Q2 2026 National Atomic Company Kazatomprom JSC Earnings Call

August 21, 2026

Speaker #1: Hello everyone, and welcome to Kazatomprom's conference call to discuss 2026 half-year operating and financial results. My name is Botagos, and I'm leading the investor relations team at Kazatomprom.

Botagoz Muldagaliyeva: Hello everyone, and welcome to Kazatomprom's conference call to discuss 2026 H1 operating and financial results. My name is Botagoz, and I am leading the investor relations team at Kazatomprom. Thank you for taking the time to join us today. Traditionally, our conversation will begin with a management presentation, which will be delivered by our CEO, Mr. Yussupov. At this time, and through the management presentation, all participants will be in a listen-only mode. This call is open to all stakeholders with a question and answer portion intended to be an opportunity for members of the investment community to engage with the management team and ask their questions through the phone lines in English. English line participants will also have an option to submit questions through the webcast page using the Ask a Question button. The simultaneous translation of the English Q&A will be available for Russian-speaking line.

Speaker #1: Thank you for taking the time to join us today. Traditionally, our conversation will begin with the management presentation, which will be delivered by our CEO, Mr. Yusupov.

Speaker #1: At this time, and through the management presentation, all participants will be in a listen-only mode. This call is open to all stakeholders, with a question-and-answer portion intended to be an opportunity for members of the investment community to engage with the management team and ask their questions through the phone lines in English.

Speaker #1: English line participants will also have an option to submit questions through the webcast page using the "Ask a Question" button. The simultaneous translation of the English Q&A will be available for Russian-speaking lines.

Speaker #1: For those who joined through the company's or the London Stock Exchange website, there will be slides displayed during the remarks. This webcast slides will be available for download in English and in Russian, shortly after the call.

Botagoz Muldagaliyeva: For those who join through the companies or the London Stock Exchange website, there will be slides displayed during the remarks. These webcast slides will be available for download in English and in Russian shortly after the call. Note that our press release full version of the 2026 H1 operating and financial review, along with the financial statements for 3 and 6 months, and 30 June 2026, are now available on Kazatomprom's website. Participating in today's call, we have Kazatomprom's management team, Meirzhan Yussupov, Chief Executive Officer, Marat Tulebayev, First Deputy and Chief Financial Officer, Dastan Kosherbayev, Chief Strategy and International Development Officer. Please note that this conference call may include forward-looking statements. These statements include all matters that are not historical facts. By their nature, forward-looking statements involve risk and uncertainties, and they are not guarantees of future performance.

Speaker #1: Note that our press release—full version of the 2026 half-year operating and financial review, along with the financial statements for 3 and 6 months, and the 30 June 2026—are now available on kazatomprom's website.

Speaker #1: Participating in today's call, we have Kazatomprom's management team, Mirjan Yusupov, Chief Executive Officer; Mara Tulibay, First Deputy and Chief Financial Officer; Dastan Qosherbayev, Chief Strategy and International Development Officer; please note that this conference call may include forward-looking statements.

Speaker #1: These statements include all matters that are not historical facts. By their nature, forward-looking statements involve risk and uncertainties, and they are not guarantees of future performance.

Speaker #1: The company does not make any representation, warranty, or prediction that the results anticipated by such forward-looking statements will be achieved. I am now passing the floor to Mr. Yusupov.

Botagoz Muldagaliyeva: The company does not make any representation, warranty, or prediction that the results anticipated by such forward-looking statements will be achieved. I am now passing the floor to Mr. Yussupov.

Speaker #2: Thank you, Botagos. Welcome, everyone, and thank you for joining our conference call on 2026 half-year operating and financial results. Before we discuss our performance, I want to spend a few minutes to outline the broader environment shaping our industry and illustrate why Kazatomprom's position is so vital to global energy security.

Meirzhan Yussupov: Thank you, Botagoz. Welcome everyone, and thank you for joining our conference call on 2026 H1 operating and financial results. Before we discuss our performance, I want to spend a few minutes to outline the broader environment shaping our industry and illustrate why Kazatomprom's position is so vital to global energy security. Let us analyze the first half of 2026. Nuclear energy has officially transitioned from a policy debate on paper into operational execution. We see strong indication of this across the world. Consider the US market. The Department of Energy has committed a record $17.5 billion in federal funding. This capital allocation directly accelerates the deployment of up to 10 new reactors. Globally, 38 countries, including Kazakhstan, signed the plan to triple nuclear power by 2050. Together, these nations make up over 70% of global GDP. That is massive global change driving the real momentum. The proof is simple.

Speaker #2: Let's analyze the first half of 2026. Nuclear energy has officially transitioned from a policy debate on paper into operational execution. We see strong indications of this across the world.

Speaker #2: Consider the U.S. market. The Department of Energy has committed a record 17.5 billion dollars in federal funding. This capital allocation directly accelerates the deployment of up to 10 new reactors.

Speaker #2: Globally, 38 countries, including Kazakhstan, signed the plan to triple nuclear power by 2050. Together, these nations make up over 70% of global GDP. That is massive global change driving the real momentum.

Speaker #2: The proof is simple: more than 70 reactors are being built around the world right now. The market is executing as we speak. Now, let's analyze the pricing dynamics.

Meirzhan Yussupov: More than 70 reactors are being built around the world right now. The market is executing as we speak. Now, let's analyze the pricing dynamics. This acceleration in demand is meeting a highly disciplined commercial environment. Long-term indicators have been incredibly stable and reached maximum in 18 years, being in the mid to high $90 range per pound. This is a very strong foundation for any future term contracting. Additionally, financial investment funds continue to accumulate physical uranium. This consistent buying supported the spot market, driving the spot price up by roughly a quarter in H1 2026 compared to last year. The growing demand is clearly reflected in recent market data, which highlights a distinct shift in utility procurement strategy. Western utilities are actively transitioning from a just-in-time philosophy to a just-in-case strategy. They are moving away from short-term spot reliance towards long-term inventory security.

Speaker #2: This acceleration in demand is meeting a highly disciplined commercial environment. Long-term indicators have been incredibly stable. Enriched maximum in 18 years, being in the mid to high $90 range per pound.

Speaker #2: This is a very strong foundation for any future term contracting. Additionally, financial investment funds continue to accumulate physically uranium. This consistent buying supported the spot market, driving the spot price up by roughly a quarter in the first half of 2026 compared to last year.

Speaker #2: The growing demand is clearly reflected in recent market data, which highlights a distinct shift in utility procurement strategy. Western utilities are actively transitioning from a just-in-time philosophy to a just-in-case strategy.

Speaker #2: They are moving away from short-term spot reliance toward long-term inventory security. This structural change confirms our macro outlook perfectly. According to Euratom, in 2025, utilities from the European Union actively optimized their fuel management.

Meirzhan Yussupov: This structural change confirms our macro outlook perfectly. According to Euratom, in 2025, utilities from the European Union actively optimized their fuel management. They prioritized the accumulation of strategic inventories alongside regular operational needs. Similarly, in the United States, total commercial inventories crossed 170 million pounds. This volume equals the total global primary demand seen in 2025. Meanwhile, the East is driving an unprecedented expansion, which creates an incentive for even more buying. In China, the State Council recently green-lit the construction of four new nuclear power projects, adding another eight reactors to this build-out. Simultaneously, India is pushing ahead with an ambitious goal to commission five new nuclear reactors within this decade. Let me be very clear. We must not mistake this inventory build-up as market oversupply. What is happening is that utilities are establishing substantial inventory reserves because they have to.

Speaker #2: They prioritized the accumulation of strategic inventories alongside regular operational needs. Similarly, in the United States, total commercial inventories crossed 170 million pounds. This volume equals the total global primary demand seen in 2025.

Speaker #2: Meanwhile, the East is driving an unprecedented expansion, which creates an incentive for even more buying. In China, the State Council recently greenlit the construction of 4 new nuclear power projects.

Speaker #2: Adding another 8 reactors to this build-out. Simultaneously, India is pushing ahead with an ambitious goal to commission 5 new nuclear reactors within this decade.

Dastan Kosherbayev: million dollars in federal funding. This capital allocation directly accelerates the deployment of up to 10 new reactors. Globally, 38 countries, including Kazakhstan, signed the plan to triple nuclear power by 2050. Together, these nations make up over 70% of global GDP. That is massive global change driving the real momentum. The proof is simple. More than 70 reactors are being built around the world right now. The market is executing as we speak. Let's analyze the pricing dynamics. This acceleration in demand is meeting a highly disciplined commercial environment. Long-term indicators have been incredibly stable and reached maximum in 18 years, being in the mid to high $90 range per pound. This is a very strong foundation for any future term contracting. Additionally, financial investment funds continue to accumulate physical uranium.

Speaker #1: In dollars in federal funding. This capital allocation directly accelerates the deployment of up to 10 new reactors. Globally, 38 countries, including Kazakhstan, signed the plan to triple nuclear power by 2050.

Speaker #2: Let me be very clear: we must not mistake this inventory build-up as market oversupply. What is happening is that utilities are establishing substantial inventory reserves because they have to.

Speaker #1: Together, these nations make up over 70% of global GDP. That is massive global change driving real momentum. The proof is simple: more than 70 reactors are being built around the world right now.

Speaker #2: This strategic buffer is a necessity, not a preference. This is institutional risk management, not a permanent market surplus. Remember that uranium from a mine takes a long journey before it enters the nuclear reactor in a fuel assembly.

Meirzhan Yussupov: This strategic buffer is a necessity, not a preference. This is institutional risk management, not a permanent market surplus. Remember that uranium from a mine takes a long journey before it enters a nuclear reactor in a fuel assembly. Going through conversion, enrichment, and fabrication typically takes about two years. These lengthy lead times, combined with market uncertainties and supply risks, put heavy pressure on utilities to keep their reactors running. Ultimately, this highlights why maintaining reliable ready inventories is absolutely critical. Our customers confirm this reality all the time. For several consecutive years now, our clients have identified supply security and the need for new production investments as their primary concerns. Within this very dynamic market framework our strong and steady financial and operational results clearly demonstrate that our strategy is delivering exceptional value. At the same time, primary uranium production all over the world faces many challenges.

Speaker #1: The market is executing as we speak. Now, let's analyze the pricing dynamics. This acceleration in demand is meeting a highly disciplined commercial environment. Long-term indicators have been incredibly stable and reached a maximum in 18 years, being in the mid to high $90s per pound.

Speaker #2: Going through conversion enrichment and fabrication typically takes about 2 years. These lengthy lead times, combined with market uncertainties and supplier risks, put heavy pressure on utilities to keep their reactors running.

Speaker #1: This is a very strong foundation for any future term contracting. Additionally, financial investment funds continue to accumulate physical uranium. This consistent buying supported the spot market, driving the spot price up by roughly a quarter in the first half of 2026 compared to last year.

Speaker #2: Ultimately, this highlights why maintaining reliable ready inventories is absolutely customers confirmed this reality all the time. For several consecutive years now, our clients have identified supply security and the need for new production investments as their primary concerns.

Dastan Kosherbayev: This consistent buying supported the spot market, driving the spot price up by roughly a quarter in H1 2026 compared to last year. The growing demand is clearly reflected in recent market data, which highlights a distinct shift in utility procurement strategy. Western utilities are actively transitioning from a just-in-time philosophy to a just-in-case strategy. They are moving away from short-term spot reliance towards long-term inventory security. This structural change confirms our macro outlook perfectly. According to Euratom, in 2025, utilities from the European Union actively optimized their fuel management. They prioritized the accumulation of strategic inventories alongside regular operational needs. Similarly, in the United States, total commercial inventories crossed 170 million pounds. This volume equals the total global primary demand seen in 2025. Meanwhile, the East is driving an unprecedented expansion, which creates an incentive for even more buying.

Speaker #1: The growing demand is clearly reflected in recent market data, which highlights a distinct shift in utility procurement strategy. Western utilities are actively transitioning from a just-in-time philosophy to a just-in-case strategy.

Speaker #2: Within this very dynamic market framework, our strong and steady financial and operational results clearly demonstrate that our strategy is delivering exceptional value. At the same time, primary uranium production all over the world faces many challenges.

Speaker #1: They are moving away from short-term spot reliance toward long-term inventory security. This structural change confirms our macro outlook perfectly. According to Euratom, in 2025, utilities from the European Union actively optimized their fuel management.

Speaker #2: Producers continue to battle inflation, operational risks, regulatory obstacles, and delays. On top of that, recent legislative actions in key Western markets have intensified the demand for reliable independent supply.

Meirzhan Yussupov: Producers continue to battle inflation, operational risks, regulatory obstacles, and delays. On top of that, recent legislative actions in key Western markets have intensified the demand for a reliable, independent supply. In this current market, Kazakhstan's role as a trusted global partner is absolutely clear. Accounting for approximately 39% of all primary production, our nation remains essential to sustaining the global nuclear fuel supply chain. We continue to prove the reliability of the Trans-Caspian International Transport Route, our Middle Corridor. Through this vital route to the West and our established networks to the East, we ensure secure physical delivery to our diverse customer base worldwide. The market is showing clear signals of a fundamental shift. Pricing power has returned to producers with proven and large uranium reserves. As the absolute leader in this category, Kazatomprom will not compromise the long-term value of our high-quality assets.

Speaker #2: In this current market, Kazakhstan's role as a trusted global partner is absolutely clear. Accounting for approximately 39% of all primary production, our nation remains essential to sustaining the global nuclear fuel supply chain.

Speaker #1: They prioritized the accumulation of strategic inventories alongside regular operational needs. Similarly, in the United States, total commercial inventories crossed 170 million pounds. This volume equals the total global primary demand expected in 2025.

Speaker #2: We continue to prove the reliability of the Transcaspian International Transport Route. Our middle corridor. Through this vital route to the West, and our established networks to the East, we ensure secure physical delivery to our diverse customer base worldwide.

Speaker #1: Meanwhile, the East is driving an unprecedented expansion, which creates an incentive for even more buying. In China, the State Council recently greenlit the construction of four new nuclear power projects.

Dastan Kosherbayev: In China, the State Council recently green-lit the construction of four new nuclear power projects, adding another eight reactors to this build-out. Simultaneously, India is pushing ahead with an ambitious goal to commission five new nuclear reactors within this decade. Let me be very clear. We must not mistake this inventory build-up as market oversupply. What is happening is that utilities are establishing substantial inventory reserves because they have to. This strategic buffer is a necessity, not a preference. This is institutional risk management, not a permanent market surplus. Remember that uranium from a mine takes a long journey before it enters the nuclear reactor in a fuel assembly. Going through conversion, enrichment, and fabrication typically takes about two years. These lengthy lead times, combined with market uncertainties and supply risks, put heavy pressure on utilities to keep their reactors running.

Speaker #2: The market is showing clear signals of a fundamental shift. Pricing power has returned to producers, with proven enlarged uranium reserves. As the absolute leader in this category, Kazatomprom will not compromise the long-term value of our high-quality assets.

Speaker #1: Adding another eight reactors to this build-out. Simultaneously, India is pushing ahead with an ambitious goal to commission five new nuclear reactors within this decade.

Speaker #1: Let me be very clear: we must not mistake this inventory build-up as market oversupply. What is happening is that utilities are establishing substantial inventory reserves because they have to.

Speaker #2: As usual, we remain committed to our value-over-volume strategy. Let me be clear: we will sign new commercial commitments only when market terms fully reflect the core economic fundamentals of the industry.

Meirzhan Yussupov: As usual, we remain committed to our value over volume strategy. Let me be clear, we will sign new commercial commitments only when market terms fully reflect the core economic fundamentals of the industry. We will not sell our pounds underpriced. Now shifting to our H1 performance in sales. Group-level sales exceeded 7.5 thousand tons, in line with our sales level from the same period last year. This demonstrates strong operational continuity. The slight year-on-year decline in sales volumes at the company level is just the result of delivery schedules shifts. In terms of production, performance in the H1 2026 was higher across both group and company levels by 9% and 10%, respectively. These results keep us fully on track with subsoil use requirements for 2026. Significantly, our group's average realized price increased by 16% year-on-year to $67.88 per pound.

Speaker #1: This strategic buffer is a necessity, not a preference. This is institutional risk management, not a permanent market surplus. Remember that uranium from a mine takes a long journey before it enters the nuclear reactor in a fuel assembly.

Speaker #2: We will not sell our pounds underpriced. Now, shifting to our half-year performance in sales, group-level sales exceeded 7.5 thousand tons, in line with our sales level from the same period last year.

Speaker #1: Going through conversion, enrichment, and fabrication typically takes about two years. These lengthy lead times, combined with market uncertainties and supplier risks, put heavy pressure on utilities to keep their reactors running.

Speaker #2: This demonstrates strong operational continuity. The slight year-on-year decline in sales volumes at the company level is just the result of delivery schedules shifts. In terms of production, performance in the first half of 2026 was higher across both group and company levels by 9% and 10%, respectively.

Speaker #1: Ultimately, this highlights why maintaining reliable, ready inventories is absolutely critical. Our customers confirm this reality all the time. For several consecutive years now, our clients have identified supply security and the need for new production investments as their primary concerns.

Dastan Kosherbayev: Ultimately, this highlights why maintaining reliable ready inventories is absolutely critical. Our customers confirm this reality all the time. For several consecutive years now, our clients have identified supply security and the need for new production investments as their primary concerns. Within this very dynamic market framework, our strong and steady financial and operational results clearly demonstrate that our strategy is delivering exceptional value. At the same time, primary uranium production all over the world faces many challenges. Producers continue to battle inflation, operational risks, regulatory obstacles, and delays. On top of that, recent legislative actions in key Western markets have intensified the demand for a reliable, independent supply. In this current market, Kazakhstan's role as a trusted global partner is absolutely clear. Accounting for approximately 39% of all primary production, our nation remains essential to sustaining the global nuclear fuel supply chain.

Speaker #2: These results keep us fully on track with subsoil use requirements for 2026. Significantly, our group's average realized price increased by 16% year-on-year to 67 dollars and 88 cents per pound.

Speaker #1: Within this very dynamic market framework, our strong and steady financial and operational results clearly demonstrate that our strategy is delivering exceptional value. At the same time, primary uranium production all over the world faces many challenges.

Speaker #2: This performance highlights the overall strength and stability of our commercial portfolio. Turning to our financial performance, the group delivered strong top-line growth and resilient results throughout the first half of 2026.

Meirzhan Yussupov: This performance highlights the overall strength and stability of our commercial portfolio. Turning to our financial performance, the group delivered strong top-line growth and resilient results throughout the H1 2026. This happened despite significant global economic instability and currency fluctuations. Consolidated revenue showed a 9% year-on-year growth to almost KZT 718 billion, compared to KZT 660 billion in the H1 2025, reflecting financial discipline in favorable market conditions. Our core performance remained fundamentally stable. Operating profit reached almost KZT 253 billion, effectively matching the results from the last year and highlighting the consistency and reliability of our business model. Similarly, adjusted EBITDA stood at KZT 371 billion, 2% up from the last year's six-month period, illustrating the stability of core operations.

Speaker #1: Producers continue to battle inflation, operational risks, regulatory obstacles, and delays. On top of that, recent legislative actions in key Western markets have intensified the demand for reliable, independent supply.

Speaker #2: This happened despite significant global economic instability and currency fluctuations. Consolidated revenue showed a 9% year-on-year growth to almost 718 billion tenge, compared to 660 billion tenge in the first half of 2025, reflecting financial discipline and favorable market conditions.

Speaker #1: In this current market, Kazakhstan's role as a trusted global partner is absolutely clear. Accounting for approximately 39% of all primary production, our nation remains essential to sustaining the global nuclear fuel supply chain.

Speaker #2: Our core performance remained fundamentally stable, operating profit reached almost 253 billion tenge, effectively matching the results from the last year and highlighting the consistency and reliability of our business model.

Speaker #1: We continue to prove the reliability of the Trans-Caspian International Transport Route—our Middle Corridor. Through established networks to the East, we ensure secure, physical delivery to our diverse customer base worldwide.

Dastan Kosherbayev: We continue to prove the reliability of the Trans-Caspian International Transport Route, our middle corridor. Through this vital route to the West and our established networks to the East, we ensure secure physical delivery to our diverse customer base worldwide. The market is showing clear signals of a fundamental shift. Pricing power has returned to producers with proven and large uranium reserves. As the absolute leader in this category, Kazatomprom will not compromise the long-term value of our high-quality assets. As usual, we remain committed to our value over volume strategy. Let me be clear. We will sign new commercial commitments only when market terms fully reflect the core economic fundamentals of the industry. We will not sell our pounds underpriced. Now shifting to our H1 performance in sales. Group-level sales exceeded 7,500 tons, in line with our sales level from the same period last year.

Speaker #2: Similarly, adjusted EBITDA stood at 371 billion tenge, 2% up from the last year's 6-month period, illustrating the stability of core operations. Due to unfavorable foreign exchange appreciation, we saw a slight decrease in our net profit for the first half of 2026, to 240 billion tenge compared to 263 billion last year.

Speaker #1: The market is showing clear signals of a fundamental shift: pricing power has returned to producers with proven, enlarged uranium reserves. As the absolute leader in this category, Kazatomprom will not compromise the long-term value of our high-quality assets.

Meirzhan Yussupov: Due to unfavorable foreign exchange appreciation, we saw a slight decrease in our net profit for the H1 2026 to KZT 240 billion compared to KZT 263 billion last year. This change was primarily driven by non-operational factors, specifically the negative impact of higher net foreign exchange losses and increased finance costs during the period. Attributable EBITDA landed at roughly KZT 265 billion, representing a 12% decline. This was mainly the result of a higher share of sales and EBITDA of mining subsidiaries attributable to non-controlling partners. Thus, a larger share was allocated to non-controlling partners of such subsidiaries, reducing the proportion directly attributable to the owners of the company. From an inventory perspective, we maintain a solid position that provides strong buffer and gives us a competitive edge in the market. We can ensure both fulfillment of all our delivery obligations and the flexibility to changing market conditions.

Speaker #2: This change was primarily driven by non-operational factors, specifically the negative impact of higher net foreign exchange losses and increased finance costs during the period.

Speaker #1: As usual, we remain committed to our value-over-volume strategy. Let me be clear: we will sign new commercial commitments only when market terms fully reflect the core economic fundamentals of the industry.

Speaker #2: Attributable EBITDA landed at roughly 265 billion tenge, representing a 12% decline. This was mainly the result of a higher share of sales and EBITDA of mining subsidiaries, attributable to non-controlling partners.

Speaker #1: We will not sell our pounds underpriced. Now, shifting to our half-year performance in sales, group-level sales exceeded 7,500 tons, in line with our sales level from the same period last year.

Speaker #1: This demonstrates strong operational continuity. The slight year-on-year decline in sales volumes at the Company level is just the result of delivery schedule shifts. In terms of production, performance in the first half of 2026 was higher across both Group and Company levels by 9% and 10%, respectively.

Dastan Kosherbayev: This demonstrates strong operational continuity. The slight year-on-year decline in sales volumes at the company level is just the result of delivery schedules shifts. In terms of production, performance in the H1 2026 was higher across both group and company levels by 9% and 10%, respectively. These results keep us fully on track with subsoil use requirements for 2026. Significantly, our group's average realized price increased by 16% year-on-year to $67.88 per pound. This performance highlights the overall strength and stability of our commercial portfolio. Turning to our financial performance, the group delivered strong top-line growth and resilient results throughout the H1 2026. This happened despite significant global economic instability and currency fluctuations. Consolidated revenue showed a 9% year-on-year growth to almost 718 billion Kazakh tenge compared to 660 billion Kazakh tenge in the H1 2025, reflecting financial discipline in favorable market conditions.

Speaker #2: Thus, a larger share was allocated to non-controlling partners of such subsidiaries, reducing the proportion directly attributable to the owners of the company. From an inventory perspective, we maintain a solid position that provides strong buffer and gives us a competitive edge in the market.

Speaker #2: We can ensure both fulfillment of all our delivery obligations and the flexibility to changing market conditions. As of 30 June 2026, consolidated group inventory slightly exceeded 8,200 tons, representing a 23% increase year-on-year.

Speaker #1: These results keep us fully on track with subsoil use requirements for 2026. Significantly, our group's average realized price increased by 16% year-on-year to $67.88 per pound.

Meirzhan Yussupov: As of 30 June 2026, consolidated group inventory slightly exceeded 8,200 tons, representing a 23% increase year-on-year. At the company level, inventory rose by 15% to 6,200 tons. The increase in inventory balance resulted from a higher 2026 production plan as per the company's guidance and in line with the company's efforts in building up and maintaining a comfortable level of inventories. Our financial results clearly reflect a healthy growth and sustained profitability. This performance provides us with reliable leverage to navigate through the changing macroeconomic landscape over the rest of the year. Challenging factors have impacted uranium production costs industry-wide, with us experiencing similar pressures. In the H1 2026, our C1 cash costs rose by 37%, and our all-in sustaining costs increased by 25% in US dollar terms compared to the same period in 2025.

Speaker #2: At the company level, inventory rose by 15% to 6,200 tons. The increase in inventory balance resulted from a higher 2026 production plan as per the company's guidance and in line with the company's efforts in building up and maintaining a comfortable level of inventories.

Speaker #1: This performance highlights the overall strength and stability of our commercial portfolio. Turning to our financial performance, the Group delivered strong top-line growth and resilient results throughout the first half of 2026.

Speaker #1: This happens despite significant global economic instability and currency fluctuations. Consolidated revenue showed a 9% year-on-year growth to almost 718 billion tenge, compared to 660 billion tenge in the first half of 2025, reflecting financial discipline and favorable market conditions.

Speaker #2: Our financial results clearly reflect a healthy growth and sustained profitability. This performance provides us with reliable leverage to navigate through the changing macroeconomic landscape over the rest of the year.

Speaker #2: Challenging factors have impacted uranium production costs industry-wide. With us experiencing similar pressures, in the first half of 2026, our C1 cash costs rose by 37%, and our all-in sustaining costs increased by 25% in US dollar terms compared to the same period in 2025.

Speaker #1: Our core performance remained fundamentally stable. Operating profit reached almost 253 billion tenge, effectively matching the results from last year and highlighting the consistency and reliability of our business model.

Dastan Kosherbayev: Our core performance remained fundamentally stable. Operating profit reached almost 253 billion Kazakh tenge, effectively matching the results from the last year and highlighting the consistency and reliability of our business model. Similarly, adjusted EBITDA stood at 371 billion Kazakh tenge, 2% up from the last year's six-month period, illustrating the stability of core operations. Due to unfavorable foreign exchange appreciation, we saw a slight decrease in our net profit for the H1 2026 to 240 billion Kazakh tenge compared to 263 billion last year. This change was primarily driven by non-operational factors, specifically the negative impact of higher net foreign exchange losses and increased finance costs during the period. Attributable EBITDA landed at roughly 265 billion Kazakh tenge, representing a 12% decline. This was mainly the result of a higher share of sales and EBITDA of mining subsidiaries attributable to non-controlling partners.

Speaker #1: Similarly, adjusted EBITDA stood at 371 billion tenge, up 2% from last year’s six-month period, illustrating the stability of core operations. Due to unfavorable foreign exchange appreciation, we saw a slight decrease in our net profit for the first half of 2026, to 240 billion tenge compared to 263 billion last year.

Speaker #2: The main drivers of the increase in C1 cash costs were a higher mineral extraction tax rate, rising sulfuric acid prices, as well as the appreciation of Kazakh tenge, against the US dollars.

Meirzhan Yussupov: The main drivers of the increase in C1 cash costs were higher mineral extraction tax rate, rising sulfuric acid prices, as well as the appreciation of Kazakh tenge against the USD. On average, the cost of sulfuric acid increased by 39%. This reflects the ongoing price uncertainty in the market. However, I want to highlight this fact, despite the increase in price, sulfuric acid represented only 15.3% of the group's uranium production costs, practically on the same level as a year ago, which was 15.4%. The suppliers for 2026 will be stable. The company would also like to mention the regulatory pause at one of the TQZ construction sites, as was announced today. At present, we expect that the delay would shift the project timeline by approximately 6 to 12 months. This is unfortunate, but represents the harsh realities of the mining industry.

Speaker #2: On average, the cost of sulfuric acid increased by 39%. This reflects the ongoing price uncertainty in the market. However, and I want to highlight this fact, despite the increase in price, sulfuric acid represented only 15.3% of the group's uranium production costs.

Speaker #1: This change was primarily driven by non-operational factors—specifically, the negative impact of higher net foreign exchange losses and increased finance costs during the period.

Speaker #2: Practically, on the same level as a year ago. Which was 15.4%. The suppliers for 2026 will be stable. The company would also like to mention the regulatory pause at one of the TQZ construction sites, as was announced today.

Speaker #1: Attributable EBITDA landed at roughly 265 billion tenge, representing a 12% decline. This was mainly the result of a higher share of sales and EBITDA of mining subsidiaries attributable to non-controlling partners.

Speaker #2: At present, we expect that delay would shift the project timeline by approximately 6 to 12 months. This is unfortunate, but represents the harsh realities of the mining industry.

Speaker #1: Thus, a larger share was allocated to non-controlling partners of such subsidiaries, reducing the proportion directly attributable to the owners of the Company. From an inventory perspective, we maintain a solid position that provides a strong buffer and gives us a competitive edge in the market.

Dastan Kosherbayev: Thus, a larger share was allocated to non-controlling partners of such subsidiaries, reducing the proportion directly attributable to the owners of the company. From an inventory perspective, we maintain a solid position that provides strong buffer and gives us a competitive edge in the market. We can ensure both fulfillment of all our delivery obligations and the flexibility to changing market conditions. As of 30 June 2026, consolidated group inventory slightly exceeded 8,200 tons, representing a 23% increase year on year. At the company level, inventory rose by 15% to 6,200 tons. The increase in inventory balance resulted from a higher 2026 production plan as per the company's guidance and in line with the company's efforts in building up and maintaining a comfortable level of inventories. Our financial results clearly reflect a healthy growth and sustained profitability.

Speaker #2: At this stage, we do not expect that the schedule shift will have a material impact on our uranium mining operations, we have established reliable sulfuric acid supply channels from both domestic and cross-border producers, which we expect to continue utilizing.

Meirzhan Yussupov: At this stage, we do not expect that the scheduled ship will have a material impact on our uranium mining operations. We have established reliable sulfuric acid supply channels from both domestic and cross-border producers, which we expect to continue utilizing. In other words, we have a large toolbox for solving those issues. While we maintain standard commercial confidentiality regarding our exact contract terms, our updated sensitivity table clearly demonstrates how effectively our sales structure captures upward market movements. This strong alignment with market prices, which stands as a key competitive advantage within our sector, confirms the structural flexibility and resilience of our commercial framework. As the uranium market continues to improve, Kazatomprom remains uniquely positioned to capture further upside unlike anyone else. The company confirms its production sales volume guidance for 2026 at this time.

Speaker #1: We can ensure both fulfillment of all our delivery obligations and flexibility to changing market conditions. As of 30 June 2026, consolidated group inventory slightly exceeded 8,200 tons, representing a 23% increase year-on-year.

Speaker #2: In other words, we have a large toolbox for solving those issues. While we maintain standard commercial confidentiality regarding our exact contract terms, our updated sensitivity table clearly demonstrates how effectively our sales structure captures upward market movements.

Speaker #1: At the company level, inventory rose by 15% to 6,200 tons. The increase in inventory balance resulted from a higher 2026 production plan, as per the company's guidance, and is in line with the company's efforts in building up and maintaining a comfortable level of inventories.

Speaker #2: This strong alignment with market prices, which stands as a key competitive advantage within our sector, confirms the structural flexibility and resilience of our commercial framework.

Speaker #2: As the uranium market continues to improve, Xatemprom remains uniquely positioned to capture further upside unlike anyone else. The company confirms its production sales volume guidance for 2026 at this time.

Speaker #1: Our financial results clearly reflect healthy growth and sustained profitability. This performance provides us with reliable leverage to navigate through the changing macroeconomic landscape over the rest of the year.

Dastan Kosherbayev: This performance provides us with reliable leverage to navigate through the changing macroeconomic landscape over the rest of the year. Challenging factors have impacted uranium production costs industry-wide, with us experiencing similar pressures. In H1 2026, our C1 cash costs rose by 37%, and our all-in sustaining costs increased by 25% in US dollar terms compared to the same period in 2025. The main drivers of the increase in C1 cash costs were higher mineral extraction tax rate, rising sulfuric acid prices, as well as the appreciation of Kazakh tenge against the US dollars. On average, the cost of sulfuric acid increased by 39%. This reflects the ongoing price uncertainty in the market.

Speaker #2: We continue to execute effectively on our operational targets and remain fully committed to our clients and shareholders. We are, however, adjusting our financial outlook for the year.

Speaker #1: Challenging factors have impacted uranium production costs industry-wide. With us experiencing similar pressures, in the first half of 2026, our C1 cash costs rose by 37%, and our all-in sustaining costs increased by 25% in USD terms compared to the same period in 2025.

Meirzhan Yussupov: We continue to execute effectively on our operational targets and remain fully committed to our clients and shareholders. We are, however, adjusting our financial outlook for the year. This update incorporates revisions to our revenue C1 all-in sustaining costs and CapEx range. It is important to provide some key context regarding the underlying drivers for these adjustments. Our revised revenue outlook reflects real macroeconomic realities, specifically the strengthening of the Kazakh tenge against the USD. This currency change creates an immediate direct impact on our numbers, forcing us to adjust our initial budget assumptions. On the cost side, in addition to tenge appreciation, there is persistent inflation driven by sharp price increases for sulfuric acid. Because our accounting policy capitalized the acid used for initial well preparation, this inflation directly drives our capital expenditure guidance higher. Importantly, our revised 2026 CapEx guidance is a proactive choice.

Speaker #2: This update incorporates revisions to our revenue, C1, all-in sustaining costs, and capex ranges. It is important to provide some key context regarding the underlying drivers for these adjustments.

Speaker #1: The main drivers of the increase in C1 cash costs were a higher mineral extraction tax rate, rising sulfuric acid prices, as well as the appreciation of the Kazakh tenge against the US dollar.

Speaker #2: Our revised revenue outlook reflects real macroeconomic realities. Specifically, the strengthening of the Kazakh tenge against the US dollar. This currency change creates an immediate direct impact on our numbers, forcing us to adjust our initial budget assumptions.

Speaker #1: On average, the cost of sulfuric acid increased by 39%. This reflects the ongoing price uncertainty in the market. However, and I want to highlight this fact, despite the increase in price, sulfuric acid represented only 15.3% of the Group's uranium production costs.

Speaker #2: On the cost side, in addition to tenge appreciation, there is persistent inflation driven by sharp price increases for sulfuric acid. Because our accounting policy capitalized the acid use for initial well preparation, this inflation directly drives our capital expenditure guidance higher.

Dastan Kosherbayev: However, I want to highlight this fact, despite the increase in price, sulfuric acid represented only 15.3% of the group's uranium production costs, practically on the same level as a year ago, which was 15.4%. The supplies for 2026 will be stable. The company would also like to mention the regulatory pause at one of the TQJV construction sites, as was announced today. At present, we expect that the delay would shift the project timeline by approximately six to 12 months. This is unfortunate, but represents the harsh realities of the mining industry. At this stage, we do not expect that the schedule shift will have a material impact on our uranium mining operations. We have established reliable sulfuric acid supply channels from both domestic and cross-border producers, which we expect to continue utilizing. In other words, we have a large toolbox for solving those issues.

Speaker #1: This is practically on the same level as a year ago, which was 15.4%. The suppliers for 2026 will be stable. The company would also like to mention the regulatory pause at one of the TQZ construction sites, as was announced today.

Speaker #2: Importantly, our revised 2026 capex guidance is a proactive choice, we are deploying capital now to secure long-term growth ahead of the demand. We handle cost realities with absolute commercial discipline.

Meirzhan Yussupov: We are deploying capital now to secure long-term growth ahead of the demand. We handle cost realities with absolute commercial discipline. New realities are signaling that the era of cheap uranium is fading away, but the fundamental urgency for secure baseload emission-free power is stronger than ever. Global utilities completely recognize this shift. We are certain that long-term uranium demand is going to be consistent and powerful. Every single pound we produce will have a clear, committed, and waiting buyer. To conclude, I would like to emphasize once again that our commitment to a market-focused strategy is firm. This focused approach remains the solid foundation of our long-term success. Kazatomprom manages world-class assets, a highly reliable and extensive reserve base, and a stable diverse sales portfolio. It's been 29 years as we remain a trusted primary partner for global utilities looking to secure and diversify their supply.

Speaker #1: At present, we expect that the delay will shift the project timeline by approximately 6 to 12 months. This is unfortunate, but it represents the harsh realities of the mining industry.

Speaker #2: New realities are signaling that the era of cheap uranium is fading away. But the fundamental urgency for secure, base-load emission-free power is stronger than ever.

Speaker #1: At this stage, we do not expect that the schedule shift will have a material impact on our uranium mining operations. We have established reliable sulfuric acid supply channels from both domestic and cross-border producers.

Speaker #2: Global utilities completely recognize this shift. We are certain that long-term uranium demand is going to be consistent and powerful. Every single pound we produce will have a clear, committed, and weighting buyer.

Speaker #1: Which we expect to continue utilizing. In other words, we have a large toolbox for solving those issues. While we maintain standard commercial confidentiality regarding our exact contract terms, our updated sensitivity table clearly demonstrates how effectively our sales structure captures upward market movements.

Speaker #2: To conclude, I would like to emphasize once again that our commitment to a market-focused strategy is firm. This focused approach remains a solid foundation of our long-term success.

Dastan Kosherbayev: While we maintain standard commercial confidentiality regarding our exact contract terms, our updated sensitivity table clearly demonstrates how effectively our sales structure captures upward market movements. This strong alignment with market prices, which stands as a key competitive advantage within our sector, confirms the structural flexibility and resilience of our commercial framework. As the uranium market continues to improve, Kazatomprom remains uniquely positioned to capture further upside unlike anyone else. The company confirms its production sales volume guidance for 2026 at this time. We continue to execute effectively on our operational targets and remain fully committed to our clients and shareholders. We are, however, adjusting our financial outlook for the year. This update incorporates revisions to our revenue, C1, all-in sustaining costs, and CapEx range. It is important to provide some key context regarding the underlying drivers for these adjustments.

Speaker #2: Xatemprom manages world-class assets, a highly reliable and extensive reserve base, and a stable diverse sales portfolio. It's been 29 years as we remain a trusted primary partner for global utilities, looking to secure and diversify their supply.

Speaker #1: This strong alignment with market prices, which stands as a key competitive advantage within our sector, confirms the structural flexibility and resilience of our commercial framework.

Speaker #2: Thank you for your attention. I will now ask the operator to open the line to allow questions from this call's participants.

Speaker #1: As the uranium market continues to improve, Kazatomprom remains uniquely positioned to capture further upside unlike anyone else. The company confirms its production and sales volume guidance for 2026 at this time.

Meirzhan Yussupov: Thank you for your attention. I will now ask the operator to open the line to allow questions from this call's participants.

Speaker #1: Thank you, ladies and gentlemen. We will now begin the question-and-answer session. Please see with yourselves the two questions at a time. If you have additional questions, you are welcome to rejoin the queue.

Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. Please limit yourself to two questions at a time. If you have additional questions, you are welcome to rejoin the queue. As a reminder, you can also submit questions using the Ask a Question button on the webcast page. To ask a question on the phone lines, please press star followed by the number 1 on your telephone keypad. Once again, if you are dialed into the conference and would like to ask a question, please press star followed by the number 1 on your telephone keypad. We will now pause for a moment as callers join the queue. Our first question comes from the line of Amy Lee with UBS. Please go ahead.

Speaker #1: We continue to execute effectively on our operational targets and remain fully committed to our clients and shareholders. We are, however, adjusting our financial outlook for the year.

Speaker #1: As a reminder, you can also submit questions using the Ask a Question button on the webcast page. The Ask a Question on the phone lines, please press star, followed by the number 1 on your telephone keypad.

Speaker #1: This update incorporates revisions to our revenue, C1, all-in sustaining costs, and capex ranges. It is important to provide some key context regarding the underlying drivers for these adjustments.

Speaker #1: Once again, if you are dialed into the conference and would like to ask a question, please press star, followed by the number 1 on your telephone keypad.

Speaker #1: Our revised revenue outlook reflects real macroeconomic realities—specifically, the strengthening of the Kazakh tenge against the US dollar. This currency change creates an immediate, direct impact on our numbers, forcing us to adjust our initial budget assumptions.

Dastan Kosherbayev: Our revised revenue outlook reflects real macroeconomic realities, specifically the strengthening of the Kazakh tenge against the US dollar. This currency change creates an immediate direct impact on our numbers, forcing us to adjust our initial budget assumptions. On the cost side, in addition to tenge appreciation, there is persistent inflation driven by sharp price increases for sulfuric acid. Because our accounting policy capitalized the asset used for initial well preparation, this inflation directly drives our capital expenditure guidance higher. Importantly, our revised 2026 CapEx guidance is a proactive choice. We are deploying capital now to secure long-term growth ahead of the demand. We handle cost realities with absolute commercial discipline. New realities are signaling that the era of cheap uranium is fading away, but the fundamental urgency for secure base load emission-free power is stronger than ever. Global utilities completely recognize this shift.

Speaker #1: We will now pause for a moment as callers join the queue. Our first question comes from the line of Amy Lee with UBS. Please go ahead.

Speaker #3: Hi, good afternoon. Thank you for taking my question. On costs, can you help us bridge the $2 per pound increase in the FY26 C1 guidance between the FX movements versus sulfuric acid and other inflation?

Speaker #1: On the cost side, in addition to tenge appreciation, there is persistent inflation driven by sharp price increases for sulfuric acid. Because our accounting policy capitalized the acid use for initial well preparation, this inflation directly drives our capital expenditure guidance higher.

Amy Lee: Hi. Good afternoon. Thank you for taking my question. On costs, can you help us bridge the USD 2 per pound increase in the FY2026 Q1 guidance between the FX movements versus sulfuric acid and other inflation? In particular, can you help us quantify how much of the increase would remain if the FX were unchanged from the original budget assumption? Hello?

Amy Li: Hi. Good afternoon. Thank you for taking my question. On costs, can you help us bridge the USD 2 per pound increase in the FY2026 Q1 guidance between the FX movements versus sulfuric acid and other inflation? In particular, can you help us quantify how much of the increase would remain if the FX were unchanged from the original budget assumption? Hello?

Speaker #3: In particular, can you help us quantify how much of the increase would remain if the FX were unchanged from the original budget assumption? Hello?

Speaker #1: Importantly, our revised 2026 CapEx guidance is a proactive choice. We are deploying capital now to secure long-term growth ahead of the demand. We handle cost realities with absolute commercial discipline.

Speaker #1: New realities are signaling that the era of cheap uranium is fading away. But the fundamental urgency for secure, baseload, emission-free power is stronger than ever.

Speaker #1: Global utilities completely recognize this shift. We are certain that long-term uranium demand is going to be consistent and powerful. Every single pound we produce will have a clear, committed, and waiting buyer.

Dastan Kosherbayev: We are certain that long-term uranium demand is going to be consistent and powerful. Every single pound we produce will have a clear, committed, and waiting buyer. To conclude, I would like to emphasize once again that our commitment to a market-focused strategy is firm. This focused approach remains the solid foundation of our long-term success. Kazatomprom manages world-class assets, a highly reliable and extensive reserve base, and a stable diverse sales portfolio. It has been 29 years as we remain a trusted primary partner for global utilities looking to secure and diversify their supply. Thank you for your attention. I will now ask the operator to open the line to allow questions from this call's participants.

Speaker #4: Hi, Amy. Yes, sorry, we had some technical issue. The answer will be received answered by our CFO, Mara Tulibayev.

Meirzhan Yussupov: Hi, Amy. Yeah, sorry, we had some technical issue. The answer will be answered by our CFO, Marat Tulebayev.

Botagoz Muldagaliyeva: Hi, Amy. Yeah, sorry, we had some technical issue. The answer will be answered by our CFO, Marat Tulebayev.

Speaker #1: To conclude, I would like to emphasize once again that our commitment to a market-focused strategy is firm. This focused approach remains a solid foundation of our long-term success.

Speaker #2: Well, I'm sorry, but at this point, it's hard to precisely tell what is the proportion of effect of exchange rate and the increase in capex.

Marat Tulebayev: Well, I am sorry, but at this point, it is hard to precisely tell what is the proportion of effect of exchange rate and the increase in CapEx. We need to check, but I think that the effect from these two factors are pretty much equal, and those two factors, as you just mentioned, the two most material factors which influence on our C1 from our previous forecast guidance and updated one.

Speaker #1: Kazatomprom manages world-class assets, a highly reliable and extensive reserve base, and a stable, diverse sales portfolio. It's been 29 years as we remain a trusted primary partner for global utilities looking to secure and diversify their supply.

Speaker #2: But I think those two factors let's we need to check, but I think that the effect from these two factors pretty much equal and those two factors as you just mentioned, the two most material factors which influence on our C1 from our previous forecast guidance and updated one.

Speaker #1: Thank you for your attention. I will now ask the operator to open the line to allow questions from this call's participants.

Speaker #2: Thank you, ladies and gentlemen. We will now begin the question-and-answer session. Please limit yourselves to two questions at a time. If you have additional questions, you are welcome to rejoin the queue.

Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. Please limit yourself to two questions at a time. If you have additional questions, you are welcome to rejoin the queue. As a reminder, you can also submit questions using the Ask a Question button on the webcast page. To ask a question on the phone line, please press star followed by the number 1 on your telephone keypad. Once again, if you are dialed into the conference and would like to ask a question, please press star followed by the number 1 on your telephone keypad. We will now pause for a moment as callers join the queue. Our first question comes from the line of Amy Lee with UBS. Please go ahead.

Speaker #2: As a reminder, you can also submit questions using the Ask a Question button on the webcast page. To ask a question on the phone lines, please press * followed by the number 1 on your telephone keypad.

Speaker #3: Okay. Can I quickly follow up on I mean, I appreciate it's still early days to provide formal guidance, but can you give us a sense of the direction of travel on the C1 cost into next year and thinking in particular about the sulfuric acid?

Amy Lee: Okay. Can I quickly follow up on. I appreciate it is still early days to provide formal guidance, but can you give us a sense of the direction of travel on the C1 cost into next year? Thinking in particular about the sulfuric acids, do you maybe already have some visibility on whether the volumes being contracted for 2027 are at materially higher prices than in 2026?

Amy Li: Okay. Can I quickly follow up on. I appreciate it is still early days to provide formal guidance, but can you give us a sense of the direction of travel on the C1 cost into next year? Thinking in particular about the sulfuric acids, do you maybe already have some visibility on whether the volumes being contracted for 2027 are at materially higher prices than in 2026?

Speaker #2: Once again, if you are dialed into the conference and would like to ask a question, please press * followed by the number 1 on your telephone keypad.

Speaker #2: We will now pause for a moment as callers join the queue. Our first question comes from the line of Amy Lee with UBS.

Speaker #3: Do you maybe already have some visibility on whether the volume is being contracted for 2027 are at materially higher prices than in '26?

Speaker #2: Please go ahead.

Amy Lee: Hi. Good afternoon. Thank you for taking my question. On costs, can you help us bridge the USD 2 per pound increase in the 2026 C1 guidance between the FX movements versus sulfuric acid and other inflation? In particular, can you help us quantify how much of the increase would remain if the FX were unchanged from the original budget assumption? Hello?

Amy-Yi Li: Hi. Good afternoon. Thank you for taking my question. On costs, can you help us bridge the USD 2 per pound increase in the 2026 C1 guidance between the FX movements versus sulfuric acid and other inflation? In particular, can you help us quantify how much of the increase would remain if the FX were unchanged from the original budget assumption? Hello?

Speaker #2: Well, let me start from the last question. Last part of your question. So, of course, we have contracts for sulfur and sulfuric acid for the next year.

Marat Tulebayev: Well, let me start from the last part of your question. We have contracts for sulfur and sulfuric acid for the next year. But we do not have full coverage of our requirements for sulfuric acid for the next year. We are working on that. Usually, we sign all the contracts by October, in the Q4 of the year for the next year. But what relates to the price, at this point, we do not expect any material increase in sulfuric acids because what happened for the last year. Let start from sulfur. One year ago, the price for the sulfur was 250. Now it is 1,100, so it means that four times the price increased for sulfur.

Speaker #2: But it's not the it's not we don't have full coverage of our requirements for sulfuric acid for the next year. And we are working on that.

Speaker #3: In particular, can you help us quantify how much of the increase would remain if the FX were unchanged from the original budget assumption? Hello?

Speaker #2: Usually, we sign all the contracts by October in the fourth quarter of the year for the next year. But what relates to the price, we at this point, we do not expect the any material increase in sulfuric acids because what happened for the last year.

Speaker #4: Hi, Amy. Yes, sorry, we had some technical issues. The question will be answered by our CFO, Mara Tulibayev.

Dastan Kosherbayev: Hi, Amy. Yeah, sorry, we had some technical issue. The answer will be answered by our CFO, Marat Tulebayev.

Botagoz Muldagaliyeva: Hi, Amy. Yeah, sorry, we had some technical issue. The answer will be answered by our CFO, Marat Tulebayev.

Speaker #2: Let's start from sulfur. One year ago, the price for the sulfur was $250. Now it's $1,100. So it means that four times the price increased for sulfur.

Speaker #1: Well, I'm sorry, but at this point, it's hard to precisely tell what the proportion of the effect of the exchange rate and the increase in capex is.

Marat Tulebayev: Well, I am sorry, but at this point, it is hard to precisely tell what is the proportion of effect of exchange rate and the increase in CapEx. But I think those two factors. We need to check, but I think that the effect from these two factors are pretty much equal, and those two factors, as you just mentioned, the two most material factors which influence on our C1 from our previous forecast guidance and updated one.

Speaker #2: And in Kazakhstan, sulfuric acid price increased something close to $27%. Which means that there is no direct correlation between spot for sulfur and sulfuric acid in Kazakhstan because, as you know, that we use some material part of our sulfuric acid requirements covered by smelters.

Marat Tulebayev: In Kazakhstan, sulfuric acid price increased something close to 27%, which means that there is no direct correlation between spot for sulfur and sulfuric acid in Kazakhstan because as you know, that we use some material part of our sulfuric acid requirements covered by smelters. Some part of the rest covered by sulfuric acid made from sulfur provided by oil and gas producers. I am trying to say that, in Kazakhstan, in our region, we are pretty much diversified. We do not depend solely on spot price for sulfur. But of course, there is some influence of spot price from sulfur on our sulfuric acid price. Because in some contracts we have some price formulas which depend, to some extent, on spot price.

Speaker #1: But I think those two factors—let's, we need to check—but I think that the effect from these two factors is pretty much equal. And those two factors, as you just mentioned, are the two most material factors influencing our C1 from our previous forecast guidance and the updated one.

Speaker #2: And the rest some part of the rest covered by sulfuric acid made from sulfur provided by oil and gas producers. So we are I'm trying to say that in Kazakhstan, in our region, we are pretty much diversified.

Speaker #2: We do not depend solely on spot price for sulfur, but of course, there is some influence of spot price from sulfur on our sulfuric acid price because in some contracts, we have some price formulas which depend to some extent on spot price.

Speaker #3: Okay. Can I quickly follow up on—I mean, I appreciate it's still early days to provide formal guidance—but can you give us a sense of the direction of travel on the C1 cost into next year, and thinking in particular about the sulfuric acid?

Amy-Yi Li: Okay. Can I quickly follow up on. I appreciate it is still early days to provide formal guidance, but can you give us a sense of the direction of travel on the C1 cost into next year? Thinking in particular about the sulfuric acids, do you maybe already have some visibility on whether the volumes being contracted for 2027 are at materially higher prices than in 2026?

Speaker #3: Do you maybe already have some visibility on whether the volume being contracted for 2027 are at materially higher prices than in '26?

Speaker #2: But as you can see, as I previously mentioned, that there is no direct correlation between increasing spot prices and price for sulfuric acid and prices in Kazakhstan.

Marat Tulebayev: But as you can see, as I previously mentioned, there is no direct correlation between increasing spot prices and price for sulfuric acid and prices in Kazakhstan.

Marat Tulebayev: Well, let me start from the last part of your question. Of course, we have contracts for sulfur and sulfuric acid for the next year. But we do not have full coverage of our requirements for sulfuric acid for the next year. We are working on that. Usually, we sign all the contracts by October, in the Q4 of the year for the next year. But what relates to the price, at this point, we do not expect any material increase in sulfuric acid because what happened for the last year. Let us start from sulfur. One year ago, the price for the sulfur was 250. Now it is 1,100, so it means that four times the price increased for sulfur.

Speaker #1: Well, let me start from the last question—the last part of your question. So, of course, we have contracts for sulfur and sulfuric acid for next year.

Speaker #3: That's very clear. Thank you.

Amy Lee: That is very clear. Thank you.

Amy Li: That is very clear. Thank you.

Speaker #1: Again, as a reminder, if you would like to ask a question on the phone lines, please press star, followed by the number 1 on your telephone keypad.

Operator: Again, as a reminder, if you would like to ask a question on the phone lines, please press star, followed by the number one on your telephone keypad. Our next question comes from the line of Paul Kirjanov with Bank of America. Please go ahead.

Speaker #1: But it's not—we don't have full coverage of our requirements for sulfuric acid for the next year, and we are working on that.

Speaker #1: Our next question comes from the line of Paul Kerianov with Bank of America. Please go ahead.

Speaker #5: Hi. Good evening, everyone. It's Paul from Bank of America. I have two questions, if that's okay. So one on contracting. Can you give us a bit of color and progress with long-term contracting?

Speaker #1: Usually, we assign all the contracts by October in the fourth quarter of the year for the next year. But as it relates to the price, at this point, we do not expect any material increase in sulfuric acid because of what happened last year.

Paul Kirjanov: Hi. Good evening, everyone. It is Paul from Bank of America. I have two questions, if that is okay. So one on contracting, can you give us a bit of color and progress with long-term contracting? I think some of the market data providers suggested H1 2026 was close to a record period for new contracting. Is that something you are seeing on your end as well?

Speaker #5: I think some of the market data providers suggested first half of '26 was close to a record period for new contracting. Is that something you are seeing on your end as well?

Speaker #4: Hi, Paul. Thank you for the question. The question will be answered by our managing director on sales, Aldia Karpay.

Botagoz Muldagaliyeva: Hi, Paul. Thank you for the question. The question will be answered by our Managing Director on Sales, Aldiyar Karpay.

Speaker #1: Let's start with sulfur. One year ago, the price for sulfur was $250. Now it's $1,100. So that means the price for sulfur has increased four times.

Speaker #2: Hi, Paul. Thank you for your question. Actually, I'd like to say that in terms of long-term contracting from the commercial perspective, we would like to say that we have pretty good we receive some RFPs from the various partners from all over the world.

Aldiyar Karpay: Hi, Paul. Thank you for your question. Actually, I would like to say that in terms of long-term contracting from the commercial perspective, we would like to say that we are pretty good. We receive some RFPs from the various partners from all over the world. As you can see from our previous publishments, we have a diversification of our geographical sales. In terms of contracting for the long-term perspective, it is quite decent, I would say. We see such kind of signals over the last several years, and I think that for the future, we have a good perspective. Anyway, still looking forward to receive any new ones if there are any in place. Thanks.

Speaker #1: And in Kazakhstan, the sulfuric acid price increased by something close to 27%, which means that there is no direct correlation between the spot price for sulfur and sulfuric acid in Kazakhstan. Because, as you know, we cover some portion of our sulfuric acid requirements with material from smelters.

Marat Tulebayev: In Kazakhstan, sulfuric acid price increased something close to 27%, which means that there is no direct correlation between spot for sulfur and sulfuric acid in Kazakhstan because as you know that we use some material part of our sulfuric acid requirements covered by smelters. Some part of the rest covered by sulfuric acid made from sulfur provided by oil and gas producers. I am trying to say that in Kazakhstan, in our region, we are pretty much diversified. We do not depend solely on spot price for sulfur. But of course, there is some influence of spot price from sulfur on our sulfuric acid price because in some contracts, we have some price formulas which depend, to some extent, on spot price.

Speaker #2: As you can see from our previous publishments, we have a diversification of our geographical sales. And in terms of contracting for the long-term for the long-term perspective, it's quite decent, I would say.

Speaker #1: And the rest—some part of the rest—is covered by sulfuric acid made from sulfur provided by oil and gas producers. So, I'm trying to say that in Kazakhstan, in our region, we are pretty much diversified.

Speaker #2: So we see this quite such kind of signals over the last several years. And I think that for the future, we have a good perspectives.

Speaker #2: But anyway, still looking forward to receive any new ones if there are any in place. Thanks.

Speaker #1: We do not depend solely on spot price for sulfur, but of course, there is some influence of spot price from sulfur on our sulfuric acid price because, in some contracts, we have some price formulas which depend to some extent on spot price.

Speaker #5: Great. Thank you. And then my second question is on inventory. So inventory increased to around 8,000 tons. How much of that is already allocated to contract and deliveries for the second half of the year, and how much is sort of strategic?

Paul Kirjanov: Great. Thank you. My second question is on inventory. So inventory increased to around 8,000 tons. How much of that is already allocated to contract and deliveries for the H2 of the year, and how much is sort of strategic? I know you spoke about keeping a comfortable level of inventories. Can you roughly tell us what a comfortable level means for you?

Speaker #5: I know you spoke about keeping a comfortable level of inventories. Can you roughly tell us what a comfortable level means for you?

Speaker #1: But as you can see, as I previously mentioned, there is no direct correlation between increasing spot prices and prices for sulfuric acid in Kazakhstan.

Marat Tulebayev: But as you can see, as I previously mentioned, there is no direct correlation between increasing spot prices and price for sulfuric acid and prices in Kazakhstan.

Speaker #2: Yes. From the increase of inventory, I would say that in the first six months of 2026, it's driven by lower sales value volume compared to the same period of 2025.

Aldiyar Karpay: Yes. From the increase of inventory, I would say that in the first 6 months of 2026, driven by lower sales volume compared to the same period of 2025, the inventory levels may vary from year to year, depending on the production level and the sales volume. The company always follows the principle of balanced maintenance of inventory levels in order to meet its obligations to clients in the following years. Furthermore, in accordance with the guidance, sales volumes in 2026 will be higher than in 2025, so the company expects to meet the sales guidance with the stated ranges in the report. Thanks.

Speaker #3: That's very clear. Thank you.

Amy Lee: That is very clear. Thank you.

Amy-Yi Li: That is very clear. Thank you.

Speaker #2: Again, as a reminder, if you would like to ask a question on the phone lines, please press * followed by the number 1 on your telephone keypad.

Operator: Again, as a reminder, if you would like to ask a question on the phone lines, please press star followed by the number 1 on your telephone keypad. Our next question comes from the line of Paul Karayanov, Bank of America. Please go ahead.

Speaker #2: The inventory levels may vary from year to year depending on the production level and the sales volume. The company always follows the principle of balance maintains of inventory levels in order to meet its obligations to clients in the following years.

Speaker #2: Our next question comes from the line of Paul Kerianov with Bank of America. Please go ahead.

Speaker #2: Furthermore, in accordance with the guidance, sales volumes in 2026 will be higher than in 2025. So the company expects to meet the sales guidance with the stated ranges in the report.

Paul Karayanov: Hi. Good evening, everyone. It is Paul from Bank of America. I have 2 questions, if that is okay. One on contracting, can you give us a bit of color on progress with long-term contracting? I think some of the market data providers suggested H1 2026 was close to a record period for new contracting. Is that something you are seeing on your end as well?

Paul Kirjanovs: Hi. Good evening, everyone. It is Paul from Bank of America. I have 2 questions, if that is okay. One on contracting, can you give us a bit of color on progress with long-term contracting? I think some of the market data providers suggested H1 2026 was close to a record period for new contracting. Is that something you are seeing on your end as well?

Speaker #5: Hi, good evening everyone. It's Paul from Bank of America. I have two questions, if that's okay. First, on contracting—can you give us a bit of color on the progress with long-term contracting?

Speaker #5: I think some of the market data providers suggested the first half of '26 was close to a record period for new contracting. Is that something you are seeing on your end as well?

Speaker #2: Thanks.

Speaker #5: Okay. Thank you. Very clear. Thank you.

Paul Kirjanov: Okay. Thank you. Very clear. Thank you.

Speaker #1: And at this time, that concludes the question and answer session from the audio line. I will now pass the call back over to Mrs. Multaqaliyeva to take written questions from the webcast participants.

Operator: At this time, that concludes the question and answer session from the audio line. I will now pass the call back over to Mrs. Muldagaliyeva to take written questions from the webcast participants. Please go ahead.

[Company Representative] (Kazatomprom): Hi, Paul. Thank you for your question. The question will be answered by our Managing Director on Sales, Almas Kaspai.

Botagoz Muldagaliyeva: Hi, Paul. Thank you for your question. The question will be answered by our Managing Director on Sales, Almas Kaspai.

Speaker #4: Hi, Paul. Thank you for the question. The question will be answered by our Managing Director of Sales, Aldiyar Karpay.

Speaker #1: Please go ahead.

Almas Kaspai: Hi, Paul. Thank you for your question. Actually, I'd like to say that in terms of long-term contracting from the commercial perspective, we would like to say that we are pretty good. We receive some RFPs from the various partners from all over the world. As you can see from our previous publishments, we have a diversification of our geographical sales, and in terms of contracting for the long-term perspective, it's quite decent, I would say. We see such kind of signals over the last several years, and I think that for the future, we have a good perspective. Anyway, still looking forward to receive any new ones if there are any in place. Thanks.

Seitzhan Zhanybekov: Hi, Paul. Thank you for your question. Actually, I'd like to say that in terms of long-term contracting from the commercial perspective, we would like to say that we are pretty good. We receive some RFPs from the various partners from all over the world. As you can see from our previous publishments, we have a diversification of our geographical sales, and in terms of contracting for the long-term perspective, it's quite decent, I would say. We see such kind of signals over the last several years, and I think that for the future, we have a good perspective. Anyway, still looking forward to receive any new ones if there are any in place. Thanks.

Speaker #1: Hi, Paul. Thank you for your question. Actually, I'd like to say that, in terms of long-term contracting from the commercial perspective, we would like to say that we have pretty good—we receive some RFPs from various partners from all over the world.

Speaker #4: Thank you. Operator, we have several questions that were submitted through our webcast. The first question is coming from Benjamin Feingold from Oceanwall. The EGM that has been called, does this relate to a new transaction that has not previously been disclosed by the company?

Botagoz Muldagaliyeva: Thank you, operator. We have several questions that were submitted through our webcast. The first question is coming from Benjamin Finegold from Ocean Wall. The EGM that has been called, does this relate to a new transaction that has not previously been disclosed by the company, or is it a transaction that has been previously announced relating to a deal over half of the book value of Kazatomprom? This question will be answered by Aldiyar Karpay, our Managing Director on Sales.

Speaker #1: As you can see from our previously published minutes, we have a diversification of our geographical sales. And in terms of contracting for the long term, from a long-term perspective, it's quite decent, I would say.

Speaker #4: Or is it a transaction that has been previously announced relating to a deal over half of the book value of Kazakhstan from? And this question will be answered by Mr. Karpay, our managing director on sales.

Speaker #2: Benjamin, thank you for your question. I would like to note that these transaction hasn't been previously hasn't been previously disclosed by the company. So these are the new transactions that we announced today for the EGM.

Speaker #1: So we see quite such kind of signals over the last several years. And I think that for the future, we have good perspectives.

Marat Tulebayev: Benjamin, thank you for your question. I would like to note that this transaction hasn't been previously disclosed by the company. These are the new transactions that we announced today for the EGM, and it's not related to the previously announced transaction. It was about the amendment of the previous contract that we signed. This is in a nutshell, these are the new contracts. Thank you.

Aldiyar Karpay: Benjamin, thank you for your question. I would like to note that this transaction hasn't been previously disclosed by the company. These are the new transactions that we announced today for the EGM, and it's not related to the previously announced transaction. It was about the amendment of the previous contract that we signed. This is in a nutshell, these are the new contracts. Thank you.

Speaker #1: But anyway, still looking forward to receiving any new ones if there are any in place. Thanks.

Speaker #2: And it's not related to the previously announced transaction it was about the amendment of the previous contract that we signed. So this is in a nutshell it's these are the new contracts.

Paul Karayanov: Great. Thank you. My second question is on inventory. So inventory increased to around 8,000 tons. How much of that is already allocated to contract and deliveries for the H2 of the year, and how much is strategic? I know you spoke about keeping a comfortable level of inventories. Can you roughly tell us what a comfortable level means for you?

Paul Kirjanovs: Great. Thank you. My second question is on inventory. So inventory increased to around 8,000 tons. How much of that is already allocated to contract and deliveries for the H2 of the year, and how much is strategic? I know you spoke about keeping a comfortable level of inventories. Can you roughly tell us what a comfortable level means for you?

Speaker #5: Great, thank you. And then, my second question is on inventory. So, inventory increased to around 8,000 tons. How much of that is already allocated to contracts and deliveries for the second half of the year, and how much is sort of strategic?

Speaker #2: Thank you.

Speaker #4: Thank you. Aldia, the next question is coming from Max Hristov, who is an individual investor. What is the incentive price of uranium needed to achieve equilibrium?

Botagoz Muldagaliyeva: Thank you, Aldiyar Karpay. The next question is coming from Max Hristov, who is an individual investor: What is the incentive price of uranium needed to achieve equilibrium? What is the hold-up in long-term price getting there? This question will be answered by Mr. Koshybaev, our Chief Strategy and International Development Officer.

Speaker #5: I know you spoke about keeping a comfortable level of inventories. Can you roughly tell us what a comfortable level means for you?

Speaker #4: What is the holdup in long-term price getting there? And this question will be answered by Mr. Kosherbaev, our Chief Strategy and International Development Officer.

Speaker #1: Yes. From the increase in inventory, I would say that in the first six months of 2026, it's driven by lower sales value and volume compared to the same period in 2025.

Almas Kaspai: Yes. From the increase of inventory, I would say that in the first six months of 2026, driven by lower sales volume compared to the same period of 2025. The inventory levels may vary from year to year, depending on the production level and the sales volume. The company always follows the principle of balanced maintenance of inventory levels in order to meet its obligations to clients in the following years. Furthermore, in accordance with the guidance, sales volumes in 2026 will be higher than in 2025. The company expects to meet the sales guidance with the stated ranges in the report. Thanks.

Seitzhan Zhanybekov: Yes. From the increase of inventory, I would say that in the first six months of 2026, driven by lower sales volume compared to the same period of 2025. The inventory levels may vary from year to year, depending on the production level and the sales volume. The company always follows the principle of balanced maintenance of inventory levels in order to meet its obligations to clients in the following years. Furthermore, in accordance with the guidance, sales volumes in 2026 will be higher than in 2025. The company expects to meet the sales guidance with the stated ranges in the report. Thanks.

Speaker #2: Yes. Hello, everyone. Thank you for joining us today. Mr. Hristov, thank you for your question. That's an interesting one. Well, I guess it's fair to say that it's a matter of perspective depending on your positioning and where you are.

Dastan Kosherbayev: Yes. Hello, everyone. Thank you for joining us today. Mr. Hristov, thank you for your question. That is an interesting one. I guess it is fair to say that it is a matter of perspective depending on your positioning and where you are. Essentially, if you look at certain parts of the world and you look at their incentive price in terms of production first, you would see that it translates into an elusive quest for growth in terms of if you look 10 years back, they say that the 50 was the incentive price to start production. If you look at the production in terms of the spot and long-term price, I think in December, they have aligned for a short period of time. Right now, they are somewhat close to one another.

Speaker #1: The inventory levels may vary from year to year depending on the production level and the sales volume. The company always follows the principle of balanced maintenance of inventory levels in order to meet its obligations to clients in the following years.

Speaker #2: Essentially, if you look at certain parts of the world and you look at their incentive price in terms of production, first, you'd see that this sort of it translates into an elusive quest for growth in terms of if you look 10 years back, they say that the 50 was the incentive price to start production.

Speaker #1: Furthermore, in accordance with the guidance, sales volumes in 2026 will be higher than in 2025. So, the company expects to meet the sales guidance within the stated ranges in the report.

Speaker #2: If you look at the production in terms of the spot and long-term price, I think in December, they've aligned for a short period of time.

Speaker #1: Thanks.

Speaker #5: Okay, thank you. Very clear. Thank you.

Paul Karayanov: Okay. Thank you. Very clear. Thank you.

Paul Kirjanovs: Okay. Thank you. Very clear. Thank you.

Speaker #2: Right now, they're somewhat close to one another. But I've been saying this for quite a while now that structurally exceptional fundamentals are being obscured by temporary policy uncertainty.

Speaker #2: And at this time, that concludes the question and answer session from the audio line. I will now pass the call back over to Mrs. Multagaliyeva to take written questions from the webcast participants.

Operator: At this time, that concludes the question and answer session from the audio line. I will now pass the call back over to Mrs. Murzagalayeva to take written questions from the webcast participants. Please go ahead.

Dastan Kosherbayev: But I have been saying this for quite a while now, that structurally exceptional fundamentals are being obscured by temporarily policy uncertainty, and I guess that is the case and it still remains. In terms of the overall situation, I guess, the prices are not nearly the levels that we are going to witness in the upcoming years. For if you look back historically, let us say in 2008, the prices essentially were at 130, which translates to 120, given the inflation adjustment and all these things. So as I said, we are not nearly there in terms of the overall pricing. It becomes a matter of energy security for certain jurisdictions where some are concerned with their security of supply, whereas others are simply betting on new supply to come online. This is a very interesting situation that is going to unravel in the upcoming years.

Speaker #2: Please go ahead.

Speaker #2: And I guess that's the case and still remains. In terms of the overall situation, I guess the prices are not nearly the levels that we've been we are going to witness in the upcoming years.

Speaker #4: Thank you. Operator, we have several questions that were submitted through our webcast. The first question is coming from Benjamin Feingold from Oceanwall. The EGM that has been called—does this relate to a new transaction that has not previously been disclosed by the company?

[Company Representative] (Kazatomprom): Thank you, operator. We have several questions that were submitted through our webcast. The first question is coming from Benjamin Finegold from Ocean Wall. The EGM that has been called, does this relate to a new transaction that has not previously been disclosed by the company, or is it a transaction that has been previously announced relating to a deal over half of the book value of Kazatomprom? This question will be answered by Mr. Kaspai, our Managing Director on sales.

Speaker #2: For if you look back historically, let's say in 2008, the prices essentially were at 130, which translates to 120 given the inflation adjustment and all these things.

Speaker #4: Or is it a transaction that has been previously announced relating to a deal over half of the book value of Kazatomprom? And this question will be answered by Mr. Karpay, our Managing Director of Sales.

Speaker #2: So I as I've said, we're not nearly there in terms of the overall pricing. And it's just it becomes a matter of energy security for certain jurisdictions where the some are concerned with their security of supply, whereas others are simply betting on new supply to come online.

Speaker #1: Benjamin, thank you for your question. I would like to note that these transactions have not been previously disclosed by the company. So, these are the new transactions that we announced today for the EGM.

Almas Kaspai: Benjamin, thank you for your question. I would like to note that this transaction hasn't been previously disclosed by the company. These are the new transactions that we announced today for the EGM, and it's not related to the previously announced transaction. It was about the amendment of the previous contract that we signed. This is in a nutshell. These are the new contracts. Thank you.

Seitzhan Zhanybekov: Benjamin, thank you for your question. I would like to note that this transaction hasn't been previously disclosed by the company. These are the new transactions that we announced today for the EGM, and it's not related to the previously announced transaction. It was about the amendment of the previous contract that we signed. This is in a nutshell. These are the new contracts. Thank you.

Speaker #1: And it's not related to the previously announced transaction—it was about the amendment of the previous contract that we signed. So, this is in a nutshell. These are the new contracts.

Speaker #2: And this is a very interesting situation that's going to unravel in the upcoming years. And I think we just should all wait and see and observe what's happening.

Speaker #1: Thank you.

Dastan Kosherbayev: I think we just should all wait and see and observe what is happening. Thank you.

Speaker #2: Thank you.

Speaker #4: Thank you. Aldiyar, the next question is coming from Max Hristov, who is an individual investor. What is the incentive price of uranium needed to achieve equilibrium?

[Company Representative] (Kazatomprom): Thank you, Alisher. The next question is coming from Max Hristov, who is an individual investor. What is the incentive price of uranium needed to achieve equilibrium? What is the holdup in long-term price getting there? This question will be answered by Mr. Kosherbayev, our Chief Strategy and International Development Officer.

Botagoz Muldagaliyeva: Thank you, Alisher. The next question is coming from Max Hristov, who is an individual investor. What is the incentive price of uranium needed to achieve equilibrium? What is the holdup in long-term price getting there? This question will be answered by Mr. Kosherbayev, our Chief Strategy and International Development Officer.

Speaker #4: Thank you, Mr. Kosherbaev. The next question is coming from Grace Symes from Energy Intelligence. Kazakhstan from production at a lot of its operations has seen large year-on-year shifts, specifically down 30% at RU6 and semis by you.

Dastan Kosherbayev: I think we just should all wait and see and observe what is happening. Thank you.

Botagoz Muldagaliyeva: Thank you, Mr. Koshubaev. The next question is coming from Grace Sainz from Energy Intelligence. Kazatomprom's production at a lot of its operations has seen large year-on-year shifts, specifically down 30% at RUS-6 and Semizbay-U. Can you please provide any further information as to why there are these shifts at those two specific projects? The question will be answered by our CFO, Mr. Tulebayev.

Speaker #4: What is the holdup in long-term price getting there? And this question will be answered by Mr. Kosherbaev, our Chief Strategy and International Development Officer.

Speaker #1: Yes, hello everyone. Thank you for joining us today. Mr. Hristov, thank you for your question. That's an interesting one. Well, I guess it's fair to say that it's a matter of perspective, depending on your position and where you are.

Speaker #4: Can you please provide any further information as to why there are these shifts as at those two specific projects? And the question will be answered by our CFO, Mr. Tulibayev.

Dastan Kosherbayev: Yes. Hello, everyone. Thank you for joining us today. Mr. Hristov, thank you for your question. That is an interesting one. Well, I guess it is fair to say that it is a matter of perspective, depending on your positioning and where you are. Essentially, if you look at certain parts of the world and you look at their incentive price in terms of production first, you would see that it translates into an elusive quest for growth in terms of if you look 10 years back, they say that the 50 was the incentive price to start production. If you look at the production in terms of the spot and long-term price, I think in December they have aligned for a short period of time. Right now, they are somewhat close to one another.

Speaker #2: Yes. Thank you. So what relates to the RU6, the decrease is 30% in but in absolute terms, it's slightly more than 100 something tones.

Speaker #1: Essentially, if you look at certain parts of the world and you look at their incentive price in terms of production, first, you'd see that this sort of it translates into an elusive quest for growth in terms of if you look 10 years back, they say that the 50 was the incentive price to start production if you look at the production in terms of the spot and long-term price.

Marat Tulebayev: Yes, thank you. What relates to the RUS-6, the decrease is 30%, but in absolute terms, it is slightly more than 100 something tons. It is only H1 results. According to our plan, the annual production will be the same for RUS-6 as it was in 2025. In relation to Semizbay, I should say pretty much the same, but that the production volume for Semizbay in 2025 and 2026 is going to be pretty much the same. What relates to Zarechnoye, there is also a decrease of 29%. This is because, as you know, the contract of subsoil use agreement for Zarechnoye, according to the plan of this agreement, the production decreases by 2028, and after that mining asset is going to be closed. Thank you.

Speaker #2: But it's only a half-year results. According to our plan, the annual production will be the same for RU6. I mean, as it was in 2025.

Speaker #1: I think in December, they've aligned for a short period of time. Right now, they're somewhat close to one another. But I've been saying this for quite a while now, that structurally exceptional fundamentals are being obscured by temporary policy uncertainty.

Speaker #2: In relation to semis buy, I should say the the pretty much the same, but that the production volume for semis buy in 2025 and 2026 is going to be the same pretty much.

Dastan Kosherbayev: But I have been saying this for quite a while now, that structurally exceptional fundamentals are being obscured by temporarily policy uncertainty, and I guess that is the case, and it still remains. In terms of the overall situation, I guess, the prices are not nearly the levels that we are going to witness in the upcoming years. If you look back historically, let us say in 2008, the prices essentially were at 130, which translates to 120 given the inflation adjustment and all these things. So as I said, we are not nearly there in terms of the overall pricing. It becomes a matter of energy security for certain jurisdictions where some are concerned with their security of supply, whereas others are simply betting on new supply to come online. This is a very interesting situation that is going to unravel in the upcoming years.

Speaker #1: And I guess that's the case, and still remains. In terms of the overall situation, I guess the prices are not nearly at the levels that we have been— we are going to witness in the upcoming years.

Speaker #2: And what relates to the Rychne, the Rychne, there is also decrease for 29%. And this is because as you know that contract use agreement for the Rychne according to the plan of this agreement, the production decreases by 2028.

Speaker #1: For if you look back historically, let's say in 2008, the prices essentially were at $130, which translates to $120 given the inflation adjustment and all these things.

Speaker #2: And after that, that asked mining asset is going to be closed. Thank you.

Speaker #1: So, as I've said, we're not nearly there in terms of the overall pricing. And it just becomes a matter of energy security for certain jurisdictions, where some are concerned with their security of supply, whereas others are simply betting on new supply to come online.

Speaker #4: Thank you, Mr. Tulibayev. The next question is also coming from Grace. Selling expenses increased 23% year-on-year due to shifts in delivery destinations and higher transportation tariffs.

Botagoz Muldagaliyeva: Thank you, Mr. Tulebayev. The next question is also coming from Grace. Selling expenses increased 23% year-on-year due to shifts in delivery destinations and higher transportation tariffs. Can you provide any more detail on what those shifts were? Are the higher transportation tariffs due to the impact of the Middle East crisis or something else?

Speaker #4: Can you provide any more detail on what those shifts were? And are there the higher transportation tariffs due to the impact of the Middle East crisis or something else?

Speaker #1: This is a very interesting situation that's going to unfold in the coming years. I think we should all wait, watch, and observe what's happening.

Speaker #2: So Grace, the

Dastan Kosherbayev: I think we just should all wait and see and observe what is happening. Thank you.

Marat Tulebayev: Sorry.

Speaker #1: Thank you.

Speaker #4: Thank you, Mr. Kosherbaev. The next question is coming from Grace Saenz from Energy Intelligence. Kazatomprom's production at a lot of its operations has seen large year-on-year shifts, specifically down 30% at RU-6 and Semizbay.

[Company Representative] (Kazatomprom): Thank you, Mr. Kosherbayev. The next question is coming from Grace Sainz from Energy Intelligence. Kazatomprom's production at a lot of its operations has seen large year-on-year shifts, specifically down 30% at RU-6 and Semizbai. Can you please provide any further information as to why there are these shifts at those two specific projects? The question will be answered by our CFO, Mr. Tulebayev.

Botagoz Muldagaliyeva: Thank you, Mr. Kosherbayev. The next question is coming from Grace Sainz from Energy Intelligence. Kazatomprom's production at a lot of its operations has seen large year-on-year shifts, specifically down 30% at RU-6 and Semizbai. Can you please provide any further information as to why there are these shifts at those two specific projects? The question will be answered by our CFO, Mr. Tulebayev.

Speaker #4: Can you please provide any further information as to why there are these shifts at those two specific projects? And the question will be answered by our CFO, Mr. Tulibaev.

Speaker #4: the question will be answered by Mr. Karpay, our managing director on sales.

Botagoz Muldagaliyeva: Grace, the question will be answered by Mr. Kasyпов, our Managing Director on Sales.

Speaker #2: Grace, thank you for your question. I would shortly respond to this question as that the increase mainly reflects changes in the delivery destinations and the transportation mix, including increased use of TRTR of our Transcaspian Road.

Speaker #1: Yes, thank you. So, with regard to RU6, the decrease is 30%, but in absolute terms, it's slightly more than 100-something tonnes.

Marat Tulebayev: Yes, thank you. What relates to the RU-6, the decrease is 30%, but in absolute terms, it is slightly more than 100 something tons. It is only H1 results. According to our plan, the annual production will be the same for RU-6 as it was in 2025. In relation to Semizbai, I should say pretty much the same, but the production volume for Semizbai in 2025 and 2026 is going to be pretty much the same. What relates to Zarechnoye, there is also decrease for 29%. This is because, as you know, the contract of subsoil use agreement for Zarechnoye, according to the plan of this agreement, the production decreases by 2028, and after that mining asset is going to be closed. Thank you.

Aldiyar Karpay: Grace, thank you for your question. I would shortly respond to this question as the increase mainly reflects change in the delivery destinations and the transportation mix, including increased use of TITR, of our Trans-Caspian route. It is not related to the Middle East crisis as our main transportation roads do not pass through the Persian Gulf. Both the Trans-Caspian route and the traditional route through north continue to operate reliably. Thank you.

Speaker #1: But it's only half-year results. According to our plan, the annual production will be the same for RU6—I mean, as it was in 2025.

Speaker #2: It's not related to the Middle East crisis as our main transportation roads do not pass through the Persian Gulf. Both the Transcaspian Road and the traditional road through north continue to operate reliably.

Speaker #2: Thank you.

Speaker #1: In relation to semis-by, I should say it's pretty much the same, but the production volume for semis-by in 2025 and 2026 is going to be pretty much the same.

Speaker #4: Thank you, Aldia. The next question is coming from Kirill Tachenikov, an individual investor. What is the reason behind lower revenue guidance this year and should we expect further realized price increase in Q in second half of 2026?

Speaker #1: And what relates to the Richner, the Richner, there is also a decrease of 29%. And this is because, as you know, the contract use agreement for the Richner—according to the plan of this agreement—the production decreases by 2028.

Botagoz Muldagaliyeva: Thank you, Aldiyar. The next question is coming from Kirill Dachenko, an individual investor. What is the reason behind lower revenue guidance this year, and should we expect further realized price increase in H2 2026? The question will be answered by our CFO, Mr. Tulebayev.

Speaker #4: And the question will be answered by our CFO, Mr. Tulibayev.

Speaker #2: Yeah. Thank you. So the the the main reason or should I say the only reason we changed our forecast guidance for the rest of the year is that the exchange rate that the the because of the appreciation of Kazakh Tenge, because our functional currency is Tenge, that is why we decreased the forecast for revenue.

Marat Tulebayev: Yeah, thank you. The main reason, or should I say the only reason we changed our forecast guidance for the rest of the year is the exchange rate. Because of the appreciation of Kazakhstani Tenge, because our functional currency is Tenge. That is why we decreased the forecast for revenue. It is hard for me to say what is going to be with the realized price increase in H2. It highly depends on the spot price. But we do not expect a decrease anyway. Thank you.

Speaker #1: And after that, that asked mining asset is going to be closed. Thank you.

Speaker #4: Thank you, Mr. Tulibaev. The next question is also coming from Grace. Selling expenses increased 23% year on year due to shifts in delivery destinations and higher transportation tariffs.

[Company Representative] (Kazatomprom): Thank you, Mr. Tulebayev. The next question is also coming from Grace. Selling expenses increased 23% year-on-year due to shifts in delivery destinations and higher transportation tariffs. Can you provide any more detail on what those shifts were? Are the higher transportation tariffs due to the impact of the Middle East crisis or something else?

Speaker #4: Can you provide any more detail on what those shifts were? And are the higher transportation tariffs due to the impact of the Middle East crisis, or something else?

Speaker #2: And it's hard for me to to say what's going to be with their realized price increase in second half of the year. It depends highly depends on the spot price.

Speaker #5: Sorry.

Marat Tulebayev: Sorry.

Speaker #2: But we did not expect a decrease anyway. Thank you.

Speaker #4: The next question is coming from Benjamin Feingold. Following following up on my question regarding QEGM. So this new transaction with the Chinese counterparty is oversized more than half the book value of Kazakhstan from.

Speaker #4: Grace, the question will be answered by Mr. Karpay, our Managing Director of Sales.

[Company Representative] (Kazatomprom): Grace, the question will be answered by Mr. Kaspai, our Managing Director on sales.

Botagoz Muldagaliyeva: Grace, the question will be answered by Mr. Kaspai, our Managing Director on sales.

Botagoz Muldagaliyeva: The next question is coming from Benjamin Finegold. Following up on my questions regarding EGM. This new transaction with the Chinese counterparty is of a size more than half the book value of Kazatomprom. When do you expect to announce details of this contract? The question will go to Mr. Karpay, our Managing Director on Sales.

Speaker #1: For Grace, thank you for your question. I would shortly respond to this question as that the increase mainly reflects changes in the delivery destinations and the transportation mix, including increased use of TRTR of our Transcaspian Road.

Almas Kaspai: Grace, thank you for your question. I would shortly respond to this question as that the increase mainly reflects change in the delivery destinations and the transportation mix, including increased use of TITR, of our Trans-Caspian route. It is not related to the Middle East crisis as our main transportation roads do not pass through the Persian Gulf. Both the Trans-Caspian International Transport Route and the traditional route through north continue to operate reliably. Thank you. Mm-hmm.

Seitzhan Zhanybekov: Grace, thank you for your question. I would shortly respond to this question as that the increase mainly reflects change in the delivery destinations and the transportation mix, including increased use of TITR, of our Trans-Caspian route. It is not related to the Middle East crisis as our main transportation roads do not pass through the Persian Gulf. Both the Trans-Caspian International Transport Route and the traditional route through north continue to operate reliably. Thank you. Mm-hmm.

Speaker #4: When do you expect to announce details of this contract? The question will go to Mr. Karpay, our managing director on sales.

Speaker #2: Thank you, Benjamin, for your second question. I would like to say that this new transaction with the Chinese counterparty is not the size of more than half.

Speaker #1: It's not related to the Middle East crisis, as our main transportation roads do not pass through the Persian Gulf. Both the Transcaspian road and the traditional road through the north continue to operate reliably.

Aldiyar Karpay: Thank you, Benjamin, for your second question. I would like to say that this new transaction with the Chinese counterparty is not the size of more than half. It is more than quarter, because according to our legislation of the joint-stock companies, the transactions that concluded with the company who is a partner in joint ventures where we have an interest, these transactions should be approved by EGM. That is why we are approaching to get the EGM's approval subject to their decision. In terms of announced details, unfortunately, due to confidentiality of the transactions, we are not able to disclose any of the details of these transactions. We did the same previously. That is our short answer. Thank you.

Speaker #2: It's more than quarter. Because according to our legislation of the joint stock companies, the the transactions that are concluded with the company who is a partner in joint ventures where we have interest, these these should be transactions should be approved by EGM.

Speaker #1: Thank you.

Speaker #2: So that's why we are approaching to get the EGMs approval subject to their decision. And in terms of announce details, unfortunately, due to confidentiality of the transactions, we are not able to disclose any of the details of these transactions.

Speaker #4: Thank you, Aldiyar. The next question is coming from Kirill Tachennikov, an individual investor. What is the reason behind the lower revenue guidance this year? And should we expect a further realized price increase in Q2 in the second half of 2026?

[Company Representative] (Kazatomprom): Thank you, Almas Kaspai. The next question is coming from Kirill Tachennikov, an individual investor. What is the reason behind lower revenue guidance this year, and should we expect further realized price increase in H2 2026? The question will be answered by our CFO, Mr. Tulebayev.

Botagoz Muldagaliyeva: Thank you, Almas Kaspai. The next question is coming from Kirill Tachennikov, an individual investor. What is the reason behind lower revenue guidance this year, and should we expect further realized price increase in H2 2026? The question will be answered by our CFO, Mr. Tulebayev.

Speaker #2: And we did the same previously. So that's that's our short answer. Thank you.

Speaker #4: And the question will be answered by our CFO, Mr. Tulibaev.

Speaker #1: Yeah. Thank you. So the the the main reason or should I say the only reason we changed our forecast guidance for the rest of the year is the exchange rate that the the because of the appreciation of Kazakh Tenge.

Marat Tulebayev: Yeah, thank you. The main reason, or should I say the only reason we changed our forecast guidance for the rest of the year, is the exchange rate. That because of the appreciation of Kazakh tenge, because our functional currency is tenge. That is why we decreased the forecast for revenue. It is hard for me to say what is going to be with the realized price increase in H2. It highly depends on the spot price, but we do not expect a decrease anyway. Thank you.

Speaker #4: The next question is also coming from Kirill Tachenikov. What is the reason for close to zero free cash flow in second quarter of 2026 amid higher sales volume and price?

Botagoz Muldagaliyeva: The next question is also coming from Kirill Dachenko. What is the reason for close to zero free cash flow into Q2 2026 amid higher sales volume and price? The question will be answered by our CFO, Mr. Tulebayev. The question will be answered by Mr. Khassanov of our financial controller.

Speaker #1: Because our functional currency is the Tenge, that is why we decreased the forecast for revenue. And it's hard for me to say what's going to happen with the realized price increase in the second half of the year.

Speaker #4: The question will be answered by our CFO, Mr. Tulibayev. The question will be answered by Mr. Hassanov, our financial controller.

Speaker #1: It highly depends on the spot price, but we do not expect a decrease anyway. Thank you.

Speaker #2: Now, one of the main reasons of our like decrease in the free cash flow, so you can see that we have lower sales than the previous period.

Ulan Khassanov: One of the main reasons of our decrease in the free cash flow, you can see that we have lower sales than the previous period, that is why the main reason, and it is main due to the shift of our sales from period to period. That is why we expect that in H2, we will have the normal numbers.

Speaker #2: That's why the main reason. And it is a main due to the shift of our sales from period to period. That's why we expect that in the second half we will have the normal numbers.

Speaker #4: The next question is coming from Benjamin Feingold. Following up on my question regarding QEGM: So this new transaction with the Chinese counterparty is oversized—more than half the book value of Kazatomprom.

[Company Representative] (Kazatomprom): The next question is coming from Ben Finegold. Following up on my questions regarding to EGM. This new transaction with a Chinese counterparty is of a size more than half the book value of Kazatomprom. When do you expect to announce details of this contract? The question will go to Mr. Kaspai, our Managing Director on sales.

Botagoz Muldagaliyeva: The next question is coming from Ben Finegold. Following up on my questions regarding to EGM. This new transaction with a Chinese counterparty is of a size more than half the book value of Kazatomprom. When do you expect to announce details of this contract? The question will go to Mr. Kaspai, our Managing Director on sales.

Speaker #4: Thank you. Olan, the next question is coming from Chris Jiang from Morgan Stanley. Could you please provide some update on strategy to potential penetration into conversion and enrichment business?

Botagoz Muldagaliyeva: Thank you. Ulan, the next question is coming from Chris Jiang from Morgan Stanley. Could you please provide some update on strategy to potential penetration into conversion and enrichment business? This question will be answered by Mr. Kosherbayev, our Chief Strategy and International Development Officer.

Speaker #4: When do you expect to announce details of this contract? The question will go to Mr. Karpay, our Managing Director of Sales.

Speaker #4: And this question will be answered by Mr. Kosherbaev, our chief strategy and international development officer.

Speaker #1: Thank you, Benjamin, for your second question. I would like to say that this new transaction with the Chinese counterparty is not the size of more than half its more than quarter because according to our legislation of the joint stock companies, the the transactions that are concluded with the company who is a partner in joint ventures where we have interest these these should be transactions should be approved by EGM.

Almas Kaspai: Thank you, Benjamin, for your second question. I would like to say that this new transaction with the Chinese counterparty is not the size of more than half. It is more than quarter. Because according to our legislation of the joint stock companies, the transactions that are concluded with the company who is a partner in joint ventures where we have an interest, these transactions should be approved by EGM. That is why we are approaching to get the EGM's approval subject to their decision. In terms of announced details, unfortunately, due to confidentiality of the transactions, we are not able to disclose any of the details of these transactions. We did the same previously. That is our short answer. Thank you.

Seitzhan Zhanybekov: Thank you, Benjamin, for your second question. I would like to say that this new transaction with the Chinese counterparty is not the size of more than half. It is more than quarter. Because according to our legislation of the joint stock companies, the transactions that are concluded with the company who is a partner in joint ventures where we have an interest, these transactions should be approved by EGM. That is why we are approaching to get the EGM's approval subject to their decision. In terms of announced details, unfortunately, due to confidentiality of the transactions, we are not able to disclose any of the details of these transactions. We did the same previously. That is our short answer. Thank you.

Speaker #2: Yes. Thank you, Chris. That's an excellent question. As previously mentioned, we are entertaining our options. We have several offers on the table and as you may understand, this is a very delicate and process that requires a careful and thorough analysis.

Dastan Kosherbayev: Yes. Thank you, Chris. That is an excellent question. As previously mentioned, we are entertaining our options. We have several offers on the table, and as you may understand, this is a very delicate process that requires a careful and thorough analysis. As is, we are weighing all options available to us and essentially examining all avenues that bring best benefits and will serve the best interests of our company. So far there are no updates that can be made public, but please continue to follow as we will make an appropriate announcement once we are ready to do so. Thank you.

Speaker #2: And as is, we're waiting all options available to us. And essentially, examining all avenues that bring best benefits and will sell serve the best interests of our companies.

Speaker #1: So that's why we are approaching to get the EGM's approval, subject to their decision. And in terms of announcement details, unfortunately, due to the confidentiality of the transactions, we are not able to disclose any of the details of these transactions.

Speaker #2: So so far, there are no updates that can be made public. But please continue to follow as we'll make an appropriate announcement once we're ready to do so.

Speaker #2: Thank you.

Speaker #1: And we did the same previously. So that's our short answer. Thank you.

Speaker #4: Thank you, Mr. Kosherbaev. The next question is coming from Grace. At Energy Intelligence, is the contract with Uranium One also more than a quarter of Kazakhstan from its book value?

Botagoz Muldagaliyeva: Thank you, Mr. Koshybaev. The next question is coming from Grace at Energy Intelligence. Is the contract with Uranium One also more than a quarter of Kazatomprom book value?

Speaker #2: Thank you, Grace, for your question. Yes, it's the same. Both these two transactions has have the same basement for the approval by EGM. So short answer, yes.

Speaker #4: The next question is also coming from Kirill Tachennikov: What is the reason for close to zero free cash flow in the second quarter of 2026, amid higher sales volume and price?

[Company Representative] (Kazatomprom): The next question is also coming from Kirill Tachennikov. What is the reason for close to zero free cash flow into Q2 2026 amid higher sales volume and price? The question will be answered by our CFO, Mr. Tulebayev. The question will be answered by Mr. Hasanov, our financial controller.

Botagoz Muldagaliyeva: The next question is also coming from Kirill Tachennikov. What is the reason for close to zero free cash flow into Q2 2026 amid higher sales volume and price? The question will be answered by our CFO, Mr. Tulebayev. The question will be answered by Mr. Hasanov, our financial controller.

Aldiyar Karpay: Thank you, Grace, for your question. Yes, it is the same. Both these two transactions have the same basement for the approval by EGM. Short answer, yes.

Speaker #4: The question will be answered by our CFO, Mr. Tulibaev. The question will be answered by Mr. Hasanov, our financial controller.

Speaker #3: But can you add to this answer the information that you you probably know that when we when we the book value here, it's not a consolidated number.

Marat Tulebayev: But can I add to this answer the information that you probably know that when we. The book value here, it is not a consolidated number, it is a separate statement of Kazatomprom. So it is not 4 something trillion KZT. It is number materially lower than that. Please keep it in mind.

Speaker #3: It's a separate statement of Kazakhstan from. So it it's not for something trillion Tenge. It's number material lower than that. Please keep it in mind.

Speaker #1: No. One of the main reasons for our decrease in free cash flow is that we have lower sales than in the previous period.

Ulan Hasanov: One of the main reasons of our decrease in the free cash flow, you can see that we have lower sales than the previous period. That is the main reason, and it is mainly due to the shift of our sales from period to period. That is why we expect that in the H2, we will have the normal numbers.

Darkhan Kozha-Akhmet: One of the main reasons of our decrease in the free cash flow, you can see that we have lower sales than the previous period. That is the main reason, and it is mainly due to the shift of our sales from period to period. That is why we expect that in the H2, we will have the normal numbers.

Speaker #4: Yes. Thank you. Gentlemen, also one addition as Mr. Tulibayev just mentioned, the standalone financial statements should be considered in addition to that. The legislation which was cited by Mr. Karpay basically it does not necessarily mean one single transaction.

Speaker #1: That's why, that's the main reason. And it is mainly due to the shift of our sales from period to period. That's why we expect that in the second half, we will have the normal numbers.

Botagoz Muldagaliyeva: Yes. Thank you, gentlemen. Also, one addition, as Mr. Tulebayev just mentioned, the standalone financial statements should be considered. In addition to that, the legislation which was cited by Mr. Karpay, basically, it does not necessarily mean one single transaction. It could be a

Speaker #4: It could be a a. Combination of several contracts which together in might become or exceed the value as mentioned in the legislation. As of now, we do not have any additional questions that are that were submitted through the webcast.

Speaker #4: Thank you. Olan, the next question is coming from Chris Jiang from Morgan Stanley. Could you please provide some update on your strategy for potential penetration into the conversion and enrichment business?

[Company Representative] (Kazatomprom): Thank you, Ulan. The next question is coming from Chris Jiang from Morgan Stanley. Could you please provide some update on strategy to potential penetration into conversion and enrichment business? This question will be answered by Mr. Kosherbayev, our Chief Strategy and International Development Officer.

Botagoz Muldagaliyeva: Thank you, Ulan. The next question is coming from Chris Jiang from Morgan Stanley. Could you please provide some update on strategy to potential penetration into conversion and enrichment business? This question will be answered by Mr. Kosherbayev, our Chief Strategy and International Development Officer.

Marat Tulebayev: Combination

Marat Tulebayev: Combination.

Botagoz Muldagaliyeva: combination of several contracts, which, together it might become or exceed the value as mentioned in the legislation. As of now, we do not have any additional questions that were submitted through the webcast. Could I please check with the operator if there are any additional questions that might come from the conference line?

Botagoz Muldagaliyeva: Combination of several contracts, which, together it might become or exceed the value as mentioned in the legislation. As of now, we do not have any additional questions that were submitted through the webcast. Could I please check with the operator if there are any additional questions that might come from the conference line?

Speaker #4: And this question will be answered by Mr. Kosherbaev, our Chief Strategy and International Development Officer.

Speaker #1: Yes, thank you, Chris. That's an excellent question. As previously mentioned, we are entertaining our options. We have several offers on the table, and as you may understand, this is a very delicate process that requires careful and thorough analysis. As it is, we are weighing all options available to us and essentially examining all avenues that bring the best benefits and will serve the best interests of our company.

Dastan Kosherbayev: Yes. Thank you, Chris. That's an excellent question. As previously mentioned, we are entertaining our options. We have several offers on the table, and as you may understand, this is a very delicate process that requires careful and thorough analysis. We're weighing all options available to us and essentially examining all avenues that bring benefits and will serve the best interests of our company. So far, there are no updates that can be made public, but please continue to follow us. We'll make an appropriate announcement once we're ready to do so. Thank you.

Speaker #4: Could I please check with the operator if there are any questions additional questions that might come from the conference line?

Speaker #1: Absolutely. Again, for those that are dialed into the conference line, if you would like to ask a question, please press star followed by the number one on your telephone keypad.

Operator: Absolutely. Again, for those that are dialed into the conference line, if you would like to ask a question, please press star followed by the number 1 on your telephone keypad. Once again, that is to press star 1 on your telephone keypad. It seems that we have no further questions on the conference line. I will now turn the call back over to the management team for closing remarks.

Speaker #1: Once again, that is to press star one on your telephone keypad. And it seems that we have no further questions on the conference line.

Speaker #1: So, so far there are no updates that can be made public. But please continue to follow, as we will make an appropriate announcement once we're ready to do so.

Speaker #1: I will now turn the call back over to the management team for closing remarks.

Speaker #1: Thank you.

Speaker #4: Thank you, Mr. Kosherbaev. The next question is coming from Grace at Energy Intelligence. Is the contract with Uranium One also more than a quarter of Kazatomprom's book value?

[Company Representative] (Kazatomprom): Thank you, Mr. Kosherbayev. The next question is coming from Grace Sainz at Energy Intelligence. Is the contract with Uranium One also more than a quarter of Kazatomprom's book value?

Botagoz Muldagaliyeva: Thank you, Mr. Kosherbayev. The next question is coming from Grace Sainz at Energy Intelligence. Is the contract with Uranium One also more than a quarter of Kazatomprom's book value?

Speaker #4: Thank you, operator. Thank you, John. And thank you, everyone. Since we don't have any additional questions coming in through both lines, I think we will conclude this call.

Botagoz Muldagaliyeva: Thank you, operator. Thank you, John, and thank you, everyone. Since we don't have any additional questions coming in through both lines, I think we will conclude this call. As always, if there are any additional questions that you might have, please feel free to contact us at ir@kazatomprom.com, or email or phone the IR team at Kazatomprom. We'll respond shortly. Thank you, everyone, for joining us today, and have a good rest of the day.

Speaker #1: Thank you, Grace, for your question. Yes, it's the same. Both these two transactions have the same basis for the approval by EGM. So, short answer: yes.

Ulan Hasanov: Thank you, Grace, for your question. Yes, it's the same. Both these two transactions have the same basement for the approval by EGM. So short answer, yes.

Darkhan Kozha-Akhmet: Thank you, Grace, for your question. Yes, it's the same. Both these two transactions have the same basement for the approval by EGM. So short answer, yes.

Speaker #4: As always, if there are any additional questions that you might have, please feel free to contact us at aiera@kazakhstanprom.com or email or phone the aiera team@kazakhstanprom.

Speaker #4: We'll respond shortly. Thank you, everyone, for joining us today and have a good rest of the day.

Speaker #2: But can I add to this—answering the information that you probably know—that when we talk about the book value here, it's not a consolidated number.

Marat Tulebayev: But can I add to this answer the information that you probably know that when we the book value here, it's not a consolidated number, it's a separate statement of Kazatomprom. So it's not 4 something trillion Kazakh tenge. It's number materially lower than that. Please keep it in mind.

Operator: Thank you.

Speaker #2: It's a separate statement from Kazatomprom, so it's not for something like a trillion Tenge. The number is materially lower than that. Please keep it in mind.

Speaker #4: Yeah, thank you. Gentlemen, also, one addition—as Mr. Tulibaev just mentioned, the standalone financial statements should be considered. In addition to that, the legislation which was cited by Mr. Karpay basically does not necessarily mean one single transaction.

[Company Representative] (Kazatomprom): Yes. Thank you, gentlemen. Also, one addition as Mr. Tuleubayev just mentioned, the standalone financial statements should be considered. In addition to that, the legislation which was cited by Mr. Karpay, basically, it does not necessarily mean one single transaction. It could be a

Botagoz Muldagaliyeva: Yes. Thank you, gentlemen. Also, one addition as Mr. Tuleubayev just mentioned, the standalone financial statements should be considered. In addition to that, the legislation which was cited by Mr. Karpay, basically, it does not necessarily mean one single transaction. It could be a

Speaker #4: It could be a combination of several contracts which together might become or exceed the value as mentioned in the legislation. As of now, we do not have any additional questions that were submitted through the webcast.

Marat Tulebayev: Combination

[Company Representative] (Kazatomprom): combination of several contracts, which together it might become or exceed the value as mentioned in the legislation. As of now, we do not have any additional questions that were submitted through the webcast. Could I please check with the operator if there are any additional questions that might come from the conference line?

Botagoz Muldagaliyeva: combination of several contracts, which together it might become or exceed the value as mentioned in the legislation. As of now, we do not have any additional questions that were submitted through the webcast. Could I please check with the operator if there are any additional questions that might come from the conference line?

Speaker #4: Could I please check with the operator if there are any additional questions that might come from the conference line?

Speaker #5: Absolutely. Again, for those who are dialed into the conference line, if you would like to ask a question, please press star, followed by the number one on your telephone keypad.

Operator: Absolutely. Again, for those that are dialed into the conference line, if you would like to ask a question, please press star, followed by the number 1 on your telephone keypad. Once again, that is to press star 1 on your telephone keypad. It seems that we have no further questions on the conference line. I will now turn the call back over to the management team for closing remarks.

Speaker #5: Once again, that is to press star one on your telephone keypad. It seems that we have no further questions on the conference line.

Speaker #5: I will now turn the call back over to the management team for closing remarks.

Speaker #4: Thank you, operator. Thank you, John. And thank you, everyone. Since we don't have any additional questions coming in through either line, I think we will conclude this call.

[Company Representative] (Kazatomprom): Thank you, operator. Thank you, John, and thank you, everyone. Since we don't have any additional questions coming in through both lines, I think we will conclude this call. As always, if there are any additional questions that you might have, please feel free to contact us at ir@kazatomprom.com or email or phone the IR team at Kazatomprom, we will respond shortly. Thank you everyone for joining us today, and have a good rest of the day.

Botagoz Muldagaliyeva: Thank you, operator. Thank you, John, and thank you, everyone. Since we don't have any additional questions coming in through both lines, I think we will conclude this call. As always, if there are any additional questions that you might have, please feel free to contact us at ir@kazatomprom.com or email or phone the IR team at Kazatomprom, we will respond shortly. Thank you everyone for joining us today, and have a good rest of the day.

Speaker #4: As always, if there are any additional questions that you might have, please feel free to contact us at ir@kazatomprom.com, or email or phone the IR team at Kazatomprom.

Speaker #4: We'll respond shortly. Thank you, everyone, for joining us today, and have a good rest of the day.

Dastan Kosherbayev: Thank you.

Q2 2026 National Atomic Company Kazatomprom JSC Earnings Call

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