Samruk-Kazyna debt surge reflects strategic investment pressure
This digest was compiled by AI from multiple sources — links to the originals are below.
Samruk-Kazyna's total liabilities rose to 17.8 trillion tenge in 2025, up 22% year-on-year, driven by borrowing at both the parent and subsidiary levels. The debt load increased most sharply at Kazakhstan Railways and energy subsidiaries, raising questions about the sovereign wealth fund's financial stability.
Debt Dynamics
Samruk-Kazyna's total liabilities reached 17.8 trillion tenge in 2025, a 22% increase from 14.6 trillion tenge in 2024. The parent company's debt rose by 1.2 trillion tenge, while subsidiaries added 2.0 trillion tenge. Kazakhstan Railways' debt surged 35% to 4.5 trillion tenge, and energy companies' liabilities grew 28% to 3.2 trillion tenge.
Investment Strategy
The fund continued financing strategic projects, including infrastructure and energy modernization, despite rising leverage. Capital expenditures totaled 3.1 trillion tenge in 2025, up 15% from 2024. Samruk-Kazyna's net debt-to-EBITDA ratio worsened to 3.8x from 3.1x, approaching the fund's self-imposed ceiling of 4.0x.
Revenue and Profitability
Consolidated revenue grew 12% to 12.5 trillion tenge, driven by higher oil prices and transport volumes. Net income fell 8% to 1.2 trillion tenge, partly due to increased interest expenses of 1.1 trillion tenge. The fund's return on assets declined to 4.2% from 5.1%.
What's Next
Samruk-Kazyna is set to present its 2026-2030 strategy to the government by September, which may include revised debt targets. Analysts warn that without asset sales or higher dividends, the fund could breach its leverage limit within two years.
2 sources
Samruk-Kazyna debt surge reflects strategic investment pressure
