National Atomic Company Kazatomprom JSC (AIX: KAP, KAP.Y GDR; LSE: KAP GDR), the world's largest uranium producer headquartered in Astana, Kazakhstan, has published its consolidated IFRS financial results for the six months ended 30 June 2026. The company reported a 9% year-on-year increase in consolidated revenue to KZT 717,834 million, driven by higher average realised uranium prices, even as net profit declined 9% to KZT 240,428 million owing to currency headwinds and higher finance costs. Investors will also be watching a scheduled Extraordinary General Meeting covering major uranium supply contracts and a delay at the TQZ sulphuric acid plant project.

Key Points

  • Kazatomprom JSC (AIX: KAP, KAP.Y GDR; LSE: KAP GDR) — Kazakhstan's state-owned national uranium mining operator
  • Consolidated 1H2026 revenue rose 9% year-on-year to KZT 717,834 million; net profit fell 9% to KZT 240,428 million
  • C1 cash cost increased 37% year-on-year to USD 24.48 per pound; TQZ sulphuric acid plant commissioning delayed by 6–12 months to between Q3 2027 and Q1 2028
  • Investors should monitor the EGM outcome on major uranium supply contracts and the 2027 production guidance update linked to TQZ

Kazatomprom's 1H2026 Revenue Reaches KZT 718 Billion as Uranium Spot Price Rises 24%

Kazatomprom's top-line growth in the first half of 2026 was principally attributed to a 24% rise in the average weekly uranium spot price to USD 85.98 per pound compared to the same period in 2025. The Group's average realised price increased 16% to USD 67.88 per pound, while Kazatomprom's own average realised price rose 13% to USD 64.51 per pound. Adjusted EBITDA totalled KZT 371,252 million, a 2% increase year-on-year. Attributable EBITDA, however, declined 12% to KZT 264,840 million, primarily because a greater share of mining entity EBITDA flowed to non-controlling partners as uranium sales volumes rose. Uranium production on a 100% basis increased 9% to 13,291 tonnes in the period.

Rising Costs Squeeze Kazatomprom Margins as MET Tax Rate Climbs to 12.4%

Cost pressures emerged as a key theme in the first half of 2026 results. The C1 cash cost on an attributable basis rose 37% year-on-year to USD 24.48 per pound, and the all-in sustaining cash cost increased 25% to USD 38.45 per pound. The announcement attributes these increases to a rise in the Mineral Extraction Tax rate from 9% to 12.4%, higher sulphuric acid costs, and the appreciation of the Kazakhstani tenge against the US dollar. Cost of sales rose 14% to KZT 427,519 million. The net profit decline to KZT 240,428 million was further compounded by a foreign exchange loss of KZT 19,351 million and increased finance costs of KZT 14,524 million, reflecting the company's exposure to currency volatility.

TQZ Sulphuric Acid Plant Delayed After Paleontological Specimens Discovered on Site

A notable operational development disclosed in the announcement concerns the TQZ sulphuric acid plant, originally targeted for commissioning in the first quarter of 2027. Construction works have been suspended in one area after the project contractor encountered potential paleontological specimens during earthworks. Under Kazakhstani law on national historical and cultural heritage, work in the affected zone cannot resume until official permits are granted. Kazatomprom now projects commissioning will occur between the third quarter of 2027 and the first quarter of 2028, representing a delay of 6 to 12 months. The company stated it expects this delay will not have a material impact on uranium mining operations, though the situation will be factored into 2027 production guidance.

EGM Called to Approve Major Uranium Supply Contracts with State Nuclear and Uranium One

Kazatomprom has notified shareholders of an absentee Extraordinary General Meeting with an agenda that includes approval of a spot-term contract for the sale and purchase of natural uranium concentrates with State Nuclear Uranium Resource Development Company Limited, and a major supply contract for natural uranium in the form of U₃O₈ with Uranium One Group JSC. The EGM agenda also covers the composition of the Board of Directors. Separately, the company completed payment of its 2025 dividends on 29 July 2026, distributing KZT 335,158,763,820.16 in total, equating to KZT 1,292.27 per ordinary share, following approval at the Annual General Meeting held on 26 May 2026.