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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.
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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