1 About the Fund 2 Financial Results 3 Fund Activities 4 Sustainable Development 5 Corporate Governance 6 Appendices

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Annual Report 2025Contents

MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS MESSAGE FROM THE CHAIRMAN OF THE MANAGEMENT BOARD PERFORMANCE HIGHLIGHTS OF 2025

01About the Fund

Development Strategy
Strategic Goals
Asset Portfolio
Fund’s Contribution to the Economy of the Republic of Kazakhstan

02Consolidated Financial Results

Fund’s Credit Ratings
Revenue by Segment

03Results of the Fund’s Activities

Oil and Gas
Energy
Production and Extraction
Transport and Logistics
Information and Communication Operators
Investment Activities of the Fund
Support for Socially Oriented Construction
Procurement Support
Scientific Research Initiatives
Shared Service Centre
Charitable Activities
Human Capital Development
Center for Social Cooperation and Communications

04Sustainable Development

Sustainable Development Priorities
Commitment to the UN SDGs
Sustainable Development Governance Structure
ESG and Climate Ratings

05Corporate Governance

Corporate Governance System
Sole Shareholder
The Board of Directors and its Committees
The Management Board and its Committees
Remuneration Policy for Members of the Board of Directors and the Management Board
Internal Audit Service
Compliance Service
Risk Management and Internal Control
Public Council
Information Security
Personnel Management
Occupational Safety

Appendix 1. Consolidated Financial Statements
Appendix 2. Digitalisation
Appendix 3. Information on Compliance/Non-Compliance with the Code of Corporate Governance of Sovereign Wealth Fund Samruk-Kazyna Joint Stock Company
Appendix 4. Glossary

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05

Corporate Governance

IN THIS SECTION:

Corporate Governance System 135 Sole Shareholder 136 Board of Directors and its Committees 137 Management Board and its Committees 157 Remuneration Policy for Members of the Board of Directors and the Management Board 168 Internal Audit Service 169 Compliance Service 170 Risk Management and Internal Control 172 Public Council 174 Information Security 176 Human Resources Management 179 Occupational Safety 180

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