Sulfur price surge cuts Navoiuran's profit, S&P raises rating
This digest was compiled by AI from multiple sources — links to the originals are below.
Navoiuran's EBITDA fell to 7.7 trillion soums in 2025 as sulfur prices more than tripled due to global shortages and increased exports from Uzbekistan. S&P Global Ratings raised the company's credit rating despite the profit decline, citing higher uranium output.
Sulfur Price Surge
The price of sulfur, a key input for uranium extraction, more than tripled in 2025, driven by a global supply deficit and rising exports from Uzbekistan. Navoiuran, Uzbekistan's state-owned uranium producer, saw its EBITDA fall to 7.7 trillion soums ($630 million) from the previous year. The cost increase eroded margins despite higher uranium production volumes.
S&P Rating Action
S&P Global Ratings raised Navoiuran's credit rating, citing the company's increased uranium output and strong market position. The upgrade came even as profitability declined, reflecting the agency's focus on long-term production growth. Navoiuran's uranium output rose by 12% in 2025, according to company data.
What's Next
Navoiuran is expected to release its full 2025 financial report in the coming weeks. It remains unclear whether the company can offset further sulfur price increases through cost-cutting or higher uranium sales.
1 source
Sulfur price surge cuts Navoiuran's profit, S&P raises rating
