Interim report
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KazMunayGas National Company Joint-Stock Company Interim condensed consolidated financial statements (unaudited) For the three and six months ended June 30, 2026
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) CONTENTS Report on review of interim condensed consolidated financial statements Interim condensed consolidated financial statements (unaudited) Interim condensed consolidated statement of comprehensive income ............................................................................. 1-2 Interim condensed consolidated statement of financial position ...................................................................................... 3-4 Interim condensed consolidated statement of cash flows ................................................................................................. 5-6 Interim condensed consolidated statement of changes in equity ...................................................................................... 7-8 Notes to the interim condensed consolidated financial statements (unaudited) ............................................................. 9-37
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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 Report on Review of Interim Condensed Consolidated Financial Statements To the Shareholders, Board of Directors and Management of KazMunayGas National Company Joint- Stock Company Introduction We have reviewed the accompanying interim condensed consolidated statement of financial position of KazMunayGas National Company Joint-Stock Company and its subsidiaries (together – the “Group”) as at 30 June 2026 and the related interim condensed consolidated statement of comprehensive income for the three-month and six-month periods then ended, interim condensed consolidated statements of changes in equity and cash flows for the six-month period then ended, and the related explanatory notes. Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’. A review of interim condensed consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
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2 Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’. 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) Almaty, Kazakhstan 12 August 2026
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 9 1. GENERAL KazMunayGas National Company Joint-Stock Company (further the Company, KazMunayGas NC JSC or Parent Company) is an oil and gas enterprise of the Republic of Kazakhstan (further RK), which was established on February 27, 2002 as a closed joint stock company pursuant to the Decree No. 811 of the President of the RK dated February 20, 2002 and the resolution of the Government of the RK (further the Government) No. 248 dated February 25, 2002. The Company was formed as a result of the merger of closed joint stock companies “National Oil and Gas Company Kazakhoil” and “National Company Transport Nefti i Gaza”. As a result of the merger, all assets and liabilities, including ownership interests in all entities owned by these companies, have been transferred to the Company. The Company was re-registered as a joint stock company in accordance with the legislation of the RK in March 2004. Starting from June 8, 2006, the sole shareholder of the Company was joint stock company “Kazakhstan Holding Company for State Assets Management “Samruk”, which in October 2008 was merged with the state-owned Sustainable Development Fund “Kazyna” and formed a joint stock company “National Welfare Fund Samruk-Kazyna”, now renamed to joint stock company “Sovereign Wealth Fund Samruk-Kazyna” (further Samruk-Kazyna). The Government is the sole shareholder of Samruk Kazyna. On August 7, 2015, the National Bank of RK purchased 9.58% plus one share of the Company from Samruk-Kazyna. From December 8, 2022, 3.00% of shares of the Company are freely available on the Astana International Exchange (further AIX) and the Kazakhstan Stock Exchange (further KASE) stock exchanges. On December 22, 2023, 20.00% of the Company’s shares owned by Samruk-Kazyna were transferred to the Ministry of Finance of the RK. As at June 30, 2026, the Company has controlling interest in 39 companies (as of December 31, 2025: 38 companies), joint control over 23 companies (as of December 31, 2025: 23 companies) and significant influence on 3 companies (as of December 31, 2025: 3 companies) (jointly “the Group”). The Company has its registered office in RK, Astana, Dinmukhamed Kunayev, 8. The principal activity of the Group includes, but is not limited, to the following: Participation in the development and implementation of a unified state policy in the oil and gas sector; Representation of the State’s interests in subsoil use contracts through equity participation in such contracts; and Exploration, development and production, provision of oilfield services, refining and petrochemical, transportation and sale of hydrocarbons and the designing, construction and operation of oil pipelines and oil gas infrastructure. The interim condensed consolidated financial statements comprise the financial statements of the Company, its controlled subsidiaries and Company’s share in results of joint ventures and associates. These interim condensed consolidated financial statements of the Group were approved for issue by the Deputy Chairman of the Management Board and the Chief accountant on 12 August, 2026. 2. BASIS OF PREPARATION The interim condensed consolidated financial statements for the six months ended June 30, 2026, have been prepared in accordance with IAS 34 Interim Financial Reporting issued by the International Accounting Standards Board. The Group has prepared these interim condensed consolidated financial statements on the basis that it will continue to operate as a going concern. The Management of the Group considers that there are no material uncertainties that may cast significant doubt over this assumption. They have formed a judgement that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period. These interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s annual consolidated financial statements for the year ended December 31, 2025.
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 10 2. BASIS OF PREPARATION (continued) Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group’s entities included in these interim condensed consolidated financial statements are measured using the currency of the primary economic environment in which the entities operate (further the functional currency). The interim condensed consolidated financial statements are presented in Kazakhstan tenge (further tenge or KZT), which is the Company’s functional and presentation currency. Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated statement of comprehensive income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Differences arising on settlement or translation of monetary items are recognised in profit or loss with the exception of monetary items that are designated as part of the hedge of the Group’s net investment in a foreign operation. These are recognised in other comprehensive income until the net investment is disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in other comprehensive income. Group companies The results and financial position of all of the Group’s subsidiaries, joint ventures and associates that have a functional currency different from the presentation currency are translated into the presentation currency as follows: Assets and liabilities for each statement of financial position presented are translated at the closing rate at that reporting date; Income and expenses for each statement of comprehensive income presented 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 rate on the date of the transaction); and All resulting exchange differences are recognised as a separate component of other comprehensive income. Exchange rates Weighted average currency exchange rates established by KASE are used as official currency exchange rates in the RK. The currency exchange rates of KASE as at June 30, 2026 and December 31, 2025 were 480.72 and 505.53 tenge to 1 United States dollar (further US dollar), respectively. These rates were used to translate monetary assets and liabilities denominated in US dollar as at June 30, 2026 and December 31, 2025. The weighted average rate for six months ended June 30, 2026 was 486.20 tenge to 1 US dollar (for the six months ended June 30, 2025: 512.05 tenge to 1 US dollar). The currency exchange rate of KASE as at 12 August, 2026 was 465.19 tenge to 1 US dollar. For the six months ended June 30, 2026, the Group had net foreign exchange loss of 79,169 million tenge due to fluctuations in foreign exchange rates to tenge. 3. MATERIAL ACCOUNTING POLICY INFORMATION Changes in accounting policies and disclosures New and amended standards and interpretations The accounting policies adopted in the preparation of these interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2025. The adoption of new standards and interpretations effective as of January 1, 2026, has no material impact on the Group.
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 11 4. REVENUE FROM CONTRACTS WITH CUSTOMERS For the three months ended June 30, For the six months ended June 30, In millions of tenge 2026 (unaudited) 2025 (unaudited) 2026 (unaudited) 2025 (unaudited) Type of goods and services Sales of crude oil and gas 1,605,443 1,125,537 2,977,833 2,375,124 Sales of refined products 1,146,815 875,201 1,994,849 1,630,803 Oil transportation services 128,504 63,256 202,196 120,412 Refining of oil and oil products 67,595 60,300 135,479 125,193 Other revenue 138,481 134,949 257,397 248,962 3,086,838 2,259,243 5,567,754 4,500,494 Geographical markets UAE 1,156,186 564,243 1,676,369 1,135,446 Kazakhstan 596,776 503,263 1,101,768 934,740 Romania 529,803 352,391 909,604 643,824 Switzerland 246,290 362,575 544,347 814,428 Germany 151,924 143,360 401,085 294,953 The Netherlands 17,609 135,687 264,964 344,999 Other countries 388,250 197,724 669,617 332,104 3,086,838 2,259,243 5,567,754 4,500,494 Timing of revenue recognition At a point in time 3,013,944 2,182,746 5,429,581 4,366,995 Over time 72,894 76,497 138,173 133,499 3,086,838 2,259,243 5,567,754 4,500,494 For six months ended June 30, 2026, major customers of the Group consisted of three counterparties for the sales of crude oil, gas and refined products, which comprised up to 25%, 7% and 5% accordingly of total revenues of the Group (for six months ended June 30, 2025: two counterparties up to 25% and 14%, respectively).
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 12 5. SHARE IN PROFIT OF JOINT VENTURES AND ASSOCIATES, NET For the three months ended June 30, For the six months ended June 30, In millions of tenge 2026 (unaudited) 2025 (unaudited) 2026 (unaudited) 2025 (unaudited) Joint ventures Tengizchevroil LLP 262,708 69,094 369,250 160,192 Mangistau Investments B.V. Group (MMG) 16,022 15,350 40,684 35,220 KC Energy Group LLP 13,623 20,102 28,312 35,002 Kazgermunai LLP 6,617 5,321 11,267 10,271 Kazakhstan – China Pipeline LLP 3,762 4,064 7,929 9,193 Ural Group Limited 4,261 2,381 7,722 3,083 Kazakhoil-Aktobe LLP 2,092 (1,040) 4,144 426 Valsera Holdings B.V. Group (PKOP) (2,435) 1,979 2,681 11,687 KazRosGas LLP 1,741 5,645 1,850 1,329 Other (3,540) (1,799) (423) (2,677) 304,851 121,097 473,416 263,726 Associates Caspian Pipeline Consortium 26,973 38,002 50,662 78,600 PetroKazakhstan Inc. 6,233 3,617 8,544 5,463 Other 3,126 628 4,159 948 36,332 42,247 63,365 85,011 341,183 163,344 536,781 348,737 6. COST OF PURCHASED OIL, GAS, PETROLEUM PRODUCTS AND OTHER MATERIALS For the three months ended June 30, For the six months ended June 30, In millions of tenge 2026 (unaudited) 2025 (unaudited) 2026 (unaudited) 2025 (unaudited) Purchased oil for resale 1,249,949 847,732 2,092,262 1,810,780 Cost of oil for refining 246,600 189,937 408,026 333,191 Materials and supplies 169,397 130,680 329,046 229,301 Purchased petroleum products for resale 112,652 42,568 189,459 53,498 1,778,598 1,210,917 3,018,793 2,426,770
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 13 7. PRODUCTION EXPENSES For the three months ended June 30, For the six months ended June 30, In millions of tenge 2026 (unaudited) 2025 (unaudited) 2026 (unaudited) 2025 (unaudited) Payroll 158,637 162,885 310,799 313,700 Repair and maintenance 77,141 76,572 135,456 136,917 Tanker chartering 58,328 13,833 87,667 32,848 Energy 47,106 43,237 87,344 83,020 Transportation costs 41,380 33,051 79,486 62,282 Realised losses from derivatives on petroleum products 24,629 2,120 61,046 3,244 Social contributions 7,521 5,609 15,090 11,001 Environmental protection 9,034 5,207 12,176 8,835 Security expenses 4,390 4,387 8,444 8,707 Lease expenses 2,516 1,793 5,047 3,360 Write off/(recovery of write off) of inventories to net realisable value 10,306 (2,894) 3,015 (5,565) Change in finished goods and work-in- progress (50,856) 15,908 (67,785) 32,419 Others 40,503 34,922 75,464 68,008 430,635 396,630 813,249 758,776 8. TAXES OTHER THAN INCOME TAX For the three months ended June 30, For the six months ended June 30, In millions of tenge 2026 (unaudited) 2025 (unaudited) 2026 (unaudited) 2025 (unaudited) Excise 47,398 35,969 94,289 70,842 Rent tax on crude oil export 54,250 24,759 83,270 55,657 Mineral extraction tax 42,799 15,598 66,399 41,873 Export customs duty 32,869 27,023 52,345 54,149 Social tax 11,414 14,163 23,322 28,857 Property tax 9,578 8,542 18,697 16,410 Turnover tax 5,212 3,688 8,811 7,890 Other taxes 3,466 2,902 6,745 6,253 206,986 132,644 353,878 281,931 9. TRANSPORTATION AND SELLING EXPENSES For the three months ended June 30, For the six months ended June 30, In millions of tenge 2026 (unaudited) 2025 (unaudited) 2026 (unaudited) 2025 (unaudited) Transportation 58,916 51,639 123,261 106,060 Payroll 6,138 5,795 12,430 11,381 Third party services 5,221 4,960 8,544 7,529 Maintenance 2,860 2,660 5,820 5,174 Other 8,023 9,236 17,280 15,539 81,158 74,290 167,335 145,683
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 14 10. GENERAL AND ADMINISTRATIVE EXPENSES For the three months ended June 30, For the six months ended June 30, In millions of tenge 2026 (unaudited) 2025 (unaudited) 2026 (unaudited) 2025 (unaudited) Payroll 23,223 21,971 46,942 43,280 Consulting services 3,444 1,482 6,286 5,934 Social payments 2,412 2,272 4,817 4,423 Maintenance 2,206 1,699 4,265 3,986 VAT that could not be offset 714 2,229 942 4,470 (Reversal)/accrual of impairment of VAT receivable (7) 1,135 (868) 3,759 Other 18,065 18,067 33,527 28,400 50,057 48,855 95,911 94,252 For the six months ended June 30, 2026, the total payroll amounted to 370,171 million tenge (for the six months ended June 30, 2025: 368,361 million tenge) and was included in production expenses, transportation and selling expenses and general and administrative expenses in these interim condensed consolidated financial statements. 11. IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND EXPLORATION EXPENSES As part of the Comprehensive Plan for the Social and Economic Development of Mangistau region for 2021-2025, in order to provide drinking water to the population of the city of Zhanaozen, in 2023 Ak Su KMG LLP, a subsidiary of Ozenmunaigas JSC, began construction of a seawater desalination plant and supply infrastructure in Zhanaozen city. The Group estimated that the recoverable amount of this property was nil and, accordingly, recognised an impairment charge for construction costs incurred for the six months ended June 30, 2025, in the amount of 20,605 million tenge. Construction of the plant was completed in 2025. More detailed information is disclosed in the consolidated financial statements of the Group for 2025. 12. INTEREST INCOME, OTHER FINANCE INCOME / FINANCE COST Interest income calculated using the effective interest method For the three months ended June 30, For the six months ended June 30, In millions of tenge 2026 (unaudited) 2025 (unaudited) 2026 (unaudited) 2025 (unaudited) Interest income on bank deposits, financial assets, loans and bonds 52,048 49,936 95,906 93,092 Other 4,078 300 7,886 577 56,126 50,236 103,792 93,669 Other finance income For the three months ended June 30, For the six months ended June 30, In millions of tenge 2026 (unaudited) 2025 (unaudited) 2026 (unaudited) 2025 (unaudited) Derecognition of borrowings (Note 19) − 24,405 − 24,405 Revaluation of financial assets at fair value through profit or loss 244 771 517 1,023 Recognition of a change in the fair value of a financial instrument due to its modification 102 − 4,017 − Other 1,154 884 2,256 1,734 1,500 26,060 6,790 27,162
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 15 12. INTEREST INCOME, OTHER FINANCE INCOME / FINANCE COST (continued) Finance costs In millions of tenge For the three months ended June 30, For the six months ended June 30, 2026 (unaudited) 2025 (unaudited) 2026 (unaudited) 2025 (unaudited) Interest expense on loans and bonds (Note 19) 58,878 69,641 119,640 139,510 Interest expense on lease liabilities (Note 20) 2,364 2,356 4,791 4,618 Interest expense 61,242 71,997 124,431 144,128 Unwinding of discount on asset retirement obligations, environmental obligation and other provisions (Note 21) 4,215 5,350 9,466 10,163 Unwinding of discount on employee benefits obligations 2,132 1,917 3,820 3,306 Other 4,354 3,026 6,987 6,416 71,943 82,290 144,704 164,013 13. INCOME TAX EXPENSES For the three months ended June 30, For the six months ended June 30, In millions of tenge 2026 (unaudited) 2025 (unaudited) 2026 (unaudited) 2025 (unaudited) Current income tax Corporate income tax 115,385 57,045 209,392 134,608 Withholding tax on dividends and interest income 78,988 42,028 79,438 64,973 Alternative mineral extraction tax 34 1,120 (862) 1,120 Excess profit tax 554 235 554 235 Deferred income tax Corporate income tax (benefit)/expenses (6,158) 4,907 (11,555) 1,826 Alternative mineral extraction tax – 4,060 – 4,060 Withholding tax on dividends (40,192) (29,590) (21,842) (34,322) Income tax expenses 148,611 79,805 255,125 172,500 Interim period income tax expense is recognised based on management’s best estimate of the weighted average annual income tax rate expected for the full financial year. The estimated average annual tax rate applied for the six months ended June 30, 2026, is 22% (the estimated tax rate for the six months ended June 30, 2025, was 24%).
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KazMunayGas National Company Joint-Stock Company Interim condensed consolidated financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 16 14. PROPERTY, PLANT AND EQUIPMENT In millions of tenge Oil and gas assets Pipelines Refinery assets Buildings and improve- ments Machinery and equip- ment Vehicles Other Construc- tion in progress Total Net book value as at December 31, 2024 (audited) 5,100,550 253,685 1,054,588 267,484 402,833 84,067 127,218 543,735 7,834,160 Foreign currency translation (46,194) (495) (2,687) (1,033) (605) (285) (999) (2,755) (55,053) Change in estimate for asset retirement obligations (8,651) (166) (1,185) (464) – – 5 – (10,461) Additions 9,926 509 300 1,686 4,530 3,747 1,047 225,104 246,849 Disposals, net (782) (409) (31) (15) (905) (6) (238) (93) (2,479) Depreciation charge (216,595) (5,537) (56,318) (7,478) (16,652) (7,740) (5,451) – (315,771) Loss of control over subsidiary – – – (944) (21) – (9) – (974) (Impairment)/reversal of impairment (Note 11) (17) – 2,297 – 5 (46) – (21,018) (18,779) Transfers from/(to) investment property – – 17 3,582 – – (9) – 3,590 Other changes 28 400 136 (1) 2 (1) 1,130 (819) 875 Transfers 96,166 49,226 26,502 11,222 5,767 139 2,440 (191,462) – Net book value as at June 30, 2025 (unaudited) 4,934,431 297,213 1,023,619 274,039 394,954 79,875 125,134 552,692 7,681,957 At cost 8,671,047 472,020 3,212,560 687,378 836,475 262,436 293,780 725,587 15,161,283 Accumulated depreciation and impairment (3,736,616) (174,807) (2,188,941) (413,339) (441,521) (182,561) (168,646) (172,895) (7,479,326) Net book value as at June 30, 2025 (unaudited) 4,934,431 297,213 1,023,619 274,039 394,954 79,875 125,134 552,692 7,681,957
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KazMunayGas National Company Joint-Stock Company Interim condensed consolidated financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 17 14. PROPERTY, PLANT AND EQUIPMENT (continued) In millions of tenge Oil and gas assets Pipelines Refinery assets Buildings and improve- ments Machinery and equip- ment Vehicles Other Construc- tion in progress Total Net book value as at December 31, 2025 (audited) 4,787,068 313,398 1,020,500 272,216 461,311 113,067 132,557 490,512 7,590,629 Foreign currency translation (187,097) (2,061) (11,030) (5,454) (6,065) (1,461) (4,769) (7,820) (225,757) Change in estimate of asset for asset retirement obligations (3,528) (683) (4,856) (854) – – – – (9,921) Additions 9,346 102 2,031 2,145 3,504 4,462 2,223 214,691 238,504 Disposals, net (1,139) – (20) (157) (55) (12) (161) (55) (1,599) Depreciation charge (238,589) (7,070) (56,424) (7,933) (19,380) (7,096) (5,125) – (341,617) Reversal of impairment/(impairment) – 289 (14) – 19 (4) 1 (16) 275 Transfers from/(to) investment property – – – 1,163 (2) – – – 1,161 Other changes (69) – – 417 (62) (8) 34 1,018 1,330 Transfers 131,485 983 11,608 8,488 3,672 214 3,640 (160,090) – Net book value as at June 30, 2026 (unaudited) 4,497,477 304,958 961,795 270,031 442,942 109,162 128,400 538,240 7,253,005 At cost 8,404,251 486,333 3,131,749 670,987 902,377 291,450 286,515 620,960 14,794,622 Accumulated depreciation and impairment (3,906,774) (181,375) (2,169,954) (400,956) (459,435) (182,288) (158,115) (82,720) (7,541,617) Net book value as at June 30, 2026 (unaudited) 4,497,477 304,958 961,795 270,031 442,942 109,162 128,400 538,240 7,253,005
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 18 14. PROPERTY, PLANT AND EQUIPMENT (continued) For the six months ended June 30, 2026, additions to property, plant and equipment include capitalised borrowing costs in the amount of 505 million tenge at capitalisation rate of 9.35% (for the six months ended June 30, 2025: 5,018 million tenge at the capitalisation rate ranging from 5.04% to 19.50%). As at June 30, 2026, the cost of fully depreciated but still in use property, plant and equipment was 454,002 million tenge (December 31, 2025: 451,934 million tenge). As at June 30, 2026, property, plant and equipment with the net book value of 213,296 million tenge (December 31, 2025: 156,810 million tenge) were pledged as collateral to secure borrowings of the Group. Capital commitments are disclosed in Note 26. 15. BANK DEPOSITS In millions of tenge June 30, 2026 (unaudited) December 31, 2025 (audited) Denominated in US dollar 899,030 1,943,314 Denominated in tenge 6,593 5,624 Denominated in other currency 54 54 Less: allowance for expected credit losses (174) (257) 905,503 1,948,735 As at June 30, 2026, the weighted average interest rate for long-term bank deposits was 2.90% in US dollars and 8.77% in tenge (December 31, 2025: 3.50% in US dollars and 7.75% in tenge). As at June 30, 2026, the weighted average interest rate for short-term bank deposits was 4.28% in US dollars and 13.78% in tenge (December 31, 2025: 4.40% in US dollars and 4.51% in tenge). Bank deposits have original maturities as detailed below: In millions of tenge June 30, 2026 (unaudited) December 31, 2025 (audited) Maturities under 1 year 834,541 1,875,464 Maturities between 1 and 2 years 1,843 1,793 Maturities over 2 years 69,119 71,478 905,503 1,948,735 As at June 30, 2026, bank deposits include those pledged as collateral with carrying value of 70,962 million tenge (December 31, 2025: 73,271 million tenge), which are represented mainly by 68,202 million tenge at restricted bank accounts designated as a liquidation fund per requirements of subsoil use contracts (December 31, 2025: 70,476 million tenge).
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KazMunayGas National Company Joint-Stock Company Interim condensed consolidated financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 19 16. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES June 30, 2026 (unaudited) December 31, 2025 (audited) In millions of tenge Main activity Place of business Carrying value Percentage ownership Carrying value Percentage ownership Joint ventures Tengizchevroil LLP (TCO)1 Oil and gas exploration and production Kazakhstan 3,121,689 20.00% 3,449,897 20.00% Mangistau Investments B.V. Group (MMG) Oil and gas development and production Kazakhstan 257,436 50.00% 227,787 50.00% Silleno LLP (Silleno) 3 Construction of the first integrated gas-chemical complex Kazakhstan 118,352 40.00% 108,049 40.00% KALAMKAS-KHAZAR OPERATING LLP (KKO) Oil and gas development and production Kazakhstan 83,020 50.00% 84,370 50.00% Kazakhstan-China Pipeline LLP (KCP) Oil transportation Kazakhstan 75,670 50.00% 67,741 50.00% Ural Group Limited (UGL) Oil and gas exploration and production Kazakhstan 61,994 50.00% 58,042 50.00% Valsera Holdings B.V. Group (PKOP) Oil refining Kazakhstan 56,406 50.00% 53,725 50.00% KC Energy Group (KCEG)2 Sale of liquefied gas and oil products Kazakhstan 55,309 49.00% 51,705 49.00% Mangistau Power B.V. Development and construction of Gas Power Plant Kazakhstan/ Netherlands 45,956 49.00% 27,330 49.00% KazRosGas LLP (KRG) Processing and sale of natural gas and refined gas products Kazakhstan 44,731 50.00% 48,347 50.00% JV Kazgermunai LLP (KGM) Oil and gas exploration and production Kazakhstan 31,413 50.00% 31,431 50.00% MunaiTas LLP Oil transportation Kazakhstan 28,293 51.00% 25,366 51.00% Kazakhoil-Aktobe LLP (KOA) Production and sale of crude oil Kazakhstan 27,040 50.00% 22,896 50.00% Karaton Operating Ltd. (Karaton) Oil and gas development and production Kazakhstan 8,467 50.00% 8,284 50.00% Teniz Service LLP (Teniz Service) Design, construction and operation of infrastructure facilities, and offshore oil operations support Kazakhstan 4,260 48.996% 3,727 48.996% Other 55,163 41,237 Associates Caspian Pipeline Consortium (CPC) Transportation of liquid hydrocarbons Kazakhstan/ Russia 484,769 20.75% 493,443 20.75% PetroKazakhstan Inc. (PKI) Exploration, production and processing of hydrocarbons Kazakhstan 63,663 33.00% 68,172 33.00% Other 63,456 62,413 4,687,087 4,933,962 1The share of 20% provides the Group the joint control over TCO where decisions about the relevant activities require unanimous consent. 2 The share of 49% provides the Group the joint control over KC Energy Group LLP where decisions about the relevant activities require unanimous consent. 3The share of 40% provides the Group the joint control over Silleno where decisions about the relevant activities require unanimous consent.
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 20 16. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (continued) All of the above joint ventures and associates are strategic for the Group’s business. As at June 30, 2026, the Group’s share in unrecognised losses of joint ventures and associates was equal to 138,714 million tenge (December 31, 2025: 149,388 million tenge). The following table summarises the movements in the investments of joint ventures and associates during the six months ended June 30: In millions of tenge 2026 (unaudited) 2025 (unaudited) On January 1 (audited) 4,933,962 5,378,513 Share in profits of joint ventures and associates, net (Note 5) 536,781 348,737 Recognition of investment 8,072 792 Dividends received (500,085) (474,356) Change in dividends receivable, including withholding tax (125,410) (67,908) Other changes in the equity of the joint venture 6,295 693 Additional contributions without change in ownership 34,682 30,967 Eliminations and adjustments* (207) − Foreign currency translation (207,003) (55,104) On June 30 (unaudited) 4,687,087 5,162,334 * Equity method eliminations and adjustments represent capitalised borrowing costs on the loans provided by the Company and subsidiaries to joint ventures. For the six months ended June 30, 2026 the Group received dividends from joint ventures and associates in the total amount of 500,085 million tenge, including mainly from joint ventures TCO and MMG in the amounts of 441,152 million tenge and 11,061 million tenge accordingly. 17. TRADE ACCOUNTS RECEIVABLE AND OTHER CURRENT FINANCIAL AND NON-FINANCIAL ASSETS In millions of tenge June 30, 2026 (unaudited) December 31, 2025 (audited) Trade accounts receivable Trade accounts receivable 976,730 632,365 Less: allowance for expected credit losses (41,988) (35,254) Total trade accounts receivable 934,742 597,111 Other current financial assets Other receivables 140,096 114,069 Dividends receivable 51,604 3,512 Less: allowance for expected credit losses (47,318) (45,952) 144,382 71,629 Other current non-financial assets Advances paid and prepaid expenses 106,013 128,761 Taxes receivable, other than VAT 46,223 54,391 Other 18,147 11,400 Less: impairment allowance (160) (160) 170,223 194,392 Total other current assets 314,605 266,021 As at June 30, 2026, and December 31, 2025, the above assets were non-interest bearing. As at June 30, 2026, trade accounts receivable of 267,799 million tenge are pledged as collateral (December 31, 2025: 174,372 million tenge).
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 21 17. TRADE ACCOUNTS RECEIVABLE AND OTHER CURRENT FINANCIAL AND NON-FINANCIAL ASSETS (continued) As of June 30, 2026, and December 31, 2025, trade accounts receivable are denominated in the following currencies: In millions of tenge June 30, 2026 (unaudited) December 31, 2025 (audited) US dollars 494,564 262,642 Tenge 341,749 244,424 Romanian Leu 92,106 80,780 Euro 3,114 8,362 Other currency 3,209 903 934,742 597,111 18. CASH AND CASH EQUIVALENTS In millions of tenge June 30, 2026 (unaudited) December 31, 2025 (audited) Term deposits with banks − US dollar 481,854 811,660 Term deposits with banks − tenge 298,520 152,321 Term deposits with banks − other currencies 62,760 54,910 Current accounts with banks − US dollar 559,486 105,433 Current accounts with banks − tenge 3,362 4,486 Current accounts with banks − other currencies 40,387 31,515 Contracts of reverse repo with original maturities of three months or less 70,172 32,804 Cash in transit 3,503 3,381 Cash-on-hand and cheques 2,240 1,756 Less: allowance for expected credit losses (106) (81) 1,522,178 1,198,185 Term deposits with banks are made for various periods of between one day and three months, depending on the immediate cash requirements of the Group. As at June 30, 2026, the weighted average interest rate for term deposits with banks was 3.58% in US dollars, 16.83% in tenge and 5.75% in other currencies (December 31, 2025: 3.89% in US dollars, 17.37% in tenge and 6.06% in other currencies). As at June 30, 2026, and December 31, 2025, cash and cash equivalents of the Group were not pledged as collateral for obligations of the Group. 19. BORROWINGS In millions of tenge June 30, 2026 (unaudited) December 31, 2025 (audited) Fixed interest rate borrowings and bonds 2,940,954 3,062,408 Weighted average nominal interest rates 6.12% 6.09% Floating interest rate borrowings and bonds 470,047 459,539 Weighted average nominal interest rates 7.03% 7.02% 3,411,001 3,521,947 As at June 30, 2026, and December 31, 2025, borrowings and bonds are denominated in the following currencies: In millions of tenge June 30, 2026 (unaudited) December 31, 2025 (audited) US dollar 2,338,511 2,422,291 Tenge 787,811 802,117 Euro 187,705 198,232 Chinese Yuan (CNY) 88,061 89,798 Other currencies 8,913 9,509 3,411,001 3,521,947
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 22 19. BORROWINGS (continued) In millions of tenge June 30, 2026 (unaudited) December 31, 2025 (audited) Current portion 410,305 278,423 Non-current portion 3,000,696 3,243,524 3,411,001 3,521,947 As at June 30, 2026, and December 31, 2025, the bonds comprised: In millions of tenge Issuance amount Redemption date Effective interest rate June 30, 2026 (unaudited) December 31, 2025 (audited) Bonds AIX and HKEX 2025 * 1.25 billion CNY 2030 2.95% 88,061 89,798 KASE 2023 70 billion KZT 2033 11.74% (0.50% nominal interest rate) 41,600 43,411 KASE 2022 751.6 billion KZT 2035 12.105% (9.30% nominal interest rate) 652,945 649,876 LSE 2020 750 million USD 2033 3.50% 362,878 381,578 LSE 2018 1.25 billion USD 2030 5.375% 598,795 629,635 LSE 2018 1.5 billion USD 2048 6.375% 594,847 625,316 LSE 2017 1.25 billion USD 2047 5.75% 469,312 493,105 LSE 2017 1 billion USD 2027 4.75% 121,058 127,103 Total 2,929,496 3,039,822 * HKEX – Hong Kong Stock Exchange AIX- Astana International Exchange
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KazMunayGas National Company Joint-Stock Company Interim condensed consolidated financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 23 19. BORROWINGS (continued) As at June 30, 2026 and December 31, 2025, the borrowings comprised: In millions of tenge Issuance amount Redemption date Effective interest rate June 30, 2026 (unaudited) December 31, 2025 (audited) Loans The Syndicate of banks (UniCredit Bank, ING Bank, BCR, Raiffeisen Bank, Garanti Bank, Banca Transilvania, Intesa Sanpaolo) 551.8 million USD1 2026 SOFR 1M + 2.00% EURIBOR 1M + 2.05% EURIBOR 1M + 2.00% ROBOR 1M + 2.00% 141,549 142,067 Bank of Tokyo-Mitsubishi UFJ, Ltd (London Branch) 300 million USD 2026 COF 2 (3.67%) + 1.80% 88,043 54,682 ING Bank NV 250 million USD 2026 COF (3.80%) + 2.00% 40,227 19,760 Halyk bank JSC (Halyk Bank) 41.4 billion KZT 2032 Key Rate of National Bank of RK + 1.50% 28,707 29,544 BCP 170 million USD 2026 COF (4.13%) + 1.50% 27,794 − The Syndicate of banks (BCR, Raiffeisen Bank, Banca Transilvania, UniCredit Bank, Garanti Bank) 83 million EUR 2029 EURIBOR 6M + 3.00% 27,036 30,471 The Eurasian Development Bank 21 billion KZT 2033 Base rate of NBRK – 2.00% 26,864 24,982 The European Bank for Reconstruction and Development (EBRD) 61 billion KZT 2028 CPI 6M + 4.00% CPI + 3.75% 20,833 26,332 Credit Agricole 150 million USD 2026 COF (3.84%) + 1.75% 17,716 22,118 Banca Transilvania 57.96 million EUR 2026 ROBOR 1M + 2.00% EURIBOR 1M + 2.00% 15,375 19,913 Development bank of Kazakhstan JSC (DBK) 79 billion KZT 2028 15.20% (7.99% nominal rate) 11,458 22,587 Banca Transilvania 119 million RON 2030 ROBOR 3M + 1.10% 7,122 8,913 Halyk Bank 169 billion KZT 2032 19.50% 5,404 5,385 Cargill 100 million USD 2026 SOFR 3M + 2.80% − 50,792 Other − − − 23,377 24,579 Total 481,505 482,125 1 275.9 million US dollars with revolving credit facility 2 Cost of funding
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KazMunayGas National Company Joint-Stock Company Interim condensed consolidated financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 24 19. BORROWINGS (continued) The table below shows the changes in borrowings for the six months ended June 30: 2026 (unaudited) 2025 (unaudited) In millions of tenge Short-term loans Long-term loans Bonds Total Short-term loans Long-term loans Bonds Total On January 1 (audited) 126,379 355,746 3,039,822 3,521,947 151,541 527,890 3,287,970 3,967,401 Received in cash 89,216 13,076 − 102,292 207,812 4,005 − 211,817 Repayment of principal in cash (7,507) (69,279) (70) (76,856) (66,322) (182,674) (2,994) (251,990) Interest accrued in profit and loss (Note 12) 4,216 13,563 101,861 119,640 11,208 16,439 111,863 139,510 Interest paid* (4,221) (12,226) (92,864) (109,311) (11,269) (18,142) (105,936) (135,347) Foreign currency translation (7,088) (11,217) − (18,305) (623) (4,553) − (5,176) Foreign exchange used for hedge of a net investment − − (111,712) (111,712) − − (25,671) (25,671) Foreign exchange (gain)/loss (3,132) (6,321) (3,626) (13,079) 7,117 3,419 (483) 10,053 Derecognition of loan (Note 12) − − − − − (24,405) − (24,405) Other − 300 (3,915) (3,615) 1,246 4,911 − 6,157 On June 30 (unaudited) 197,863 283,642 2,929,496 3,411,001 300,710 326,890 3,264,749 3,892,349 Current portion 197,863 51,040 161,402 410,305 300,710 156,197 49,873 506,780 Non-current portion − 232,602 2,768,094 3,000,696 − 170,693 3,214,876 3,385,569 * The repayment of the interest is classified in the interim consolidated statement of cash flows as operating cash flows. Covenants The Group is required to comply with financial and non-financial covenants. Financial covenants require the Group to comply with certain metrics such as total net debt to EBITDA, minimum interest coverage and others. Failure to comply with covenants may result in the repayment of these long-term financings upon demand. As at June 30, 2026 and December 31, 2025, the Group complied with all financial and non-financial covenants. According to credit documentation the next remeasurement dates for the covenants are 30 September 2026 and 31 December 2026.
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 25 19. BORROWINGS (continued) Hedge of net investment in the foreign operations The LSE bonds issued by the Company in 2017-2020 and denominated in US dollars were identified as hedging instruments for net investments in the Group's foreign entities: TCO, KMG Kashagan BV and KMG Karachaganak. As of June 30, 2026, the nominal value of the bonds issued by the Company in 2017-2020 was USD 4,500 million (USD 4,500 million as of December 31, 2025). The maturity of the hedging instruments ranges from 2 to 23 years. For the six months ended June 30, 2026, a gain of 111,712 million tenge (for the six months ended, June 30, 2025: a gain of 25,671 million tenge) on the translation of these bonds was transferred to other comprehensive income and offset against translation losses of the net investments in foreign operations. 20. LEASE LIABILITIES Future lease payments under leases together with the present value of the net lease payments comprised the following: Lease payments Present value of lease payments In millions of tenge June 30, 2026 (unaudited) December 31, 2025 (audited) June 30, 2026 (unaudited) December 31, 2025 (audited) Within one year 22,172 22,054 17,442 16,677 Two to five years inclusive 62,085 61,229 36,727 35,807 After five years 88,227 100,369 69,987 76,488 172,484 183,652 124,156 128,972 Less: amounts representing finance costs (48,328) (54,680) − − Present value of lease payments 124,156 128,972 124,156 128,972 Less: amounts due for settlement within 12 months (22,172) (22,054) (17,442) (16,677) Amounts due for settlement after 12 months 150,312 161,598 106,714 112,295 As at June 30, 2026, interest calculation was based on effective interest rates ranging from 2.95% to 19.00% (as at December 31, 2025: from 2.95% to 19.00%). The table below shows the changes in lease liabilities for the six months ended June 30: In millions of tenge 2026 (unaudited) 2025 (unaudited) On January 1 (audited) 128,972 124,216 Additions of leases 10,946 4,669 Modification of lease agreements 4,675 − Interest accrued (Note 12) 4,791 4,618 Repayment of principal (13,820) (15,103) Interest paid (608) (592) Foreign exchange (gain)/loss (4,264) 9,440 Foreign currency translation (5,707) (1,067) Other (829) 552 On June 30 (unaudited) 124,156 126,733
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 26 21. PROVISIONS In millions of tenge Asset retirement obligations Provision for environ- mental obligation Provision for taxes Other Total As at January 1, 2025 (audited) 221,192 79,119 2,888 24,454 327,653 Foreign currency translation (1,037) (704) 52 (222) (1,911) Change in estimate (10,888) (20) − (184) (11,092) Unwinding of discount (Note 12) 9,363 706 − 94 10,163 Provision for the period 624 − − 5,210 5,834 Loss of control over subsidiary (61) − − − (61) Reclassification from tax liabilities − − 2,243 − 2,243 Recovered (254) − − (81) (335) Use of provision (119) (149) − (2,289) (2,557) As at June 30, 2025 (unaudited) 218,820 78,952 5,183 26,982 329,937 As at January 1, 2026 (audited) 199,978 69,274 3,733 23,885 296,870 Foreign currency translation (4,253) (3,253) (169) (883) (8,558) Change in estimate (14,403) − − − (14,403) Unwinding of discount (Note 12) 9,403 − − 63 9,466 Provision for the period 754 − − 1,929 2,683 Other changes − − − 283 283 Recovered − (2,985) (53) (631) (3,669) Use of provision (533) (2) − (1,812) (2,347) As at June 30, 2026 (unaudited) 190,946 63,034 3,511 22,834 280,325 Current portion and long-term portion are segregated as follows: In millions of tenge Asset retirement obligations Provision for environ- mental obligation Provision for taxes Other Total Current portion 1,386 − 1,405 14,218 17,009 Long-term portion 189,560 63,034 2,106 8,616 263,316 As at June 30, 2026 (unaudited) 190,946 63,034 3,511 22,834 280,325 Current portion 1,231 1,965 2,906 16,104 22,206 Long-term portion 217,589 76,987 2,277 10,878 307,731 As at June 30, 2025 (unaudited) 218,820 78,952 5,183 26,982 329,937
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 27 22. TRADE ACCOUNTS PAYABLE AND OTHER FINANCIAL AND NON-FINANCIAL LIABILITIES In millions of tenge June 30, 2026 (unaudited) December 31, 2025 (audited) Trade accounts payable 677,904 546,873 Other financial liabilities Due to employees 95,728 86,922 Commitment to provide loans (Note 24) 54,028 44 Derivative financial instruments 42,572 383 Other trade payables 42,552 28,627 Other 66,088 64,789 300,968 180,765 Current portion 300,219 179,684 Non-current portion 749 1,081 300,968 180,765 Other non-financial liabilities Contract liabilities 135,174 202,973 Other 42,901 53,313 178,075 256,286 Current portion 121,333 188,478 Non-current portion 56,742 67,808 178,075 256,286 As at June 30, 2026, and December 31, 2025, trade accounts payable were denominated in the following currencies: In millions of tenge June 30, 2026 (unaudited) December 31, 2025 (audited) US dollars 460,902 298,867 Tenge 113,348 152,628 Romanian leu 80,236 72,598 Euro 16,802 15,162 Other currencies 6,616 7,618 677,904 546,873 As at June 30, 2026, and December 31, 2025, trade accounts payable and other financial liabilities were non-interest bearing. 23. OTHER TAXES PAYABLE In millions of tenge June 30, 2026 (unaudited) December 31, 2025 (audited) VAT 78,503 70,969 Rent tax on crude oil export 58,833 33,808 Mineral extraction tax 36,662 19,732 Turnover tax 8,979 6,766 Social tax 5,028 7,665 Individual income tax 4,480 4,911 Excise tax 2,401 2,259 Withholding tax for non-residents 17 4,867 Other 2,830 3,856 197,733 154,833
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 28 24. RELATED PARTY DISCLOSURES Terms and conditions of transactions with related parties Related party transactions were made on terms agreed between the parties that may not necessarily be at market rates, except for certain regulated services, which are provided based on the tariffs available to related and third parties. Outstanding balances are mainly unsecured and interest free and settlement occurs in cash. The Group recognises allowances for expected credit losses on amounts owed by related parties. Balances The following table provides the balances with related parties as at June 30, 2026, and December 31, 2025: In millions of tenge Due from related parties* Due to related parties* Cash and deposits placed with related parties Loans and receivables due from related parties Borrowings payable to related parties and commitment to provide loans Samruk-Kazyna June 30, 2026 (unaudited) 24,153 − − 1,000,942 748,529 December 31, 2025 (audited) 31,402 − − 46,674 693,287 Samruk-Kazyna entities June 30, 2026 (unaudited) 144,353 6,378 25,193 158 − December 31, 2025 (audited) 145,496 2,012 41,500 166 − Associates June 30, 2026 (unaudited) 56,789 2,567 − − − December 31, 2025 (audited) 10,404 3,980 − − − Other state-controlled parties June 30, 2026 (unaudited) 10,194 8,950 − 23,342 38,321 December 31, 2025 (audited) 8,672 7,999 − 37,378 47,569 Joint ventures June 30, 2026 (unaudited) 62,714 229,308 − 173,669 − December 31, 2025 (audited) 53,715 207,159 − 174,410 − * The amounts are mainly classified as «Trade accounts receivables» and «Trade accounts payables». Cash and deposits placed with related parties Samruk-Kazyna entities As at June 30, 2026, the Group has current accounts and term deposits consisting of cash in dollars on the accounts of Kazpost JSC, subsidiary of Samruk-Kazyna, in the total amount of 25,193 million tenge (as at December 31, 2025 current accounts and term deposits consisting of cash in dollars in the total amount of 41,500 million tenge). The interest rates vary from 3.3% to 4.1% per annum on dollar denominated amounts (December 31, 2025: from 3.3% to 3.6% per annum on dollar denominated amounts and 17% for tenge denominated amounts). Loans and receivables due from related parties and borrowings payable to related parties and commitment to provide loans Samruk-Kazyna During the six months ended 30 June 2026, the Company entered into a bond purchase agreement with Samruk-Kazyna pursuant to which the Company is committed to acquire, through multiple issuances, unsecured USD-denominated coupon bonds at par issued by Samruk-Kazyna. The agreement was concluded with an aggregate limit of up to 2,000 million US dollars outstanding at any point in time. The bonds have a denomination of 1,000 US dollars each, bear interest at a rate equal to SOFR + 0.2% per annum determined on the placement date of each issuance, mature within up to two years from the respective placement date (but no later than 30 June 2031). During the six months ended 30 June 2026, the Company purchased 1 million bonds with aggregate nominal value of 1,000 million US dollars (equivalent to 487,020 million tenge) maturing on 25 June 2027. The difference between the fair value and the par value of the coupon bonds in the amount of 10,032 million tenge is reflected as transactions with Samruk-Kazyna in the interim condensed consolidated statement of changes in equity.
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 29 24. RELATED PARTY DISCLOSURES (continued) As at 30 June 2026, the Company recognised a liability in respect of its commitment to acquire the remaining coupon bonds of Samruk-Kazyna in the amount of 112 million US dollars (equivalent to 54,600 million tenge) as a transaction with Samruk-Kazyna in the interim condensed consolidated statement of changes in equity. During the six months ended 30 June 2026, the Company repurchased from Samruk-Kazyna coupon bonds with a par value of 1,000 US dollars per security for 1,000 million US dollars (equivalent to 464,530 million tenge) maturing on 5 November 2026, with a coupon rate of 3.90% per annum. The difference between the fair value and the par value of the coupon bonds in the amount of 3,975 million tenge is reflected as transactions with Samruk-Kazyna in the interim condensed consolidated statement of changes in equity. Other state-controlled parties For the six months ended June 30, 2026, the Group purchased short-term notes of National Bank of RK in the total amount of 217,778 million tenge with an interest rate of 17.97%. For the six months ended June 30, 2026, short-term notes of National Bank of RK acquired in 2025 and 2026 in the amount of 231,475 million tenge were redeemed by National Bank of RK. Transactions The following table provides the total of transactions, which have been entered into with related parties for the six months ended June 30, 2026, and 2025: In millions of tenge For the six months ended June 30, Sales to related parties* Purchases from related parties* Interest earned from related parties Interest incurred to related parties Samruk-Kazyna 2026 (unaudited) 10,567 1,150 13,250 40,350 2025 (unaudited) 663 1,333 4,343 40,605 Samruk-Kazyna entities 2026 (unaudited) 163,438 40,126 642 − 2025 (unaudited) 103,291 13,621 1,758 − Associates 2026 (unaudited) 21,138 47,767 − − 2025 (unaudited) 30,334 36,745 17 − Other state-controlled parties 2026 (unaudited) 539 25,631 5,370 3,578 2025 (unaudited) 502 28,702 4,213 4,506 Joint ventures 2026 (unaudited) 264,033 1,026,148 6,616 − 2025 (unaudited) 245,654 1,039,636 1,781 − * The amounts are mainly classified as «Revenue from contracts with customers», «Cost of purchased oil, gas, petroleum products and other materials», «Production expenses», «Transportation and selling expenses» and «General and administrative expenses». Key management employee compensation For the six months ended June 30, 2026 and 2025, total compensation to key management personnel (members of the Boards of directors and Management boards of the Group, including the Company and its subsidiaries) included in general and administrative expenses were equal to 3,865 million tenge and 3,554 million tenge, respectively. Compensation to key management personnel mainly consists of contractual salary and performance bonus based on operating results. Dividends During the six months ended June 30, 2026, based on the decision of Shareholders, the Company declared and paid-off dividends for 2025 of 573.66 tenge per common share in the total amount of 350,001 million tenge (during the six months ended June 30, 2025: declared dividends for 2024 of 491.71 tenge per common share in the total of 300,002 million tenge).
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KazMunayGas National Company Joint-Stock Company Interim condensed consolidated financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 30 25. FINANCIAL RISK MANAGEMENT, OBJECTIVES AND POLICIES Fair values of financial instruments The following table shows the information about the carrying amount and fair value of certain financial instruments of the Group as at June 30, 2026, and December 31, 2025. For all other financial instruments, the carrying amount approximates fair value. In millions of tenge June 30, 2026 (unaudited) December 31, 2025 (audited) Carrying amount Fair value Fair value by level of assessment Carrying amount Fair value Fair value by level of assessment Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Loans and receivables due from related parties: - Bonds receivable from Samruk-Kazyna 976,265 966,588 − 966,588 − 24,098 11,708 − 11,708 − - NB RK notes 23,343 23,343 − 23,343 − 37,378 37,378 − 37,378 − - Loans and receivables due from related parties at fair value through profit and loss 158,328 158,328 − − 158,328 159,655 159,655 − − 159,655 - Loans given to related parties at amortised cost 40,030 40,197 − 24,677 15,520 37,344 37,502 − 22,576 14,926 Fixed interest rate borrowings 2,940,954 2,844,268 2,229,984 614,284 − 3,062,408 2,948,106 2,926,144 21,962 − Financial guarantees 15,250 13,779 − − 13,779 18,009 18,009 − − 18,009 Floating interest rate borrowings 470,047 470,047 − 470,047 − 459,539 459,538 − 459,538 −
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 31 25. FINANCIAL RISK MANAGEMENT, OBJECTIVES AND POLICIES (continued) Fair values of financial instruments (continued) The fair value of bonds receivable from the Samruk-Kazyna and other debt instruments have been calculated by discounting the expected future cash flows at market interest rates. All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, based on the lowest level input that is significant to the fair value measurement as a whole, as follows: Level 1 − quoted (unadjusted) market prices in active markets for identical assets or liabilities; Level 2 − valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; Level 3 − valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. There were no transfers between Level 1 and Level 2 during the reporting period, and no transfers into or out of Level 3 category. For assets and liabilities that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. There were no changes in the Group’s valuation processes, valuation techniques, and types of inputs used in the fair value measurements during the six months ended June 30, 2026. The significant unobservable inputs used in the fair value measurements categorised within Level 3 of the fair value hierarchy as at June 30, 2026, are shown below: In millions of tenge Fair value Valuation technique Inputs used Range of inputs (weighted average) Increase/ (Decrease) in base rates Sensitivity of fair value measu- rement Loans and receivables due from related parties at fair value through profit and loss 158,328 Discounted cash flow method SOFR+2.5%, SOFR+3% 6.47-15% +1% 1,534 (1)% (1,534) Total recurring fair value measurement at level 3 158,328 The significant unobservable inputs used in the fair value measurements categorised within Level 3 of the fair value hierarchy as at December 31, 2025, are shown below: In millions of tenge Fair value Valuation technique Inputs used Range of inputs (weighted average) Increase/ (Decrease) in base rates Sensitivity of fair value measu- rement Loans and receivables due from related parties at fair value through profit and loss 159,655 Discounted cash flow method SOFR+2.8%, SOFR+3% 6.5-8.5% +1% 3,836 (1)% (19,909) Total recurring fair value measurement at level 3 159,655
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 32 26. CONTINGENT LIABILITIES AND COMMITMENTS In addition to the contingent liabilities and commitments disclosed in the consolidated financial statements of the Group for the year ended December 31, 2025, the following changes have taken place during the six months ended June 30, 2026: Kazakhstan local market obligation The Government requires oil companies in the RK to supply a portion of the products to meet the Kazakhstan domestic energy requirement on an annual basis, mainly to maintain oil products supply balance on the local market and to support agricultural producers during the spring and autumn sowing and harvest campaigns. Kazakhstan local market oil prices are significantly lower than export prices and even lower than the normal domestic market prices determined in an arm-length transaction. If the Government does require additional crude oil to be delivered over and above the quantities currently supplied by the Group, such supplies will take precedence over market sales and will generate substantially less revenue than crude oil sold on the export market, which may materially and adversely affect the Group’s business, prospects, consolidated financial position and performance. During the six months ended June 30, 2026 in accordance with its obligations, the Group delivered to the Kazakhstan market 3,773 thousand tons of crude oil for the total amount of 484,413 million tenge, including its share in the joint ventures and associates in the total volume of 1,310 thousand tons of 147,048 million tenge (for the six months ended June 30, 2025: 4,364 thousand tons of 445,391 million tenge, including its share in the joint ventures and associates in the total volume of 1,466 thousand tons of 143,653 million tenge). Commitments under subsoil use contracts As at June 30, 2026, the Group had the following commitments (net of VAT) related to a minimal working program in accordance with terms of licenses, production sharing agreements and subsoil use contracts, signed with the Government, including its share in joint ventures and associate: In millions of tenge Capital expenditures, including joint ventures and associates Capital expenditures of joint ventures and associates Operational expenses, including joint ventures and associates Operational expenses of joint ventures and associates Year 2026 215,292 14,321 49,286 25,942 2027 291,809 14,471 75,663 14,093 2028 232,586 12,149 20,766 14,877 2029 88,689 10,075 21,525 15,555 2030-2049 115,296 11,495 39,519 16,419 Total 943,672 62,511 206,759 86,886 As at December 31, 2025, commitments (net of VAT) related to a minimal working program included: In millions of tenge Capital expenditures, including joint ventures and associates Capital expenditures of joint ventures and associates Operational expenses, including joint ventures and associates Operational expenses of joint ventures and associates Year 2026 391,958 24,871 80,344 55,848 2027 285,043 13,464 47,524 14,093 2028 238,402 12,149 21,253 14,877 2029 92,111 10,075 21,827 15,555 2030-2049 119,138 11,495 43,628 16,419 Total 1,126,652 72,054 214,576 116,792
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 33 26. CONTINGENT LIABILITIES AND COMMITMENTS (continued) Other contractual commitments As at June 30, 2026, the Group had other capital commitments related to acquisition and construction of long-lived assets of approximately 272,696 million tenge, net of VAT, including its share in joint ventures commitments of 8,751 million tenge (as at December 31, 2025: 201,349 million tenge, net of VAT, including its share in joint ventures commitments of 5,089 million tenge). As at June 30, 2026, the Group had commitments in the total amount of 80,343 million tenge (as at December 31, 2025: 41,084 million tenge) under the investment programs approved by the competent authority. 27. SEGMENT REPORTING The Group’s operating segments have their own structure and management according to the type of the produced goods and services provided. Moreover, all segments are strategic directions of the business which offer different types of the goods and services in different markets. The functions have been defined as the operating segments of the Group because they are segments a) that engage in business activities from which revenues are generated and expenses incurred; b) whose operating results are regularly reviewed by the Group’s chief operating decision makers to make decisions. The Group’s activity consists of three main operating segments: exploration and production of oil and gas, oil transportation, refining and trading of crude oil and refined products. The Group presents the Company’s activities separately in Corporate segment, since the Company performs not only the functions of the parent company, but also carries out operational activities. The remaining operating segments have been aggregated and presented as other operating segment due to their insignificance. Disaggregation of revenue by types of goods and services is presented in Note 4 to these interim condensed consolidated financial statements. For the six months ended June 30, 2026, and 2025 disaggregated revenue mainly represents sales and services made to the external parties by the following operating segments: For the six months ended June 30, 2026 (unaudited) In millions of tenge Exploration and production of oil and gas Oil transportation Refining and trading of crude oil and refined products Corporate Other Total Sales of crude oil and gas 314,479 − 2,663,354 − − 2,977,833 Sales of refined products 5,689 − 1,358,995 622,266 7,899 1,994,849 Oil transportation services 33 150,660 51,233 10 260 202,196 Refining of oil and oil products − − 135,479 − − 135,479 Other revenue 14,140 29,955 98,655 1,115 113,532 257,397 Total 334,341 180,615 4,307,716 623,391 121,691 5,567,754 For the six months ended June 30, 2025 (unaudited) In millions of tenge Exploration and production of oil and gas Oil transportation Refining and trading of crude oil and refined products Corporate Other Total Sales of crude oil and gas 381,549 − 1,993,575 − − 2,375,124 Sales of refined products 2,724 − 1,083,615 536,353 8,111 1,630,803 Oil transportation services − 116,378 934 2,986 114 120,412 Refining of oil and oil products − − 125,193 − − 125,193 Other revenue 32,483 29,429 76,455 992 109,603 248,962 Total 416,756 145,807 3,279,772 540,331 117,828 4,500,494 Segment performance is evaluated based on revenues, net profit and EBITDA, which are measured on the same basis as in the interim consolidated financial statements. EBITDA is a supplemental non-IFRS financial measure used by management to evaluate segments performance, and is defined as earnings before depreciation, depletion and amortisation, impairment of property, plant and equipment, exploration and evaluation assets, intangible assets and exploration expenses, impairments of joint ventures and associates, finance income and expense, income tax expenses and expected credit losses. EBITDA, % is calculated as EBITDA of each reporting segment divided by the total EBITDA.
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 34 27. SEGMENT REPORTING (continued) Geographic information The Group’s property, plant and equipment are located in the following countries: In millions of tenge June 30, 2026 (unaudited) December 31, 2025 (audited) Kazakhstan 6,636,418 6,931,049 Other countries 616,587 659,580 7,253,005 7,590,629 Eliminations and adjustments in the tables below represent the exclusion of intra-group turnovers, Inter-segment transactions were made on terms agreed to between the segments that may not necessarily comply with market rates, except for certain regulated services, which are provided based on the tariffs available to related and third parties.
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KazMunayGas National Company Joint-Stock Company Interim condensed consolidated financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 35 27. SEGMENT REPORTING (continued) The following represents information about profit and loss for the six months ended June 30, 2026, and assets and liabilities as at June 30, 2026, of operating segments of the Group: In millions of tenge Exploration and production of oil and gas Oil transportation Refining and trading of crude oil and refined products Corporate Other Eliminations and adjustments Total Revenues from sales to external customers 334,341 180,615 4,307,716 623,391 121,691 − 5,567,754 Revenues from sales to other segments 1,189,774 123,988 114,593 69,953 78,243 (1,576,551) − Total revenue 1,524,115 304,603 4,422,309 693,344 199,934 (1,576,551) 5,567,754 Cost of purchased oil, gas, petroleum products and other materials (23,259) (11,031) (3,803,187) (436,128) (19,040) 1,273,852 (3,018,793) Production expenses (359,769) (179,021) (286,076) (132,743) (176,479) 320,839 (813,249) Taxes other than income tax (220,603) (12,068) (19,575) (96,372) (5,260) − (353,878) Transportation and selling expenses (117,855) (16,356) (72,668) (8,646) − 48,190 (167,335) General and administrative expenses (25,254) (9,324) (26,360) (34,208) (14,199) 13,434 (95,911) Share in profit of joint ventures and associates, net 440,647 61,830 35,643 − (1,339) − 536,781 EBITDA 1,218,022 138,633 250,086 (14,753) (16,383) 79,764 1,655,369 EBITDA, % 73% 8% 16% (1%) (1%) 5% Depreciation, depletion and amortisation (269,987) (24,328) (74,896) (1,334) (7,697) − (378,242) Interest income calculated using the effective interest method 11,888 10,924 9,730 109,384 11,987 (50,121) 103,792 Other finance income 2,497 4,087 107 5,628 763 (6,292) 6,790 Finance costs (25,403) (9,836) (42,188) (118,230) (4,799) 55,752 (144,704) (Impairment)/reversal of impairment of property, plant and equipment, intangible assets, non–current advances for fixed assets and exploration expenses (101) 302 94 − (20) − 275 Foreign exchange (loss)/gain, net (7,096) (2,462) 4,952 (73,973) (590) − (79,169) (Expected credit losses)/recovery of expected credit losses (602) (640) (1,464) (13,695) (336) 4,708 (12,029) Other operating income 3,937 12,580 7,901 734,081 3,180 (733,202) 28,477 Other expenses (6,823) (8,592) (7,481) (977) (3,776) 5,988 (21,661) Income tax expenses (132,368) (12,449) (24,729) (78,999) (6,580) − (255,125) Net profit/(loss) for the period 793,964 108,219 122,112 547,132 (24,251) (643,403) 903,773 Other segment information Investments in joint ventures and associates 3,667,389 596,690 187,104 − 235,904 − 4,687,087 Capital expenditures 150,773 13,224 67,742 2,088 21,720 − 255,547 Allowances for obsolete inventories, expected credit losses on trade receivables, loans and receivables from related parties, other current financial assets and impairment of other current non-financial assets (11,844) (7,252) (49,780) (48,934) (10,521) − (128,331) Assets of the segment 10,917,864 1,608,402 3,084,681 3,353,790 1,055,094 (1,049,513) 18,970,318 Liabilities of the segment 1,771,656 355,090 1,930,792 3,418,261 263,677 (1,232,191) 6,507,285
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KazMunayGas National Company Joint-Stock Company Interim condensed consolidated financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 36 27. SEGMENT REPORTING (continued) The following represents information about profit and loss for the six months ended June 30, 2025, and assets and liabilities as at December 31, 2025, of operating segments of the Group: In millions of tenge Exploration and production of oil and gas Oil transportation Refining and trading of crude oil and refined products Corporate Other Eliminations and adjustments Total Revenues from sales to external customers 416,756 145,807 3,279,772 540,331 117,828 − 4,500,494 Revenues from sales to other segments 820,154 77,749 110,563 44,727 72,498 (1,125,691) − Total revenue 1,236,910 223,556 3,390,335 585,058 190,326 (1,125,691) 4,500,494 Cost of purchased oil, gas, petroleum products and other materials (25,343) (10,265) (2,878,280) (350,060) (15,274) 852,452 (2,426,770) Production expenses (334,379) (131,448) (223,288) (120,999) (168,270) 219,608 (758,776) Taxes other than income tax (170,017) (11,132) (18,496) (75,640) (6,646) − (281,931) Transportation and selling expenses (114,888) (328) (61,889) (7,627) − 39,049 (145,683) General and administrative expenses (25,464) (8,363) (26,811) (30,076) (13,149) 9,611 (94,252) Share in profit of joint ventures and associates, net 211,609 88,530 48,290 − 308 − 348,737 EBITDA 778,428 150,550 229,861 656 (12,705) (4,971) 1,141,819 EBITDA, % 68% 13% 20% 0% (1%) 0% Depreciation, depletion and amortisation (249,723) (22,410) (72,675) (1,536) (6,658) − (353,002) Interest income calculated using the effective interest method 18,804 6,900 6,876 123,245 9,005 (71,161) 93,669 Other finance income 26 88 106 26,942 − − 27,162 Finance costs (31,882) (11,340) (48,323) (118,082) (3,452) 49,066 (164,013) (Impairment)/reversal of impairment of property, plant and equipment, intangible assets, non–current advances for fixed assets and exploration expenses (21,234) (132) 2,196 (299) 6 − (19,463) Gain from disposal of subsidiary − − − 3,000 − − 3,000 Foreign exchange (loss)/gain, net (1,846) (521) (15,966) (4,579) 184 − (22,728) Recovery of expected credit losses/(expected credit losses) 1,556 520 (774) (10,310) (269) 5,301 (3,976) Other operating income 4,502 2,187 5,422 104,825 3,396 (100,086) 20,246 Other expenses (2,723) 8,548 (1,532) (5,838) (5,772) (8,520) (15,837) Income tax expenses (63,637) (7,394) (18,611) (73,578) (9,280) − (172,500) Net profit/(loss) for the period 432,271 126,996 86,580 44,446 (25,545) (130,371) 534,377 Other segment information Investments in joint ventures and associates 3,955,624 594,449 179,287 − 204,602 − 4,933,962 Capital expenditures 171,349 18,940 42,019 4,556 22,356 − 259,220 Allowances for obsolete inventories, expected credit losses on trade receivables, loans and receivables from related parties, other current financial assets and impairment of other current non-financial assets (11,565) (7,211) (48,592) (40,574) (10,723) − (118,665) Assets of the segment 10,441,069 1,613,687 2,822,744 2,702,935 1,583,657 (315,647) 18,848,445 Liabilities of the segment 1,771,492 347,593 1,699,184 3,482,030 214,672 (1,052,851) 6,462,120
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Interim condensed consolidated KazMunayGas National Company Joint-Stock Company financial statements (unaudited) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued) 37 28. SUBSEQUENT EVENTS Dividends received In July 2026, the Group received dividends from Tengizchevroil LLP, a joint venture, in the amount of 204 million US dollars (equivalent to 96,825 million tenge) and an associate, Caspian Pipeline Consortium, in the amount of 86 million US dollars (equivalent 40,518 million tenge).