After selling Tele2, Kazakhtelecom's assets decreased by 14% to 1.4 trillion tenge, dropping the company from fifth to sixth place in the Samruk-Kazyna portfolio. This was reported by Qazaqyia.kz citing Kursiv Media.
The main reason for the reduction was the sale of 100% control of Mobile Telecom-Service LLP (Tele2 operator) to Qatar's Power International Holding for $1.1 billion. Under the deal, in January 2025 Kazakhtelecom received $700 million (370 billion tenge), with the remaining $400 million to be paid over three years as deferred consideration (in January 2026, the company received a second tranche of $25 million).
Excluding the disposed unit, long-term assets grew by 33% to 1.2 trillion tenge. The company is in an active investment cycle: fixed assets increased by 18% to 653 billion. The Capex/revenue ratio was 32% versus 43% a year earlier.
Right-of-use assets (leased base stations) grew by 16% to 57 billion. Financial assets measured at fair value (part of the contingent consideration from the Tele2 sale) stood at 174 billion tenge.
Accounts receivable increased by 53% to 66 billion tenge, of which 10 billion were overdue by more than 360 days (96% provision for impairment). Current assets grew by 26% to 247 billion, mainly due to cash: its volume increased by 204% to 73 billion tenge. The share of tenge in cash rose sixfold to 70 billion, while the dollar share fell fourfold to 3 billion. Rates on short-term tenge deposits reached 17.65%.
Financial assets grew from 21 to 52 billion tenge. The company purchased discount T-bills (turnover 277 billion, repaid 255 billion, income 2 billion) and National Bank of Kazakhstan notes (purchased and repaid 31 billion, income 0.5 billion). In 2026, Kazakhtelecom continued investing in US T-bills and NBK notes: in January-February it bought $64 million (32 billion tenge) in T-bills and 15 billion tenge in notes.
The disposal of Tele2 removed 167 billion tenge from liabilities. Equity decreased by 15% to 731 billion tenge, mainly due to retained earnings (down 129 billion to 622 billion). Total liabilities decreased by 115 billion (15%) to 674 billion. Long-term liabilities fell by 4% to 303 billion, half of which are loans (up 2% to 146 billion). Long-term lease liabilities grew by 15% to 54 billion, and long-term government subsidies by 37% to 37 billion.
Current liabilities increased by 21% to 370 billion, of which 188 billion are short-term loans (+23% YoY) and 104 billion are accounts payable (+25% YoY). Payables are growing due to debt on investment projects (71% of total).
Loan structure: the main creditor became the Development Bank of Kazakhstan (liabilities rose from 18 to 47 billion due to a new 40 billion loan at 13% vs. fair rate of 20%, on balance 31 billion). The DBK loan finances 4G and 5G network construction. Two commercial banks: Bank of China in Kazakhstan (liabilities rose from 6 to 15 billion, repaid a 6 billion loan at 17.5%, new loan at 18.5%) and Nurbank (debt 8 billion, double, rates 17–18.4%).
In January 2026, Kazakhtelecom placed yuan-denominated three-year 4.2% bonds equivalent to 60 billion tenge on AIX.
The debt-to-equity ratio rose from 0.76 in 2022 to 0.92 in the last two years, indicating the company's openness to increasing debt for investments: building 5G networks, broadband in rural areas, migrating fixed-line subscribers from copper to fiber, building data centers in the 'Data Center Valley', and laying international networks.
The short-term liquidity ratio remains low at 0.7, but this is not critical due to the even distribution of operating cash flow from subscriber fees.
Kazakhtelecom's revenue in 2025 grew by 18% to 587 billion tenge. Almost all (97%) is revenue from contracts with customers, the rest is government subsidies and compensation for providing communication services in rural areas. The subsidy represents a 90% reduction in annual radio frequency fees in exchange for investments in broadband development.