MESSAGE FROM THE CHAIRMAN OF THE BOARD

The past year was marked by strong operational performance for Samruk-Energy JSC, the successful implementation of a large-scale investment programme, and the achievement of significant production and financial results. Amid growing electricity demand and a capacity deficit in the Unified Power System, the Company ensured the reliable operation of its assets while consistently delivering on its strategic objectives.

Ensuring the energy security of the Republic of Kazakhstan remained a key area of work in 2025. Due to the implementation of repair programmes, restoration and modernisation of equipment, the Group's total electricity generation amounted to 40.4 billion kWh, which made it possible to reliably pass the autumn-winter period of maximum loads.

Financial indicators for 2025 show strong financial results. Revenue of "Samruk-Energy" JSC reached 752.8 billion KZT, EBITDA amounted to 314.9 billion KZT, net profit — 154.8 billion KZT. Debt/EBITDA ratio was at 1.9, which confirms a conservative and balanced approach to financial management against the backdrop of an active investment phase.

In the reporting year, the Company implemented a large-scale investment programme aimed at developing base, flexible and renewable generation. Key investment agreements were signed and the implementation of projects in the field of wind, solar, gas and pumped storage generation with a total installed capacity of several gigawatts was launched, which forms the basis for covering the capacity deficit and further development of the country's energy system.

The implementation of investment projects was accompanied by the expansion of international technological and financial cooperation. In 2025, the Company strengthened partnerships with leading energy and financial institutions from China, Europe and Japan, providing access to modern technologies and sources of financing.

Considerable attention was paid to the development of human capital and sustainable development. The Group employed more than 19 thousand employees, provided an average of 55 hours of training per employee, and implemented measures to improve the level of industrial safety, labour protection and social stability.

In 2025, "Samruk-Energy" JSC continued to consistently strengthen the culture of safety and responsible attitude to the environment. KZT 7.393 billion was allocated for health and safety measures, which reflects our priority to ensure safe working conditions and preserve the life and health of employees.

In addition, 23.2 billion KZT was invested in the implementation of environmental measures. These investments are aimed at reducing the environmental impact, improving the environmental efficiency of production processes and supporting the sustainable development of the Company.

In 2026 and in the medium term, the Company will focus on the commissioning of new generating capacities, further development of renewable energy sources and manoeuverable generation, modernisation of energy infrastructure and improvement of operational efficiency in full compliance with the tasks set by the Head of State.