Kazakhstan’s state-owned uranium producer Kazatomprom reported solid first-half 2026 results on Friday, with consolidated revenue rising 9% to 718 billion tenge ($1.6 billion) from 660 billion tenge in the same period a year earlier. The company attributed the growth to a 16% year-over-year increase in the average realized uranium price to $67.88 per pound and a 10% rise in production volumes.
Net profit declined 8.7% to 240 billion tenge, primarily due to foreign-exchange losses and higher finance costs, alongside a stronger Kazakh tenge and inflationary pressures from sulfuric acid prices, which surged 39% year-over-year. Operating profit remained roughly flat at approximately 253 billion tenge, while adjusted EBITDA edged up 2% to 371 billion tenge. Attributable EBITDA fell 12% to about 265 billion tenge.
Group uranium production increased 9% year-over-year, with company-level output up 10%. Sales volumes held steady at over 7,500 tons, while consolidated inventory rose 23% to slightly above 8,200 tons. Kazatomprom maintains a dominant position in the global uranium market, accounting for roughly 39% of primary production.
The company’s stock traded near recent highs, with shares quoted at $70.50, up 1.29% on the day, though well below the 52-week peak of $93. The average realized uranium price of $67.88 per pound remains below long-term contract prices, which have reached 18-year highs in the mid-to-high $90 range per pound.
Management highlighted a regulatory delay at the Taiqonyr Qyshqyl Zauyty LLP construction site, expected to push the project timeline by six to twelve months. However, Kazatomprom stated the pause would not materially impact current mining operations. CEO Meirzhan Yusupov emphasized a structural shift in the uranium market, noting producers with large reserves are regaining pricing power.
The company also indicated it would only sign new commercial commitments when terms align with industry fundamentals, rejecting underpriced sales. Globally, the U.S. Department of Energy has committed $17.5 billion to accelerate up to 10 new reactors, while 38 countries—representing over 70% of global GDP—have pledged to triple nuclear power capacity by 2050. More than 70 reactors are currently under construction worldwide.
Kazatomprom’s cost structure reflected broader industry pressures, with C1 cash costs up 37% and all-in sustaining costs rising 25% year-over-year. Sulfuric acid now accounts for 15.3% of group uranium production costs, compared with 15.4% a year prior.
