KazMunayGas 2025 Financial Results
- 2025 revenue 9,371 bln KZT; EBITDA 2,393 bln KZT; net profit 1,072 bln KZT; free cash flow 1,233 bln KZT.
- CAPEX (accrual) 682 bln KZT (cash 668 bln KZT); gross debt 3,522 bln KZT; net debt 375 bln KZT.
- Issued 1,250 mln CNY bonds (Oct 2025) listed on HKEX and AIX and partially redeemed USD 500 mln of London-listed bonds (Dec 2025).
- Production +10% to 26,211 thous. tonnes; 2P reserves 724 mln toe; Tengiz Third Generation Plant started; Embamunaigas began drilling at Taisoigan; agreements signed with CNOOC and SINOPEC.
Financial results
Revenue for 2025 was 9,371 bln KZT (+12.5% y/y); EBITDA 2,393 bln KZT (+19.6%); adjusted EBITDA 2,598 bln KZT (+19.7%); net profit 1,072 bln KZT (-2.0%); net profit excl. share in JVs 1,277 bln KZT (+1.0%).
Joint ventures and dividends
Share in profit of joint ventures and associates rose 46.9% to 781 bln KZT; dividends received from JVs and associates increased 40.5% to 985 bln KZT.
Cash, debt and capex
Free cash flow was 1,233 bln KZT (+2.8%); consolidated cash and equivalents 3,147 bln KZT (+12.2%); gross debt 3,522 bln KZT (-11.2%); net debt 375 bln KZT (-67.7%); accrual CAPEX 682 bln KZT (-4.7%), cash CAPEX 668 bln KZT (+3.5%).
Operations and corporate events
2P reserves increased 1.1% to 724 mln toe; oil and condensate production rose 10% to 26,211 thous. tonnes; oil transportation fell 0.2% to 83,330 thous. tonnes; refining volumes grew 9.5% to 20,980 thous. tonnes. In 2025 the company issued CNY 1,250 mln bonds (Oct) listed on HKEX and AIX, partially redeemed USD 500 mln of London-listed bonds (Dec), Tengiz Third Generation Plant began production, Embamunaigas started drilling at Taisoigan, agreements were signed with CNOOC and SINOPEC, a 50 MW solar plant was commissioned with Eni, and S&P upgraded the rating to BBB- (stable).
Source: KMG