MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS

Dear readers!

2025 has become a period of consistent implementation of strategic decisions for "Samruk-Energy" JSC and strengthening of the Company's institutional stability. In the context of growing demand for electricity and long-term structural challenges in the energy sector, the Board of Directors focused on creating a solid foundation for sustainable development and increasing the long-term value of the Company.

Among the key priorities of the Board of Directors remained the issues of energy security of the Republic of Kazakhstan, financial stability and quality of corporate governance. During the year, the Board carried out strategic supervision over the implementation of the Development Strategy of "Samruk-Energy" JSC for 2024-2033, as well as the formation of a balanced investment portfolio aimed at modernizing base generation, developing manoeuvering capacities and phased expansion renewable energy portfolio. The activities of "Samruk-Energy" JSC were carried out taking into account the instructions of the Head of State aimed at strengthening energy security and developing sustainable energy. The Board of Directors considered their implementation as an integral part of its supervisory function, giving priority to the reliability of the power system, the timeliness of the implementation of investment projects and improving the efficiency of assets.

In the reporting period, the Board of Directors held a separate strategic session with the participation of the Management Board, during which an in-depth analysis of the implementation of the Strategy was carried out. The strategic session focused on sustainable development, strengthening energy security and a consistent transition to a green economy in the context of achieving national priorities.

The Board of Directors noted the increasing influence of global technology and industry trends. Among the key areas are the development of digital solutions, including artificial intelligence technologies, as well as energy storage systems that form new requirements for the efficiency and reliability of energy companies. At the same time, the domestic market continues to see an increase in electricity consumption and the load on the power system, which reinforces the importance of improving operational efficiency and introducing modern management tools.

In these conditions, digital transformation is considered as a key factor in increasing competitiveness. Particular attention is paid to the introduction of solutions based on artificial intelligence to improve the level of industrial safety, the development of predictive diagnostics of equipment and the improvement of forecasting the generation of renewable energy facilities.

Diversification of the project portfolio, including entering new markets and developing projects in the field of hydro, solar, wind and gas generation, as well as energy storage systems, mainly in Central Asian countries, is also among the strategic priorities. These initiatives are aimed at reducing dependence on the domestic market situation and creating sustainable sources of income.

Great importance is attached to the development of research and applied activities, including in partnership with foreign and domestic organisations. The priority remains the adaptation of technological solutions, taking into account the specifics of the national energy sector.

The Board of Directors paid special attention to the reliability of the power system. In 2025, Ekibastuz GRES-1 reached an all-time high of 24.6 billion kWh of electricity generation and reached full installed capacity for the first time in decades, confirming the effectiveness of earlier management and investment decisions.

The Board of Directors also supported the implementation of key investment initiatives, including the creation of project companies in the field of wind, solar, gas and pumped storage, as well as the start of construction of new combined heat and power plants in Kokshetau, Semey and Ust-Kamenogorsk. Decisions were made and EPC contracts were signed for the construction of new CHPPs implemented by "Samruk-Energy" JSC.

Against the backdrop of the implementation of a large-scale investment programme, the Board of Directors ensured control over the financial stability of the Company. At the end of 2025, "Samruk-Energy" JSC maintained stable financial performance, including net profit in the amount of 154.8 billion KZT, a confirmed credit rating and a controlled level of leverage.

In the reporting year, progress was recorded in the field of sustainable development. The Company's ESG rating according to Sustainable Fitch was upgraded to 57 points, which reflects the systematic nature of "Samruk-Energy" JSC work in the field of ecology, social responsibility and corporate governance.

In the social sphere, in 2025, the new Collective Agreement of "Samruk-Energy" JSC for 2025-2027 was supported, providing for the expansion of social guarantees and improvement of working conditions for the Group's employees. As part of the implementation of social initiatives, 38 employees of "Almaty Electric Stations" JSC received housing, which was a practical result of the ongoing social policy.

In order to ensure sustainable progress, the Company will focus on the development of flexible and renewable generation, infrastructure modernisation and a consistent transition to a low-carbon model in the medium term, supporting the achievement of the national goal of carbon neutrality by 2060.