Earnings release
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“НАС“КААТОМРIОМ”]ЗС 5ТАТЕМЕГiТОЕМАМАОЕМЕМТ’51Е5РОМ81В11IТ1Е5ЕОIТНЕРIЕРА1АТ1ОМАIШАРРIЮ\’АI ОЕ:СОГI5ОIЮАТЕО1МТЕ11МЕIМАМСIАIЗТАТЕМЕМТ5ЕОIТНIЕЕАМОЫиМЕМОIiТНРЕ11ОО5 ЕМОЕВЗО5ЕРТЕМВЕI2025(1)МАIЮIТЕО) ТIпео11оiпдва1етеп1вгтiае‘лиШа‘иiе’лiосIiвiпдiiiвiШегевресчегевропвiЫ1iiевЫггiападегтiеп апсiШовеЫШеiпсiерепсIепаiкТог’вiпге1аiопоШесопво1iсiаес1iпiегiгйiпапсiаiвiаiегтiепiвЫ3С 1IаiопаIАогяiсСогярапуКаа1огяргогя(“СоIтiрапу”)апЁввiiЬвiiагiев(IпегеiпаегШеог Шгееапсiпiпея-iопШрегiосiвепеЗО5ерегяЬег2025. МападеiтiепЫШеОгоiiрiвгевропвiЫеогШергерага1опЫсопвоIiсIаесiiпегiгяiпапсiаIва1егтiеп1вЫ ШебгоiiрогШгееаппiпегйопШрегЁовепеЗО3ереяiЬег2025ШаргевепiваiгIу,паНгтiаегiа1 гезресв,ШесопвоIiаеiпапсiаiровiiiопЫШеОгоiраваЗО3ереяiЬег2025,апШесопвоIiае гевЫвЫiIворегаiопв,савiiIо’л’вапсiсIпапдевiпеЯiiiiуогШерегiосIШепепеi,псогйрIiапсе‘мiШ Iп1егпаiопаIРiпапсiаi1ерог1iпдЗiапiагсiв(“IЯ3”). IпргерагiпдШесопво1кiаесIiпегiгтiiпапсiа1в1аегяепв,гяападегяепiвгевропвiЫеог: •ргорегIувеIесiпдапiаррiуiпассоiiпiiпдроiiсiев; •ргевепiпдiпоггяа1iоп,iпсiiiсiiпдассоiiпiiпдроiiсiев,пагтiаппегШаIргоУiевгеIе”апi,геiiаЫе, согтiрагаЫеапсiiпсiегвiапсiаЫеiпоггяа1iоп; •ргочiiiпдаЛсШiопаIсiiвсIовiiгевлиIiепсогярIiапсеiШШевресiiсгеяiiiгегтiепвiпIРI3ваге iпвiiiсеп1оепаЫеiiвегвоiпсIегвапсiШеiгярасЫрагiiсЫаггапвасiопв,авме1IавоШегеепв апЛсопс1iопвопШеСгоiiр’всопвоIiаеiпапсiаIровiiопапсIiпапсiаIрегоггяапсе;ап •гяаiiпдапаввеввгяепЫШе(Згоiiр’ваЫиiуюсопiЛпiiеавадоiпдсопсегп. МападеяiепюваiвогевропвiЫеог: •евiдпiпд,iгярIегяепюiпдапiгяаiпюаiпiпдапеIТесЖ’еапвоiiпвувюегяЫiпегпаIсопюгоiв Шгоiiдi,оЫШеСгоiiр; •яiаiпюаiпiпдасеяiiаюеассоiк,IiпдгесогсвШаюагевiiсiеп1юовiолiапсiехрiаiпШеСгоiiрв югапвасюiопвапсiсiiвсiове‘МШгеавопаЫеассiiгасуаюапуюiгяеШесопвоIiiаюесiiпапсiа1ровiюiопЫ Шеагоiiр,апсiлиЫсIпепаЫеШеяiюепвiiгеШаюШесопвоIiсIаюес]iпапсiаiвюаiегяепювЫШе(гоiiр соя,рIулиiШIРз; •гяаiпюаiпiпдвюаюыогуассоiiпiiпдгесогсiвiпсогярiiапсеМШIедiвiаiiопапiассоiiпюiпдвюапiагс]вЫ ШеiерiiЫiсЫКааФв1ап; •юаiiпдангеавопаЫуроввiЫегйеавiiгевюваедiiагiШеаввеiвЫШеСгоiiр;апсI •ргееп1iпдапсiсiеюесюiпдгаiiсапоШегiггедыагiюiев. ТиесопвоиiсiаюеiiпiегiгяiпапсiаIвюаюеяiепювогШгееапс]пiпегтiопШрегiосiвепсесiЗОзерюеяiЬег2025 лиегеаЫиогЁеогiввiiеЬугяападеяiепюЫШеСгоiiроп27оегяЬег2025. АВГММОЕГАУЕУ1Э.К. ГП4А1СiАЕСОТКОЕЕЕК
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Joint Stock Company National Atomic Company Kazatomprom Condensed Interim Consolidated Financial Statements (unaudited) for three-month and nine-month periods ended 30 September 2025
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Content REPORT ON REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income ................................ 1 Condensed Interim Consolidated Statement of Financial Position ................................................................................ 2 Condensed Interim Consolidated Statement of Cash Flows .......................................................................................... 3 Condensed Interim Consolidated Statement of Changes in Equity ............................................................................... 4 NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS 1 General Information ................................................................................................................................................ 5 2 Basis of Preparation of Condensed Interim Consolidated Financial Statements .................................................... 6 3 Critical Accounting Estimates and Judgements in Applying Accounting Policies ................................................... 7 4 Segment Information .............................................................................................................................................. 7 5 Balances and Transactions with Related Parties .................................................................................................... 9 6 Revenue ............................................................................................................................................................... 11 7 Cost of Sales ........................................................................................................................................................ 12 8 Distribution Expenses ........................................................................................................................................... 12 9 General and Administrative Expenses .................................................................................................................. 12 10 Impairment Losses and Reversal of Impairment Losses ...................................................................................... 13 11 Other Income ........................................................................................................................................................ 13 12 Other Expenses and Net Foreign Exchange (Loss)/Gain ..................................................................................... 13 13 Finance Income and Costs ................................................................................................................................... 14 14 Income Tax Expense ............................................................................................................................................ 14 15 Earnings per Share and Carrying Value of One Share ......................................................................................... 15 16 Property, Plant and Equipment ............................................................................................................................. 16 17 Mine development assets ..................................................................................................................................... 17 18 Mineral Rights ....................................................................................................................................................... 17 19 Exploration and Evaluation Assets ....................................................................................................................... 18 20 Investments in Associates .................................................................................................................................... 18 21 Investments in Joint Ventures ............................................................................................................................... 21 22 Accounts Receivable ............................................................................................................................................ 24 23 Other Financial Assets .......................................................................................................................................... 24 24 Other Non-financial Assets ................................................................................................................................... 25 25 Inventories ............................................................................................................................................................ 25 26 Cash and Cash Equivalents ................................................................................................................................. 26 27 Share Capital ........................................................................................................................................................ 26 28 Loans and Borrowings .......................................................................................................................................... 26 29 Accounts Payable ................................................................................................................................................. 27 30 Provisions ............................................................................................................................................................. 28 31 Other Liabilities ..................................................................................................................................................... 28 32 Contingencies and Commitments ......................................................................................................................... 29 33 Fair Value of Financial Instruments ...................................................................................................................... 29 34 Non-Controlling Interest ........................................................................................................................................ 30 35 Subsequent Events............................................................................................................................................... 33
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1$СНаЬопаiАотiсСотрапуКажаотргот СопсIепзесIIпIе,-iтСоп$оIШаIесI8аетепо(РгоГ1ЁогiоапсiО1егСотргеiепзi”еIпсоте ЕогШеШгее-пiопШрегiосiепсiесiЕогШепiпе-iтюпШрегiоепе ЗО8ерегпЬег2025308ерепiЬег202430ЗерегяЬег2025308ереАiЬег2024 iптiI!iопбо[Ка?еЛФбiапiТепеГIое(паiкiiеф(i.iпаыiеф(шiаiеф(ппаi.iiеф е’,епi,е6532,727437,7331,192,8941,138,853 СоiЫзаiев7(269,526)(249,458)(643,192)(692,821) ОГО$$рго!ii263,201188,275549,702446,032 Оiв1гiЬiопехрепез8(7,245)(6,215)(19,257)(16,975) Сепегаiагкiасгпiпi$1гаi”е ехрепез9(11,272)(10,087)(32,096)(30,361) 14еi(iпiраiгггiепIоззе$)/геУегзаIЫ iгпраiгпiепопiiпапсiаiа$зе$10281625(193)14,792 Меге”егзаЫiпiраiггпеп)оппоп iпапсЁаIаз$ез2105117 ‘iеПогеiдпехсiiапде(Iо$з)/даiп1211,21112,226(1,530)19,567 СаiпгогпЬ1зiпе5ЗсогтiЫпаiоп---295,719 ОШегiпсогяе115,0572,3456,59718,467 ОШегехрепзез12(5,646)(3,450)(11,324)(8,088) йпапсеiпсопiе1317,4395,21248,35320,530 Рiгiапсесозз13(4,645)(7,094)(13,684)(14,807) $IiагеЫге$1i1зЫаззосiаез2057,51637,998111,724108,493 8I1агеЫгезцIзЫ]оiг11’(епЮгез213,1412,23313,32022,916 РгоГiЬЫогеiпсопiеах329,040222,078651,617876,402 Iпсогпеахехрепзе14(59,358)(49,151)(118,702)(131,729) Р1ОР1ТЕО1ТНЕРЕ1IОО269,682172,927532,915744,673 ОШегсоПIргеIIеп$iУеiпсоiтiеi (Iоя$) 11ет8iiiа(тауЬе8иЬ8есиепЁ1у Гес/а88ii’iесI10ргоi1ОГ1088: О11,егсогтiргеiiепзiеiпсогпе/(Iо$з)827(534)876952 ОШегсоIТIргеIIеп$iУеiгiсоггiеi (1оЯ5)огШерегiосi827(534)876952 ТОТАIСОМРЕНЕЫ8IУЕ IМСОМЕЕО1ТНЕРЕ11ОО270,509172,393533,791745,625 РгоГiогШерегiоiагiЫ.iаЬ1е о: -ОпегзоПIiеСогпрапу215,422123,399417,490604,904 -1iоп-сопгоIIiпдiпiегезi3454,26049,528115,425139,769 Р1ЮР1ТЕОiТНЕРЕЕ1ОО269,682172,927532,915744,673 Тоа1согпргеIIеп5iУеiпсогпеог ШерегiосагiЬыиаЬ1ео: -О’,пегзоПiiеСоiтiрапу216,249122,860418,363605,854 -Гоп-соп1гоiiiпдiп1егез54,26049,533115,428139,771 ТОТАI.СОМРЕНЕГ48IУЕ IМСОМЕЕОiТНЕРЕ11ОО270,509172,393533,791745,625 Еаггiiпдзрегзiагеа1гiЬЫаЬ1ео ШеопегЫШеСогтiрапу,Ьазiс апIiiiе(Тепдерегзiаге)158314761,6102,332 Г’оуегяЬег2025: Рiгз Тевесопсiепзеiiпегiгпсоп8оiiIаIеIiпапсiа1з1а1епiепзлiегеарргоес1Ьугтiападепiепоп27 Р/ Аiгяо1сауеО.К. йпапсiаIСопiгоIIег .IаIурЬе1юаЗ.I. СiiеАссоiiпiапi агеапiпiедгаiрагЫШезесопiепвесiiпiегiгтiсопзо1iсiае(iiiпапсiаiза1егтiепз 1
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ЗСi4аНопаIАотiсСотрапуКахаотргот СопсiепзесiIп(егiтСопбоiiсIаiесI$iа(етеп(оГЯпапсiаiРозiЬоп 309ереяiЬег2025 Iптii(iоП8о[Каа/4ап/ТепсеМоIе(пащIiесi)31ОесепiЬег2024 А8$ЕТЗ Моп-спггепТавбе Ргорегу,рап1апеiрп,еп16243,447226,432 Мiпеееiоргпепаззез17340,874290,708 МiгiегаiГiдIi$181,139,1771,170,206 Ехр1огаiопапсiеа1ыаiопае1з1918,38814,792 IпiапдiЫеазе60,75161,253 1пез1гпепзпассiае20221,601218,219 IпУе$1гпеп5поiпУепII]гез2157,91653,605 Оееггеахазе135,08240,465 ОШег5папсiа1аез23126,32286,214 Оiегпоп-5папсiаiаззез2462,08333,448 2,305,6412,195,342 Сiггеп1аббе АссоiпзгесеiуаЫе22326,272676,161 Ргераiсiпсогтiеах90,0379,508 УАТгесоуегаЫе234,724219,672 Iпуепiогiез25436,930388,157 ОШегiiпапсiаi$$$23142,64320,421 ОШегпоп-5папсiаiаз$е12437,96018,235 Са$апсаеЫаIеп26378,758294,385 1,647,3241,626,539 ТОТАIАЗЗЕТЗ3,952,9653,821,881 ЕО1$IТУ ЗIiагесарiiаi2737,05137,051 Асiiопаiраiс-iпсарiа12,5392,539 езегез3,1552,282 Iеаiпееагпiп9$2,134,1532,044,521 ЕiiiуаПгiЬиаЬ1ею$IIагеIIоIсIегбойiiеСогпрапу2,176,8982,086,393 Мсп-сопгоIIiп9iпюеге$134924,955911,158 ТОТАIЕОIЛТУ3,101,8532,997,551 I1АВIIIТIЕЗ Моп-с’iггепюIiаЫIiiiе$ 1оапзапс1ЬоггоУiп9з2856,055106,401 РгсУiЗЮп$3051,79947,427 ОееггеIюахIIаЫIiюiе$233,590239,814 ЕпiрiоуееЬепе5iв1,8471,930 ОШегiiаЫ1iiе$318,0847,773 351,375403,345 СггепюiiаЫ1iiiе 1.оапзапсЬоггоiiпдз28153,18343,306 Ргоуiзюпз3011,19212,494 АссоiяiiзрауаЫе29235,185281,672 О1iегIахапсогтiрцiогураугпепзIiаЫiiiiез48,34047,931 ЕгiiрIоуееЬепе5з244399 IпсопiеюахiiаЫiiiiез6,6317,482 ОШегiiаЫ1iiе$3144,96227,701 499,737420,985 ТОТАIIIАВIIЛТIЕЗ851,112824,330 ТОТАIЕО1)IТУАО1.IАВIIIТIЕ$3,952,9653,821,881 СаггупдаiiеЫспеiаге(Тепде)1511,72611,321 сопепзесI А61ауеО.К. Iiа1еi1iпапсiаiз1аег11п18л/геаррго,’есIЬугтiападегяепiоп27Г’iоуегяЬег2025: ]аурЬеiо’а3.). СЫеАссоiiпап1 йпапсiаIСопго11ег апiпедга1рагЫШезесоп]епзесiпiегiггiсопзоiiс]аюесiiпапсiаi5юа1еп1еп5 2
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.ЗСi4аIюпаIАiотiсСотрапуКаха(отргот СопсIеп5есIIпЁегiтСопзоIiсiаiесi8а(етеЫоГСазi,Р1о’ч ЕогНюпiпе-пiопШрегiоiегiсiесi 308ерегпЬег2025305ерепiЬег2024 iiiтiIIiОп$оТКааI’Чi8[апiТепеЫое(iiпа’iсiiесi) ОРЕАТ1МОАСТМТIЕ8 1есеiрзгогтiсiiзоп,егв1,561,4651,250,862 1есеiрзiяiбегз,арiгапзасiiоп543,816116,712 \/АТгеiпсI75,48453,865 1пiегезгесеiуесi33,17116,866 Раугпеп5Ю$IIррiiегБ(526,057)(495,504) Раугт1еп5iiпсiегзаргапзасiогiв(44,896)(77,034) РауггiепзоI’Ма9езапс5аIагiез(114,194)(96,686) Iрсогтiеахраii(188,686)(123,598) ОШегахераi(164,380)(147,731) 1гегезраiсi(4,922)(4,083) Восiаiрауггiепз(5,672)(4,197) Саз,гапзасiогiз‘мiШШезесопсрагiсiрапооiпорегаiопз(23,976)(238) МеоШег(рауггiепiз)/гесеiрiз10,381(5,349) СавIiЛом’,гоiтiорегаНпуасНуiНеб651,534483,885 1МЁЕ5Т1ЫСАСТМТIЕЗ АссЫзiiопыргорегiу,рIапапсiесiiiрггiеп(65,142)(39,198) АссIIIi$ШопыiпапдiЬ1еаззез(600)(352) Асс11iiзiiопыгяiпеiееIоргпепа55еIз(91,375)(81,369) АссiiiiзiIiопыехр1огаiогiапIеуаIiiаiiопазе1з(2,473)(442) Ассi’iз,1iопысеЬ15ес1iгiiез(967,430)(243,578) АсЯiiiзiiопызоЬзiiагу,пеыса51асЯiiiгесi-11,885 Iеегпр1iопоеЫзесiiгiiев849,189235,502 Р1асегйепыеггтсIерозiзапiгезгiсеiсазI,(9,451)(674) Iе1егпрiопыеггтiсiерозiiзапгез1гiсесiсазii6,56338 Iераугi,епыIоапвiззiiесiюгеIаiесiрагiе$2,565 ОiУiсепс15гесеiуесгоггiаз8осiаIезапс]оiпю‘,епШгез103,25660,413 Iпез1гйеп1зiг’азвосiаесiапсiоiпюепШгез(10,977)(45) г’IеюоШег(раугТIепюз)/гесеiрюз706(170) СавIiЛо‚i5есIiпiпебНпуасНУiНе5(187,734)(55,425) ЕIМАМСIМСАСТ11IТIЕ5 РгосеезгогтiIоапзапсiЬогго’Мiп952851,25857,411 IерауггiепюыIоапзапсiЬоггоыип9з28(6,296)(51,551) Iеазераугяепiз(101)(834) ОiУiсIепI5раiЬузi,ЬзiiiагiезЮоШеграгiсiрапюв(101,631)(98,722) ОiiЛепзраiсЮШеВаге11оIсег527(327,858)(314,649) Са$11ЛоiюесIiпiiпапсiп9асiуiiев(384,628)(408,345) Ыеiiпсгеа$еЦсiесгеабе)ii’саi’апсiсабIiес11iiУаIеп579,17220,115 Саз,апсазiiеяiiiУаIепюзаIШеЬедiппiпдыШерегiо294,385211,912 ЕIТесюыехсIiапдегаюе]1Iсю1]аюiопзопсазIiапсiсавIi есiiiаIепюз5,1786,096 С1ап9епiгтiраiггтiепюргоУi5iопогсазiпапсаiеяIIiУаIегIю523(37) Са$iIапсiса$iIесiiiУаIеп5аШеепЫШерегiо26378,758238,086 * АсIсii(iопаiiп,’огтаiiопаЬои[iпе8Ёiпса8Ь[IОуiргоiiс1ес1iп!iо(е2.Iпогта[iопаЬоиi8i1пi[iсапiпоп-са8iiIгап8асПоп$1$рго.4с1ес1iпР’Iо(е26. ТIiезесопсiепвесiiпюегiгясопзоIiсiаюеiiпапсiа1зюаюеггiепюзварргое1Ьуггiападеггiепiоп27Г’iоуегяЬег2025: /71 АIхiiгпо1ауеО.К. РiпапсiаIСопюгоiiег IаIурЬеiю’а8.,]. СЫеАссоiя,юапю З
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1$С Р’аНопаi Аотiс Сотрапу Каiаотргот Сожг1епбео IпIегiт Соп$о1iс1аесI 8а(етеп( ОГ СЬаптеб iii ЕоиiIу АгiЫi1аЫе о Ше Iiаге1iоIсIегв Ы Ше Сопiрапу Iеаiпесi АсIсiiiогiа1 Моп-сопiгоiiiпд ‘п тiIIiоп8 оКаа14181апi Тепе Зiiаге сарiiаi еег’iе еагпiп5 раiсi-iп сарiаI ТЫаI iпеге$i ТЫаI еii1у ВаIапсе аI 1 ]апiагу 2024 37,051 1,228 1,487,091 2,539 1,527,909 480,358 2,008,267 РгоШ ог Ше регiосi - - 604,904 - 604,904 139,769 744,673 ОШег соггiрге1iепзiе iпсогпе - 950 - - 950 2 952 ТЫаI согпргеIIеп$iче iпсогяе ог Ше регiоi (шiаiiсiiесI) - 950 604,904 - 605,854 139,771 745,625 ОiуiсIепсз сiесIагеi о зIiагеIiо1iегз - - (31 4,649) - (31 4,649) - (31 4,649) Оiуiсiепiз сесIагес1 Ьу зiiЬзiсiiагiез ю оШег рагюiсiрапюз (Г’iо1е 34) - - - - - (98,973) (98,973) ВIIзiпез8 соггiыпаюiоп - - - - - 291,010 291,010 Ваiапсе а30 8ерепiЬег 2024 (‚iпаiiсiесI) 37,051 2,178 1,777,346 2,539 1,819,114 812,166 2,631,280 Ваiапсе аI 1 .]апiiагу 2025 37,051 2,282 2,044,521 2,539 2,086,393 911,158 2,997,551 РгоШогШе регiо1 - - 417,490 - 417,490 115,425 532,915 ОШег согяргеiiепзiе iпсогпе - 873 - - 873 3 876 ТЫаI соiтiргеiiепвiче iпсоiтiе 1ог Ше регiоi ([Iпашiiе1) - 873 417,490 - 418,363 115,428 533,791 Оiуiсiепсiз iесIагеi (Моюе 27) - - (327,858) - (327,858) - (327,858) IЗiуiсiепсiз сiесIагеi Iэу зiЬзiiiагiе8 о оШег рагiiсiрапiз (Г’Iо1е 34) - - - - - (101,631) (101,631) Ваiапсе а 30 8ереiтiЬег 2025 (ыпащiiесI) 37,051 3,155 2,1 34,1 53 2,539 2,1 76,898 924,955 3,101,853 Тiiезе сопiепзеi iпiегiгтi соп$оIiIаIеI 1iпапсiаI зiаiегяегiiз еге арргоуесi ф АЬIiгтiоiЛауе О.К. йпапсiаI СопюгоIiег Ьу гяапа9егтiепi о оепiЬег 2025: ]аiурЬеIоа 8.I. СЫе Ассоiiпюапю Тiе ассоггiрапуiпд поюез аге ап iпюедгаi раг Ы Шезе соп]епзеi iпегiггi сопзоiiiаюеi iпапсiаI зюаюегяепюз 4
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 5 1 General Information Organisational structure and operations These condensed interim consolidated financial statements are prepared in accordance with International Accounting Standard 34, Interim Financial Reporting for the three-month and nine-month periods ended 30 September 2025 for JSC National Atomic Company Kazatomprom (the “Company”) and its subsidiaries (hereafter collectively referred to as “the Group”). The Company is a joint stock company set up in accordance with the 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 the National Atomic Company Kazatomprom No. 3593 dated 14 July 1997, and the Decree of the Government of the Republic of Kazakhstan on the Issues of the National Atomic Company Kazatomprom No. 1148 dated 22 July 1997, as a closed joint stock company with a 100% government shareholding. As at 30 September 2025, 62.99% of the Company’s shares are held by Samruk-Kazyna JSC, 12.01% are held by the Ministry of Finance of the Republic of Kazakhstan and 25% are on free float. The Company’s registered address is 17/12 Syganak street, Astana, the Republic of Kazakhstan. The principal place of business is the Republic of Kazakhstan. The Group’s key activities are the production of uranium and sale of uranium products. The Group is among the leading uranium production companies in the world. In addition, the Group is also involved in processing of rare metals, manufacture and sale of beryllium and tantalum products and scientific support of operational activities. Significant factors affecting the Group’s results of operations The most significant factors that affected the Group’s results of operations during the nine months of 2025 included: A 10% increase of natural uranium sales volumes during the nine months of 2025 compared to same period of 2024 primarily due to the timing of customers’ requests of scheduled deliveries. Sales volumes can vary substantially each quarter, and quarterly sales volumes vary year to year due to variable timing of customer delivery requests during the year and physical delivery activity; A 6% decrease in the average selling price for the nine months of 2025 compared to the same period of 2024 (U.S. Dollars 62.97 versus U.S. Dollars 66.81) due to a 18% decline in the average uranium spot price. 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. The spot prices varied as follows: U.S. Dollars per pound 2025 2024 30 September 82.63 82.00 31 December - 72.63 Nine months period 71.68 87.93 A 13% increase in average U.S. Dollar exchange rate in the nine months of 2025 compared to the same period in 2024. Exchange rates are provided below in Note 2. 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. In April USA made a decision about an increase in import duties for Kazakhstani goods up to 27% and in August 2025 the rate was decreased to 25%, but the Group’s products (uranium, tantalum, beryllium) are not subject to the new tariffs and will continue to be exported without restrictions. 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.
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 6 1 General Information (Continued) 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. 2 Basis of Preparation of Condensed Interim Consolidated Financial Statements These condensed interim consolidated financial statements as at and for the three-month and nine-month periods ended 30 September 2025 have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. The condensed interim consolidated financial statements are unaudited and do not include all the information and disclosures required in the annual financial statements. The Group has omitted disclosures which would substantially duplicate the information contained in its audited annual consolidated financial statements for the year ended 31 December 2024 prepared in accordance with IFRS Accounting Standards, such as accounting policies and details of accounts which have not changed significantly in amount or composition since the date of the annual consolidated financial statements for the year 2024. Management believes that disclosures in these condensed interim consolidated financial statements provide sufficient information if those are read in conjunction with the Group’s annual financial statements and reflect all adjustments necessary to present fairly the Group’s financial position, results of operations, statements of changes in equity and cash flows for the interim reporting period. The accounting principles applied during the preparation of the condensed interim consolidated financial statements are consistent with the principles applied in the preparation of the Group’s annual consolidated financial statements for the year 2024, except for the interpretations that became applicable for annual reporting periods commencing on or after 1 January 2025 and were adopted by the Group in 2025: Amendments to IAS 21 Restricted Exchange Feature (issued on 15 August 2023 and effective for annual periods beginning on or after 1 January 2025). The new requirements had no significant influence on the financial statements of the Group and the Group has not made any adjustments with regards to new standards adopted. Seasonality The Group’s operations do not significantly depend on seasonal fluctuations. Exchange rates Tenge per 1 U.S. Dollar 2025 2024 30 September 548.79 479.23 31 December - 523.54 For the nine months 520.21 458.69 For the third quarter 536.20 477.86 At the date of approval of these interim financial statements, the exchange rate of the National Bank of the Republic of Kazakhstan was Tenge 518.68 per U.S. Dollar 1. Income taxes Income tax expense for the Interim periods is based upon the estimated average effective income tax rate expected for the entire financial year. Change in presentation Statement of cash flows Major classes of cash receipts and cash payments arising from investing and financing activities are reported on a gross basis in these condensed interim consolidated financial statements. Acquisition and redemption of short-term debt securities include mainly instruments, for which the turnover is quick, the amounts are large, and the maturities are short. In the condensed interim consolidated statement of cash flows for the nine-month period ended 30 September
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 7 2 Basis of Preparation of Condensed Interim Consolidated Financial Statements (Continued) 2024 such instruments were presented on the net basis, acquisition and redemption amounts were offset for the total amount of Tenge 170,710 million. 3 Critical Accounting Estimates and Judgements in Applying Accounting Policies The preparation of interim financial statements requires management to make judgments and use accounting estimates and assumptions that affect the application of accounting policies and the recognized amounts of assets, liabilities, income and expenses. Actual results may differ from the estimates used. Significant management judgments regarding accounting policies used and the main sources of estimation uncertainty used in preparing these condensed interim consolidated financial statements are consistent with similar judgments and sources in the Group's annual financial statements for 2024 prepared in accordance with IFRS Accounting Standards. 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 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 uranium, sales of enriched uranium. Uranium segment includes the Group’s share in 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 raw materials on tolling basis for the Group’s uranium entities and production and marketing 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 (drilling, transportation, security, geological, etc.), 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 under 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 condensed interim consolidated financial statements. Revenues from other segments include transfers of raw materials, goods and services from one segment to another and the amount is determined based upon market prices for similar goods.
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 8 4 Segment Information (Continued) Segment information for the reportable segments for the nine-month periods ended 30 September 2025 and 30 September 2024 is set out below: In millions of Kazakhstani Tenge Uranium UMP Other Eliminations Total 30 September 2025 30 September 2024 30 September 2025 30 September 2024 30 September 2025 30 September 2024 30 September 2025 30 September 2024 30 September 2025 30 September 2024 External revenue 1, 089,445 1,048,535 52,688 47,592 50,761 42,726 - - 1,192,894 1,138,853 Revenues from other segments 812 3,707 10,722 9,283 129,979 100,556 (141,513) (113,546) - - Cost of sales (566,831) (623,435) (45,153) (41,345) (149,665) (117,301) 118,457 89,260 (643,192) (692,821) Gross profit 523,426 428,807 18,257 15,530 31,075 25,981 (23,056) (24,286) 549,702 446,032 Net (impairment losses)/reversal of impairment (166) 14,930 8 (14) 17 55 (47) (62) (188) 14,909 Share of results of associates and joint ventures 121,433 124,411 1,022 5,258 2,589 1,740 - - 125,044 131,409 Gain from business combination - 295,719 - - - - - - - 295,719 Net foreign exchange gain/(loss) (1, 738) 19,143 304 706 (96) (282) - - (1,530) 19,567 Finance income 44,772 18,116 863 903 2,718 1,511 - - 48,353 20,530 Finance costs (13,053) (13,865) (395) (701) (236) (270) - 29 (13,684) (14,807) Income tax expense (110,172) (126,470) (2,677) (2,331) (5,853) (2,928) - - (118,702) (131,729) Profit for the period 519,012 731,963 9,274 12,012 25,704 21,781 (21,075) (21,083) 532,915 744,673 Depreciation and amortisation charge (84,737) (71,663) (1,752) (1,670) (6,134) (4,870) 8,776 5,369 (83,847) (72,834) Segment information for the reportable segments as of 30 September 2025 and 31 December 2024 is set out below: In millions of Kazakhstani Tenge Uranium UMP Other Eliminations Total 30 September 2025 31 December 2024 30 September 2025 31 December 2024 30 September 2025 31 December 2024 30 September 2025 31 December 2024 30 September 2025 31 December 2024 Investments in associates and joint ventures 249,775 256,541 1,022 - 28,720 15,283 - - 279,517 271,824 Total reportable segment assets 3,716,553 3,620,092 111,083 108,916 190,720 133,910 (65,391) (41,037) 3,952,965 3,821,881 Total reportable segment liabilities 804,302 787,921 18,743 21,005 69,503 41,806 (41,436) (26,402) 851,112 824,330 Capital expenditure 152,231 185,949 2,214 4,150 6,423 15,459 (10,940) (15,134) 149,928 190,424 Capital expenditure represents additions to non-current assets other than financial instruments, deferred tax assets, post-empl oyment benefits assets and rights arising under insurance contracts.
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 9 4 Segment Information (Continued) (e) Analysis of revenues by products and services The Group’s revenues are analysed by products and services in Note 6. Information on finance income and costs is presented in Note 13. (f) Geographical information The Group’s assets are primarily 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 For the nine-month period ended 30 September 2025 (unaudited) 30 September 2024 (unaudited) China 714,226 540,405 USA 123,635 103,657 France 108,212 110,817 Russia 91,897 80,841 Kazakhstan 57,725 169,898 Canada 12,421 54,660 United Kingdom - 41,349 Other countries 84,778 37,226 Total consolidated revenues 1,192,894 1,138,853 Major customers The Group has a group of customers under common control that accounts for more than 10% of the Group’s consolidated revenue. For the nine-month period ended 30 September 2025 this revenue amounted to Tenge 677,902 million (nine-month period ended 30 September 2024: Tenge 527,277 million). This revenue is reported under the Uranium segment. 5 Balances and Transactions with Related Parties Entities under common control include companies under control of SWF 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 i) when they are not individually significant, ii) if the Group’s services are provided on the standard terms available for all customers, or iii) where there is no choice of supplier of such services as electricity transmission services, 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. The outstanding balances with related parties as at 30 September 2025 are as follows: In millions of Kazakhstani Tenge Accounts receivable and other non- financial assets Other financial assets Accounts payable and other liabilities Loans and borrowings Associates 10,577 24,496 110,361 - Joint ventures 4,729 - 24,431 - Entities under common control of the controlling shareholder 2,147 - 1,129 - Controlling shareholder - - - 111,264 Associates of the controlling shareholder 33 33,335 2 - Other government owned entities 3 101,325 - 55,742 Total 17,489 159,156 135,923 167,006
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 10 5 Balances and Transactions with Related Parties (Continued) The outstanding balances with related parties as at 31 December 2024 are as follows: In millions of Kazakhstani Tenge Accounts receivable and other non-financial assets Other financial assets Accounts payable and other liabilities Loans and 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 The Group is a guarantor for a loan obtained by Ulba-FA LLP in the amount of Tenge 7,794 million (2024: Tenge 12,397 million). In 2024 the Group became a guarantor for Taiqonyr Qyshqyl Zauyty LLP under the underlying agreements on joint implementation of the project on sulfuric acid plant construction with a maximum exposure of Tenge 16,304 million (2024: Tenge 14,295 million). For the nine-months ended 30 September 2025 the Group transferred obligatory pension payments for its employees to the state-owned Unified Accumulative Pension Fund JSC in the amount of Tenge 9,542 million (2024: Tenge 11,511 million). Corporate income tax (Note 14) as well as other taxes, penalties and fines are also transferred to the state (Notes 7-9). The income and expenses and other transactions with related parties for the nine-month period ended 30 September 2025 are as follows: In millions of Kazakhstani Tenge Sale of goods and services Dividends Purchase of goods and services Finance and other income Finance and other costs Dividends to the Shareholder Associates 30,349 108,342 210,017 - - - Joint ventures 17,781 20,529 40,398 - - - Entities under common control of the controlling shareholder 24 - 19,534 - - - Controlling shareholder - - - - 4,142 206,529 Associates of the controlling shareholder 180 - 280 4,764 - - Other government owned entities 36 - 257 7,720 642 39,365 Total 48,370 128,871 270,486 12,484 4,784 245,894
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 11 5 Balances and Transactions with Related Parties (Continued) The income and expenses and other transactions with related parties for nine-month period ended 30 September 2024 are as follows: In millions of Kazakhstani Tenge Sale of goods and services Dividends Purchase of goods and services Finance and other income Finance and other costs Dividends to the Shareholder Associates 43,251 46,511 140,711 109 1 - Joint ventures 139,426 13,504 44,104 9 - - Entities under common control of the controlling shareholder 46 - 12,976 - - - Controlling shareholder - - - - - 235,987 Associates of the controlling shareholder 183 - 245 - 1,252 - Other government owned entities 18 - 107 524 - - Total 182,924 60,015 198,143 642 1,252 235,987 Key management personnel is represented by personnel with authority and responsibility in planning, management and control of the Group's activities, directly or indirectly. Key management personnel includes all members of the Management Board and the independent members of the Board of Directors of the Company. The table below represents remuneration of key management personnel, paid by the Company in exchange for services provided by management personnel. This remuneration includes salaries, bonuses, as well as contributions to the pension fund. No remuneration is paid or payable to representatives of the Controlling shareholder in the Board of Directors. In millions of Kazakhstani Tenge 30 September 2025 (unaudited) 30 September 2024 (unaudited) Expenses Accrued liability Expenses Accrued liability Short-term benefits Salaries and bonuses 912 47 665 45 Total 912 47 665 45 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 For the three-month period ended For the nine-month period ended 30 September 2025 (unaudited) 30 September 2024 (unaudited) 30 September 2025 (unaudited) 30 September 2024 (unaudited) Sales of uranium 493,930 326,359 1,088,128 927,344 Sales of purchased goods and other products 9,850 13,164 31,651 25,751 Sales of beryllium products 8,324 7,396 26,378 19,023 Sales of tantalum products 5,974 6,717 12,396 16,172 Sales of processing services 5,931 820 10,393 7,007 Sales of other services 3,518 2,105 9,522 7,634 Drilling services 2,331 2,449 6,923 6,233 Transportation services 2,869 1,938 7,503 5,780 Sales of enriched uranium - 73,235 - 120,359 Sales of uranium products - 3,550 - 3,550 Total revenue 532,727 437,733 1,192,894 1,138,853 In 2024 the Group had sales contracts with Ulba-FA LLP, fuel assemblies producing plant, according to which the Group sold enriched uranium, processing services and uranium products. The mix of such goods and services could differ depending on the client’s needs. In 2025 there were no sales transactions under the contract.
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 12 7 Cost of Sales In millions of Kazakhstani Tenge For the three-month period ended For the nine-month period ended 30 September 2025 (unaudited) 30 September 2024 (unaudited) 30 September 2025 (unaudited) 30 September 2024 (unaudited) Materials and supplies 168,142 157,558 388,664 454,427 Depreciation and amortisation 34,003 24,618 82,188 71,166 Taxes other than income tax 30,408 19,677 73,855 55,916 Payroll costs 17,951 14,239 51,495 43,708 Processing and other services 12,858 27,461 29,163 50,848 Transportation expenses 1,787 1,473 4,542 4,717 Maintenance and repair 1,274 1,278 3,489 3,278 Utilities 641 343 2,036 1,609 Write-off of inventories to net realizable value (97) 212 (69) 127 Other 2,559 2,599 7,829 7,025 Total cost of sales 269,526 249,458 643,192 692,821 8 Distribution Expenses In millions of Kazakhstani Tenge For the three-month period ended For the nine-month period ended 30 September 2025 (unaudited) 30 September 2024 (unaudited) 30 September 2025 (unaudited) 30 September 2024 (unaudited) Shipping, transportation and storing 5,175 4,698 14,554 13,101 Payroll costs 588 415 1,486 1,330 Insurance 303 387 764 930 Commissions 160 61 544 204 Rent 96 (34) 220 12 Materials and supplies 49 31 108 109 Depreciation and amortisation 27 24 73 77 Other 847 633 1,508 1,212 Total distribution expenses 7,245 6,215 19,257 16,975 9 General and Administrative Expenses In millions of Kazakhstani Tenge For the three-month period ended For the nine-month period ended 30 September 2025 (unaudited) 30 September 2024 (unaudited) 30 September 2025 (unaudited) 30 September 2024 (unaudited) Payroll costs 7,190 6,584 19,846 16,854 Consulting and information services 1,778 1,037 4,419 3,489 Depreciation and amortisation 476 499 1,441 1,433 Business trip expenses 242 208 660 603 Insurance 177 78 608 243 Rent 180 102 491 354 Taxes other than income tax 69 38 449 254 Maintenance and repair 139 115 442 319 Communication 120 165 379 479 Financial support to flood-affected regions - 10 - 3,032 Other 901 1,251 3,361 3,301 Total general and administrative expenses 11,272 10,087 32,096 30,361
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 13 9 General and Administrative Expenses (Continued) The PwC network of companies provided the Group with the following audit and non-audit services (net of VAT): In millions of Kazakhstani Tenge For the nine-month period ended 30 September 2025 (unaudited) 30 September 2024 (unaudited) Audit services 247 219 Non-audit services 26 31 Total services provided 273 250 10 Impairment Losses and Reversal of Impairment Losses In millions of Kazakhstani Tenge For the three-month period ended For the nine-month period ended 30 September 2025 (unaudited) 30 September 2024 (unaudited) 30 September 2025 (unaudited) 30 September 2024 (unaudited) Reversal of impairment losses of financial assets 25 22 1,089 16,736 Impairment losses of financial assets 256 603 (1,282) (1,944) Net (impairment losses)/reversal of impairment on financial assets 281 625 (193) 14,792 11 Other Income In millions of Kazakhstani Tenge For the three-month period ended For the nine-month period ended 30 September 2025 (unaudited) 30 September 2024 (unaudited) 30 September 2025 (unaudited) 30 September 2024 (unaudited) Fines and penalties 2,519 338 3,601 850 Gain from revaluation and disposal of inventory loan - - - 14,332 Other 2,538 2,007 2,996 3,285 Total other income 5,057 2,345 6,597 18,467 12 Other Expenses and Net Foreign Exchange (Loss)/Gain In millions of Kazakhstani Tenge For the three-month period ended For the nine-month period ended 30 September 2025 (unaudited) 30 September 2024 (unaudited) 30 September 2025 (unaudited) 30 September 2024 (unaudited) Research expenses 2,574 1,584 3,196 2,179 Fines and penalties 174 - 563 1 Social expenses 4 10 1,240 570 Loss on suspension of production 115 115 410 428 Loss on disposal of fixed assets 185 60 293 347 Non-recoverable VAT 41 99 150 263 Depreciation and amortisation 52 47 145 158 Other 2,501 1,535 5,327 4,142 Total other expenses 5,646 3,450 11,324 8,088
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 14 12 Other Expenses and Net Foreign Exchange (Loss)/Gain (Continued) Net foreign exchange (loss)/gain In millions of Kazakhstani Tenge For the three-month period ended For the nine-month period ended 30 September 2025 (unaudited) 30 September 2024 (unaudited) 30 September 2025 (unaudited) 30 September 2024 (unaudited) Foreign exchange (loss) on financing activities, net (8,534) (2,063) (8,449) (5,624) Foreign exchange gain on operating activities, net 19,745 14,289 6,919 25,191 Net foreign exchange (loss)/gain 11,211 12,226 (1,530) 19,567 13 Finance Income and Costs In millions of Kazakhstani Tenge For the three-month period ended For the nine-month period ended 30 September 2025 (unaudited) 30 September 2024 (unaudited) 30 September 2025 (unaudited) 30 September 2024 (unaudited) Finance income Interest income 14,019 5,156 42,797 19,544 Revaluation of other investments (Note 23) 3,223 - 4,764 - Other finance income 197 56 792 986 Total finance income 17,439 5,212 48,353 20,530 In millions of Kazakhstani Tenge For the three-month period ended For the nine-month period ended 30 September 2025 (unaudited) 30 September 2024 (unaudited) 30 September 2025 (unaudited) 30 September 2024 (unaudited) Finance costs Interest expense 3,194 2,986 9,335 7,402 Unwinding of discount on provisions 1,410 1,322 4,202 3,925 Revaluation of other investments (Note 23) - 740 - 1,252 Other finance costs 41 2,046 147 2,228 Total finance costs 4,645 7,094 13,684 14,807 14 Income Tax Expense Income tax expense is recognised based on management’s estimate of the weighted average annual effective rate. The estimated rate used for the period ended 30 September 2025 is 18%. The estimated tax rate for 2024 was 20% because of adjustment accrued in accordance with transfer pricing legislation in the amount of Tenge 30,950 million. Weighted average rate for 2025 was revised by the management from 20% to 18% in line with expected decrease in income from adjusted uranium sales transactions under transfer pricing to Tenge 10,046 million.
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 15 15 Earnings per Share and Carrying Value of One 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 period. The Company has no dilutive potential ordinary shares, therefore, the diluted earnings per share equal the basic earnings per share. Earnings per share from continuing operations is calculated as follows: For the three-month period ended For the nine-month period ended 30 September 2025 (unaudited) 30 September 2024 (unaudited) 30 September 2025 (unaudited) 30 September 2024 (unaudited) Profit for the period attributable to owners of the Company (in millions of Kazakhstani Tenge) 215,422 123,399 417,490 604,904 Number of ordinary shares (in thousands) 259,357 259,357 259,357 259,357 Earnings per share attributable to the owners of the Company, basic and diluted (Kazakhstani Tenge per share) 831 476 1,610 2,332 Carrying value per share is calculated based on financial information from the Statement of Financial Position as follows: 30 September 2025 31 December 2024 Total assets of the Group (in millions of Kazakhstani Tenge) 3,952,965 3,821,881 Intangible assets (in millions of Kazakhstani Tenge) (60,751) (61,253) Total liabilities of the Group (in millions of Kazakhstani Tenge) (851,112) (824,330) 3,041,102 2,936,298 Number of ordinary shares (in thousands) 259,357 259,357 Book value of one share (Kazakhstani Tenge per share) 11,726 11,321
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 16 16 Property, Plant and Equipment Movements in the carrying amount of property, plant and equipment were as follows: In millions of Kazakhstani Tenge Land Railway infrast- ructure Buildings Machinery and equipment Vehicles Other Construc- tion in progress Total At 1 January 2025 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 - - 213 4,245 5,110 729 23,605 33,902 Transfers - 36 3,943 2,244 60 407 (6,690) - Depreciation charge for the period - (70) (5,633) (7,432) (2,839) (637) - (16,611) Other - - (51) (28) (22) 10 (185) (276) At 30 September 2025 (unaudited) Cost 720 2,146 166,714 129,979 46,786 10,175 51,750 408,270 Accumulated depreciation and impairment - (1,376) (66,821) (69,839) (19,544) (6,447) (796) (164,823) Carrying amount 720 770 99,893 60,140 27,242 3,728 50,954 243,447 Construction in progress includes mainly costs incurred for the construction of the uranium processing plant for Tenge 22,364 million. At 30 September 2025, the Group had contractual capital expenditure commitments in respect of property, plant and equipment of Tenge 32,495 million (2024: Tenge 27,037 million). At 30 September 2025, the cost of fully depreciated property, plant and equipment still in use was Tenge 46,499 million (2024: Tenge 43,375 million). During the nine months of 2025 the amount of capitalised interest on loans was Tenge 1,708 million. Depreciation and amortisation charged on long-term assets for the three and nine month periods ended 30 September are as follows: In millions of Kazakhstani Tenge For the three-month period ended For the nine-month period ended 30 September 2025 (unaudited) 30 September 2024 (unaudited) 30 September 2025 (unaudited) 30 September 2024 (unaudited) Mine developments assets 22,598 17,151 61,028 48,066 Mineral rights 10,473 11,022 31,199 27,017 Property, plant and equipment 5,628 4,738 16,611 14,096 Intangible assets 480 377 1,403 1,107 Right-of-use assets 32 69 124 108 Investment property 8 8 25 26 Total accrued depreciation and amortisation 39,219 33,365 110,390 90,420
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 17 16 Property, Plant and Equipment (Continued) Depreciation and amortisation charged to profit or loss for the three and nine month periods ended 30 September are included in: In millions of Kazakhstani Tenge For the three-month period ended For the nine-month period ended 30 September 2025 (unaudited) 30 September 2024 (unaudited) 30 September 2025 (unaudited) 30 September 2024 (unaudited) Cost of sales 34,003 24,618 82,188 71,166 General and administrative expenses 476 499 1,441 1,433 Distribution expenses 27 24 73 77 Other expenses 52 47 145 158 Total depreciation and amortisation charged to profit or loss 34,558 25,188 83,847 72,834 17 Mine development assets In millions of Kazakhstani Tenge Field preparation Site restoration asset Ion-exchange resin Total At 1 January 2025 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 108,962 - 2,209 111,171 Transfers - 23 - 23 Depreciation charge (60,100) (393) (535) (61,028) At 30 September 2025 (unaudited) Cost 742,551 12,023 24,876 779,450 Accumulated depreciation and impairment (422,084) (7,569) (8,923) (438,576) Carrying amount 320,467 4,454 15,953 340,874 18 Mineral Rights In millions of Kazakhstani Tenge At 1 January 2025 Cost 1,360,984 Accumulated depreciation and impairment (190,778) Carrying amount 1,170,206 Changes in accounting estimates 170 Depreciation charge (31,199) At 30 September 2025 (unaudited) Cost 1,361,154 Accumulated depreciation and impairment (221,977) Carrying amount 1,139,177
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 18 19 Exploration and Evaluation Assets In millions of Kazakhstani Tenge Note Tangible assets Intangible assets Total At 1 January 2025 13,383 1,409 14,792 Additions 3,624 2 3,626 Disposal (30) - (30) At 30 September 2025 (unaudited) 16,977 1,411 18,388 20 Investments in Associates The table below summarises the changes in the carrying value of the Group’s investments in associates: In millions of Kazakhstani Tenge Carrying value at 1 January 2025 218,219 Share of results of associates 111,724 Dividends received from associates (82,726) Dividends receivable (Note 23) (24,496) Other (1,120) Carrying value at 30 September 2025 (unaudited) 221,601 The Group has the following investments in associates: Country of incorpo-ration Principal activities 30 September 2025 (unaudited) 31 December 2024 % ownership interest held/ voting rights In millions of Kazakhstani Tenge % ownership interest held/ voting rights In millions of Kazakhstani Tenge JV KATCO LLP Kazakhstan Extraction, processing and export of uranium products 49.00% 176,697 49.00% 138,146 JV South Mining Chemical Company LLP Kazakhstan Extraction, processing and export of uranium products 30.00% 25,668 30.00% 50,630 JV Zarechnoe JSC Kazakhstan Extraction, processing and export of uranium products 49.98% 10,606 49.98% 22,210 Kyzylkum LLP Kazakhstan Extraction, processing and export of uranium products 50.00% 6,124 50.00% 5,772 SSAP LLP Kazakhstan Production of sulphuric acid 9.89% 1,311 9.89% 1,083 JV Rusburmash LLP Kazakhstan Geological exploration, drilling services 49.00% 976 49.00% 199 Zhanakorgan-Transit LLP Kazakhstan Transportation services 40.00% 219 40.00% 179 Total investments in associates 221,601 218,219 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.
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 19 20 Investments in Associates (Continued) Summarised financial information for the nine-month period ended 30 September 2025 and as of 30 September 2025 in respect of each of the Group’s material associates is set out below. In millions of Kazakhstani Tenge Kyzylkum LLP JV KATCO LLP JV South Mining Chemical Company LLP JV Zarechnoe JSC Other Total Current assets 5,574 134,410 177,390 34,209 10,884 362,467 Including cash 2,997 62,488 12,794 4,188 2,804 85,271 Non-current assets 14,248 245,224 72,144 30,268 14,290 376,174 Total assets 19,822 379,634 249,534 64,477 25,174 738,641 Current liabilities (4,455) (26,021) (107,176) (8,045) (7,326) (153,023) Including financial liabilities net of trade and other accounts payable and provisions - (410) (136) (60) - (606) Non-current liabilities (1,627) (15,910) (44,984) (8,863) (1,518) (72,902) Including financial liabilities net of trade and other accounts payable and provisions - (535) (33,454) (10) - (33,999) Total liabilities (6,082) (41,931) (152,160) (16,908) (8,844) (225,925) Net assets 13,740 337,703 97,374 47,569 16,330 512,716 Group’s share of net assets of associates 6,870 165,475 29,212 23,775 2,553 227,885 Unrealised profit - (9,222) (3,544) (13,211) - (25,977) Additional allocation of profits - 20,376 - - - 20,376 Other (746) - - 42 (129) (833) Goodwill - 68 - - 82 150 Carrying value of investments in associates 6,124 176,697 25,668 10,606 2,506 221,601 Total revenue 14,665 231,643 152,534 22,746 21,679 443,267 Depreciation and amortisation (822) (21,692) (8,287) (3,395) (827) (35,023) Finance income 266 1,637 7,474 717 550 10,644 Finance costs (80) (1,399) (8,228) (755) (202) (10,664) Foreign exchange gain/(loss) - 5,727 (2,498) (23) - 3,206 (Impairment loss)/reversal of impairment loss - 20 (35) 2 1 (12) Income tax expense (225) (35,909) (21,508) (1,481) (1,153) (60,276) Profit for the period 705 123,034 83,183 5,718 4,002 216,642 Total comprehensive income 705 123,034 83,183 5,718 4,002 216,642 Unrealised profit - 10,346 5,563 (7,215) 8,694 Share of results of associates 352 84,166 30,518 (4,357) 1,045 111,724 Dividends from associates - 45,615 55,479 7,248 - 108,342
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 20 20 Investments in Associates (Continued) Summarised financial information the nine-month period ended 30 September 2024 as of 31 December 2024 in respect of each of the Group’s material associates is set out below. In millions of Kazakhstani Tenge Kyzylkum LLP JV KATCO LLP JV South Mining Chemical Company LLP JV Zarechnoe 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 in the Group - (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 12,078 156,430 149,343 41,336 20,321 379,508 Depreciation and amortisation (636) (11,906) (6,948) (4,044) (589) (24,123) Finance income 322 897 1,382 497 124 3,222 Finance costs (172) (1,736) (2,764) (525) (308) (5,505) Foreign exchange gain/(loss) (62) 2,210 1,653 1,164 - 4,965 Reversal of impairment 2 (194) (14) (12) - (218) Income tax expense (100) (15,964) (23,999) (5,065) (403) (45,531) Profit for the period 1,025 88,066 92,592 19,309 5,304 206,296 Total comprehensive income 1,025 88,066 92,592 19,309 5,304 206,296 Unrealised profit in the group - 14,780 596 1,979 - 17,355 Share in accumulated unrecognised losses - - - - (1,408) (1,408) Share of results of associates 513 67,620 28,373 11,630 357 108,493 Dividends from associates - 19,406 27,047 - 58 46,511
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 21 21 Investments in Joint Ventures The table below summarises the changes in the carrying value of the Group’s investments in joint ventures: In millions of Kazakhstani Tenge Carrying value at 1 January 2025 53,605 Share of results of joint ventures 13,320 Contributions to capital 10,977 Guarantee provided 544 Dividends received from joint ventures (20,530) Carrying value at 30 September 2025 (unaudited) 57,916 The Group has the following investments in joint ventures: Country of incorpo- ration Principal activities 30 September 2025 (unaudited) 31 December 2024 % ownership interest held/ voting rights In millions of Kazakhstani Tenge % ownership interest held/ voting rights In millions of Kazakhstani Tenge Semizbay-U LLP Kazakhstan Extraction, processing and export of uranium products 51.00% 30,680 51.00% 39,763 Taiqonyr Qyshqyl Zauyty LLP Kazakhstan Production of sulphuric acid 40.00% 12,241 40.00% 684 SKZ-U LLP Kazakhstan Production of sulphuric acid 49.00% 10,689 49.00% 10,064 Uranenergo LLP Kazakhstan Transfer and distribution of electricity, grid operations 79.23% 3,284 79.23% 3,094 Ulba FA LLP Kazakhstan Production of fuel assemblies 51.00% 1,022 51.00% - JV UKR FA CJSC Ukraine Production of nuclear fuel 33.33% - 33.33% - Total investments in joint ventures 57,916 53,605
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 22 21 Investments in Joint Ventures (Continued) Summarised financial information as of 30 September 2025 and 31 December 2024 in respect of each of the Group’s material joint ventures is set out below. In millions of Kazakhstani Tenge Semizbay-U LLP Ulba-FA LLP SKZ-U LLP Other Total 30 September 2025 31 December 2024 30 September 2025 31 December 2024 30 September 2025 31 December 2024 30 September 2025 31 December 2024 30 September 2025 31 December 2024 Current assets 53,297 75,899 483,759 377,609 7,570 3,870 55,692 3,456 600,318 460,834 Including cash 12,298 5,034 35,905 52,683 3,708 1,003 27,114 840 79,025 59,560 Non-current assets 38,063 34,155 19,029 19,814 21,473 20,414 5,568 4,952 84,133 79,335 Total assets 91,360 110,054 502,788 397,423 29,043 24,284 61,260 8,408 684,451 540,169 Current liabilities (12,450) (16,301) (439,071) (387,063) (4,345) (1,202) (27,582) (2,499) (483,448) (407,065) Including financial liabilities net of trade and other accounts payable and provisions (8,337) (7,952) (15,865) (12,616) - - - - (24,202) (20,568) Non-current liabilities (7,929) (7,316) (61,713) (13,410) (2,798) (2,728) (33) (39) (72,473) (23,493) Including financial liabilities net of trade and other accounts payable and provisions (17) (66) - (11,654) - - - - (17) (11,720) Total liabilities (20,379) (23,617) (500,784) (400,473) (7,143) (3,930) (27,615) (2,538) (555,921) (430,558) Net assets 70,981 86,437 2,004 (3,050) 21,900 20,354 33,645 5,870 128,530 109,611 Group’s share of net assets of joint ventures 36,201 44,083 1,022 (1,556) 10,731 9,974 15,472 4,269 63,426 56,770 Goodwill 4,105 4,105 - - 90 90 (1,464) (1,464) 2,731 2,731 Impairment - - - - - - (21) (21) (21) (21) Other 132 132 - - (132) - 1,538 994 1,538 1,126 Share in accumulated unrecognized profit - - - 1,556 - - - - - 1,556 Unrealised profit in the Group (9,758) (8,557) - - - - - - (9,758) (8,557) Carrying value of investments in joint ventures 30,680 39,763 1,022 - 10,689 10,064 15,525 3,778 57,916 53,605
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 23 21 Investments in Joint Ventures (Continued) Summarised financial information for the period ended 30 September 2024 and 30 September 2023 in respect of each of the Group’s material joint ventures is set out below. In millions of Kazakhstani Tenge Semizbay-U LLP Ulba-FA LLP SKZ-U LLP Other Total 30 September 2025 30 September 2024 30 September 2025 30 September 2024 30 September 2025 30 September 2024 30 September 2025 30 September 2024 30 September 2025 30 September 2024 Total revenue 49,452 54,522 128,506 95,788 11,754 10,357 3,471 2,984 193,183 163,651 Depreciation and amortisation (5,416) (3,909) (464) (666) (980) (913) (383) 297 (7,243) (5,785) Finance income 1,206 600 1,772 4,182 635 135 165 25 3,778 4,942 Finance costs (1,079) (864) (592) (856) (11) (12) - - (1,682) (1,732) Foreign exchange gain/(loss) 552 1,206 (1,716) 2,282 1 1 - - (1,163) 3,489 Impairment loss 2,820 (1,938) (2) (3) 28 14 4 (2) 2,850) (1,929) Income tax expense (5,445) (7,426) (1,837) (1,009) (679) (649) (62) (47) (8,023) (9,131) Profit/(loss) for the period 23,445 27,834 5,055 10,310 2,687 2,542 331 173 31,518 40,859 Total comprehensive income/(loss) 23,445 27,834 5,055 10,310 2,687 2,542 331 173 31,518 40,859 Unrealised profit in the Group (1,201) 2,079 - - - - - - (1,201) 2,079 Share in accumulated unrecognized profit - - 1,556 - - - - - 1,556 - Share of results of joint ventures 10,755 16,275 1,022 5,258 1,317 1,246 226 137 13,320 22,916 Dividends from joint ventures 19,839 13,277 - - 691 227 - - 20,530 13,504
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 24 22 Accounts Receivable In millions of Kazakhstani Tenge 30 September 2025 (unaudited) 31 December 2024 Trade accounts receivable 238,239 467,792 Trade accounts receivable from related parties 9,569 156,213 Total gross trade accounts receivable 247,808 624,005 Provision for impairment of trade receivables (237) (706) Provision for impairment of trade receivables from related parties (94) (339) Total net trade accounts receivable 247,477 622,960 Other accounts receivable 79,687 54,808 Other accounts receivable from related parties 910 228 Total gross other accounts receivable 80,597 55,036 Provision for impairment of other accounts receivable (1,802) (1,835) Total net other accounts receivable 78,795 53,201 Total net current accounts receivable 326,272 676,161 23 Other Financial Assets In millions of Kazakhstani Tenge 30 September 2025 (unaudited) 31 December 2024 Non-current Long-term debt securities 48,128 17,374 Restricted cash 44,572 39,746 Investment in ANU Energy 33,335 28,602 Other 287 492 Total other non-current financial assets 126,322 86,214 Current Short-term debt securities 117,593 18,626 Dividends receivable from related parties (Note 20) 24,496 - Term deposit 28 28 Other 526 1,767 Total other current financial assets 142,643 20,421 Investments in ANU Energy The Group recognises investment at fair value through profit or loss. The fair value is determined based on the fair value of uranium spot prices. The Group has recognised gain from revaluation of other investments of Tenge 4,764 million (nine-month period ended 30 September 2024: loss from revaluation of other investments of Tenge 1,252 million) (Note 13). Debt securities During the nine months of 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 in the securities of the Ministry of the Republic of Kazakhstan with fixed coupon rate maturing in 2032.
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 25 23 Other Financial Assets (continued) During the nine months of 2025, the Group also invested in short-term debt securities with a maturity of 30-180 days issued by the U.S. Department of the Treasury (U.S. Treasury) and the National Bank of the Republic of Kazakhstan. 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 it’s parent company Citigroup Inc. and Tenge 5,000 million in fixed income securities issued by Asian Development Bank maturing in September of 2028. The Group reclassified the remaining part of bonds issued by Eurasian Development Bank in the amount of U.S. Dollars 4.7 million or Tenge 2,486 million and bonds issued by Ministry of Finance of Kazakhstan in the amount of Tenge 485 million to current assets due to the maturity date in March and August 2026, respectively. As at 30 September 2025 the amount of short-term investments is Tenge 117,593 million including foreign exchange differences. 24 Other Non-financial Assets In millions of Kazakhstani Tenge 30 September 2025 (unaudited) 31 December 2024 Non-current Long-term inventories 22,655 13,075 VAT recoverable 19,554 12,745 Advances for non-current assets 16,977 4,889 Investment property 1,951 1,976 Prepaid expenses 552 508 Other assets to related parties 152 - Other assets 242 255 Total other non-current non-financial assets 62,083 33,448 Current Advances for goods and services 22,700 7,585 Advances for goods and services to related parties 6,887 1,439 Prepaid expenses 5,433 4,932 Prepaid insurance 1,518 1,082 Prepaid taxes other than income tax 269 316 Other assets to related parties 43 233 Other assets 1,110 2,648 Total other current non-financial assets 37,960 18,235 25 Inventories In millions of Kazakhstani Tenge 30 September 2025 (unaudited) 31 December 2024 Finished goods and goods for resale 338,987 317,727 Including uranium products 331,262 314,367 Raw materials 47,143 30,549 Work-in-process 46,140 36,712 Other materials 4,811 3,582 Spare parts 1,481 1,283 Fuel 948 974 Provision for obsolescence and write-down to net realisable value (2,580) (2,670) Total inventories 436,930 388,157
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 26 26 Cash and Cash Equivalents In millions of Kazakhstani Tenge 30 September 2025 (unaudited) 31 December 2024 Demand deposits 283,093 280,404 Current bank accounts 66,343 724 Cash in the form of reverse repurchase transactions 30,000 13,958 Provision for impairment (678) (701) Total cash and cash equivalents 378,758 294,385 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 12,703 million (2024: Tenge 0 million). 27 Share Capital At 30 September 2025 the total number of authorised and paid ordinary shares is 259,356,608 (30 September 2024: 259,356,608) of which 62.99336549% is owned by 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). Shares owned by the Ministry of Finance of the Republic of Kazakhstan are under fiduciary management of Samruk-Kazyna JSC. 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 period were as follows: In millions of Kazakhstani Tenge Dividends payable to shareholders at 1 January - Dividends declared during the period 327,858 Dividends paid during the period (327,858) Dividends payable to shareholders at 30 September - Dividends per share declared during the period, in Tenge 1,264.12 28 Loans and Borrowings In millions of Kazakhstani Tenge 30 September 2025 (unaudited) 31 December 2024 Non-current Bonds 54,906 105,022 Bank loans 1,149 1,379 Non-current loans and borrowings 56,055 106,401 Current Bonds 56,358 457 Bank loans 56,235 609 Non-bank loans 40,590 42,240 Total current loans and borrowings 153,183 43,306 Total loans and borrowings 209,238 149,707
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 27 28 Loans and Borrowings (Continued) Reconciliation of debt The table below shows an analysis of the debt amount and changes in the Group’s liabilities arising from financing activities: In millions of Kazakhstani Tenge Debt at 1 January 2025 149,707 Proceeds from loans and borrowings 51,258 Interest accrued 7,716 Foreign currency translation 8,450 Interest capitalised 1,708 Unwinding of discount 1,583 Repayment (6,296) Interest paid (4,888) Debt at 30 September 2025 209,238 During the nine months of 2025 the Group partially repaid a loan of Tenge 5,951 million to Stepnogorsk Mining and Chemical Complex LLP and a bank loan of Tenge 345 million to the Bank of China Kazakhstan. In March 2025 the Group entered into a loan agreement with Eurasian Bank of Development for U.S. Dollars 100 million, maturing in September 2026. The loan was intended to finance capital and operational expenditures. During the nine months of 2025, the Group received the entire loan amount of U.S. Dollars 100 million or Tenge 51,258 million. As collateral for the loan, the Group pledged future cash flows from a uranium supply contract scheduled for 2025. 29 Accounts Payable In millions of Kazakhstani Tenge 30 September 2025 (unaudited) 31 December 2024 Trade accounts payable to related parties 117,055 162,991 Trade accounts payable 100,704 117,832 Total current trade accounts payable 217,759 280,823 Other accounts payable 17,425 833 Other accounts payable to related parties 1 16 Total current other accounts payable 17,426 849 Total current accounts payable 235,185 281,672
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 28 30 Provisions In millions of Kazakhstani Tenge Environment protection Site restoration Other Total At 1 January 2025 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 - - 36 36 Unwinding of discount 375 3,812 15 4,202 Provision used during the period - - (1,338) (1,338) Change in estimate - - 170 170 At 30 September 2025 (unaudited) Non-current 4,700 44,713 2,386 51,799 Current - 3,761 7,431 11,192 Total 4,700 48,474 9,817 62,991 31 Other Liabilities In millions of Kazakhstani Tenge 30 September 2025 (unaudited) 31 December 2024 Non-current Liabilities under contracts with customers 3,452 3,117 Advances received 2,326 2,314 Deferred income from subsidies received 1,529 1,620 Issued financial guarantees 355 355 Other 422 367 Total non-current other liabilities 8,084 7,773 Current Guarantee payments from related parties 13,358 332 Accrued unused vacation payments and bonuses 11,046 15,292 Wages and salaries payable 5,008 3,275 Liabilities under contracts with customers, related parties 4,865 - Liabilities under contracts with customers 3,716 1,770 Social contributions payable 2,629 2,948 Guarantee payments 2,389 2,459 Issued financial guarantees 742 991 Other 1,209 634 Total current other liabilities 44,962 27,701
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 29 32 Contingencies and Commitments As of 30 September 2025, there are no material contingent liabilities and commitments in addition to those disclosed in the consolidated financial statements for the year ended 31 December 2024, except for the following: Environmental audits During 2025 a number of the Group’s enitities underwent environmental audits, resulting in administrative fines of Tenge 7,129 million. The Group’s management does not agree with the fines and intends to appeal them in court. As a result, no liability was recognised at 30 September 2025. 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. 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 30 September 2025 is Tenge 24,097 million (2024: Tenge 26,692 million). 33 Fair Value of Financial Instruments All financial assets and liabilities 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 23), 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 UxC LLC and TradeTech LLC independent nuclear industry’s market research and analysis companies. 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.
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 30 34 Non-Controlling Interest The following table provides information about each subsidiary that has non-controlling interest as of 30 September 2025: Name Country of incorporation and principal place of business Ownership rights held by non-controlling interest Profit or loss attributable to non-controlling interest Accumulated non-controlling interest Turanium LLP (former JV Khorasan-U LLP) Kazakhstan 50.00% 30,377 240,430 MC Ortalyk LLP Kazakhstan 49.00% 28,190 61,909 JV Budenovskoe LLP Kazakhstan 49.00% 18,621 323,761 JV Inkai LLP Kazakhstan 40.00% 17,481 154,351 Baiken-U LLP Kazakhstan 47.50% 12,506 115,816 Appak LLP Kazakhstan 35.00% 7,760 19,825 Ulba Metallurgical Plant JSC Kazakhstan 5.67% 469 8,652 Volkovgeologiya JSC Kazakhstan 0.21% 21 211 Total 115,425 924,955 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 55.63% and 44.37%, respectively (2024: 54.1% and 45.9%).
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 31 34 Non-Controlling Interest (Continued) The summarised financial information of these subsidiaries as of 30 September 2025 and 31 December 2024 as well as for the nine-month periods ended 30 September 2025 and 30 September 2024 is as follows: In millions of Kazakhstani Tenge Ulba Metallurgical Plant JSC Appak LLP JV Inkai LLP Baiken-U LLP 30 September 2025 31 December 2024 30 September 2025 31 December 2024 30 September 2025 31 December 2024 30 September 2025 31 December 2024 Current assets 71,786 70,550 30,464 47,059 200,719 271,522 169,780 145,453 Non-current assets 39,402 38,365 36,698 36,265 214,473 208,421 98,418 97,891 Current liabilities (9,515) (12,093) (6,207) (7,123) (20,459) (15,467) (6,916) (8,101) Non-current liabilities (9,228) (8,912) (4,152) (3,716) (28,762) (29,753) (17,330) (17,631) Equity, incl. 92,445 87,910 56,803 72,485 365,971 434,723 243,952 217,612 Equity attributable to the Group 83,793 79,507 36,978 47,171 211,620 247,301 128,136 114,302 Non-controlling interest 8,652 8,403 19,825 25,314 154,351 187,422 115,816 103,310 In millions of Kazakhstani Tenge Ulba Metallurgical Plant JSC Appak LLP JV Inkai LLP Baiken-U LLP 30 September 2025 30 September 2024 30 September 2025 30 September 2024 30 September 2025 30 September 2024 30 September 2025 30 September 2024 Revenue 63,423 56,887 51,205 57,702 80,721 156,885 55,737 72,138 Depreciation and amortisation (1,752) (1,670) (6,580) (4,949) (6,086) (11,323) (7,378) (7,501) Including depreciation and amortisation at fair value - - - - (639) (1,161) (3,090) (3,279) Finance income 863 908 494 928 1,643 828 792 480 Finance costs (395) (722) (276) (655) (169) (217) (492) (359) Income tax expense (2,677) (2,331) (6,084) (8,652) (9,830) (23,348) (6,774) (10,209) Including tax effect of depreciation and amortisation of adjustments to fair value - - - - 132 232 620 659 Net foreign exchange gain/(loss) 531 834 190 246 (879) (687) 685 (218) Impairment (loss)/reversal of impairment 53 76 9 (13) (1) - (27) - Profit for the period 9,287 12,024 22,170 31,118 39,399 93,379 26,329 40,156 Profit attributable to the owners of the Company 8,818 11,640 14,411 20,227 21,918 56,027 13,823 21,082 Profit attributable to non-controlling interest 469 384 7,759 10,891 17,481 37,352 12,506 19,074 Total comprehensive income for the period 9,339 12,055 22,170 31,118 39,399 93,379 26,329 40,111 Dividends declared to non-controlling interest 222 547 13,248 8,517 50,553 64,412 - - Net cash inflow/(outflow) from: - operating activities 5,273 (3,148) 43,444 32,084 133,813 146,258 (2,323) 1,507 - investing activities (2,489) (2,269) (7,665) (6,179) (18,568) (13,472) (9,211) (5,666) Including acquisition of non-current assets (2,523) (2,261) (7,665) (6,183) (18,759) (13,777) (9,211) (5,623) Including sale of non-current assets 11 2 - 4 - - - 3 - financing activities (4,808) (552) (37,911) (24,739) (110,136) (128,825) - - Net change in cash and cash equivalents (2,024) (5,969) (2,132) 1,166 5,109 3,961 (11,534) (4,159)
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 32 34 Non-Controlling Interest (Continued) The summarised financial information of these subsidiaries as of 30 September 2025 and 31 December 2024 as well as for the nine month periods ended 30 September 2025 and 30 September 2024 is as follows: In millions of Kazakhstani Tenge JV Budenovskoe LLP Turanium LLP MC Ortalyk LLP Volkovgeologiya JSC 30 September 2025 31 December 2024 30 September 2025 31 December 2024 30 September 2025 31 December 2024 30 September 2025 31 December 2024 Current assets 69,835 37,659 344,330 284,419 66,754 96,265 28,163 20,018 Non-current assets 851,600 793,694 173,095 177,696 82,016 70,527 21,819 20,042 Current liabilities (121,775) (68,317) (9,207) (13,417) (13,944) (13,399) (17,186) (16,556) Non-current liabilities (138,924) (140,301) (27,193) (28,429) (8,481) (7,831) (743) (2,204) Equity, incl. 660,736 622,735 481,025 420,269 126,345 145,562 32,053 21,300 Equity attributable to the Group 336,975 317,596 240,595 210,216 64,436 74,236 31,842 21,109 Non-controlling interest 323,761 305,139 240,430 210,053 61,909 71,326 211 191 In millions of Kazakhstani Tenge JV Budenovskoe LLP Turanium LLP MC Ortalyk LLP Volkovgeologiya JSC 30 September 2025 30 September 2024 30 September 2025 30 September 2024 30 September 2025 30 September 2024 30 September 2025 30 September 2024 Revenue 81,429 32,465 108,753 113,843 116,202 119,532 58,175 53,609 Depreciation and amortisation (9,502) (3,651) (12,296) (11,528) (9,151) (7,542) (2,788) (1,950) Including depreciation and amortisation at fair value (5,630) (2,364) (5,664) (5,878) - - - - Finance income 428 1,038 2,054 1,299 796 450 840 675 Finance costs (5,016) (4,140) (164) (320) (706) (521) (618) (1,137) Income tax expense (9,585) (2,896) (15,437) (17,270) (13,825) (16,326) (2,688) (1,238) Including tax effect of depreciation and amortisation of adjustments to fair value 1,126 1,838 1,133 1,176 - - - - Net foreign exchange gain/(loss) (4,278) 505 1,887 3,124 1,129 1,249 - (3) Impairment (loss)/reversal of impairment (30) - 8 (12) 7 (53) 130 (88) Profit for the period 38,002 10,855 60,755 69,176 57,532 65,525 10,753 12,522 Profit attributable to the owners of the Company 19,381 5,536 30,377 34,588 29,341 33,418 10,732 12,468 Profit attributable to non-controlling interest 18,621 5,319 30,378 34,588 28,191 32,107 21 54 Profit for the period 38,002 10,855 60,755 69,176 57,532 65,525 10,753 12,522 Other comprehensive income/(loss) for the period - - - - - - - - Total comprehensive income for the period 38,002 10,855 60,755 69,176 57,532 65,525 10,753 12,522 Dividends declared to non-controlling interest - - - - 37,607 25,496 1 1 Net cash inflow/(outflow) from: - operating activities 26,521 17,011 (11,371) 66,262 91,913 62,737 10,922 6,212 - investing activities (61,991) (32,664) (11,935) (13,259) (18,459) (15,920) (3,262) (2,764) Including acquisition of non-current assets (61,812) (32,664) (11,839) (13,206) (18,459) (15,920) (3,262) (2,760) Including sale of non-current assets - - - - - 1 - - - financing activities 45,270 7,650 - (3,500) (76,752) (48,405) (2,976) (1,640) Net change in cash and cash equivalents 9,800 (8,003) (23,306) 49,503 (3,298) (1,588) 4,684 1,808
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JSC National Atomic Company Kazatomprom Notes to the Condensed Interim Consolidated Financial Statements for three-month and nine-month periods ended 30 September 2025 33 35 Subsequent Events On 12 November 2025, the Group entered into a new loan agreement with Eurasian Bank of Development for U.S. Dollars 70 million for a period of 2 years.