KazTransOil JSC (KZTO): 2025 Results

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24.04.2026

In our view, the report is positive. Revenue increased by 15%, EBITDA by 30%, and operating profit by 21% year-on-year. The performance was supported by growth in oil transportation volumes and related services within the revenue structure, while cost growth (+9%) remained below revenue growth (+15%).

Based on our updated model, we set a target price of KZT 1,443 per share with a “Buy” recommendation.