Navoiyuran Reports Record $1.1B Revenue in 2025

Tashkent, Uzbekistan (UzDaily.com) — State enterprise Navoiyuran, ranked sixth globally by uranium production volume, has released preliminary financial results for 2025, reporting record revenue and a significant increase in output.

The company increased uranium production by 35 percent and expanded reserves by 52 percent, while maintaining its position as one of the world’s lowest-cost producers of natural uranium.

Record revenue with modest profit growth

For the 2025 financial year, Navoiyuran reported revenue of $1,112 million, up 20.2 percent from $925 million in 2024. This represents the highest level in the company’s history, according to the published statement.

However, profitability growth was significantly more subdued. Adjusted EBITDA reached $624 million compared to $609 million a year earlier, an increase of just 0.33 percent. Adjusted net profit remained broadly stable at $472 million versus $471 million in 2024, a rise of 0.21 percent.

The divergence between revenue growth (+20.2 percent) and profit growth (less than 0.5 percent) is explained by large-scale capital expenditures. Total CAPEX in 2025 reached $551 million, including $322 million for field development, $162 million for fixed asset acquisition, and $67 million for geological exploration and resource evaluation.

Production rises 35 percent

Uranium output in 2025 increased by 35 percent, rising from 5,200 to 7,000 tons. The average realized price stood at $69.5 per pound of U₃O₈.

Operational efficiency remained strong, with total cash costs (TCC) at $27 per pound of U₃O₈ and all-in sustaining costs (AISC) at $35 per pound. The spread between realized prices and AISC indicates a solid operating margin.

Production growth was driven primarily by further expansion of in-situ recovery (ISR) technology and preparatory work at new fields, including Kizilkok and Arnasay.

Cash flow and low leverage

One of the most notable developments of the year was the sharp increase in free cash flow, rising from $288 million to $460 million, an increase of 59.7 percent. This reflects the company’s ability to generate strong cash flows even amid intensive capital investment.

Navoiyuran’s debt burden remains minimal, with net debt at $72 million and a net debt-to-EBITDA ratio of 0.12x, a conservative level for the mining sector.

Reserves expand by more than half

Exploration investments delivered significant results. According to SRK Consulting’s report as of January 1, 2026, uranium reserves under JORC standards increased from 63.4 thousand tons in 2024 to 96.6 thousand tons in 2025, a rise of 52 percent. Mineral resources rose from 52.2 to 53.9 thousand tons, an increase of 3 percent.

In total, this forms a resource base of 151.1 thousand tons of uranium across 43 deposits managed by the company in Uzbekistan’s Navoi region.

Technology and operational strategy

Alongside expanding production at existing in-situ leaching fields, Navoiyuran accelerated the introduction of alternative leaching technologies in 2025, including oxygen-based and carbonate leaching. The company said these efforts aim to improve operational efficiency and reduce dependence on volatile sulfuric acid prices, traditionally used in ISR mining.

CEO Jamol Sabakhonovich Fayzullayev said the results were in line with the company’s targets and reaffirmed plans to continue expanding production capacity.

Outlook and strategic priorities

Strategic priorities include further expansion of the mineral resource base, development of Kizilkok and Arnasay deposits, deployment of next-generation leaching technologies, and strengthening international partnerships in the nuclear fuel supply chain.

The company also reaffirmed its commitment to ESG strategy, including investments in production decarbonization.

The full audited financial statements for 2025 are scheduled for publication in May 2026.