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KGHM Polska Miedz (KGH) investor relations material

KGHM Polska Miedz Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary20 Aug, 2025

Executive summary

  • Revenues increased 0.4% year-over-year to PLN 17,556 million, with adjusted EBITDA up 16% to PLN 4,208 million, but net profit fell 46% to PLN 580 million, mainly due to adverse exchange differences.

  • International operations, especially Sierra Gorda, saw a 19% increase in copper production and up to 89% higher molybdenum output, while KGHM International Ltd. production declined due to asset disposals.

  • Silver production decreased 3% year-over-year, with a sharp drop linked to the Sudbury Basin asset sale.

  • Key strategic achievements included progress in mining infrastructure, environmental initiatives, and energy transition projects.

  • Significant events included asset impairment reviews, management changes, and a major copper wire rod contract.

Financial highlights

  • Group revenues reached PLN 17,556 million, with adjusted EBITDA up 16% to PLN 4,208 million, but net profit dropped 46% to PLN 580 million due to exchange rate impacts.

  • KGHM Polska Miedź S.A. revenues fell 1% to PLN 14,860 million, with adjusted EBITDA down 2% and net profit plunging 92% to PLN 113 million.

  • Operating costs increased 1% year-over-year to PLN 15,455 million, with ongoing cost optimization programs.

  • Net cash from operating activities was PLN 1,818 million, with cash and cash equivalents at period end of PLN 430 million.

  • Adjusted EBITDA margin improved to 27.7% from 24.1% year-over-year.

Outlook and guidance

  • Second half of the year expected to align with budget, with improvements anticipated after completion of maintenance and investment projects.

  • No official prognosis published, but management expects continued stable production and further optimization of international assets.

  • Key risks for the next quarter include geopolitical tensions, trade wars, commodity price volatility, and exchange rate fluctuations.

  • The group continues to monitor global economic conditions and adapt its strategy to market and regulatory changes.

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Frequently asked questions

KGHM Polska Miedz S.A. mines, produces, and sells copper, precious metals, and non-ferrous metals in Poland and internationally. The company operates through three segments: Exploration of Copper and Silver Mines, Processing of Ores and Concentrates, Refining and Sale of Copper and Silver. Its principal products include copper cathodes; gold; silver; selenium; nickel sulphate; sulphuric acid; rhenium; platinum group metals, including palladium and rhodium; cesium formate solution; nickel carbonate; cobalt hydroxide; zinc concentrate; precious metals concentrates, such as gold and silver concentrates containing selenium and tellurium as byproducts from a copper mining process that are sold to other companies for further processing in refining plants outside the company's mining industry in Poland.

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