Message from the Chairman of the Management Board

DEAR COLLEAGUES, PARTNERS, AND SHAREHOLDERS,

The year 2025 was a period of stable performance and steady progress for KMG across all key development areas. Despite ongoing volatility in global oil markets, shifts in logistics conditions, geopolitical constraints, and the continued transformation of the global energy landscape, the Company maintained its resilience and delivered strong operational and financial results.

By the end of the year, KMG strengthened its position across the entire value chain and continued building the foundation for further growth.

Strengthening positions in key areas

In 2025, the Company achieved an increase in oil and condensate production, reaching 26.2 million tonnes, which is 10% higher than the 2024 level. Additional gains were achieved through the successful commissioning and ramp‑up of the new Third Generation Plant under the Future Growth Project at the Tengiz field, as well as through the introduction of new technologies at mature fields. Another important achievement was the commissioning of the Western Prorva and Karasor West fields, which resulted in 2.66 million tonnes of reserves being brought into development.

Work continued on the development of transportation infrastructure and the diversification of export routes. By the end of 2025, oil shipments from the Port of Aktau via the Baku–Tbilisi–Ceyhan route totaled 1.3 million tonnes, while oil transportation volumes to Germany increased to 2.1 million tonnes, exceeding the 2024 level by 40%. The Company also continues to systematically develop additional supply routes, which is critical for enhancing the resilience of export logistics.

Significant results were also achieved in refining. In 2025, Kazakhstan’s three refineries processed 17.5 million tonnes of crude oil, of which 14.4 million tonnes accounted for KMG’s share. Production of light petroleum products amounted to 13.6 million tonnes, which is 1.2 million tonnes higher than in 2024. This represents a record-high level for the Company.

The expansion of JV CASPI BITUM LLP was completed, and preparations are continuing for capacity expansion at the Shymkent and Pavlodar refineries. In the medium term, these projects will not only strengthen the Company’s position in refining but also improve its ability to meet domestic market demand.

Investment in growth and resource base expansion

KMG is currently entering an active phase of implementing a large‑scale investment program.

KMG is implementing a large scale geological exploration program encompassing 23 projects at various stages of maturity, with priority focus on deep and underexplored areas. During the reporting period, new contracts were signed with international partners, including CNOOC and Sinopec.

The Company remains open both to expanding cooperation with existing partners and to establishing new strategic partnerships.

The Company is developing new business areas intended to serve as additional growth drivers. Major projects in petrochemicals and gas processing are ongoing, alongside efforts to expand refining capacity and develop supporting infrastructure. This approach not only strengthens KMG’s core business but also ensures the consistent diversification of the Company’s operations.

People, competencies, and responsible development

In 2025, the Company continued to make systematic investments in the training and development of its workforce. The scale of the challenges facing KMG requires the development of new competencies and the attraction of qualified specialists. Therefore, the Company continues its systematic efforts in personnel training and professional skills development, including in such areas as petrochemicals, geological exploration, technology, and digitalization. For us, it is important not only to implement projects, but also to build our own professional capabilities to ensure their long‑term support and operation.

We consistently strengthen our industrial safety culture, enhance risk management practices, deploy digital monitoring tools, and prepare for the rollout of intelligent industrial safety systems.

Alongside the development of its traditional business, KMG continues its work in the field of low‑carbon development. In 2025, together with Eni, a 50 MW solar power plant was commissioned in Zhanaozen, marking the first phase of a hybrid power plant with a total planned capacity of 247 MW. We view such initiatives as part of a gradual and practical approach to the energy transition. In the Zhambyl Region, a project is underway to construct the Mirny wind power plant with a capacity of 1 GW, including an energy storage system of 300 MW / 600 MWh. In 2025, basic engineering for the project was completed, while detailed engineering reached 81%.

Environment, infrastructure, and social responsibility

For KMG, sustainable development goes beyond production performance and encompasses a strong focus on environmental protection, social responsibility, and quality of life in its regions of presence. In 2025, the Kenderli seawater desalination plant with a design capacity of 50 thousand cubic meters per day was commissioned in the Mangystau Region. The plant is intended to ensure a stable supply of drinking water for the local population. The Company also continued to implement environmental initiatives as part of the nationwide “Taza Kazakhstan” environmental campaign launched at the initiative of the President of the Republic of Kazakhstan, Kassym-Jomart Tokayev, as well as greening projects and oil waste management activities. We believe that the Company’s development should be accompanied by a tangible contribution to regional development, enhanced environmental responsibility, and the strengthening of a safety culture.

Looking ahead

Today, KMG is a company with a robust resource base, stable operational performance, and a large investment portfolio. We remain financially resilient and continue building a solid foundation for future growth.

In a rapidly evolving global energy landscape, KMG will continue strengthening its market position, expanding its competencies, developing new business directions, and creating long‑term value for Kazakhstan.

I would like to thank the employees of the KMG Group for their professionalism and dedication, and our partners and shareholders for their trust and continued support.