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KMGZ 2025-09-30 9M — report review

Status: OK; Currency: KZT; Amounts unit: millions; Forms: ✓ ✓ ✓

Report published: Not stored for this period — set financial_report_date on the row (EDGAR filingDate, KASE change_date, or manual_catalog).

Full financial report: Report (PDF)

PDF: Open the filing PDF (primary document)

To recalculate statement detection and previews from the PDF, use this link The default link runs in the background: a status panel shows phase, elapsed time, rough ETA, CUDA vs CPU, and OOM hints, then loads the finished report. Heavy mode with refresh does this automatically so reverse proxies do not return 502. Add &sync=1 only for one long blocking request (not recommended). You can use ?refresh=1, ?recalc=1, ?nocache=1, or ?recompute=1 on the URL. (block in the browser until done: synchronous refresh)

Default view is fast (metric table + statement page numbers only) so reverse proxies do not time out. Use ?heavy=1 when you need embedded page images and Camelot tables.

Metric mapping (value → extracted evidence)

Metric values use dashboard units where applicable; evidence is the stored snippet from the PDF text layer or OCR used during extraction.

Net debt structure (leases included, IFRS 16)

Net debt / LTM EBITDA: 1.0x

EBITDA → net profit bridge

The finance-costs/tax line is derived as EBIT minus net profit; see the filing PDF above for the detailed split.

Statement pages (discovery)

Below: last full statement reconstruction (PDF scans + tables + subtotal checks) cached from a ?heavy=1 run. Open heavy mode to rebuild if the PDF, discovery, or extraction changed. full previews & tables (?heavy=1).

Statement previews & reconstructed tables

Highlights Yellow row = matched stored evidence label; orange cell = exact number used for that metric (hover row for details). Revenue Operating profit D&A EBITDA Net profit cash debt_short debt_long Assets Equity Operating CF Investing CF

Green / amber / red bars on the label column mark subtotal rows where summed detail lines match the reported total (heuristic). The table under each reconstructed grid lists every check (Σ detail vs reported, status).

P&L

P&L — PDF page 6

No Camelot table — OCR (v8) below.

GPU v8 OCR — page 6 (32 rows). Blank amount cells are normal for section headers and line-wrapped captions; 0 from OCR on those rows is not a reported financial zero. Amounts follow the PDF header (often thousands of currency).

#	Joined label	Column 2	Column 3	Column 4	Column 5
0	Interim condensed consolidated
1	Joint Stock Company "National Company "KazMunayGas" financial statements (unaudited)
2	INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
3	INCOME
4	For the three and nine months ended September 30,2025_
5	Revenue and other income
6	Revenue from contracts with customers	2557080	2109258	7057574	348618
7	Share in profit of joint ventures and associates, net	211655	139146	560392	407336
8	Gain from disposal of subsidiary	0	0	3000	16410
9	Interest revenue calculated using the effective	0			14920
10	interest methoa	51274	45361	144943	142307
11	Other finance income	3376	1871	30538	114742
12	Qther operating_income	3734	1479	23.98	37.823
13	Total revenue and other income	2827.119	2303115	7820.427	67236
14	Costs and expenses
15	Cost of purchased oil, gas_ petroleum products				12208
16	and other materials	-1405037	-958649	-3831807	-3298788
17	Production expenses	-395616	-384303	-1154392	23298
18	Taxes other than income tax	-155548	129.948	-437479	432.396
19	Depreciation, depletion and amortization	-180582	170.926	-533584	-493348
20	Transportation and selling expenses	89.265	71555	-234948	-203119
21	General and administrative expenses	-65176	6	-159428	-187781
22	Impairment of property , plant and equipment and exploration expenses	-7150	-30621	-26613	-47445
23	Finance costs	-83956	86783	247.969	-253923
24	Foreign exchange gain, net	102017	16708	79289	56045
25	Recovery of expected credit losses/(expected			4	9490
26	credit losses	9591	2.837	5615	499
27	Other_expenses	-40948	4991	26.785	21.3631
28	Total costs and expenses	-2281670	900.91	6.568	65914.915
29	Profit before income tax	545449	402204	1252326	1152321
30	Income tax expenses	-101792	-84825	274.292	-285.436
31	Net profit for theperiod	443657	317.379	978034	866885

P&L — PDF page 7

No Camelot table — OCR (v8) below.

GPU v8 OCR — page 7 (30 rows). Blank amount cells are normal for section headers and line-wrapped captions; 0 from OCR on those rows is not a reported financial zero. Amounts follow the PDF header (often thousands of currency).

#	Joined label	Column 2	Column 3	Column 4	Column 5
0	Interim condensed consolidated
1	Joint Stock Company *National Company "KazMunayGas" financial statements (unaudited)
2	INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
3	INCOME (continued)
4	Other comprehensive incomel(loss)
5	Other comprehensive (loss)hincome to be
6	reclassified to profit or loss in subsequent periods Hedging effect	-1873	2.04	-4773	3061
7	Exchange differences on translation of foreign operations	589874	203017	461098	577697
8	Net loss on hedge of a net investment	-143747	-52115	-118076	146.056
9	Tax effect	34.122	12.893	26.286	-34.81
10	Net other comprehensive income to be
11	reclassified to profit or loss in the subsequent			244	200
12	periods_net of tax	410.132	135.969	311963	399892
13	Other comprehensive incomel(loss) not to be
14	reclassified t0 profit or loss in subsequent periods
15	Actuarial gain/(loss) on defined benefit plans net of tax	88	-2332	868	-1796
16	Actuarial (loss)Igain on defined benefit plans of		0	28	119
17	the joint ventures net of tax	-70	0	628	112
18	Net other comprehensive incomel(loss) not to
19	be rec lassified to profit or loss in the			4408	-1
20	subsequent periods net of tax	18	331	1496	684
21	Net other comprehensive income for the period, net of tax	410.15	133638	313.459	398208
22	Total comprehensive income for the period, net of tax	853807	451017	1291493	265093
23	Net profitl(loss) for the period attributable to:				1
24	Equity holders of the Parent Company	426543	310972	962540	868961
25	Non-controlling _interests	17.114	6407	15494	76
26	Total comprehensive incomel(loss) attributable
27	to: Equity holders of the Parent Company	836326	444654	1275610	1267103
28	Non-controlling interests _	12481	6363	15883	2010
29	Earnings per share* tenge thousands Basic and diluted	0.7	0.51	158	142

BS

BS — PDF page 8

No Camelot table — OCR (v8) below.

GPU v8 OCR — page 8 (31 rows). Blank amount cells are normal for section headers and line-wrapped captions; 0 from OCR on those rows is not a reported financial zero. Amounts follow the PDF header (often thousands of currency).

#	Joined label	Column 2	Column 3
0	Interim condensed consolidated
1	Joint Stock Company "National Company "KazMunayGas" financial statements (unaudited)
2	INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
3	As at September 30,2025
4	Assets
5	Non-current assets
6	Exploration and evaluation assets	233087	216448
7	Property, plant and equipment	7919868	7834160
8	Investment property	8435	12374
9	Intangible assets	949497	943156
10	Right-of-use assets	126357	122991
11	Investments in joint ventures and associates	5331644	5378513
12	VAT receivable	27357	30396
13	Advances for non-current assets	148197	88216
14	Other non-current non-financial assets	7626	7767
15	Loans and receivables due from related parties	174770	121673
16	Other non-current financial assets	115611	48249
17	Long-term bank deposits	79459	74329
18	Deferred income tax assets	43797	50705
19	Current assets
20	Inventories	407336	413741
21	Trade accounts receivable	778404	443057
22	VAT receivable	46192	48408
23	Income tax prepaid	38524	41170
24	Other current non-financial assets	205046	180754
25	Loans and receivables due from related parties	60812	84240
26	Other current financial assets	71464	63528
27	Short-term bank deposits	1911364	1513816
28	Cash and cash equivalents	1639372	1216.451
29	Assets classified as held for sale	497	505
30	Total assets	20324716	18934647

BS — PDF page 9

No Camelot table — OCR (v8) below.

GPU v8 OCR — page 9 (35 rows). Blank amount cells are normal for section headers and line-wrapped captions; 0 from OCR on those rows is not a reported financial zero. Amounts follow the PDF header (often thousands of currency).

#	Joined label	Column 2	Column 3
0	Interim condensed consolidated
1	Joint Stock Company "National Company "KazMunayGas" financial statements (unaudited)
2	INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
3	(continued)
4	Equity and liabilities
5	Equity	4	1
6	Share capital	916541	916541
7	Additional paid-in capital	1142	1142
8	Other equity	-7146	-2373
9	Currency translation reserve	5449215	5132868
10	Retained earnings	6.645	5985894
11	Attributable to equity holders of the Parent Company	73005498	12034072
12	Non-controlling_interests	-97540	-109788
13	Total equity	12907958	11924284
14	Non-current liabilities	4	111
15	Borrowings	3681974	3644111
16	Lease liabilities	120778	103334
17	Other non-current financial liabilities	1942	7096
18	Provisions	317238	308129
19	Employee benefit liabilities	77210	75999
20	Other non-current non-financial liabilities	76357	36175
21	Deferred income tax liabilities_	1398932	1391836
22	Current liabilities		7
23	Trade accounts payable	681514	598787
24	Borrowings	444417	323290
25	Lease liabilities	16798	20882
26	Other current financial liabilities	214918	169150
27	Provisions	22151	19524
28	Employee benefit liabilities	6003	6516
29	Income tax payable	44508	15600
30	Other taxes payable	142778	83631
31	Other current non-financial liabilities	169240	206303
32	Total liabilities	3416.758	7010363
33	Total equity and liabilities	20324716	18934647
34	Book value per ordinary share* tenge thousands	19.6	17.998

CF

CF — PDF page 10

No Camelot table — OCR (v8) below.

GPU v8 OCR — page 10 (33 rows). Blank amount cells are normal for section headers and line-wrapped captions; 0 from OCR on those rows is not a reported financial zero. Amounts follow the PDF header (often thousands of currency).

#	Joined label	Column 2	Column 3
0	Interim condensed consolidated
1	Joint Stock Company "National Company "KazMunayGas" financial statements (unaudited)
2	INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
3	For the nine months ended September 30,2025
Operating activities
4	Cash flows from operating activities Profit before income tax	1252326	1152321
5	Adjustments:
6	Depreciation, depletion and amortization	533584	493348
7	Impairment of property; plant and equipment and exploration expenses	26613	47445
8	Realized losses/(gains) from derivatives on petroleum products	10460	-14958
9	Interest revenue calculated using the effective interest method	-144943	142.307
10	Other finance income	-30538	-114742
11	Finance costs	247969	253923
12	Share in profit of joint ventures and associates net	-560392	-407336
13	Movements in provisions	12771	-6125
14	Net foreign exchange gain	-79289	-71671
15	Gain from disposal f subsidiary	-3000	-16410
16	Reversal of write off of inventories to net realizable value	-2509	-2402
17	Loss/(gain) on disposal of property, plant and equipment, intangible assets_ investment property and assets held for sale, net	5430	-889
18	(Recovery of expected credit losses)lexpected credit losses	-5615	9499
19	VAT that could not be offset	4687	1075
20	Other adjustments	5430	259
21	Operating profit before working capital changes	1272984	1180512
22	Change in VAT receivable	-1619	24612
23	Change in inventory	4506	17315
24	Change in trade accounts receivable and other current assets	-424349	-1408
25	Change in trade and other payables and contract liabilities	68952	-88054
26	Change_in other taxes payable_	56190	-131970
27	Cash generated from operating activities	976664	1001007
28	Dividends received from joint ventures and associates	763209	558772
29	Income taxes paid	-173707	-112894
30	Interest received	124077	103894
31	Interest paid	147.83	-130757
32	Net cash flow from operating activities	1542413	1420022

CF — PDF page 11

No Camelot table — OCR (v8) below.

GPU v8 OCR — page 11 (41 rows). Blank amount cells are normal for section headers and line-wrapped captions; 0 from OCR on those rows is not a reported financial zero. Amounts follow the PDF header (often thousands of currency).

#	Joined label	Column 2	Column 3
0	Interim condensed consolidated
1	Joint Stock Company *National Company "KazMunayGas" financial statements (unaudited)
2	INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (continued)
Investing activities
3	Cash flows from investing activities	1	1470
4	Placement of bank deposits	-2299158	-1479016
5	Withdrawa of bank deposits	1985589	308438
6	Purchase of property plant and equipment, intangible assets and exploration	1	1
7	and evaluation assets	-447783	-407685
8	Proceeds from sale of property, plant and equipment; exploration and	0	4920
9	evaluation assets and assets held for sale	4425	239
10	Additional contributions to joint ventures without changes in ownership	-36736	-13144
11	Deferred consideration paid for the acquisition of subsidiary	0	520
12	Proceeds from disposal of share in joint venture without losing joint control	0	4465
13	Proceeds from disposal of subsidiaries net of cash disposed	1163	8010
14	Loans given to related parties	-26469	-36067
15	Repayment of loans due from related parties	524	45023
16	Proceeds from sale of notes of the National Bank of RK	361120	242324
17	Acquisition of notes of the National Bank of RK	-356903	-244037
18	Proceeds from bonds redemption of Samruk-Kazyna	20000	0
19	Acquisition of bonds of Samruk-Kazyna	-10000
20	Other	2.5041	5888
21	Net cash flows used in investing activities	805.732	6566.082
Financing activities
22	Cash flows from financing activities	994	1768
23	Proceeds from borrowings	221451	176926
24	Repayment of borrowings	-260196	554.583
25	Dividends paid to shareholders	-300002	300.002
26	Dividends paid to non-controlling interests	-3559	-2743
27	Distribution of net assets of
28	KazMunaiGas Exploration Production JSC to non-controlling interest		-5901
29	Distributions to Samruk-Kazyna	-61	-13
30	Proceeds from the repo agreements	30739	22074
31	Repayment of the repo agreements	-32624	-22074
32	Other operations	-4292	-3558
33	Repayment of principal portion of lease liabilities	21792	-22548
34	Other	0.732	0
35	Net cash flows used in financing activities_	-372068	-712.422
36	Effects of exchange rate changes on cash and cash equivalents	58319	70976
37	Change_in allowance for expected credit losses		363
38	Net change in cash and cash equivalents	422921	212458
39	Cash and cash equivalents_ at the_beginning_of the period_	1216451	50873
40	Cash and cash equivalentsat the end of the period	1639372	1263331

Formulas used

• Net debt: debt_short + debt_long + other_financial_liabilities + non_controlling_interest − cash (mln); [DeepSeek] net_debt (mln KZT, batch apply)
• EBITDA: [data/raw_pdfs/KMG/2025-09-30_Q3_9m2025-conso-fs-kmg-eng.pdf p.6, 9M 2025 column] KMG definition (release footnote 4): revenue + share in profit of JVs and associates - purchased oil/gas/products - production - taxes other than income tax - transportation and selling - G&A = 1,799,912