29,217 17,030 Contributions to capital 10,977 685 Guarantee provided 566 - Share in other comprehensive income/(loss) of joint ventures 11 (23) Dividends received from joint ventures (20,529) (13,503) Disposals (Note 40) - (7,169) Carrying value at 31 December 73,847 53,605
The Group’s interests in its principal joint ventures were as follows:
2025 2024 Country of incorpora-% ownership Carrying value in % ownership Carrying value in tion Principal activity interest held millions of Tenge interest held millions of Tenge Extraction, processing and Semizbay-U LLP Kazakhstan export of uranium products 51.00% 43,310 51.00% 39,763 Taiqonyr Qyshqyl Zauyty LLP Kazakhstan Production of sulphuric acid 40.00% 12,269 40% 684 SKZ-U LLP Kazakhstan Production of sulphuric acid 49.00% 10,768 49.00% 10,064 Production of fuel assemblies and their Ulba-FA LLP Kazakhstan components 51.00% 4,478 51.00% - Transfer and distribution of Uranenergo LLP Kazakhstan electricity, grid operations 79.23% 3,022 79.23% 3,094 JV UKR TVS CJSC Ukraine Production of nuclear fuel 33.33% - 33.33% - Total investments in joint ventures 73,847 53,605
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
33
23 Investments in Joint Ventures (Continued)
Summarised financial information on respect of the Group’s material joint ventures is set out below. The summarised financial information below represents amounts shown in the
joint ventures’ financial statements prepared in accordance with IFRS accounting standards, adjusted by the Group for equity accounting purposes.
Semizbay-U LLP Ulba-FA LLP SKZ-U LLP Other Total In millions of Kazakhstani Tenge 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Current assets 67,223 75,899 369,886 377,609 3,361 3,870 3,843 3,456 444,313 460,834 Including cash 29,882 5,034 1,039 52,683 381 1,003 993 840 32,295 59,560 Non-current assets 39,488 34,155 54,456 19,814 23,533 20,414 77,129 4,952 194,606 79,335 Total assets 106,711 110,054 424,342 397,423 26,894 24,284 80,972 8,408 638,919 540,169 Current liabilities (15,703) (16,301) (363,081) (387,063) (2,176) (1,202) (2,580) (2,499) (383,540) (407,065) Including financial liabilities net of trade and other accounts payable and provisions (8,193) (7,952) (11,686) (12,616) - - - - (19,879) (20,568) Non-current liabilities (7,645) (7,316) (52,483) (13,410) (2,658) (2,728) (45,067) (39) (107,853) (23,493) Including financial liabilities net of trade and other accounts payable and provisions - (66) - (11,654) - - - - - (11,720) Total liabilities (23,348) (23,617) (415,564) (400,473) (4,834) (3,930) (47,647) (2,538) (491,393) (430,558) Net assets 83,363 86,437 8,778 (3,050) 22,060 20,354 33,325 5,870 147,526 109,611 Group’s share of net assets of joint ventures 42,515 44,083 4,478 (1,556) 10,810 9,974 15,214 4,269 73,017 56,770 Goodwill 4,105 4,105 - - 90 90 (1,464) (1,464) 2,731 2,731 Share in accumulated unrecognised losses - - - 1,556 - - - - - 1,556 Impairment losses - - - - - - (21) (21) (21) (21) Other 132 132 - - (132) - 1,562 994 1,562 1,126 Unrealised profit (3,442) (8,557) - - - - - - (3,442) (8,557) Carrying value of investments in joint ventures 43,310 39,763 4,478 - 10,768 10,064 15,291 3,778 73,847 53,605 Total revenue 81,114 95,508 272,958 163,593 17,332 15,762 5,151 4,371 376,555 279,234 Depreciation and amortisation (9,544) (7,869) (1,053) (984) (1,455) (1,341) (510) (403) (12,562) (10,597) Finance income 1,535 752 2,187 6,188 699 167 238 34 4,659 7,141 Finance costs (1,414) (1,178) (728) (1,113) (14) (16) (2) (1) (2,158) (2,308) Foreign exchange gain/(loss) (161) 2,509 (3,209) 2,818 - 2 - - (3,370) 5,329 Reversal of impairment losses/(impairment losses) (2,813) (2,462) (292) 6,354 66 (41) 2 3 (3,037) 3,854 Income tax (8,167) (12,612) (167) (1,027) (766) (1,017) 21 (9) (9,079) (14,665) Profit/(loss) for the year 35,808 48,624 11,830 (16,058) 2,848 3,903 10 13 50,496 36,482 Other comprehensive loss 18 (38) - - - - 2 (4) 20 (42) Total comprehensive income/(loss) 35,826 48,586 11,830 (16,058) 2,848 3,903 12 9 50,516 36,440 Unrealised profit 5,115 (3,058) - - - - - - 5,115 (3,058) Share in accumulated unrecognised losses - - (1,556) 1,556 - - - - (1,556) 1,556 Share of results of joint ventures 23,386 21,721 4,478 (6,634) 1,395 1,912 (31) 8 29,228 17,007 Dividends received 19,838 13,277 - - 691 226 - - 20,529 13,503
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
34
24 Accounts Receivable
In millions of Kazakhstani Tenge 2025 2024 Trade accounts receivable 302,418 467,792 Trade accounts receivable from related parties 9,467 156,213 Total gross trade accounts receivable 311,885 624,005 Provision for impairment of trade receivables (82) (706) Provision for impairment of trade receivables from related parties (271) (339) Total trade accounts receivable 311,532 622,960 Other accounts receivable 28,839 54,808 Other accounts receivable from related parties 240 228 Total gross other accounts receivable 29,079 55,036 Provision for impairment of other receivables (667) (1,835) Total other accounts receivable 28,412 53,201 Total accounts receivable 339,944 676,161
Material accounting policies and significant judgements
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of
business. They are generally due within 12 months period and are therefore all classified as current. Trade receivables
are recognised initially at the amount of consideration that is unconditional. The Group holds the trade receivables with
the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost
using the effective interest method.
Other receivables are recognised initially at fair value and are subsequently carried at amortised cost using the effective
interest method. Those are mainly current receivables other than those for goods sold or services performed.
Information on the Group’s exposure to credit and currency risks and provision for impairment for accounts receivable
is disclosed in Note 37.
25 Other Financial Assets
In millions of Kazakhstani Tenge Note 2025 2024 Non-current assets Long-term debt securities 54,831 17,374 Restricted cash 46,264 39,746 Investment in ANU Energy 30,071 28,602 Other 282 492 Total other non-current assets 131,448 86,214 Current assets Short-term debt securities 128,205 18,626 Dividends receivable from associates, net of provision 22 4,343 - Term deposit 28 28 Other 555 1,767 Total other current assets 133,131 20,421
Restricted cash
In accordance with the terms of its subsoil use contracts, the Group transfers cash to long-term bank deposits to finance
future site restoration activities. As at 31 December 2025 the balance of restricted cash held in long-term bank deposits
related to financing of future site restoration activities was Tenge 46,264 million (2024: Tenge 39,746 million).
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
35
25 Other Financial Assets (Continued)
Investments in ANU Energy
The Group recognises investment at fair value through profit or loss. The fair value is determined based on
uranium spot prices. The Group has recognised gain from revaluation of other investments of Tenge 1,512 million
(2024: loss from revaluation of other investments of Tenge 2,026 million, Note 14). As of 31 December 2025 the fair
value of investment in ANU Energy OEIC Ltd. was Tenge 30,071 million (2024: Tenge 28,602 million).
Debt securities
In 2025, the Group invested Tenge 10,000 million in floating rate securities issued by the European Bank of
Reconstruction and Development maturing in February of 2027 and U.S. Dollars 10 million or Tenge 5,196 million in
the securities of the Ministry of the Republic of Kazakhstan with fixed coupon rate maturing in 2032.
Moreover, the Group invested Tenge 13,000 million in corporate notes issued by Citigroup Global Markets Holdings
Inc. maturing in June of 2027, which are guaranteed by its parent company Citigroup Inc., U.S. Dollars 15 million or
Tenge 7,780 million in investment grade corporate notes maturing in November 2028 and Tenge 5,000 million in fixed
income securities issued by Asian Development Bank maturing in September 2028.
During 2025, the Group also invested in short-term debt securities with a maturity of less than a year issued by the U.S.
Department of the Treasury (U.S. Treasury) in the amount of Tenge 452,420 million, the National Bank of the Republic
of Kazakhstan in the amount of Tenge 810,142 million and Citigroup Global Markets Holdings Inc. in the amount of
Tenge 16,144 million.
Due to high liquidity of financial instruments they were redeemed during the year in the amount of Tenge 1,180,586
million.
Material accounting policies and significant judgements
Debt securities are initially recognised at fair value, including directly attributable transactions costs. Subsequent to
initial recognition, the Group measures debt securities at amortised cost because they are held for collection of
contractual cash flows and those cash flows represent SPPI. Debt securities with a maturity date more than 12 months
from the reporting date are classified as long-term.
26 Other Non-Financial Assets
In millions of Kazakhstani Tenge 2025 2024 Non-current Long-term inventories 24,181 13,075 VAT recoverable 22,557 12,745 Advances for non-current assets 14,131 4,889 Investment property 1,942 1,976 Prepaid expenses 555 508 Other assets to related parties 56 - Other assets 151 255 Total other non-current assets 63,573 33,448 Current Advances for goods and services 11,091 7,585 Prepaid expenses 3,240 4,932 Prepaid insurance 1,161 1,082 Other assets to related parties 2,137 1,672 Other assets 1,814 2,964 Total other current assets 19,443 18,235
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
36
26 Other Non-Financial Assets (Continued)
As at 31 December 2025, current VAT recoverable by the Group amounted to Tenge 274,180 million (2024:
Tenge 219,672 million), including Tenge 182,380 million confirmed for return by tax audits and Tenge 91,800 million
subject to confirmation by tax authorities during 2026. VAT confirmed by tax audits is subject to refund from the budget
by transfer to a current account or by offset against other taxes.
Recoverable VAT is classified as non-current if its settlement is not expected within one year after the reporting period.
Non-current VAT is not discounted.
Material accounting policies and significant judgements
Value added tax (VAT) related to sales is payable to the tax authorities when goods are shipped, or services are
rendered. Purchase VAT can be offset against sales VAT upon the receipt of a tax invoice from a supplier. Tax
legislation allows the settlement of VAT on a net basis. Accordingly, VAT related to sales and purchases unsettled at
the reporting date is stated in the consolidated statements of financial position on a net basis separately for each
consolidated entity. Advances are carried at cost less provision for impairment.
Advances are classified as non-current when the goods or services relating to the prepayment are expected to be
obtained after one year, or when the advances relate to an asset which will itself be classified as non-current upon
initial recognition. Advances for assets are transferred to the carrying amount of the asset once the Group has obtained
control of the asset and it is probable that future economic benefits associated with the asset will flow to the Group.
Other advances are written off to profit or loss when the goods or services relating to the prepayments are received. If
there is an indication that the assets, goods or services relating to an advance will not be received, the carrying value
of the advance is written down accordingly and a corresponding impairment loss is recognised in profit or loss for the
year. Non-current advances are not discounted.
27 Inventories
In millions of Kazakhstani Tenge 2025 2024 Finished goods and goods for resale 329,224 317,727 Including uranium products 324,635 314,367 Work-in-process 52,440 36,712 Raw materials 32,199 30,549 Other materials 4,126 3,582 Spare parts 1,432 1,283 Fuel 968 974 Provision for obsolescence and write-off to net realisable value (5,070) (2,670) Total inventories 415,319 388,157
Movements in the provision for obsolescence are as follows:
In millions of Kazakhstani Tenge 2025 2024 Balance at 1 January (2,670) (2,953) Foreign currencies translation 248 - Reversal of provision during the year 587 738 Inventory write-off during the year 39 83 Accrual of provision during the year (3,274) (538) Balance at 31 December (5,070) (2,670)
Inventories are recorded at the lower of cost and net realisable value. The cost of inventory is determined on the
weighted average basis. Inventory in the amount of Tenge 8,579 million is pledged (Note 33).
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
37
28 Cash and Cash Equivalents
In millions of Kazakhstani Tenge 2025 2024 Demand deposits 230,322 280,404 Current bank accounts 112,703 721 Cash in the form of reverse repurchase transactions 5,002 13,958 Cash in hand 2 3 Provision for impairment (631) (701) Total cash and cash equivalents 347,398 294,385
Significant non-cash transactions include settlements with Uranium Enrichment Center JSC in the amount of
Tenge 27,109 million (2024: Tenge 197,941 million) and offsetting part of VAT recoverable against payment of taxes
for Tenge 26,352 million (2024: Tenge 23,773 million).
Material accounting policies and significant judgements
Cash and cash equivalents include cash in hand, deposits held at call with banks, and bank deposits with original
maturities of three months or less. Cash and cash equivalents are carried at amortised cost because: (i) they are held
for collection of contractual cash flows and those cash flows represent SPPI, and (ii) they are not designated at FVTPL.
Restricted balances are excluded from cash and cash equivalents. Balances restricted from being exchanged or used
to settle a liability for at least twelve months after the reporting period are included in other non-current assets.
Cash and cash equivalents also include transactions under reverse repurchase transaction with highly liquid
government securities received as a pledge with the agreement to sell them within 1 to 30 days. Reverse repo
transactions are readily convertible to cash and cash equivalents and are subject to insignificant risk of changes in
value.
29 Share Capital
At 31 December 2025 the total number of authorised and paid ordinary shares is 259,356,608 (2024: 259,356,608) of
which 62.99336549% is owned by Sovereign Wealth Fund Samruk-Kazyna JSC, 12,00663451% is owned by the
Ministry of Finance of the Republic of Kazakhstan and 25% of the shares/GDRs are freely floated with listing on the
Astana International Exchange (AIX) and the London Stock Exchange (LSE). One GDR represents a share in one
share. Each ordinary share carries the right to one vote. Registered Share capital is Tenge 37,051 million.
Dividends declared and paid during the year were as follows:
In millions of Kazakhstani Tenge 2025 2024 Dividends payable at 1 January - - Dividends declared during the year 327,858 314,649 Dividends paid during the year (327,858) (314,649) Dividends payable at 31 December - - Dividends declared during the year per share, in Tenge 1,264.12 1,213.19
Material accounting policies and significant judgements
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown
in equity as a deduction, net of tax, from the proceeds. Any excess of the fair value of consideration received over the
par value of shares issued is recorded as share premium in equity. Additional paid-in capital primarily represents capital
contributions made by non-controlling interests in excess of their ownership.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
38
30 Loans and Borrowings
In millions of Kazakhstani Tenge 2025 2024 Non-current Bonds 50,553 105,022 Bank loans 1,034 1,379 Total non-current loans and borrowings 51,587 106,401 Current Bank loans 89,383 609 Bonds 52,909 457 Non-bank loans 13,618 42,240 Total current loans and borrowings 155,910 43,306 Total loans and borrowings 207,497 149,707
Information about the Group’s loans and borrowings is presented as follows:
In millions of Kazakhstani Tenge Currency Maturity 2025 2024 Bank loans Eurasian Development Bank U.S. Dollars 2026 71,127 - Citibank Europe Plc. U.S. Dollars 2026 17,765 - Bank of China Kazakhstan Tenge 2029 1,525 1,988 Total bank loans 90,417 1,988 Bonds Bonds U.S. Dollars 2026,2027 103,462 105,479 Total bonds 103,462 105,479 Non-bank loans Stepnogorsk Mining and Chemical Complex LLP Tenge 2026 13,618 37,515 Stepnogorsk Mining and Chemical Complex LLP Euro 2025 - 4,725 Total Non-bank loans 13,618 42,240
During 2025 the Group partially repaid a loan of Tenge 28,651 million to Stepnogorsk Mining and Chemical Complex
LLP and a bank loan of Tenge 450 million to the Bank of China Kazakhstan.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
39
30 Loans and Borrowings (Continued)
In 2025, the Group opened two credit lines with the Eurasian Development Bank for U.S. Dollars 100 million maturing
in September of 2026 and U.S. Dollars 70 million for 2 years with tranches available for up to 12 months. The Group
received the entire loan amount of U.S. Dollars 100 million or Tenge 51,258 million under the credit line for U.S. Dollars
100 million and U.S. Dollars 39 million or Tenge 20,000 million under the credit line for U.S. Dollars 70 million. Loans
were intended to finance capital and operational expenditures. Under the terms of the agreement, compliance with
financial covenants is required. As of 31 December 2025, the Group has complied with the financial covenant
requirements, and no breaches were identified.
In 2025, the Group also opened revolving trade credit line with the Citibank Europe Plc. for U.S. Dollars 50 million.
During 2025, the Group received a tranche in the amount of U.S. Dollars 35 million or Tenge 18,248 million maturing
in June of 2026.
The Group’s loans and borrowings were unsecured. In 2025, the Group’s weighted average interest rate on loans was
7.51% (2024: 12.59%). Bonds have a coupon of SOFR + 1%.
Reconciliation of debt
The table below shows an analysis of the debt amount and changes in the Group’s liabilities arising from financing
activities for each of the periods presented:
Loans and Financing Lease In millions Kazakhstani Tenge borrowings arrangements liabilities Total Debt at 31 December 2023 86,252 - 125 86,377 Proceeds 159,655 - 963 160,618 Foreign currency translation 9,206 - 9 9,215 Interest accrued 8,100 - 42 8,142 Discount accrued (696) - - (696) Interest capitalised 537 - - 537 Unwinding of discount 1,124 - - 1,124 Repayment (139,166) - (852) (140,018) Interest paid (4,423) - (41) (4,464) Additions from business combination (Note 40) 29,118 - - 29,118 Debt at 31 December 2024 149,707 - 246 149,953 Proceeds 89,513 13,034 47 102,594 Foreign currency translation (5,672) (397) - (6,069) Interest accrued 10,809 12 44 10,865 Interest capitalised 1,970 - - 1,970 Unwinding of discount 2,275 - - 2,275 Repayment (29,111) - (135) (29,246) Interest paid (11,185) - (45) (11,230) Other (809) - - (809) Debt at 31 December 2025 207,497 12,649 157 220,303
Material accounting policies and significant judgements
Borrowings are recognised initially at fair value, net of transaction costs incurred and are subsequently carried at
amortised cost using the effective interest method.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
40
31 Provisions
Environment Site In millions of Kazakhstani Tenge Note protection restoration Other Total At 1 January 2024 Non-current 8,604 33,886 2,210 44,700 Current 122 4,214 5,007 9,343 Total 8,726 38,100 7,217 54,043 Provision for the year 62 - 3,828 3,890 Additions from business combination 40 - 106 333 439 Unwinding of discount 14 507 4,307 21 4,835 Provision used (554) (974) (465) (1,993) Change in estimates (4,416) 3,123 - (1,293) At 31 December 2024 Non-current 4,325 40,901 2,201 47,427 Current - 3,761 8,733 12,494 Total 4,325 44,662 10,934 59,921 Provision for the year 7 139 1,199 1,345 Unwinding of discount 14 509 5,119 21 5,649 Provision used (21) (835) (8,476) (9,332) Change in estimates (2,346) (9,591) 422 (11,515) At 31 December 2025 Non-current 2,474 36,464 2,650 41,588 Current - 3,030 1,450 4,480 Total 2,474 39,494 4,100 46,068
The nominal cost of site restoration provision as at 31 December 2025 is Tenge 130,713 million (2024:
Tenge 117,945 million). The amount of provision for restoration of mine sites was calculated using current prices (the
prices effective at the reporting date) for expenditures to be incurred and then inflated using the forecast inflation rate
effective for the period until the settlement of restoration.
The amount of the provision for environment protection is mainly associated with Ulba Metallurgical Plant JSC in
accordance with the Ecological Code. The nominal cost of restoration of liquidation facilities as at 31 December 2025
is Tenge 63,888 million (2024: Tenge 58,082 million).
As a result of the assessment of liabilities non-mining enterprises of categories II-IV did not have significant obligations
as at the reporting date.
Material accounting policies and significant judgements
In accordance with environmental legislation and the subsoil use contracts, the Group has a legal obligation to
remediate damage caused to the environment from its operations and to decommission its mining assets and landfills
and restore landfill sites after closure of mining activities. Provision is made based upon the net present values of
estimated site restoration and retirement costs as soon as the obligation arises from past mining activities. The Group
estimates the site restoration costs for each mine operated. Estimate provision is charged to the cost of corresponding
asset (mine development assets or property, plant and equipment) in the reporting period when an obligation arises
from past operating activity performed.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
41
31 Provisions (Continued)
Provisions for asset retirement obligations do not include any additional obligations which are expected to arise from
future disturbances. The cost estimates are calculated annually during the course of the operations to reflect known
developments, including updated cost estimates revised subsoil use terms and estimated lives of operations, and are
subject to formal reviews on a regular basis. The amortisation or “unwinding” of the discount applied in establishing the
net present value of provisions is charged to profit and loss in each reporting period. The amortisation of the discount
is disclosed as finance costs. In view of the long-term nature of provisions, there is uncertainty concerning the actual
amount of expenses that will be incurred in performing site restoration activities for each mine. Changes in estimates
occur due to annual revision of costs for site liquidation including newly drilled wells, sand traps and other facilities
subject to subsequent liquidation.
Provision for asset retirement obligations (estimates)
Site restoration
The provision for asset retirement obligations is estimated based upon the Group’s interpretation of current
environmental legislation in the Republic of Kazakhstan and the Group’s related programme for liquidation of
subsurface use consequences on the contracted territory and other operations supported by the feasibility study and
engineering research in accordance with the applicable restoration and retirement standards and techniques.
Provisions for asset retirement obligations are subject to potential changes in environmental regulatory requirements
and the interpretation of the legislation. Provisions are recognised when there is a certainty of incurring of such liabilities
and when it is possible to measure the amounts reliably. The scope of work stipulated by the legislation and included
in the calculations of the asset retirement obligations contains the dismantling of facilities and infrastructure (pumping,
injection and observation wells, technological units for acidification and distribution of solutions, pipelines, access roads,
technological sites, landfills, buildings and other facilities) and subsequent restoration of land.
The calculation of the provision for production assets retirement as of 31 December 2025 was performed by the Group’s
internal specialists and reviewed by an independent consultant.
Principal assumptions used in the estimations include:
• the discount rate that reflects the current market estimates of the time value of money is based on a risk-free rate
determined by reference to the interest rate on government bonds with maturity matching the period of the Group’s
each subsoil use contract, range of 15.89% - 16.53% (2024: average 12.33% - 12.65%), risks related to the liability
are reflected in the best estimate of nominal costs;
• long-term inflation rate applied to the nominal costs calculated at current prices of 4.44% - 10.79% in 2025 (2024:
average 4.06% - 7.51%);
• discounting period in accordance with the estimated life of mines and reserves depletion period;
• low radioactive waste management program assumes removal and disposal at special landfills owned by the
Group.
Sensitivity analysis of the principal assumptions as at 31 December 2025 is as follows:
(Decrease)/Increase of (Decrease)/Increase of decommissioning In millions of Kazakhstani Tenge assumptions provisions Inflation rate -1% (3,907) +1% 3,436 Discount rate -1% 3,580 +1% (3,133)
Sensitivity analysis of the principal assumptions as at 31 December 2024 is as follows:
(Decrease)/Increase of (Decrease)/Increase of decommissioning In millions of Kazakhstani Tenge assumptions provisions Inflation rate -1% (5,258) +1% 4,544 Discount rate -1% 4,935 +1% (4,233)
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
42
31 Provisions (Continued)
Provision for environment protection
The liability for decommissioning, dismantling and reclamation was assessed and recognised in relation to the facilities
classified as category I (facilities that have a significant negative impact on the environment) of Ulba Metallurgical Plant
JSC site in Ust-Kamenogorsk, as well as assets technologically related to them and located on the territory of the
industrial site. Provision was accrued in accordance with the requirements of the Ecological Code of the Republic of
Kazakhstan (the Ecological Code).
Principal assumptions used in the estimations include:
• current prices are inflated using the expected long-term inflation rate of 10.79% for assets with liquidation term
until 2027, 5.45% for assets with liquidation term until 2042, 4.24% for assets with liquidation term after 2044
(2024: 6.47% for assets with liquidation term until 2027, 4.66% for assets with liquidation term until 2042, 3.97%
for assets with liquidation term after 2044), and subsequently discounted;
• the discount rate for calculation of the provision as of 31 December 2025 is 16.12% for assets with liquidation term
until 2027, 16.13% for assets with liquidation term until 2042, 15.62% for assets with liquidation term after 2044
(31 December 2024: 12.28% for assets with liquidation term until 2027, 12.51% for assets with liquidation term
until 2042, 11.45% for assets with liquidation term after 2044);
• the discounting period equates to the remaining useful life of buildings and constructions, of not more than 50
years. All buildings and constructions are subject to annual technical reviews to determine required capital and
operating expenditure requirements.
Sensitivity analysis of the principal assumptions as at 31 December 2025 is as follows:
(Decrease)/Increase of (Decrease)/Increase of decommissioning In millions of Kazakhstani Tenge assumptions provisions Inflation rate -1% (251) +1% 552 Discount rate -1% 505 +1% (221) Liquidation period -10% 662 +10% (312)
Sensitivity analysis of the principal assumptions as at 31 December 2024 is as follows:
(Decrease)/Increase of (Decrease)/Increase of decommissioning In millions of Kazakhstani Tenge assumptions provisions Inflation rate -1% (987) +1% 1,462 Discount rate -1% 1,358 +1% (925) Liquidation period -10% 1,085 +10% (805)
In order to finance future works to eliminate the consequences of operations, the Group is also required to provide
financial security before 1 July 2029.
As the requirements of the Ecological Code are relatively new, there is no practice of applying these requirements and
there are ambiguities in the legislation, management has applied significant judgment in terms of assessing liabilities
and their amounts. In case of changes in environmental legislation, its interpretation and practice of its application, as
well as in the judgments and in the Group's estimates, such liabilities may be revised in the future.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
43
32 Accounts Payable
In millions of Kazakhstani Tenge 2025 2024 Trade accounts payable 115,406 117,832 Trade accounts payable to related parties 74,917 162,991 Total trade accounts payable 190,323 280,823 Other accounts payable 1,106 833 Other accounts payable to related parties - 16 Total other accounts payable 1,106 849 Total accounts payable 191,429 281,672
The Group’s exposure to currency and liquidity risk related to trade and other payables is disclosed in Note 37.
Material accounting policies and significant judgements
Trade payables are accrued when the counterparty performs its obligations under the contract and are recognised
initially at fair value and subsequently carried at amortised cost using the effective interest method.
33 Other Liabilities
In millions of Kazakhstani Tenge 2025 2024 Non-current Advances received 2,305 2,314 Deferred income from subsidies received 1,495 1,620 Liabilities under contracts with customers 606 3,117 Issued financial guarantees 64 355 Other 411 367 Total non-current other liabilities 4,881 7,773
Current Accrued unused vacation payments and bonuses 17,982 15,292 Liabilities under financing arrangements 12,649 - Liabilities under contracts with customers 4,590 1,770 Wages and salaries payable 3,631 3,275 Social contributions payable 3,443 2,948 Tender participation guarantee 2,210 2,459 Issued financial guarantees 694 991 Other liabilities from related parties 323 332 Other 554 634 Total current other liabilities 46,076 27,701
Liabilities under financing arrangements
The Group entered into repurchase agreements with third parties, which are accounted for as financing arrangements
in accordance with IFRS 15. The Group continues to recognise the underlying asset and has recognised a financial
liability, which is presented as Liabilities under financing arrangements. Inventory in the amount of Tenge 8,579 million
is pledged under this agreement.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
44
34 Contingencies and Commitments
Compliance with Kazakhstan legislation
Periodically, the Group’s operations are subject to inspections by various state authorities, which is considered a
standard practice. The Group did not receive any pretensions or claims under the current inspections, which would
require significant disclosures or provisions in the financial statements. The management will continue to monitor the
situation and additional disclosure may be required in the future.
The tax environment in the Republic of Kazakhstan is subject to change and inconsistent application and
interpretations. Kazakhstani tax legislation and practice is in a state of continuous development, and therefore is subject
to varying interpretations and frequent changes, which may be retroactive. Tax periods remain open to retroactive
review by the Kazakhstan tax authorities for five years. The Group’s management believes that its interpretation of the
relevant legislation is appropriate and the Group’s tax positions will be sustained. In the opinion of the Group’s
management, no material losses will be incurred in respect of existing and potential tax claims in excess of provision
or disclosures that have been made in these consolidated financial statements.
Changes in the Tax Code
From 1 January 2025 the mineral extraction tax rate on uranium increased from 6% to 9%, leading to higher mineral
extraction tax expenses in 2025. According to changes in Tax Code from 1 January 2026, a differentiated approach is
introduced to calculate mineral extraction tax depending on the actual production volumes under each subsoil use
contract and prices for uranium, causing an increase in mineral extraction tax expense for subsoil users with annual
uranium production of over 2,000 tons.
Compliance with subsoil use contractual obligations
In accordance with the terms of the subsoil use contracts, the Group mining entities are required to comply with the
obligations specified therein. Failure to comply with the conditions stipulated by subsoil use contracts may lead to
negative consequences, including termination of contracts, fines and penalties. Under current subsoil use legislation,
the payment of penalty does not relieve subsurface user from fulfillment of obligations under subsoil use contracts.
As at 31 December 2025, at Inkai, block 3 mine the underproduction of uranium exceeded the legally allowed threshold
of 20% which is associated with a lag in the construction of ground infrastructure and delays in the supply of strategic
materials. Despite the deviation exceeding the permitted 20% threshold for physical production volumes, the Group
fully fulfilled all financial obligations under the work programme of the subsoil use contract. The Group’s management
does not expect any significant penalties or subsoil use contract revocation.
Environmental audits
During 2025, several Group companies underwent environmental audits, which resulted in administrative fines being
imposed. Management disagreed with these fines and decided to appeal them in court. The court partially satisfied the
Group's claims, but the fine of Tenge 5,190 million was upheld. Management disagrees with the fines and intends to
appeal them in court. As of 31 December 2025, no liability for this amount had been recognised.
Insurance
The Kazakhstani insurance industry is in development stage, and many forms of insurance protection common in other
countries are not yet available. Since 2021, the Corporate Property Insurance Program of the Company’s enterprises
has been implemented against the “risks” of death, loss or damage as a result of accidental and unforeseen direct
physical impact (excluding equipment breakdown/failure and interruption in production).
The Group does not have full insurance coverage for risks related to mining activities and production facilities, including
for damages caused by the stoppage of production or obligations incurred to third parties in connection with damages
caused to the property or the environment resulting from accidents or operations.
The Group provides directors and officers liability insurance, which covers for the Company’s managers to protect them
from claims that may arise from decisions and actions taken (“alleged wrongful acts”) within the scope of their regular
duties. The terms of the policy prohibit disclosure of the amount of the insurance coverage.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
45
34 Contingencies and Commitments (Continued)
Financial security
Under the current version of the Ecological Code, the Group has an obligation to provide financial security to eliminate
the consequences of Category I facilities by 1 July 2029. Ecological code provides the guidance to determine the
amount of financial security, for capital construction facilities (buildings, structures, complexes) not included in the cost
of work to eliminate the consequences of operation of the facilities, plans must be developed for their repurposing and
(or) other operation in accordance with the methodology approved by the authorised body in the field of environmental
protection. Financial support is provided in the form of a guarantee, pledge of a bank deposit, pledge of property,
insurance.
The amount of financial support is determined in accordance with the methodology approved by the authorised body
in the field of environmental protection, based on the estimated cost of work to eliminate the consequences of operating
a category I facility, and is subject to recalculation every seven years.
Guarantees
Guarantees are irrevocable assurances that the Group will make payments in the event that another party cannot meet
its obligations. The maximum exposure to credit risk under financial guarantees provided to secure financing of certain
related parties at 31 December 2025 is Tenge 22,474 million (2024: Tenge 26,692 million) (Note 5).
35 Non-Controlling Interest
The following table provides information about subsidiaries that have a non-controlling interest as at
31 December 2025:
Ownership Country of rights held Profit or loss incorporation by non-attributable to Accumulated and principal controlling non-controlling non-controlling In millions of Kazakhstani Tenge place of business interest interest interest Name JV Inkai LLP Kazakhstan 40.00% 75,947 212,817 Turanium LLP Kazakhstan 50.00% 55,646 158,927 MC Ortalyk LLP Kazakhstan 49.00% 41,480 75,186 JV Budenovskoye LLP (Note 40) Kazakhstan 49.00% 28,229 333,370 Baiken-U LLP Kazakhstan 47.50% 23,949 102,068 Appak LLP Kazakhstan 35.00% 10,559 22,624 Ulba Metallurgical Plant JSC Kazakhstan 5.67% 413 8,556 Volkovgeologiya JSC Kazakhstan 0.21% 24 214 Total 236,247 913,762
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
46
35 Non-Controlling Interest (Continued)
The following table provides information about subsidiaries that have a non-controlling interest as at 31 December
2024:
Ownership Country of rights held Profit or loss incorporation by non-attributable to Accumulated and principal controlling non-controlling non-controlling In millions of Kazakhstani Tenge place of business interest interest interest Name JV Inkai LLP Kazakhstan 40.00% 90,955 187,422 Turanium LLP Kazakhstan 50.00% 62,800 210,053 MC Ortalyk LLP Kazakhstan 49.00% 47,009 71,326 Baiken-U LLP Kazakhstan 47.50% 29,612 103,310 Appak LLP Kazakhstan 35.00% 14,757 25,314 JV Budenovskoye LLP (Note 40) Kazakhstan 49.00% 14,129 305,139 Ulba Metallurgical Plant JSC Kazakhstan 5.67% 543 8,403 Volkovgeologiya JSC Kazakhstan 0.21% 47 191 Total 259,852 911,158
Sales schedule of individual subsidiaries depends to a large extent on the sales plans and inventory needs of the Group
and may vary during the year.
Allocation of profit between the non-controlling interest of JV Inkai LLP and the Company is impacted by the production
volumes and assigned dividends. According to the additional agreement between the Company and the second
participant concluded in 2024, the percentage of distribution of dividends of JV Inkai LLP for 2025 between the
Company and the second participant are 55.88% and 44.12%, respectively (2024: 54.1% and 45.9%).
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
47
35 Non-Controlling Interest (Continued)
The summarised financial information of these subsidiaries is as follows:
Ulba Metallurgical Plant JSC Appak LLP JV Inkai LLP Baiken-U LLP In millions of Kazakhstani Tenge 2025 2024 2025 2024 2025 2024 2025 2024 Current assets 72,878 70,550 38,539 47,059 329,962 271,522 148,331 145,453 Non-current assets 43,563 38,365 38,877 36,265 216,490 208,421 91,295 97,891 Current liabilities (14,444) (12,093) (8,619) (7,123) (19,306) (15,467) (11,388) (8,101) Non-current liabilities (7,791) (8,912) (3,999) (3,716) (28,437) (29,753) (13,230) (17,631) Equity, incl. 94,206 87,910 64,798 72,485 498,709 434,723 215,008 217,612 Equity attributable to the Group 85,650 79,507 42,174 47,171 285,892 247,301 112,940 114,302 Non-controlling interest 8,556 8,403 22,624 25,314 212,817 187,422 102,068 103,310 Revenue 90,661 83,912 73,812 79,028 333,388 323,056 112,992 112,359 Depreciation and amortisation (2,638) (2,428) (9,801) (7,512) (23,662) (22,689) (19,366) (11,793) Including depreciation and amortisation at fair value arising from business combinations - - - - (2,359) (2,620) (10,617) (5,208) Finance income 1,247 1,182 672 507 2,041 1,026 989 600 Finance costs (621) (600) (372) (362) (218) (245) (680) (463) Income tax expense (2,971) (3,461) (8,177) (10,670) (43,109) (49,640) (12,877) (15,947) Including tax effect of depreciation and amortisation of adjustments to fair value - - - - 476 524 2,127 1,044 Net foreign exchange gain (545) 2,284 (477) 784 (5,765) 5,491 (341) 922 (Impairment losses)/reversal of impairment losses (760) (143) 69 52 (357) (1) 2 (27) Profit for the year 11,764 2,940 30,167 42,164 172,138 198,154 50,419 62,342 Profit attributable to the owners of the Company 11,351 2,397 19,608 27,407 96,191 107,199 26,470 32,730 Profit attributable to non-controlling interest 413 543 10,559 14,757 75,947 90,955 23,949 29,612 Profit for the year 11,764 2,940 30,167 42,164 172,138 198,154 50,419 62,342 Other comprehensive income/(loss) (663) (40) (1) (9) - - (8) (45) Total comprehensive income for the year 11,101 2,900 30,166 42,155 172,138 198,154 50,411 62,297 Dividends declared to non-controlling interest 222 547 13,248 8,517 50,553 64,412 25,187 21,072 Net cash inflow/(outflow) from: - operating activities 9,531 2,058 54,116 36,399 140,770 153,683 67,681 66,570 - investing activities (3,996) (3,814) (12,157) (11,340) (30,123) (17,233) (13,561) (9,162) Including: Sale of non-current assets 11 10 - 4 - - - 3 Acquisition of non-current assets (3,944) (3,730) (10,455) (11,006) (30,314) (17,539) (13,376) (8,987) - financing activities (4,809) (8,780) (37,933) (24,757) (110,136) (128,825) (53,025) (44,362) Net cash inflow/(outflow) 726 (10,536) 4,026 302 511 7,625 1,095 13,046
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
48
35 Non-Controlling Interest (Continued)
The summarised financial information of these subsidiaries is as follows:
Turanium LLP MC Ortalyk LLP Volkovgeologiya JSC JV Budenovskoye LLP In millions of Kazakhstani Tenge 2025 2024 2025 2024 2025 2024 2025 2024 Current assets 185,997 284,419 83,136 96,265 29,737 20,018 60,100 37,659 Non-current assets 169,083 177,696 90,512 70,527 22,433 20,042 876,957 793,694 Current liabilities (11,386) (13,417) (13,243) (13,399) (18,515) (16,556) (117,134) (68,317) Non-current liabilities (25,675) (28,429) (6,968) (7,831) (622) (2,204) (139,577) (140,301) Equity, incl. 318,019 420,269 153,437 145,562 33,033 21,300 680,346 622,735 Equity attributable to the Group 159,092 210,216 78,251 74,236 32,819 21,109 346,976 317,596 Non-controlling interest 158,927 210,053 75,186 71,326 214 191 333,370 305,139 Revenue 207,730 205,052 176,995 177,470 77,308 68,311 118,914 62,223 Depreciation and amortisation (23,775) (21,172) (14,631) (11,085) (3,691) (2,694) (17,082) (6,473) Including depreciation and amortisation at fair value arising from business combinations (11,476) (10,270) - - - - (10,155) (4,163) Finance income 2,608 1,875 1,120 694 1,088 833 1,214 1,125 Finance costs (218) (196) (959) (707) (655) (2,062) (7,638) (5,179) Income tax expense (28,467) (31,367) (21,056) (24,920) (2,993) (1,408) (14,531) (7,258) Including tax effect of depreciation and amortisation of adjustments to fair value 2,295 2,054 - - - - 2,031 2,198 Net foreign exchange gain (2,036) 8,545 (1,337) 2,483 - (3) 86 2,857 (Impairment losses)/reversal of impairment losses 75 (86) 68 4 6 (157) 24 (87) Profit for the year 111,292 125,600 84,653 95,936 11,740 12,542 57,611 28,833 Profit attributable to the owners of the Company 55,646 62,800 43,173 48,927 11,716 12,495 29,382 14,704 Profit attributable to non-controlling interest 55,646 62,800 41,480 47,009 24 47 28,229 14,129 Profit for the year 111,292 125,600 84,653 95,936 11,740 12,542 57,611 28,833 Other comprehensive income/(loss) - - (26) (27) (7) (14) 2 2 Total comprehensive income for the year 111,292 125,600 84,627 95,909 11,733 12,528 57,613 28,835 Dividends declared to non-controlling interest 106,771 - 37,607 25,496 1 1 - - Net cash inflow/(outflow) from: - operating activities 189,347 68,891 105,502 77,301 13,302 10,895 50,984 20,347 - investing activities (14,908) (20,111) (27,439) (24,374) (4,685) (5,890) (84,405) (39,443) Including: Sale of non-current assets - - - - - 1 - - Acquisition of non-current assets (13,217) (18,482) (27,392) (23,729) (4,683) (5,886) (83,119) (39,182) - financing activities (213,543) (3,500) (76,752) (52,036) (2,976) (5,954) 42,566 7,654 Net cash inflow/(outflow) (39,104) 45,280 1,311 891 5,641 (949) 9,145 (11,442)
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
49
36 Principal Subsidiaries
These consolidated financial statements include the following subsidiaries:
Ownership Principal activity 2025 2024 KAP Technology JSC Communication services 100% 100% Qorgan-Security LLP Security services 100% 100% Research, project, development and engineering High Technology Institute LLP consulting services 100% 100% KAP Logistics LLP Procurement and transportation services 100% 99.9999% Exploration, production, processing and sale of uranium RU-6 LLP products 100% 100% Exploration, production, processing and sale of uranium Kazatomprom-SaUran LLP products 100% 100% Marketing function for sale of uranium, investment and TH Kazakatom AG administration of finances, goods and rights 100% 100% Exploration and research of uranium reserves, drilling services, monitoring of radiation level and environment Volkovgeologiya JSC conditions 99.78% 99.78% Production and processing of uranium materials, Ulba Metallurgical Plant JSC production of rare metals and semiconductor materials 94.33% 94.33% Exploration, production, processing and sale of uranium Appak LLP products 65% 65% Exploration, production, processing and sale of uranium JV Inkai LLP products 60% 60% Exploration, production, processing and sale of uranium Baiken-U LLP products 52.5% 52.5% Exploration, production, processing and sale of uranium MC Ortalyk LLP products 51% 51% JV Budenovskoye LLP Exploration, production, processing and sale of uranium products 51% 51% Exploration, production, processing and sale of uranium Turanium LLP products 50% 50%
These consolidated financial statements include the following joint operations:
Ownership Principal activity 2025 2024 Exploration, production, processing and sale of Karatau LLP uranium products 50% 50% Exploration, production, processing and sale of JV Akbastau JSC uranium products 50% 50% Energy Asia (BVI) Limited (EAL) Commercial and investment activities 50% 50%
All entities are incorporated and operate on the territory of the Republic of Kazakhstan, except for TH Kazakatom AG,
which is incorporated in Switzerland and EAL that is registered in the British Virgin Islands.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
50
37 Financial Risk Management
Accounting policies and disclosures in respect of financial instruments are applied to the following classes of financial
instruments net of provisions:
In millions of Kazakhstani Tenge Note 2025 2024 Financial assets Trade accounts receivable 24 311,532 622,960 Demand deposits 28 229,705 279,703 Investments in debt securities 25 183,036 36,000 Current bank accounts 28 112,689 721 Restricted cash 25 46,264 39,746 Investment in ANU Energy 25 30,071 28,602 Other accounts receivable 24 28,412 53,201 Reverse repurchase transaction 28 5,002 13,958 Other 5,210 2,443 Total financial assets 951,921 1,077,334
Financial liabilities Trade and other accounts payable 32 191,429 281,672 Bonds 30 103,462 105,479 Bank loans 30 90,417 1,988 Non-bank loans 30 13,618 42,240 Liabilities under financing arrangements 33 12,649 - Tender participation guarantee 33 2,210 2,459 Issued financial guarantees 33 758 1,346 Preferred shares 265 265 Lease liabilities 30 156 246 Dividends payable to other participants 50 53 Total financial liabilities 415,014 435,748
Financial risks are monitored by the Group’s risk management function and comprise market risk (including currency
risk, interest rate risk and price risk), credit risk and liquidity risk. The objectives of the Group’s financial risk
management policy are to establish risk limits, and then ensure that exposure to risks stays within these limits. Risk
management policies and systems risk management function are regularly analysed for the need of revision due to
changes in market conditions and the Group operations. The Group’s monitors compliance with approved policies and
procedures.
This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies
and processes for measuring and managing risk, and the Group’s policy for management of capital. Further quantitative
disclosures are included throughout these consolidated financial statements.
The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management
framework. The Management Board has established a Risk Management Committee, which is responsible for
developing and monitoring the Group’s risk management policies. The committee reports regularly to the Management
Board and the Board of Directors on its activities.
Credit risk
The Group has exposure to credit risk, which is the risk that one party to a financial instrument will cause a financial
loss for the other party by failing to discharge an obligation. Exposure to credit risk arises as a result of the Group’s
sales of products on credit terms and other transactions with counterparties giving rise to financial assets. Financial
assets, which potentially expose the Group to credit risk, consist mainly of trade and other receivables, cash and cash
equivalents, term deposits, investments in securities and loans to related parties.
The Group’s maximum exposure to credit risk by class of assets is reflected in the carrying amounts of financial assets
in the statements of financial position and the nominal amount of financial guarantees (Note 34).
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
51
37 Financial Risk Management (Continued)
The table below shows quality of Group’s financial instruments (credit ratings of banks and other counterparties, where
available) as at 31 December 2025:
Rated Rated Rated Standard & Standard & Standard & Poor’s Poor’s Poor’s In millions of Kazakhstani Tenge AAA to A- BBB+ to BBB- BB+ to B- Total Demand deposits 29,292 131,906 68,507 229,705 Investment in debt securities 161,459 18,810 2,767 183,036 Current bank accounts 110,255 2,339 95 112,689 Restricted cash 2,272 42,172 1,820 46,264 Reverse repo transaction - 5,002 - 5,002 Term deposits - 8 20 28 Total 303,278 200,237 73,209 576,724
The table below shows quality of Group’s financial instruments (credit ratings of banks and other counterparties, where
available) as at 31 December 2024:
Rated Rated Rated Standard & Standard & Standard & Poor’s Poor’s Poor’s In millions of Kazakhstani Tenge AAA to A- BBB+ to BBB- BB+ to B- Total Demand deposits 96,522 106,668 76,513 279,703 Restricted cash 2,284 36,957 505 39,746 Investment in debt securities 15,794 20,206 - 36,000 Reverse repo transaction - 13,958 - 13,958 Current bank accounts 540 171 10 721 Term deposits - 8 20 28 Total 115,140 177,968 77,048 370,156
The Group applies the simplified approach permitted in IFRS 9 to measure expected credit losses which uses a lifetime
expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been
grouped based on shared credit risk characteristics and the days past due.
The expected loss rates are based on the payment profiles of sales over a period of 24 month before
31 December 2025 or 31 December 2024 respectively and the corresponding historical credit losses experienced within
this period. The historical loss rates are not adjusted to reflect forward-looking information on macroeconomic factors
because those factors do not significantly affect the risk profile.
The credit loss allowance for trade receivables is determined according to provision matrix presented in the table below.
The provision matrix is based the number of days that an asset is past due. The information as of 31 December 2025
is presented below:
Gross carrying Lifetime In millions of Kazakhstani Tenge Loss rate amount ECL 2025 Trade receivables - current 0.01% 307,399 (45) - less than 30 days overdue 0.24% 4,155 (10) - 30 to 90 days overdue - 26 - - 90 to 180 days overdue 97.7% 305 (298) Total trade receivables (gross carrying amount) 311,885 Credit loss allowance (353) Total trade receivables from contracts with customers (carrying amount) 311,532
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
52
37 Financial Risk Management (Continued)
The information as of 31 December 2024 is presented below:
Gross carrying Lifetime In millions of Kazakhstani Tenge Loss rate amount ECL 2024 Trade receivables - current 0.16% 614,228 (1,004) - less than 30 days overdue 0.10% 9,746 (10) - 30 to 90 days overdue - - - - 90 to 180 days overdue 100% 31 (31) Total trade receivables (gross carrying amount) 624,005 Credit loss allowance (1,045) Total trade receivables from contracts with customers (carrying amount) 622,960
The following table explains the changes in the credit loss allowance for trade and other receivables between the
beginning and the end of 2025 as well as impairment provision for trade and other receivables during 2024:
Trade accounts Other accounts In millions of Kazakhstani Tenge Note receivable receivable Provision at 1 January 2024 15,975 227 Provision for the year 413 1,672 Reversal 10 (15,323) - Amounts written-off (20) (7) Provision at 31 December 2024 1,045 1,892 Provision for the year 287 50 Reversal 10 (979) (1,196) Amounts written-off - (79) Provision at 31 December 2025 353 667
The Group’s exposure to credit risk in respect of trade accounts receivable is influenced mainly by the individual
characteristics of each customer. The demographics of the Group’s customer base, including the default risk of the
industry and country, in which customers operate, has no significant influence on credit risk. The Group is exposed to
concentrations of credit risk. Approximately 75% of the Group’s revenue for 2025 (80% of trade receivables as at
31 December 2025) is attributable to sales transactions with nine main customers (2024: 75% of Group’s revenues and
84% of trade receivables attributable to eleven main customers). The Group defines counterparties as having similar
characteristics if they are related entities.
The Group applies a credit policy under which each new customer is analysed individually for creditworthiness before
the Group’s standard payment and delivery terms and conditions are offered.
The Group does not require collateral in respect of trade and other receivables.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
53
37 Financial Risk Management (Continued)
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
In millions of Kazakhstani Tenge 2025 2024 Canada 162,178 110,122 China 50,692 77,571 Russia 37,633 168,483 United Kingdom 30,173 26,216 USA 18,389 27,213 Kazakhstan 10,807 159,758 European Union 1,476 1,057 Romania - 52,213 Other 184 327 Total 311,532 622,960
Expected credit loss (ECL) measurement
Measurement of ECLs is an estimate that involves determination methodology, models and data inputs. The following
components have a major impact on credit loss allowance: definition of default, SICR, probability of default (“PD”),
exposure at default (“EAD”), and loss given default (“LGD”), as well as models of macro-economic scenarios. The
Group regularly reviews and validates the models and inputs to the models to reduce any differences between expected
credit loss estimates and actual credit loss experience of issued loans and guarantees.
The Group used supportable forward-looking information for measurement of ECL, primarily an outcome of its own
macro-economic forecasting model. Several assumptions that are easily interpretable can be selected for analysis:
GDP growth rate, inflation rate, exchange rate, crude oil price and current economic indicator. Final macroeconomic
scenario includes only historically observed values of the inflation rate and the share of overdue loans. Forward-looking
information is included in parameters of PD within the horizon of the next year after the reporting date. In addition, to
calculate credit losses, the corporate average cumulative default probabilities are updated annually according to S&P's
Annual Global Corporate Default Study and Rating.
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities.
The Group is exposed to daily calls on its available cash resources. Liquidity risk is managed by the treasury
department of the Group. Management monitors monthly rolling forecasts of the Group’s cash flows.
The Group seeks to maintain a stable funding base primarily consisting of borrowings, trade and other payables and
debt securities. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have
sufficient liquidity to meet its liabilities as they fall due, under both normal and stressful conditions, without incurring
unacceptable losses or risking damage to the Group’s reputation. The Group invests available cash funds in diversified
portfolios of liquid assets, in order to be able to respond quickly to unforeseen liquidity requirements.
The Group ensures that it has sufficient cash on demand to meet expected operational expense or financial obligations
which excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural
disasters.
Below is a summary of the Group’s undrawn borrowing facilities and available cash and cash equivalents, including
demand deposits, which are the important instruments in managing the liquidity risk:
In millions of Kazakhstani Tenge 2025 2024 Demand deposits 229,705 279,703 Current bank accounts 112,689 721 Undrawn borrowing facilities 77,296 101,346 Reverse repo transaction 5,002 13,958 Total 424,692 395,728
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
54
37 Financial Risk Management (Continued)
The table below shows liabilities at the reporting date by their remaining contractual maturity. The amounts disclosed
in the maturity table are the contractual undiscounted cash flows. Such undiscounted cash flows differ from the amount
included in the statements of financial position because the statement of financial position amount is based on
discounted cash flows.
When the amount payable is not fixed, the amount disclosed is determined by reference to the conditions existing at
the end of the reporting period. Foreign currency payments are translated using the spot exchange rate at the end of
the reporting period.
The following are the contractual maturities of financial liabilities at 31 December 2025:
On demand and less From Carrying Contractual than From 1 to 3 months From 1 to Over In millions of Kazakhstani Tenge value cash flows 1 month 3 months to 1 year 5 years 5 years Trade and other accounts payable 191,429 191,429 - 191,429 - - - Bonds 103,462 107,827 2,356 - 52,719 52,752 - Bank loans 90,417 94,276 - 145 92,895 1,236 - Non-bank loans 13,618 13,618 13,085 - - 533 - Liabilities under financing arrangements 12,649 12,793 - 12,793 - - - Tender participation guarantee 2,210 2,210 - - 2,210 - - Issued financial guarantees 758 22,700 5,967 - - 16,733 - Preferred shares 265 265 - - - 265 - Lease liabilities 156 334 - - 181 119 34 Dividends payable to other participants 50 50 - - 50 - - Total 415,014 445,502 21,408 204,367 148,055 71,638 34
The following are the contractual maturities of financial liabilities at 31 December 2024:
On demand and less From Carrying Contractual than From 1 to 3 months From 1 to Over In millions of Kazakhstani Tenge value cash flows 1 month 3 months to 1 year 5 years 5 years Trade and other accounts payable 281,672 281,672 - 281,672 - - - Bonds 105,479 117,546 - - 2,836 114,710 - Non-bank loans 42,240 46,790 - 6,658 40,132 - - Tender participation guarantee 2,459 2,459 - - 2,459 - - Bank loans 1,988 1,988 - 150 345 1,493 - Issued financial guarantees 1,346 26,692 12,397 - - 14,295 - Preferred shares 265 265 - - - 265 - Lease liabilities 246 333 - 45 136 118 34 Dividends payable to other participants 53 53 - - 53 - - Total 435,748 477,798 12,397 288,525 45,961 130,881 34
Market risk
The Group has exposure to market risks. Market risk is the risk that changes in market prices will have a negative
impact on the Group’s income or the value of its financial instrument holdings. Market risks arise from open positions
in (a) foreign currencies, (b) interest bearing assets and liabilities and (c) equity products, all of which are exposed to
general and specific market movements. The objective of market risk management is to monitor and control market
risk exposures within acceptable limits, while optimising the return on investments. Management sets limits on the
value of risk that may be accepted, which is monitored on a daily basis. However, the use of this approach does not
prevent losses outside of these limits in the event of more significant market movements.
Sensitivities to market risks included below are based on a change in a factor while holding all other factors constant.
In practice this is unlikely to occur and changes in some of the factors may be correlated – for example, changes in
interest rate and changes in foreign currency rates.
Currency risk
The Group is exposed to currency risk on sales, purchases and borrowings which are denominated in currencies other
than the functional currency. Borrowings are denominated in currencies that match the cash flows generated by
operating entities in the Group. Therefore, in most cases, economic hedging is achieved without derivatives. In respect
of other monetary assets and liabilities denominated in foreign currencies, the Group ensures that its net exposure is
kept to an acceptable level by planning future expenses taking into consideration the currency of payment. The Group
is mainly exposed to the risk of U.S. Dollars currency fluctuations.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
55
37 Financial Risk Management (Continued)
The Group’s exposure to currency risk was as follows:
In millions of Kazakhstani Tenge 2025 2024 Denominated in US Dollars, unless stated otherwise Trade accounts receivable 260,651 431,128 Other investments 170,658 45,976 Current bank accounts 109,981 314 Demand deposits 71,297 175,998 Other accounts receivable - 10 Other assets 43,880 2,386 Total assets 656,467 655,812 Bonds (103,462) (105,479) Trade and other accounts payable (3,009) (8,303) Bank and non-bank loans (88,892) (4,725) Issued financial guarantees (306) (1,033) Other liabilities (12,649) - Total liabilities (208,318) (119,540) Net exposure to currency risk 448,149 536,272
An 8.8% weakening and 8.8% strengthening of Tenge against U.S. Dollar as at 31 December 2025 (2024: 9%
weakening and 9% strengthening) would increase/(decrease) equity and profit or loss by the amounts shown below.
In millions of Kazakhstani Tenge 2025 2024 U.S. Dollar strengthening by 8.8% (2024: 9%) 31,550 38,983 U.S. Dollar weakening by 8.8% (2024: 9%) (31,550) (38,983)
Movements of Tenge against U.S. Dollar above represent reasonably possible changes in market risk estimated by
analysing annual standard deviations based on the historical market data for 2025 and 2024.
Price risk on uranium products
The Group is exposed to the effect of fluctuations in the price of uranium, which is quoted in U.S. Dollar on the
international markets. The Group prepares an annual budget based on future uranium prices.
Uranium prices historically fluctuate and are affected by numerous factors outside of the Group’s control, including, but
not limited to:
• demand for uranium used as fuel by nuclear power stations;
• depleting levels of secondary sources such as recycling and blended down highly enriched stocks available to
close the gap of the excess demand over supply;
• impact of regulations by the International Agency on Nuclear Energy;
• other factors related specifically to uranium industry.
At the end of the reporting period there was no significant impact of commodity price risk on the Group’s financial assets
and financial liabilities except for investments in ANU Energy OEIC Ltd. (Note 25).
A 20% weakening and 20% strengthening of Tenge against spot price as at 31 December 2025 would
increase/(decrease) equity and profit or loss by the amounts shown below.
In millions of Kazakhstani Tenge 2025 2024 Spot price increase by 20% 5,899 5,770 Spot price increase by 20% (5,899) (5,770)
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
56
37 Financial Risk Management (Continued)
Interest rate risk
At the time of raising new loans or borrowings, management uses its judgement to decide whether it believes that a
fixed or a floating rate would be more favourable to the Group over the expected period until maturity. As at
31 December 2025, 59% of the Groups borrowings have a floating interest rate (2024: 73% floating). At the reporting
date, the interest rate profile of the Group’s interest-bearing financial instruments was:
In millions of Kazakhstani Tenge 2025 2024 Fixed rate instruments Demand deposits 229,705 279,703 Restricted cash 46,264 39,746 Investment in debt securities 139,488 30,902 Reverse repurchase transaction (reverse repo) 5,002 13,958 Term deposits 28 28 Bank and non-bank loans (84,746) (42,240) Net position for fixed rate instruments 335,741 322,097 In millions of Kazakhstani Tenge 2025 2024 Floating rate instruments Investment in debt securities 43,546 5,098 Bonds (103,462) (105,479) Bank loans (19,289) (1,988) Net position for floating rate instruments (79,205) (102,369)
The Group assessed the impact on profit or loss for the period and equity of reasonably possible changes in the interest
rate. As at 31 December 2025, if interest rate at the date had been 100 basis points lower with all other variables held
constant, profit would have been Tenge 634 million higher (2024: Tenge 860 million higher), mainly as a result of lower
interest rate expense on floating rate instruments.
Capital management
The Group’s policy is to maintain a strong capital base so as to safeguard the Group’s ability to continue as a going
concern, to maintain investor, creditor and market confidence, to provide returns for shareholders, to maintain an
optimal capital structure to reduce the cost of capital, and to sustain future development of the business. Capital
includes all capital and reserves of the Group as recorded in the consolidated statements of financial position.
The Group may sell uranium for non-military purposes and only to customers residing in countries which signed the
Nuclear Non-Proliferation Treaty and are members of the International Agency on Nuclear Energy. In addition, the
Group must maintain certain internal qualitative capital management targets based on the Group’s consolidated
financial information, such as total shareholder return, free cash flow, EBITDA margin.
The Group applies the Policy on borrowings and financial sustainability management, which is aimed to manage
financial risks by adopting common principles and rules of debt management and financial sustainability for non-
financial organisations.
38 Fair Value Disclosures
Fair value measurements are analysed by level in the fair value hierarchy as follows: (i) level one are measurements
at quoted prices (unadjusted) in active markets for identical assets or liabilities, (ii) level two measurements are
valuations techniques with all material inputs observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices), and (iii) level three measurements are valuations not based on observable
market data (that is, unobservable inputs). Management applies judgement in categorising financial instruments using
the fair value hierarchy. If a fair value measurement uses observable inputs that require significant adjustment, that
measurement is a Level 3 measurement. The significance of a valuation input is assessed against the fair value
measurement in its entirety.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
57
38 Fair Value Disclosures (Continued)
Fair values versus carrying amounts
The Group believes that the carrying values of financial assets and financial liabilities are recognised in the consolidated
financial statements approximate their fair values. In assessing fair values, management uses the following major
methods and assumptions: (a) for interest free financial liabilities and financial liabilities with fixed interest rate, financial
liabilities were discounted at effective interest rate which approximates the market rate; (b) for financial liabilities with
floating interest rate, the fair value is not materially different from the carrying amount because the effect of the time
value of money is immaterial.
Financial assets carried at amortised cost
The estimated fair value of fixed interest rate instruments is based on estimated future cash flows expected to be
received discounted at current interest rates for new instruments with similar credit risks and remaining maturities.
Discount rates used depend on the credit risk of the counterparty. All financial assets of the Group as at the end of the
reporting period are carried at amortised cost except as disclosed below.
Financial assets carried at FVTPL
Financial assets carried at FVTPL include investment in ANU Energy OEIC Ltd. (Note 25) that is recognised at fair
value through profit and loss. The Group estimates fair value of investment in ANU Energy OEIC Ltd. as a percentage
of Group’s owned share multiplied by the fair value of uranium held by the entity as at the date. Fair value measurement
falls in Level 2 category. The main inputs used in fair value estimation are spot prices for uranium published by
UxConsulting LLP and TradeTech LLP independent nuclear industry’s market research and analysis companies.
Liabilities carried at amortised cost
Fair values of other liabilities were determined using valuation techniques. The estimated fair value of fixed interest
rate instruments with stated maturities was estimated based on expected cash flows discounted at current interest
rates for new instruments with similar credit risks and remaining maturities. The fair value of liabilities repayable on
demand or after a notice period (“demandable liabilities”) is estimated as the amount payable on demand, discounted
from the first date on which the amount could be required to be paid.
39 Presentation of Financial Instruments by Measurement Category
For the purposes of measurement, IFRS 9 Financial Instruments classifies financial assets into the following categories:
(a) financial assets at FVTPL; (b) debt instruments at FVOCI, (c) financial assets at AC. Financial assets at FVTPL
have two sub-categories: (i) assets mandatorily measured at FVTPL, and (ii) assets designated as such upon initial
recognition or subsequently. All of the Group’s financial assets as at the end of reporting period fell into the category
AC, except for the investment in ANU Energy OEIC Ltd. (Note 25), classified as FVTPL upon initial recognition. All of
the Group’s financial liabilities were carried at amortised cost.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
58
40 Business Combination
JV Budenovskoye LLP
On 1 January 2024, the Group obtained control over JV Budenovskoye LLP through having majority of the voting rights
and representation in the Supervisory Board without any change in the ownership share of 51% in accordance with the
decision of participants. The Group did not make any cash payments to gain control.
The acquisition method of accounting is used to account for the acquisition. Identifiable assets acquired and liabilities
assumed in a business combination are measured at their fair values at the acquisition date, irrespective of the extent
of any non-controlling interest. The Group recognised non-controlling interest as the non-controlling interest’s
proportionate share of net assets of JV Budenovskoye LLP measured at fair value.
The difference between the fair value of investment in the joint venture over its carrying value represents gain from
business combination, as presented in the table below, which was recognised immediately in profit or loss for the period
less the deferred tax effect:
In millions of Kazakhstani Tenge Fair value of investment in joint venture at date of acquisition 302,888 Less: carrying value of the investment in joint venture at date of acquisition (7,169) Net gain from business combination 295,719
The acquisition date fair value of the total purchase consideration and its components are as follows:
In millions of Kazakhstani Tenge Cash consideration paid - Settlement of net liabilities from pre-existing relationship (5,390) Total purchase consideration (5,390) Fair value of investment in joint venture prior to the acquisition 302,888 Total purchase consideration and fair value of previously held interest in the joint venture 297,498
Liabilities from pre-existing relationship represent receivables of JV Budenovskoye LLP from the Group, mainly for sale
of uranium.
National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2025
59
40 Business Combination (Continued)
The valuation of identifiable assets and liabilities was performed by an independent professional appraiser. Based on
the valuation, the assets’ value increased by Tenge 707,113 million to fair value, mainly due to valuation of the subsoil
use (mineral) right, resulting in an increase of carrying value from Tenge 11,693 million to Tenge 709,797 million. The
value of finished goods inventory increased from Tenge 1,653 million to Tenge 8,432 million. Deferred tax of
Tenge 141,423 million was recorded on the excess of the fair value over the carrying value.
In millions of Kazakhstani Tenge Fair value Cash and cash equivalents 11,885 Accounts receivable 6,970 Inventories 8,432 Property, plant and equipment 2,430 Exploration and evaluation assets 1,723 Mine development assets 23,319 Mineral rights 709,797 Other assets 6,460 Loans and borrowings (29,118) Accounts payable (4,019) Deferred tax liability (142,437) Other liabilities (1,544) Fair value of identifiable net assets acquired (before elimination of intra-group balances) 593,898 Less: elimination of intra-group balances (5,390) Fair value of identifiable net assets acquired 588,508 Less: non-controlling interest (291,010) Total purchase consideration and previously held interest in the acquiree 297,498 Less: non-cash consideration (297,498) Add: Cash and cash equivalents of subsidiary acquired 11,885 Inflow of cash and cash equivalents on acquisition 11,885
Control over JV Budenovskoye LLP
Sales activities of JV Budenovskoye LLP are governed by the Agreement on production distribution. The Group has a
unilateral decision-making power in determining annual production volumes within predetermined range by simple
majority vote. The predetermined range is a 20% deviation from the approved production plan in accordance with the
subsoil use agreement and legislation of the Republic of Kazakhstan. The specific situation when unanimous consent
would be required from both participants to change production volume within 10%-20% limit depending on profitability
is remote and thus is viewed rather as a protective right.
Given that all production volumes are committed to be purchased by the Group and the second participant (or a parent
company of the second participant) based upon market prices, production volumes and costs have the most significant
impact on financial results and therefore are considered to be relevant activities for the purpose of the control
assessment. Based on these facts, the Group management has concluded that the Group gained control over JV
Budenovskoye LLP.
41 Events after the Reporting Period
On 10 March 2026, The Group entered into a revolving credit line agreement with the Eurasian Development Bank for
U.S. Dollars 110 million maturing in January 2028 to finance capital and operating expenditures.
5493008JG5TXJP2JSY442025-01-012025-12-315493008JG5TXJP2JSY442024-01-012024-12-315493008JG5TXJP2JSY442025-12-315493008JG5TXJP2JSY442024-12-315493008JG5TXJP2JSY442023-12-315493008JG5TXJP2JSY442023-12-31ifrs-full:IssuedCapitalMember5493008JG5TXJP2JSY442024-01-012024-12-31ifrs-full:IssuedCapitalMember5493008JG5TXJP2JSY442024-12-31ifrs-full:IssuedCapitalMember5493008JG5TXJP2JSY442023-12-31ifrs-full:OtherReservesMember5493008JG5TXJP2JSY442024-01-012024-12-31ifrs-full:OtherReservesMember5493008JG5TXJP2JSY442024-12-31ifrs-full:OtherReservesMember5493008JG5TXJP2JSY442023-12-31ifrs-full:RetainedEarningsMember5493008JG5TXJP2JSY442024-01-012024-12-31ifrs-full:RetainedEarningsMember5493008JG5TXJP2JSY442024-12-31ifrs-full:RetainedEarningsMember5493008JG5TXJP2JSY442023-12-31ifrs-full:AdditionalPaidinCapitalMember5493008JG5TXJP2JSY442024-01-012024-12-31ifrs-full:AdditionalPaidinCapitalMember5493008JG5TXJP2JSY442024-12-31ifrs-full:AdditionalPaidinCapitalMember5493008JG5TXJP2JSY442023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember5493008JG5TXJP2JSY442024-01-012024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember5493008JG5TXJP2JSY442024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember5493008JG5TXJP2JSY442023-12-31ifrs-full:NoncontrollingInterestsMember5493008JG5TXJP2JSY442024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember5493008JG5TXJP2JSY442024-12-31ifrs-full:NoncontrollingInterestsMember5493008JG5TXJP2JSY442025-01-012025-12-31ifrs-full:IssuedCapitalMember5493008JG5TXJP2JSY442025-12-31ifrs-full:IssuedCapitalMember5493008JG5TXJP2JSY442025-01-012025-12-31ifrs-full:OtherReservesMember5493008JG5TXJP2JSY442025-12-31ifrs-full:OtherReservesMember5493008JG5TXJP2JSY442025-01-012025-12-31ifrs-full:RetainedEarningsMember5493008JG5TXJP2JSY442025-12-31ifrs-full:RetainedEarningsMember5493008JG5TXJP2JSY442025-01-012025-12-31ifrs-full:AdditionalPaidinCapitalMember5493008JG5TXJP2JSY442025-12-31ifrs-full:AdditionalPaidinCapitalMember5493008JG5TXJP2JSY442025-01-012025-12-31ifrs-full:EquityAttributableToOwnersOfParentMember5493008JG5TXJP2JSY442025-12-31ifrs-full:EquityAttributableToOwnersOfParentMember5493008JG5TXJP2JSY442025-01-012025-12-31ifrs-full:NoncontrollingInterestsMember5493008JG5TXJP2JSY442025-12-31ifrs-full:NoncontrollingInterestsMemberiso4217:KZTiso4217:KZTxbrli:shares