KazMunayGas H1 2026 financial results
- Revenue rose 23.7% to 5,568 bln tenge (USD 11,452m).
- EBITDA increased 45.0% to 1,655 bln tenge; adjusted EBITDA was 1,619 bln tenge.
- Net profit grew 69.1% to 904 bln tenge; net profit adjusted for JV share was 867 bln tenge.
- Net debt climbed to 983 bln tenge (up 162.2%) while cash and deposits fell 22.9% to 2,428 bln tenge.
Financial performance
Revenue rose 23.7% to 5,568 bln tenge (USD 11,452 mln) in H1 2026, driven by higher global oil prices and higher sales prices at KMG International; EBITDA was 1,655 bln tenge (+45.0%), adjusted EBITDA 1,619 bln tenge (+27.7%). Net profit reached 904 bln tenge (+69.1%); net profit adjusted for the share in profit of JVs and associates was 867 bln tenge (+31.4%).
Cash flow and dividends
Free cash flow increased 12.2% to 765 bln tenge. Dividends received from joint ventures and associates rose 5.4% to 500 bln tenge, largely due to higher distributions from Tengizchevroil LLP.
Balance sheet and debt
Gross debt stood at 3,411 bln tenge (69% USD-denominated), down 3.2% in tenge terms versus December 31, 2025. Net debt rose to 983 bln tenge (up 162.2%), driven by a reduction in cash and short-term deposits following the acquisition of coupon bonds of Samruk-Kazyna JSC. Consolidated cash and deposits fell 22.9% to 2,428 bln tenge.
Operations and projects
Production and refining volumes declined modestly: oil and gas condensate production was 12,437 thous. tonnes (-4.6%), gas 5,457 mln m³ (-4.7%), and refining 10,215 thous. tonnes (-1.5%), while transportation rose 4.0% to 43,280 thous. tonnes. Notable operational items include restoration of design production after the Future Growth Project transformer fire (resolved end‑March), financing signed for the 1 GW Mirny wind plant (estimated USD 1.2bn, commissioning Q4 2028), a green hydrogen pilot, gas processing agreements with first deliveries expected by end‑2026, and progress on SAF technology and new well drilling programs.
Source: KMG