Financial overview
Key financial indicators for 2025The amounts were converted to US dollars for user convenience at average exchange rates for respective periods (average USD/KZT for 2025, 2024 and 2023 were at 521.31, 469.31 and 456.21 respectively; end‑of‑period USD/KZT as of 31 December 2025, 31 December 2024 and 31 December 2023 were at 505.53, 525.11 and 454.56 respectively).
| Indicator | UoM | 2023 | 2024 | 2025 | % |
|---|---|---|---|---|---|
| Dated Brent, averageSource: S&P Global Platts. | USD/bbl | 82.64 | 80.76 | 69.10 | (14.4) |
| KEBCOSource: S&P Global Platts., average | USD/bbl | 81.74 | 80.73 | 69.88 | (13.4) |
| Exchange rate, average | KZT/USD | 456.21 | 469.31 | 521.31 | 11.1 |
| Exchange rate, end‑of‑period | KZT/USD | 454.56 | 525.11 | 505.53 | (3.7) |
| Revenue | KZT bln | 8,320 | 8,330 | 9,371 | 12.5 |
| Share in profit of JVs and associates, net | KZT bln | 534 | 531 | 781 | 46.9 |
| Net profit | KZT bln | 927 | 1,094 | 1,072 | (2.0) |
| Net profit adjusted for the share in profit of JVs and associatesNet profit adjusted for profit share in jointly controlled entities and associated companies = Net profit plus dividends received from joint ventures and associated companies, minus the share of profits of jointly controlled enterprises and associated companies. | KZT bln | 1,012 | 1,264 | 1,277 | 1.0 |
| EBITDAEBITDA = Revenue plus Share in profit of JVs and associates, net, minus Cost of purchased oil, gas petroleum products and refining costs minus Production expenses minus General and administrative expenses minus Transportation and Selling expenses minus Taxes other than income tax. | KZT bln | 2,007 | 2,001 | 2,393 | 19.6 |
| Adjusted EBITDAAdjusted EBITDA = Revenue plus Dividends from JVs and associates, minus Cost of purchased oil, gas petroleum products and refining costs minus Production expenses minus General and administrative expenses minus Transportation and selling expenses minus Taxes other than income tax. | KZT bln | 2,092 | 2,171 | 2,598 | 19.7 |
| Free cash flowFree Cash Flow = Net cash flow from operating activities minus Purchase of property, plant and equipment, intangible assets, investment property and exploration and evaluation assets. Dividends received from JVs and associates are included in cash flow from operating activities. | KZT bln | 984 | 1,199 | 1,233 | 2.8 |
| Gross debtTotal debt at the end of the reporting period = bonds plus loans (short‑term and long‑term). Guarantees issued are not included in the calculation. | KZT bln | 3,757 | 3,967 | 3,522 | (11.2) |
| Net debtNet debt at the end of the reporting period = bonds plus loans minus cash and cash equivalents minus bank deposits (short‑term and long‑term). Guarantees issued are not included in the calculation. | KZT bln | 1,645 | 1,163 | 375 | (67.7) |
For more details, see the Financial Statements section
| Indicator | UoM | 2023 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|---|
| Revenue and other income | ||||||
| Revenue from contracts with customers | KZT mln | 8,319,543 | 8,330,261 | 9,371,488 | 1,041,227 | 12.5 |
| Share in profit of joint ventures and associates, net | KZT mln | 534,177 | 531,230 | 780,635 | 249,405 | 46.9 |
| Gain from disposal of subsidiary | KZT mln | 186,225 | 16,410 | 3,000 | (13,410) | (81.7) |
| Interest revenue calculated using the effective interest method | KZT mln | 139,449 | 184,392 | 197,959 | 13,567 | 7.4 |
| Other finance income | KZT mln | 7,332 | 123,290 | 43,005 | (80,285) | (65.1) |
| Other operating income | KZT mln | 55,378 | 52,377 | 48,626 | (3,751) | (7.2) |
| Total revenue and other income | KZT mln | 9,242,104 | 9,237,960 | 10,444,713 | 1,206,753 | 13.1 |
| Costs and expenses | ||||||
| Cost of purchased oil, gas, petroleum products and other materials | KZT mln | (4,621,881) | (4,347,011) | (5,039,517) | (692,506) | 15.9 |
| Production expenses | KZT mln | (1,219,722) | (1,398,604) | (1,588,607) | (190,003) | 13.6 |
| Taxes other than income tax | KZT mln | (594,080) | (592,984) | (592,928) | 56 | 0.0 |
| Depreciation, depletion and amortization | KZT mln | (599,543) | (642,666) | (723,977) | (81,311) | 12.7 |
| Transportation and selling expenses | KZT mln | (245,525) | (267,824) | (319,088) | (51,264) | 19.1 |
| General and administrative expenses | KZT mln | (165,897) | (254,148) | (218,624) | 35,524 | (14.0) |
| Impairment of property, plant and equipment, intangible assets, non‑current advances for fixed assets and exploration expenses | KZT mln | (248,140) | (69,733) | (35,762) | 33,971 | (48.7) |
| Finance costs | KZT mln | (321,630) | (346,096) | (368,055) | (21,959) | 6.3 |
| Foreign exchange (loss)/gain, net | KZT mln | 25,222 | 185,459 | (84,012) | (269,471) | (145.3) |
| Recovery of expected credit losses/(expected credit losses) | KZT mln | (11,874) | (8,316) | 6,744 | 15,060 | (181.1) |
| Other expenses | KZT mln | (42,564) | (38,703) | (49,130) | (10,427) | 26.9 |
| Total costs and expenses | KZT mln | (8,045,634) | (7,780,626) | (9,012,956) | (1,232,330) | 15.8 |
| Profit before income tax | KZT mln | 1,196,470 | 1,457,334 | 1,431,757 | (25,577) | (1.8) |
| Income tax expenses | KZT mln | (269,792) | (363,087) | (359,703) | 3,384 | (0.9) |
| Net profit for the year | KZT mln | 926,678 | 1,094,247 | 1,072,054 | (22,193) | (2.0) |
| Net profit/(loss) for the year attributable to | ||||||
| Equity holders of the Parent Company | KZT mln | 962,700 | 1,094,438 | 1,040,435 | (54,003) | (4.9) |
| Non‑controlling interest | KZT mln | (36,022) | (191) | 31,619 | 31,810 | (16,654.5) |
| KZT mln | 926,678 | 1,094,247 | 1,072,054 | (22,193) | (2.0) | |
The indicators and calculation results are presented with rounding. However, precise values without rounding were used for period comparisons. Any potential adjustments related to rounding are not expected to have a material impact on the financial results, according to the Company’s assessment.
Revenue
In 2025, revenue amounted to KZT 9,371 bln (USD 17,977 mln), reflecting a 12.5% increase compared to 2024. Despite weaker global oil prices, revenue growth was driven by the year‑on‑year depreciation of the tenge against the U.S. dollar and by higher oil product sales at the KMG International and KMG Corporate Centre levels. Throughput at KMG International’s refineries rose substantially, reflecting the recovery of production capacity following a scheduled overhaul and the restart of the mild hydrocracker in 2024.
Share in profit of joint ventures and associates
The share in profit of joint ventures and associates increased by 46.9% and amounted to KZT 781 bln (USD 1,497 mln). The following factors drove the increase: a KZT 109 bln (USD 209 mln) rise in TCO’s contribution, reflecting revenue growth from the successful commissioning and capacity ramp‑up of the Third‑Generation Plant under the Future Growth Project; a KZT 101 bln (USD 195 mln) rise from CPC, on the back of higher Tengiz oil transportation volumes and KZT/USD exchange rate movements; and a KZT 21 bln (USD 41 mln) rise from PKOP, attributable to higher feedstock processing volumes resulting from the refinery’s uninterrupted operation, compared with scheduled repairs in 2024.
Cost of purchased oil, gas, petroleum products and other materials
The cost of purchased oil, gas, petroleum products and other materials increased by 15.9%, reaching KZT 5,040 bln (USD 9,667 mln). It was driven primarily by higher crude oil purchases for refining at the KMG International level in connection with increased throughput at the Petromidia refinery.
Other expenses
Production expenses grew by 13.6% to KZT 1,589 bln (USD 3,047 mln), reflecting higher labour costs for production personnel across the regions of operation (Ozenmunaigas, KazTransOil, Embamunaigas, and KMG International), higher electricity costs – primarily at KMG International, Ozenmunaigas and Pavlodar Refinery – and increased repair and maintenance costs at KMG Systems & Services and Ozenmunaigas.
Transportation and selling expenses for the reporting period amounted to KZT 319 bln (USD 612 mln), representing a 19.1% increase compared to 2024. This growth was driven primarily by higher oil loading, transportation, and storage costs at the Kashagan and KMG International levels.
General and administrative expenses decreased by 14.0% to KZT 219 bln (USD 419 mln), mostly as a result of lower trust management fees. In 2025, the Company recognised a fee payable to QazaqGaz (a subsidiary of Samruk‑Kazyna) for trust management of its 50% participation interest in joint venture KazRosGas of KZT 19 bln (USD 37 mln), against KZT 53 bln (USD 114 mln) in 2024.
Taxes other than income tax amounted to KZT 593 bln (USD 1,137 mln), broadly flat year‑on‑year. Higher excise duty expenses at the KMG Corporate Centre level – driven by increased light oil product sales and a higher excise rate – were offset by lower rent tax on crude oil exports at Ozenmunaigas and Embamunaigas and reduced Kashagan expenses due to weaker oil prices.
In 2025, total payroll amounted to KZT 776 bln (USD 1,489 mln) and was recognised under production expenses, transportation and selling expenses, and general and administrative expenses in the consolidated statement of comprehensive income.
Financial expenses for 2025 amounted to KZT 368 bln (USD 706 mln), reflecting a 6.3% increase compared to 2024. This growth was driven by higher interest expenses on loans and bonds amid the weakening of tenge vs the U.S. dollar.
Asset impairment
In 2025, impairment of property, plant and equipment, intangible assets, non‑current advances for fixed assets and exploration expenses amounted to KZT 36 bln (USD 69 mln). Impairment of property, plant and equipment totalled KZT 15 bln (USD 30 mln), primarily related to the impairment of the seawater desalination plant and associated infrastructure in Zhanaozen. Impairment of exploration and evaluation assets amounted to KZT 20 bln (USD 39 mln), mainly associated with the Turgai Palaeozoic project, which accounted for KZT 19 bln (USD 36 mln).
Net profit
The Company’s net profit declined by 2.0% compared to 2024, reaching KZT 1,072 bln (USD 2,056 mln). The decrease was attributable to a foreign exchange lossFor the year ended 31 December 2025, the Company recorded a net foreign exchange loss of KZT 84 bln (USD 161 mln), reflecting the volatility of foreign currency exchange rates against the tenge., higher production expenses and depreciation, depletion and amortization expenses, and lower other financial incomeIn 2024, the coupon rate of bonds acquired by Samruk‑Kazyna in 2022 increased from 3.00% to 9.30%, leading to a significant modification. The difference between the carrying value and fair value of the bonds to be derecognised as at the date of modification, amounting to KZT 60 bln (USD 127 mln), was recognised in other financial income..
The net profit, adjusted for the share in profit of joint ventures and associates, increased by 1.0% to KZT 1,277 bln (USD 2,449 mln).
Net profit for the reporting period attributable to the equity holders of the parent company amounted to KZT 1,040 bln (USD 1,996 mln).
Capital expenditures
Accrual‑based capital expenditures amounted to KZT 682 bln (USD 1,309 mln), down 4.7%, reflecting lower capex:
- in Oil and Gas Exploration and Production following the completion of stages of individual projects at Ozenmunaigas (Ak Su KMG), Kashagan and Dunga;
- at KMG’s Corporate Centre, due to costs incurred for drilling the Abay well in 2024;
- in Refining and Trading of Crude Oil and Refined Products, primarily due to the KMG International refinery overhaul conducted in 2024.
Cash flow‑based capital expenditures totalled KZT 668 bln (USD 1,281 mln), reflecting a 3.5% increase. This was mainly driven by higher expenditures on the acquisition of property, plant and equipment at KMG PetroChem, Pavlodar Refinery, Embamunaigas, and Ozenmunaigas.
EBITDA
In 2025, EBITDA amounted to KZT 2,393 bln (USD 4,591 mln), representing a 19.6% increase. The improvement was primarily driven by revenue growth in Refining and Trading of Crude Oil and Refined Products and at KMG’s Corporate Centre, and by a higher share in profit of joint ventures and associates across Oil and Gas Exploration and Production, Oil Transportation, and Refining and Trading of Crude Oil and Refined Products.
The adjusted EBITDA, which reflects dividends received from joint ventures and associates instead of the share of profit of joint ventures and associates, amounted to KZT 2,598 bln (USD 4,984 mln), reflecting a 19.7% increase.
Given the vertically integrated operations of KMG, we analyse EBITDA broken down by the segments below. We analyse and report segmented information according to IFRS. Segment performance is evaluated based on revenues and net profit. The operating segments of KMG Group are structured and managed in a manner corresponding to the relevant types of products and services and encompass the strategic lines of business for different products and markets.
The Company’s operations comprise four main operating segments: Oil and Gas Exploration and Production, Oil Transportation, Refining and Trading of Crude Oil and Refined Products, KMG’s Corporate Centre, and other (oilfield service companies and other insignificant companies). KMG presents the Corporate Centre’s activities separately, since KMG not only performs the functions of the parent company, but is also involved in operations (processing of crude oil at Atyrau and Pavlodar refineries, and further sale of oil products to both domestic and export markets).
| Oil and gas exploration and production | Oil transportation | Refining and trading of crude oil and refined products | Corporate Centre | Other |
|---|---|---|---|---|
| Ozenmunaigas (OMG) – 100% | KazTransOil (KTO) – 90% | Pavlodar Refinery – 100% | KMG’s Corporate Centre | KMG Drilling & Services – 100% |
| Embamunaigas (EMG) – 100% |
| Atyrau Refinery – 99.53% | Oil Services Company – 100% | |
| Kazakhturkmunay (KTM) – 100% |
| KMG International N.V. – 100% | Oil Construction Company – 100% | |
| Urikhtau Operating (UO) – 100% |
|
| Ken‑Kurylys‑ Service – 100% | |
| KMG Barlau – 100% | Caspian Pipeline Consortium‑R 19% is held directly by KMG, with 1.75% held through the Kazakhstan Pipeline Ventures LLC joint venture.(CPC‑R) –20.75% |
| Kazakh Gas Processing Plant (KazGPP) – 100% | |
| KMG Engineering – 100% | Caspian Pipeline Consortium‑K 19% is held directly by KMG, with 1.75% held through the Kazakhstan Pipeline Ventures LLC joint venture.(CPC‑K) –20.75% | KazMunayGas‑Aero – 100% | KMG PetroChem – 100% | |
| Dunga Operating GmbH (Dunga) Dunga Operating GmbH is a 100% consolidated subsidiary that holds a 60% interest in the Production Sharing Agreement for the Dunga project.–60% | NMSC Kazmortransflot (KMTF) – 100% | PetroKazakhstan Oil Products 49.72% is an indirect interest held through a 50% stake in Valsera Holdings B.V., which, in turn, holds a 99.43% interest in PetroKazakhstan Oil Products. For the purposes of assessing the production performance of Shymkent Refinery, PetroKazakhstan Oil Products’ 50% interest in production is taken into account.(PKOP) –49.72% | KazRosGas (KRG) – 50% | |
| Mangistaumunaigaz (MMG) – 50% | KC Energy Group – 49% | Kazakhstan Petrochemical Industries Inc. (KPI) – 49.5% | ||
| JV Kazgermunai (KGM) – 50% | KMG Nabors Drilling Company – 49% | |||
| Kazakhoil Aktobe (KOA) – 50% | KMG Parker Drilling Company – 49% | |||
| Ural Oil and Gas (UOG) – 50% | KMG Automation – 49% | |||
| PetroKazakhstan Inc. – 33% | TenizService – 48.996% | |||
| Silleno KMG holds a 29.9% interest directly, with 10.1% held through its subsidiary, KMG PetroChem LLP.–40% | ||||
| Megaprojects: | ||||
| Tengizchevroil (TCO, Tengiz) – 20% | ||||
| Karachaganak Petroleum Operating KMG Karachaganak is a 100% consolidated subsidiary that holds a 10% interest in the Final Production Sharing Agreement for the Karachaganak project.(KPO, Karachaganak) – 10% | ||||
| North Caspian Operating Company KMG Kashagan B.V. is a 100% consolidated subsidiary that holds a 16.88% interest in the North Caspian Production Sharing Agreement.(NCOC, Kashagan) – 16.88% |
Consolidation perimeter
EBITDA by segment for 2023, 2024, and 2025
| Segment | UoM | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Oil and gas exploration and production | KZT mln | 1,442,479 | 1,491,060 | 1,596,547 | 105,487 |
| USD mln | 3,162 | 3,177 | 3,063 | (115) | |
| % | 72 | 74 | 67 | (7 pp) | |
| Oil Transportation | KZT mln | 199,090 | 219,479 | 346,481 | 127,002 |
| USD mln | 436 | 468 | 665 | 197 | |
| % | 10 | 11 | 15 | 4 pp | |
| Refining and Trading of Crude Oil and Refined Products | KZT mln | 397,248 | 371,741 | 480,614 | 108,873 |
| USD mln | 871 | 792 | 922 | 130 | |
| % | 20 | 19 | 20 | 1 pp | |
| Corporate Centre | KZT mln | (21,397) | (65,614) | (12,684) | 52,930 |
| USD mln | (47) | (140) | (24) | 115 | |
| % | (1) | (3) | (1) | 2 pp | |
| Other | KZT mln | 8,779 | 2,412 | (12,425) | (14,837) |
| USD mln | 19 | 5 | (24) | (29) | |
| % | 0 | 0 | (1) | (1 pp) | |
| Elimination | KZT mln | (19,584) | (18,158) | (5,174) | 12,984 |
| USD mln | (43) | (39) | (10) | 29 | |
| % | (1) | (1) | 0 | 1 pp | |
| EBITDA | KZT mln | 2,006,615 | 2,000,920 | 2,393,359 | 392,439 |
| USD mln | 4,398 | 4,264 | 4,591 | 328 |
Cash flows
| Indicator | UoM | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Net cash flows from operating activities | KZT mln | 1,667,614 | 1,843,852 | 1,900,424 | 56,572 |
| Net cash flows used in investing activities | KZT mln | (759,636) | (1,042,955) | (1,175,772) | (132,817) |
| Net cash flows used in financing activities | KZT mln | (604,362) | (780,560) | (681,273) | 99,287 |
| Effects of exchange rate changes | KZT mln | (15,942) | 145,268 | (61,633) | (206,901) |
| Change in allowance for expected credit losses | KZT mln | 14 | (27) | (12) | 15 |
| Net change in cash and cash equivalents | KZT mln | 287,688 | 165,578 | (18,266) | (183,844) |
| Net change in cash and cash equivalents | USD mln | 631 | 353 | (35) | (388) |
Cash and cash equivalents
As of 31 December 2025, consolidated cash and cash equivalents, including cash held in deposits, increased by 12.2% compared to 31 December 2024, reaching KZT 3,147 bln. In US dollar terms, the amount was at USD 6,225 mln, having increased by 16.6% compared to 31 December 2024.
| Companies | 2023 | 2024 | 2025 |
|---|---|---|---|
| ● Tengizchevroil | 936 | 831 | 1,311 |
| ● Caspian Pipeline Consortium | 250 | 226 | 276 |
| ● PETROSUN | 86 | 104 | |
| ● KC Energy Group | 77 | ||
| ● Kazgermunai | 35 | 50 | 55 |
| ● Mangistaumunaigaz | 95 | 38 | |
| ● KazRosGas | 1 | 114 | 37 |
| ● PetroKazakhstan Inc. | 6 | 38 | 29 |
| ● Kazakhstan‑China Pipeline | 5 | 17 | 29 |
| ● Other | 40 | 19 | 38 |
Dividends received
Dividends received from joint ventures and associates increased by 40.5% to KZT 985 bln (USD 1,890 mln), compared to KZT 701 bln (USD 1,494 mln) in 2024. The main drivers of growth were higher dividends from TCO, rising from KZT 390 bln (USD 831 mln) to KZT 684 bln (USD 1,311 mln); from the CPC project, up 35.8% to KZT 144 bln (USD 276 mln); and increased dividends from KCP and Kazgermunai.
Dividends paid
In 2025, the Company declared and distributed dividends for 2024 in the amount of KZT 491.71 per share, totalling KZT 300 bln (USD 575 mln). In 2024, KMG declared and distributed dividends for 2023 in the amount of KZT 491.71 per share, totalling KZT 300 bln (USD 639 mln).
| Indicator | UoM | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Property, plant and equipment | KZT mln | 7,171,242 | 7,834,160 | 7,590,629 | (243,531) |
| Investments in joint ventures and associates | KZT mln | 4,821,427 | 5,378,513 | 4,933,962 | (444,551) |
| Long‑term bank deposits | KZT mln | 63,891 | 74,329 | 73,271 | (1,058) |
| Other non‑current assets | KZT mln | 1,447,504 | 1,641,975 | 1,761,943 | 119,968 |
| Short‑term bank deposits | KZT mln | 997,012 | 1,513,816 | 1,875,464 | 361,648 |
| Cash and cash equivalents | KZT mln | 1,050,873 | 1,216,451 | 1,198,185 | (18,266) |
| Other current assets | KZT mln | 1,388,972 | 1,274,898 | 1,414,493 | 139,595 |
| Assets classified as held for sale | KZT mln | 180 | 505 | 498 | (7) |
| Total assets | KZT mln | 16,941,101 | 18,934,647 | 18,848,445 | (86,202) |
| Total assets | USD mln | 37,269 | 36,058 | 37,285 | 1,226 |
| Equity and liabilities | |||||
| Total equity | KZT mln | 10,396,614 | 11,924,284 | 12,386,325 | 462,041 |
| Total equity | USD mln | 22,872 | 22,708 | 24,502 | 1,793 |
| Liabilities | |||||
| Non‑current borrowings | KZT mln | 3,365,736 | 3,644,111 | 3,243,524 | (400,587) |
| Other non‑current liabilities | KZT mln | 1,644,533 | 1,922,569 | 1,806,204 | (116,365) |
| Current borrowings | KZT mln | 391,358 | 323,290 | 278,423 | (44,867) |
| Other current liabilities | KZT mln | 1,142,860 | 1,120,393 | 1,133,969 | 13,576 |
| Total liabilities | KZT mln | 6,544,487 | 7,010,363 | 6,462,120 | (548,243) |
| Total liabilities | USD mln | 14,397 | 13,350 | 12,783 | (567) |
| Total equity and liabilities | KZT mln | 16,941,101 | 18,934,647 | 18,848,445 | (86,202) |
| Total equity and liabilities | USD mln | 37,269 | 36,058 | 37,285 | 1,226 |
Debt management
KMG’s total debt is represented by bonds and loans. The debt portfolio is mainly denominated in US dollars – the currency of principal incomes. Accordingly, the organic hedging effect of FX risk is achieved without the need to use derivatives.
Gross debt
KMG’s total debt is primarily denominated in US dollars (69% as of 31 December 2025). During the reporting period, the Company reduced its debt by 7.8% in US dollar terms to USD 6,967 mln and by 11.2% in tenge terms to KZT 3,522 bln compared to 31 December 2024.
In October 2025, the Company issued yuan‑denominated bonds with a nominal value of CNY 1,250 mln, a coupon rate of 2.95%, a yield of 3.15%, and a five‑year maturity. The issue was registered on the Hong Kong Stock Exchange and the Astana International Exchange.
In December 2025, the Company made a partial early redemption of bonds listed on the London Stock Exchange with maturities in 2047 and 2048 and a nominal value of USD 500 mln.
Loans decreased by 29.0% to KZT 482 bln (USD 954 mln) as of 31 December 2025, reflecting full and partial repayments of loans by Atyrau Refinery and KMG International.
In 2025, Atyrau Refinery fully repaid its loan from Halyk Bank totalling KZT 65 bln, including interest.
In 2025, KMG International partially repaid its loan from Bank of Tokyo‑Mitsubishi UFJ, Ltd. in the amount of USD 76 mln (equivalent to KZT 40 bln), including interest.
In 2025, following notification from the Ministry of Energy of the Republic of Kazakhstan of the termination of the subsoil use contract for the Abay project, the Company derecognised a loan received from Eni Isatay totalling KZT 25 bln, including interest.
Net debt
Net debt as at 31 December 2025 stood at KZT 375 bln (USD 742 mln), a decrease of 67.7% in tenge terms and 66.5% in US dollar terms compared to 31 December 2024.
| Companies | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2035 | 2047 | 2048 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ● Bonds | 16 | 266 | 16 | 16 | 1,445 | 16 | 16 | 760 | 1,487 | 1,000 | 1,250 |
| ● Loans | 99 | 57 | 39 | 41 | 20 | 11 | 22 | 6 | 0 | 0 | 0 |
From a period of high leverage to a historically low net debt level
Background: building up leverage (2005–2014)
Between 2005 and 2014, KMG’s leverage increased as the Company pursued a capital-intensive growth strategy. During that period, the Company allocated funding to acquiring major assets and implementing an investment programme, which included:
Implementing this strategy laid the foundation for the Company’s future operational growth, but also led to a significant increase in leverage. By the end of 2014, KMG’s gross debt stood at approximately USD 19.2 bln, with net debt at USD 10.3 bln.
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ● Gross debt | 19,161 | 9,496 | 9,219 | 12,943 | 10,810 | 10,030 | 9,690 | 8,676 | 8,980 | 8,265 | 7,555 | 6,967 |
| ● Cash and deposits | 8,853 | 5,196 | 6,334 | 8,881 | 5,149 | 3,859 | 3,528 | 4,082 | 4,324 | 4,646 | 5,341 | 6,225 |
| ● Net debt | 10,308 | 4,300 | 2,885 | 4,062 | 5,661 | 6,171 | 6,162 | 4,594 | 4,655 | 3,620 | 2,214 | 742 |
A shift in the debt trajectory (2015)
In 2015, amid unfavourable pricing conditions, KMG faced increased liquidity pressure and the risk of breaching its financial covenants, which required a review of its approach to managing debt obligations.
With government support extended to KMG as a strategically important national asset, a comprehensive set of measures was implemented to optimise the Company’s asset structure, generating USD 4.7 bln. This made it possible to:
- deconsolidate approximately USD 2.2 bln of debt;
- make an early redemption of USD 3.7 bln in Eurobonds.
These measures enabled KMG to stabilise its liquidity position and maintain compliance with its financial covenants.
Consistent deleveraging and financial discipline (2016–2025)
Beginning in 2016, KMG entered a phase of sustainable free cash flow generation. Improved operational performance – driven in part by the commissioning of new production facilities and the completion of key investment projects – laid the groundwork for a consistent deleveraging policy.
During this period, KMG implemented a range of systematic debt management measures, including:
- reducing the volume of borrowings through early redemption of Eurobonds and bank loans;
- optimising public debt terms, including a review and enhancement of the covenant package;
- making early repayments of oil prepayments;
- divesting non‑core assets.
KMG’s debt position in 2025: the result of its strategy
Historically low net debt
- Net debt: USD 742 mln
- Net Debt / EBITDA: 0.16x (in USD terms)
High level of liquidity
- Cash and deposits: USD 6.2 bln
Reputation as a reliable borrower
- Investment‑grade credit rating
- Nearly 20 years of presence in international capital markets
The consistent implementation of KMG’s financial policy, supported by the government, has enabled the Company to significantly reduce its leverage while maintaining a balanced approach to investment and debt management. KMG remains committed to a conservative debt policy and financial stability in accordance with its 2021 financial strategy.