Business model

Operating Model

26,791.8 MW

Installed Power Generation Capacity in the Republic of Kazakhstan as of January 1, 2026

30.4%

The total installed capacity of the power plants of "Samruk-Energy" JSC of the total installed capacity of power plants in Kazakhstan

7,885 MW

Installed capacity of enterprises of "Samruk-Energy" JSC group of companies

5,556 MW

Available capacity of enterprises of "Samruk-Energy" JSC group of companies

Power generation

"Samruk-Energy" JSC includes large generating assets of "Ekibastuz GRES-1" LLP, "Ekibastuz GRES-2 Station" JSC, "Almaty Electric Stations" JSC, "Moynak HPP" JSC, "Shardarinsk HPP" JSC, "AES Ust-Kamenogorsk HPP" LLP, "Shulbinsk HPP" LLP

Electricity production volume of "Samruk-Energy" JSC -  40.4 billion kWh
Share of "Samruk-Energy" JSC in the total volume of electricity production in Kazakhstan – 32.8%
Volume of electricity production by renewable energy facilities of "Samruk-Energy" JSC (SPPs, WPPs and small HPPs) - 553 million kWh
The Company's share of total renewable electricity generation in Kazakhstan is 6.4%
The installed generation capacity of the TPP Group is  5,868 MW, HPPs – 1,904 MW, renewable energy sources (SPPs, WPPs and small HPPs – 157.1 MW)

Coal mining and sales

Bogatyr Komir LLP, which is part of Samruk-Energy JSC, produces and supplies thermal coal to generating enterprises in Kazakhstan, and provides exports to the Russian Federation. The company is also a supplier of municipal coal in the domestic market, as well as a supplier of municipal coal for social facilities in the Pavlodar region.

Coal production - 45.3 million tons
The Company's share of the total volume of coal mined in the Ekibastuz coal basin is 65%
The Company's share in the total coal production in Kazakhstan is 39%
Sold in the domestic market - 34.4 million tons
Exports to Russia - 9.9 million tons

Transmission and distribution of electricity

"Samruk-Energy" JSC group of companies includes the regional distribution company "Alatau Zharyk Company" JSC.

Capacity of the Group's substations - 10,476.59 MVA
Length of overhead and cable power lines of 220-0.4 kV power lines - 30,854.92 km
Number of substations (TS, DP) - 7,512 units
Electricity transmission volumes - 9,947 million kWh

Sale of heat and electricity

The perimeter of subsidiaries and affiliates of "Samruk-Energy" JSC includes heat generating companies "AlES" JSC, EKIBASTUZ GRES-1 LLP, "EKIBASTUZ GRES-2" JSC, as well as "Energy Solutions Center" LLP (Ekibastuz CHP) since July 2024. The AlmatyEnergoSbyt branch, which is part of the structure of Alatau Zharyk Company JSC, provides the sale of electricity in the retail market for more than 3.8 million residents and more than 44 thousand enterprises in Almaty and Almaty region.

Electricity sales volume - 38.55 billion kWh
Heat production* - 7.2 million Gcal
The volume of heat output of “AlES” JSC is 6.9 million Gcal

According to the results of centralised trading, the power plants of "Samruk-Energy" JSC sold 3,836 MW of capacity at a price of 1,170 thousand KZT/MW*month. Including

GRES-1 LLP – 1,673.5 MW
Ekibastuz GRES-2–887 MW
"AlES" JSC – 486 MW
"Ust-Kamenogorsk HPP" LLP – 330 MW
"Shulbinsk HPP" LLP – 459 MW

Impact

Expenditure on health and education
10,700 millionKZT
Expenses for social support in the regions of operation
300 millionKZT
Charity expenses
400 millionKZT
Costs of meeting industrial safety requirements
1,500 millionKZT
Other distributions to the Shareholder
5,300 millionKZT

Environmental protection costs
23,164 millionKZT
Environmental payments
8,989 millionKZT
Provision for liabilities for damage to the environment
2,300 millionKZT
Reserves for liquidation of operating facilities
41,800 millionKZT

Taxes in the Republic of Kazakhstan
102,600 millionKZT
Payments to shareholder, total
- dividends: 20,566 KZT million
- Interest on loans: 1,790 KZT million
22,350 millionKZT
Procurement from domestic suppliers
170,000 millionKZT

Key indicators of the Business Plan

Level 1 strategic and analytical KPIs

Net income, KZT million

43,0802023 (fact)

112,5082024 (fact)

154,7982025 (fact)

119,4572026 (prediction)

Debt/EBITDA (ratio)

1.712023 (fact)

1.662024 (fact)

1.862025 (fact)

4.132026 (prediction)

ROACE, %

6.452023 (fact)

12.132024 (fact)

13.062025 (fact)

6.932026 (prediction)

Net asset value (NAV), million KZT

485,9692023 (fact)

581,2112024 (fact)

738,5492025 (fact)

859,1092026 (prediction)

Name	2023 Fact	2024 Fact	2025 Fact	2026 Prediction
FCF, KZT bln	37.0	93.3	44.3	6.43
ESG rating, score	24.1	52	57 Average ESG/Medium Risks Rating	Medium ESG / Medium Risks Rating
Share of in-country value  in the procurement of goods, % 1	66	73	82	-
Share of in-country value in procurement of works and services, %	92	90	92	-

Data on DVC for 2025, taking into account newly entered subsidiaries and affiliates (Kokshetau CHP LLP, Oskemen Energo LLP, Semey Energo LLP, excluding Bogatyr Komir LLP)