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KZAP 2025-06-30 H1 — 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 (local): /home/ubuntu/projects/frontier/data/raw_pdfs/KZAP/2025-06-30_H1_6m-2025-ofr-eng-pdf.pdf

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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.

Statement pages (discovery)

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

Tables and checks run on 2 of 3 PDF pages for this form (timeout budget). Raise REPORT_REVIEW_HEAVY_RECON_PAGES for more.

P&L — PDF page 12

No Camelot table — OCR (v8) below.

GPU v8 OCR — page 12 (27 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
0	4.0 SIGNIFICANT FACTORS AFFECTING THE GROUP'S RESULTS OF OPERATIONS
1	The significant factors that affected the Group's results of operations during the first half of 2025 and 2024, and
2	which the Company expects to continue to affect the Group's results of operations in the future, include:
3	the price received for the sale of natural uranium and changes in natural uranium product prices;
4	changes in the Group structure;
5	the impact of changes in foreign exchange rates;
6	taxation, including mineral extraction tax;
7	the cost and availability of sulphuric acid;
8	inflation pressure on costs;
9	impact of changes in ore reserves estimates; and
10	transactions with subsidiaries, JOs JVs and associates_
11	4.1 Price received for the sale of natural uranium and changes in natural uranium product prices
12	Spot market prices for U3Og, which is the main marketable product of the Group, have the most significant effect
13	on the Group's revenue_ The majority of the Group's revenue is derived from sales of U3Oe under contracts with
14	a price formula containing reference to spot price_ In addition to spot prices_ the Group's effective realized
15	price depends upon the proportion of contracts in the portfolio with a fixed price component; including price
16	ceilings, in a given period: The average realized price for each period can therefore deviate from the prevailing
17	spot market price More information regarding the impact of spot market prices on average realized price is
18	provided in section 10.1 Uranium sales price sensitivity analysis:
19	The following table provides the average spot price and average realized price per pound of U3Og for the periods
20	indicated:
21	USD	69.11	92.62	-25
22	Average weekly spot price (per Ib U3O8)1 KZT	35391	41585	-15
23	USD	58.54	66.19	-12
24	Average realized price of the Group (per Ib U3O8) KZT	29975	29718	1
25	Average realized price of Kazatomprom (per Ib USD	57.27	62.47	8
26	U3O8) KZT	29326	28050	5

P&L — PDF page 13

Camelot table (pages 13, primary page 13).

#	Joined label	Line item	1 January 2024
0	4.2 Changes in the Group structure	4.2 Changes in the Group structure
1	No significant changes in the Group structure have taken effect in the first half of 2025.	No significant changes in the Group structure have taken effect in the first half of 2025.
2	In the first half of 2024, the following changes to the Group structure took place:	In the first half of 2024, the following changes to the Group structure took place:
3	 Beginning from 1 January 2024 the Group consolidates JV Budenovskoye LLP as a subsidiary, with		Beginning from 1 January 2024 the Group consolidates JV Budenovskoye LLP as a subsidiary, with
4	the Group's ownership stake remaining unchanged at 51% through having majority of the voting rights		the Group's ownership stake remaining unchanged at 51% through having majority of the voting rights
5	and representation in the Supervisory Board. The Group did not make any cash payments to gain		and representation in the Supervisory Board. The Group did not make any cash payments
6	control. Net gain from business combination presented in the Consolidated Statement of Profit or Loss		control. Net gain from business combination presented in the Consolidated Statement of Profit or Los
7	and Other Comprehensive Income is KZT 295,719 mln.		and Other Comprehensive Income is KZT 295,719 mln.
8	 In early 2024, the Company transferred its 49% stake in TQZ to Kazatomprom-SaUran LLP as part of		In early 2024, the Company transferred its 49% stake in TQZ to Kazatomprom-SaUran LLP as part of
9	a restructuring process aimed at simplifying and optimizing the ownership structure. In January 2024,		a restructuring process aimed at simplifying and optimizing the ownership structure. In January 2024
10	a strategic partnership agreement was signed with the Italian company Ballestra S.p.A. for the		a strategic partnership agreement was signed with the Italian company Ballestra S.p.A. f
11	construction of a new sulphuric acid plant. Kazatomprom-SaUran sold its 60% stake in TQZ to		construction of a new sulphuric acid plant. Kazatomprom-SaUran sold its 60% stake in TQ
12	Ballestra's local partner, reducing Kazatomprom's indirect stake in TQZ to 40%.		Ballestra's local partner, reducing Kazatomprom's indirect stake in TQZ to 40%.
13	In total, the number of the Group’s subsidiaries, JVs, JOs, associates and other equity investments has	In total, the number of the Group’s subsidiaries, JVs, JOs, associates and other equity
14	remained 36 as at 30 June 2025.	remained 36 as at 30 June 2025.
15	4.3 Impact of Changes in Foreign Exchange Rates	4.3 Impact of Changes in Foreign Exchange Rates
16	The Group’s exposure to currency fluctuations is associated with sales, purchases and loans in foreign	The Group’s exposure to currency fluctuations is associated with sales, purchases and lo
17	currencies. Significant cash flows of the Group are in USD because:	currencies. Significant cash flows of the Group are in USD because:
18	 uranium is generally priced in USD, therefore most of the Group’s consolidated sales revenue is		uranium is generally priced in USD, therefore most of the Group’s consolidated sales re
19	generated in USD (93% in the first half of 2025, 95% for the same period of 2024);		generated in USD (93% in the first half of 2025, 95% for the same period of 2024);
20	 the Company purchases uranium and uranium products from its JVs and associates under KZT-		the Company purchases uranium and uranium products from its JVs and associates under KZ
21	denominated contracts, with prices determined by reference to prevailing spot market prices of U3O8,		denominated contracts, with prices determined by reference to prevailing spot market prices of U3O8,
22	which are in USD;		which are in USD;
23	 a significant share of the Group’s borrowings is denominated in USD (81% as of 30 June 2025; 69% as		a significant share of the Group’s borrowings is denominated in USD (81% as of 30 June 2025; 69% as
24	of 30 June 2024), representing the currency of primary revenue. For more details, see section 8.0		of 30 June 2024), representing the currency of primary revenue. For more details, see
25	INDEBTEDNESS.		INDEBTEDNESS.
26	A significant portion of the Group’s expenses, including its operating, production and capital expenditures, is	A significant portion of the Group’s expenses, including its operating, production and capital expen
27	denominated in KZT. Accordingly, as the most of the Group’s revenue is denominated in USD, while a significant	denominated in KZT. Accordingly, as the most of the Group’s revenue is denominated in USD, while a s
28	share of its costs is KZT-denominated, the Group generally benefits from appreciation of USD against KZT	share of its costs is KZT-denominated, the Group generally benefits from appreciation of
29	which subsequently has a positive effect on the Group’s financial performance. However, given that the Group	which subsequently has a positive effect on the Group’s financial performance. However, given that t
30	has outstanding USD-denominated liabilities the positive effect of USD appreciation may fully or partially be	has outstanding USD-denominated liabilities the positive effect of USD appreciation may fully
31	offset. In addition, the Company purchases uranium and uranium products from its JVs and associates pursuant	offset. In addition, the Company purchases uranium and uranium products from its JVs and associates
32	to KZT-denominated contracts, with the prices determined by reference to prevailing spot market prices of	to KZT-denominated contracts, with the prices determined by reference to prevailing spot
33	U3O8, which are denominated in USD. Accordingly, a significant appreciation of USD would result in a	U3O8, which are denominated in USD. Accordingly, a significant appreciation of USD would
34	corresponding increase in KZT-denominated price of such contracts.	corresponding increase in KZT-denominated price of such contracts.
35	The Group attempts to mitigate the risk of fluctuations in exchange rate, where possible, by matching the	The Group attempts to mitigate the risk of fluctuations in exchange rate, where possibl
36	currency denomination of its payments with the currency denomination of its cash flows. Through this matching,	currency denomination of its payments with the currency denomination of its cash flows. Through this
37	the Group achieves natural hedging without the use of derivatives.	the Group achieves natural hedging without the use of derivatives.
38	In the first half of 2025, the USD/KZT exchange rate fluctuated between KZT 488.53 and KZT 530.24 (in the	In the first half of 2025, the USD/KZT exchange rate fluctuated between KZT 488.53 and KZT 530.24 (i
39	first half of 2024: from KZT 439.40 and KZT 471.46). The impact of currency exchange rate fluctuations	first half of 2024: from KZT 439.40 and KZT 471.46). The impact of currency exchange ra
40	negatively affected the Group’s financial results for the first half of 2025. A net foreign exchange loss for the first	negatively affected the Group’s financial results for the first half of 2025. A net foreign exchange
41	half of 2025 amounted to KZT 12,741 million (compared to a foreign exchange gain of KZT 7,341 million in the	half of 2025 amounted to KZT 12,741 million (compared to a foreign exchange gain of KZT 7,341 millio
42	first half of 2024).	first half of 2024).

No subtotal/total rows matched the built-in patterns on this table (or fewer than two detail lines above each candidate).

BS

Tables and checks run on 2 of 3 PDF pages for this form (timeout budget). Raise REPORT_REVIEW_HEAVY_RECON_PAGES for more.

BS — PDF page 27

Camelot table (pages 27, primary page 27).

#	Joined label	Line item	2025	2024	2024	2025
0	obligations on time, avoid unacceptable losses, and settle its financial obligations.	obligations on time, avoid unacceptable losses, and settle its financial obligations.
1	Change					Change
2	As at As at		As at	As at
3	As at June for six				As at June	for six
4	June 30, December		June 30,	December
5	30, 2024 months of				30, 2024	months of
6	2025 31, 2024		2025	31, 2024
7	(KZT million) 2025	(KZT million)				2025
8	Cash and cash equivalents 583,885 294,385 152,100 98%	Cash and cash equivalents	583,885	294,385	152,100	98%
9	Term deposit (deemed as cash equivalents) 28 28 17 0%	Term deposit (deemed as cash equivalents)	28	28	17	0%
10	Total cash 583,913 294,413 152,117 98%	Total cash	583,913	294,413	152,117	98%
11	Undrawn borrowing facilities 116,551 101,346 116,922 15%	Undrawn borrowing facilities	116,551	101,346	116,922	15%
12	As at 30 June 2025 total cash and cash equivalents, including current term deposits, amounted to	As at 30 June 2025	total cash and cash equivalents,	including current	term deposits, amounted	to

No subtotal/total rows matched the built-in patterns on this table (or fewer than two detail lines above each candidate).

BS — PDF page 28

Camelot table (pages 28, primary page 28).

#	Joined label	Line item	2025	2024	2024	2025
0	7.3 Working capital	7.3 Working capital
1	The table below provides a breakdown of the Group’s working capital.	The table below provides a breakdown of the Group’s working capital.
2	Change					Change
3	As at for six			As at		for six
4	As at June December As at June months of		As at June	December	As at June	months of
5	(KZT million) 30, 2025 31, 2024 30, 2024 2025	(KZT million)	30, 2025	31, 2024	30, 2024	2025
6	Inventory 470,155 388,157 402,402 21%	Inventory	470,155	388,157	402,402	21%
7	Receivables 267,025 676,161 261,117 (61%)	Receivables	267,025	676,161	261,117	(61%)
8	Recoverable VAT 219,049 219,672 184,201 (0%)	Recoverable VAT	219,049	219,672	184,201	(0%)
9	Other financial assets1 188,934 20,393 29,010 826%	Other financial assets1	188,934	20,393	29,010	826%
10	Other non-financial assets 41,412 18,235 55,815 127%	Other non-financial assets	41,412	18,235	55,815	127%
11	CIT prepayment 90,660 9,508 5,475 854%	CIT prepayment	90,660	9,508	5,475	854%
12	Payables (299,100) (281,672) (219,390) 6%	Payables	(299,100)	(281,672)	(219,390)	6%
13	Employee remuneration liabilities (310) (399) (232) (22%)	Employee remuneration liabilities	(310)	(399)	(232)	(22%)
14	Income tax liabilities (2,514) (7,482) (18,667) (66%)	Income tax liabilities	(2,514)	(7,482)	(18,667)	(66%)
15	Other taxes and compulsory payments liabilities (52,994) (47,931) (40,147) 11%	Other taxes and compulsory payments liabilities	(52,994)	(47,931)	(40,147)	11%
16	Other current liabilities (386,374) (27,701) (30,115) 1295%	Other current liabilities	(386,374)	(27,701)	(30,115)	1295%
17	Net working capital 535,943 966,941 629,469 (45%)	Net working capital	535,943	966,941	629,469	(45%)
18	1 Excludes term deposits in amount of KZT 28 million in the first half of 2025 (as at December 31, 2024: KZT 28 million; first half of 2024:	1 Excludes term deposits in amount of KZT 28 million in the first half of 2025 (as at December 31, 2

No subtotal/total rows matched the built-in patterns on this table (or fewer than two detail lines above each candidate).

CF

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CF — PDF page 28

No Camelot table — OCR (v8) below.

GPU v8 OCR — page 28 (15 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	2025	2024	2024	2025
0	7.3 Working capital
1	The table below provides a breakdown of the Group's working capital.
2	(KZT million)	30.2025	31.2024	30.2024	2025
3	Inventory	470155	388157	402402	21
4	Receivables	267025	676161	261117	-61
5	Recoverable VAT	219049	219672	184201
6	Other financial assetsl	188934	20393	29010	826
7	Other non-financial assets	41412	18235	55815	1270
8	CIT prepayment	90660	9508	5475	8549
9	Payables	-299100	-281672	-219390	69
10	Employee remuneration liabilities	-310	-399	-232	-22
11	Income tax liabilities	-2514	-7482	-18667	-66
12	Other taxes and compulsory payments liabilities	-52994	-47931	-40147	11
13	Other current liabilities	-386374	-27701	-30115	1295
14	Net working capital	535943	966941	629469	-45

CF — PDF page 29

Camelot table (pages 29, primary page 29).

#	Joined label	Line item	Column 2	Column 3	Column 4	Column 5
0	Provision for obsolescence and write-down to	Provision for obsolescence and write-down to
1	net realizable value (2,677) (2,670) (2,816) 0%	net realizable value	(2,677)	(2,670)	(2,816)	0%
2	Total inventories 470,155 388,157 402,402 21%	Total inventories	470,155	388,157	402,402	21%
3	The Group constantly monitors the uranium market and may pursue a strategy of increasing its inventories in	The Group constantly monitors the uranium market and may pursue a strategy of increasing its invento
4	certain market conditions.	certain market conditions.
5	The Group’s main inventory items are finished goods and goods for resale, which primarily consist of U3O8 and	The Group’s main inventory items are finished goods and goods for resale, which primarily consist of
6	other uranium products.	other uranium products.
7	As of 30 June 2025, the inventory balance increased compared to 31 December 2024 which is mainly due to	As of 30 June 2025, the inventory balance increased compared to 31 December 2024 which is mainly due
8	an increase in the Group inventory of finished goods, U3O8 (see section 5.2.2 Uranium segment production and	an increase in the Group inventory of finished goods, U3O8 (see section 5.2.2 Uranium segment produc
9	sales metrics). Raw materials and work-in-process increased primarily due to growth in the production volumes	sales metrics). Raw materials and work-in-process increased primarily due to growth in the productio
10	of U3O8 in line with 2025 Guidance.	of U3O8 in line with 2025 Guidance.
11	7.4 Cash Flows	7.4 Cash Flows
12	The following cash flow review is based upon and should be read in conjunction with the Financial Statements	The following cash flow review is based upon and should be read in conjunction with the Financial St
13	and related notes.	and related notes.

No subtotal/total rows matched the built-in patterns on this table (or fewer than two detail lines above each candidate).

Formulas used

• Net debt: debt_short + debt_long + other_financial_liabilities + non_controlling_interest − cash (mln); debt_short + debt_long + other_financial_liabilities + non_controlling_interest − cash (from row components)
• EBITDA: computed as operating_profit + da