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KZAP 2025-12-31 FY — report review

Status: OK — incomplete — unset metrics listed below; 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/2025-12-31_FY_fy2025-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 13

Camelot table (pages 13, primary page 13).

#	Joined label	Line item
0	entity's equity. The Group does not have a significant influence on the management operations of the entity, and the Group therefore	entity's equity. The Group does not have a significant influence on the management oper
1	cognises this investment at fair value through profit or loss and does not increase the number of entities within the Holding. As at the	cognises this investment at fair value through profit or loss and does not increase the
2	reporting date, the Group classifies ANU Energy as “other investments” within other financial assets in the consolidated financial statements.	reporting date, the Group classifies ANU Energy as “other investments” within other financial assets
3	6.3 Effective 14 August 2025, KAP Technology LLP acquired 15% of shares for KZT 22,500 in Asia Stroy Service Group LLP, a Siemens	6.3 Effective 14 August 2025, KAP Technology LLP acquired 15% of shares for KZT 22,500 in Asia Stroy
4	OEM partner. The project is a part of strategic partnership between Kazatomprom and Siemens is the production and sale of high-precision	OEM partner. The project is a part of strategic partnership between Kazatomprom and Siemens is the p
5	measuring instruments (electromagnetic flowmeters). The Group does not intend to participate in the management of Asia Stroy Service	measuring instruments (electromagnetic flowmeters). The Group does not intend to participate in the
6	Group LLP, and as of the reporting date, the Group classifies these shares as other investments. Due to its immateriality, this transaction	Group LLP, and as of the reporting date, the Group classifies these shares as other investments. Due
7	was not separately disclosed in Section 5.2 Changes in Group Structure.	was not separately disclosed in Section 5.2 Changes in Group Structure.
8	7 Kazatomprom has acquired remaining 0.0001% of shares of “KAP Logistics” LLP from “Karatau” LLP in June 2025 as a result of a direct	7 Kazatomprom has acquired remaining 0.0001% of shares of “KAP Logistics” LLP from “Karatau” LLP in
9	sale. As at 31 December 2025, Kazatomprom owns 100% of shares of “KAP Logistics” LLP. Due to insignificance of this transaction it has	sale. As at 31 December 2025, Kazatomprom owns 100% of shares of “KAP Logistics” LLP. Due to insigni
10	not been separately disclosed in section 5.2 Changes in the Group structure.	not been separately disclosed in section 5.2 Changes in the Group structure.
11	8 On June 22, 2022, Kyiv Economic Court declared JV UKR TVS СJSC bankrupt and a liquidation procedure was introduced. The Kyiv	8 On June 22, 2022, Kyiv Economic Court declared JV UKR TVS СJSC bankrupt and a liquidation procedur
12	Economic Court extended the bankruptcy procedures for JV UKR TVS CJSC.	Economic Court extended the bankruptcy procedures for JV UKR TVS CJSC.

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

P&L — PDF page 14

No Camelot table — OCR (v8) below.

GPU v8 OCR — page 14 (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	5.0 SIGNIFICANT FACTORS AFFECTING THE GROUP'S RESULTS OF OPERATIONS
1	Significant factors that affected the Group's results of operations during 2025 and 2024,and which the Company
2	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_ as well as availability of critical operating materials stemming from supply-
9	chain disruptions;
10	impact of changes in ore reserves estimates; and
11	transactions with subsidiaries, JVs, JOs and associates_
12	5.1 Price received for the sale of natural uranium and changes in natural uranium product prices
13	Spot market prices for U:Og, which is the main marketable product of the Group, have the most significant effect
14	on the Group's revenue. The majority of the Group's revenue is derived from sales of U3Og under contracts with
15	market prices and the relative weight of fixed-price components across the contract portfolio. The average
16	realized price for each period can therefore deviate from the prevailing spot market price_ More information
17	regarding the impact of spot market prices on average realized price is provided in section 12.1 Uranium sales		12.1
18	price sensitivity analysis_
19	The following table provides the average spot price and average realized price per pound of UzOg for the periods		20
20	indicated:
21	USD	72.75	86.28	16
22	Average weekly spot price (per Ib U3O8)1 KZT	37927	40474
23	USD	65.32	69.48
24	Average realized price of the Group (per Ib U3O8) KZT	34058	32592	4
25	USD	62.33	65.78	59
26	Average realized price of Kazatomprom (per Ib U3Og) KZT	32495	30858	59

BS

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BS — PDF page 28

Camelot table (pages 28, primary page 28).

#	Joined label	Line item	2025	2024	Change
0	9.1 Cash and available source of financing	9.1 Cash and available source of financing
1	The Group manages its liquidity requirements to ensure sufficient cash to meet liabilities as they fall due,	The Group manages its liquidity requirements to ensure sufficient cash to meet liabiliti
2	minimise exposure to capital losses and settle its financial obligations without jeopardising its reputation.	minimise exposure to capital losses and settle its financial obligations without jeopardising its re
3	(KZT million) 2025 2024 Change	(KZT million)	2025	2024	Change
4	Cash and cash equivalents 347,398 294,385 18%	Cash and cash equivalents	347,398	294,385	18%
5	Term deposit (deemed as cash equivalents) 28 28 0%	Term deposit (deemed as cash equivalents)	28	28	0%
6	Total cash 347,426 294,413 18%	Total cash	347,426	294,413	18%
7	Undrawn borrowing facilities 77,296 101,346 (24%)	Undrawn borrowing facilities	77,296	101,346	(24%)
8	Total cash, including term deposits, as of 31 December 2025 amounted to KZT 347,426 million, an 18%	Total cash, including term deposits, as of 31 December 2025 amounted to KZT 347,426 mill

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

BS — PDF page 29

Camelot table (pages 29, primary page 29).

#	Joined label	Line item	Column 2	Column 3	Column 4
0	Other taxes and compulsory payments liabilities (54,464) (47,931) 14%	Other taxes and compulsory payments liabilities	(54,464)	(47,931)	14%
1	Other current liabilities (46,076) (27,701) 66%	Other current liabilities	(46,076)	(27,701)	66%
2	Net working capital 937,307 966,941 (3%)	Net working capital	937,307	966,941	(3%)
3	1 Excludes term deposits in amount of KZT 28 million in 2025 (2024: KZT 28 million) as these deemed as equivalent to cash (see Section	1 Excludes term deposits in amount of KZT 28 million in 2025 (2024: KZT 28 million) as these deemed
4	9.1 Cash and available source of financing).	9.1 Cash and available source of financing).
5	The decrease in receivables was mainly attributable to collection of receivables brought forward for the sales	The decrease in receivables was mainly attributable to collection of receivables brought forward for
6	accrued during Q4 2024.	accrued during Q4 2024.
7	Recoverable VAT increased and totalled KZT 274,180 million due to an increase in volumes of uranium	Recoverable VAT increased and totalled KZT 274,180 million due to an increase in volumes
8	purchased by the Company from its subsidiaries, JOs and JVs (see Section 5.8 Transactions with subsidiaries,	purchased by the Company from its subsidiaries, JOs and JVs (see Section 5.8 Transactions with subsi
9	JVs, JOs and Associates).	JVs, JOs and Associates).
10	Other financial assets are mainly represented by the Group's investments in short-term debt securities issued	Other financial assets are mainly represented by the Group's investments in short-term debt securiti
11	by the National Bank of the Republic of Kazakhstan and international financial institutions, and US Treasury	by the National Bank of the Republic of Kazakhstan and international financial institutions, and US
12	bills. As at 31 December 2025, these investments amounted to KZT 133,103 million.	bills. As at 31 December 2025, these investments amounted to KZT 133,103 million.
13	The decrease in payables was mainly due to the repayment of payables brought-forward for the uranium	The decrease in payables was mainly due to the repayment of payables brought-forward fo
14	purchased by the Company from its JVs and associates.	purchased by the Company from its JVs and associates.
15	The Group entered into repurchase agreements with third parties, which are accounted for as financing	The Group entered into repurchase agreements with third parties, which are accounted for
16	arrangements in accordance with IFRS 15. The Group continues to recognise the underlying asset and has	arrangements in accordance with IFRS 15. The Group continues to recognise the underlying asset and h
17	recognised a financial liability (as part of other current liabilities), which is presented as Liabilities under financing	recognised a financial liability (as part of other current liabilities), which is presented as Liabi
18	arrangements.	arrangements.

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

CF

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

CF — PDF page 29

No Camelot table — OCR (v8) below.

GPU v8 OCR — page 29 (42 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	Column 4
0	9.3 Working capital
1	The table below provides a breakdown of the Group's working capital in 2025 and 2024
2	(KZT million)	2025	2024
3	Inventory	415319	388157
4	Receivables	339944	676161	50
5	Recoverable VAT	274180	219672	25
6	Other financial assetsl	133103	20393	1000
7	Other non-financial assets	19443	18235
8	CIT prepayment	49153	9508	4170
9	Payables	191.429	281.672	320
10	Employee remuneration liabilities	-653	399	64
11	Income tax liabilities	-1213	482	84
12	Other taxes and compulsory payments liabilities	-54464	-47931	14
13	Other current liabilities	-46076	-27701	660
14	Net working capital	937307	966941	3
15	Excludes term deposits in amount of KZT 28 million in 2025 (2024: KZT 28 million) as these deemed as equivalent to cash (see Section
16	9.1 Cash and available source of financing).
17	The decrease in receivables was mainly attributable to collection of receivables brought forward for the sales
18	accrued during Q4 2024
19	Recoverable VAT increased			274180000
20	purchased by the Company from its subsidiaries, JOs and JVs (see Section 5.8 Transactions with subsidiaries,	5.8		0
21	JVs_ JOs and Associates)
22	Other financial assets are mainly represented by the Group's investments in short-term debt securities issued
23	by the National Bank of the Republic of Kazakhstan and international financial institutions, and US Treasury
24	bills. As at 31 December 2025, these investments amounted to KZT 133,103 million_	122102	0	0
25	The decrease in payables was mainly due to the repayment of payables brought-forward for the uranium purchased by the Company from its JVs and associates_
26	The Group entered into repurchase agreements with third parties, which are accounted for as
27	arrangements in accordance with IFRS 15. The Group continues to recognise the underlying asset and has
28	recognised a financial liability (as part of other current liabilities) , which is presented as Liabilities under financing
29	arrangements_
30	The Group's net working capital remained positive during all periods under review
31	The following table sets forth the components of the Group's inventories in 2025 and 2024:	2025	12024	0
32	(KZT million)	2025	2024
33	Finished goods and goods for resale	329224	317727	4
34	Including uranium products	324625	314367	3
35	Work-in-process	52440	36712	43
36	Raw materials	32199	30549	5
37	Other materials	4126	3582	15
38	Spare parts	1432	1283	120
39	Fuel	968	974	-1
40	Provision for obsolescence and write-down to net realizable value	-5070	-2670	90
41	Total inventories	415319	388157	7

CF — PDF page 30

Camelot table (pages 30, primary page 30).

#	Joined label	Line item	2025	2024
0	requirements and the resulting differences in the deliveries schedules.	requirements and the resulting differences in the deliveries schedules.
1	9.4 Cash Flows	9.4 Cash Flows
2	The following cash flow discussion is based on, and should be read in conjunction with the Financial Statements	The following cash flow discussion is based on, and should be read in conjunction with the Financial
3	and related notes.	and related notes.
4	The following table provides the Group’s consolidated cash flows in 2025 and 2024:	The following table provides the Group’s consolidated cash flows in 2025 and 2024:
5	(KZT million) 2025 2024	(KZT million)	2025	2024
6	The following cash flow discussion is based on, and should be read in conjunction with the Financial Statements	The following cash flow discussion is based on, and should be read in conjunction with the Financial
7	and related notes.	and related notes.
8	The following table provides the Group’s consolidated cash flows in 2025 and 2024:	The following table provides the Group’s consolidated cash flows in 2025 and 2024:
9	(KZT million) 2025 2024	(KZT million)	2025	2024
Operating activities
10	Cash flows from operating activities1 809,845 516,487	Cash flows from operating activities1	809,845	516,487
11	Cash flows from/(used in) investing activities (258,557) (42,415)	Cash flows from/(used in) investing activities	(258,557)	(42,415)
12	Cash flows (used in) financing activities (488,144) (415,264)	Cash flows (used in) financing activities	(488,144)	(415,264)
13	Net increase/(decrease) in cash and cash equivalents 63,144 58,808	Net increase/(decrease) in cash and cash equivalents	63,144	58,808
14	1 Includes income tax and interest paid.	1 Includes income tax and interest paid.
15	9.4.1 Cash Flows from Operating Activities	9.4.1 Cash Flows from Operating Activities
16	Operating cash flows in 2025 amounted to KZT 809,845 million, a significant increase compared to	Operating cash	flows in 2025 amounted to KZT 809,845 million, a significant increase compared to
17	KZT 516,487 million in 2024 mainly due to:	KZT 516,487 million in 2024 mainly due to:
18	• KZT 535,413 million net increase in cash receipts from customers and under swap transactions during	•	KZT 535,413 million net increase in cash receipts from customers and under swap transactions during
19	2025 compared to 2024, due to a growth in volumes of U3O8 sold (see section 6.3.2 Uranium segment		2025 compared to 2024, due to a growth in volumes of U3O8 sold (see section 6.3.2 Uranium segment
20	production and sales metrics);		production and sales metrics);
21	• KZT 36,619 million increase inflows from VAT refunds in 2025.	•	KZT 36,619 million increase inflows from VAT refunds in 2025.
22	Partially offset by:	Partially offset by:
23	• KZT 238,500 million increase in cash payments to suppliers and under swap transactions during 2025	•	KZT 238,500 million increase in cash payments to suppliers and under swap transactions during 2025
24	compared to 2024, due to a growth in volumes of U3O8 from JVs and associates (see section 5.8		compared to 2024, due to a growth in volumes of U3O8 from JVs and associates (see s
25	Transactions with subsidiaries, JVs, JOs and Associates), as well as inflationary pressure on materials		Transactions with subsidiaries, JVs, JOs and Associates), as well as inflationary pressure on materi
26	and supplies;		and supplies;
27	• KZT 33,676 million increase in other taxes paid was primarily driven by the higher MET rate (see	•	KZT 33,676 million increase in other taxes paid was primarily driven by the higher MET
28	Section 5.4 Taxation and Mineral Extraction Tax (“MET”)), which was partially offset by a lower amount		Section 5.4 Taxation and Mineral Extraction Tax (“MET”)), which was partially offset by a lower amou
29	of accrued VAT. This reduction in VAT resulted from a decline in the value of intra-group sales within		of accrued VAT. This reduction in VAT resulted from a decline in the value of intra-group sales with
30	the territory of Republic of Kazakhstan, following a drop in U3O8 spot prices;		the territory of Republic of Kazakhstan, following a drop in U3O8 spot prices;
31	• KZT 10,903 million increase in income tax paid as a result of higher advances paid for CIT (see Section	•	KZT 10,903 million increase in income tax paid as a result of higher advances paid for CIT (see Sect
32	6.9 Profit before tax and tax expense).		6.9 Profit before tax and tax expense).

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)