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KGHM Polska Miedz (KGH) investor relations material
KGHM Polska Miedz Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Group revenues for the first nine months of 2025 decreased by 1% year-over-year to PLN 25,871 million, with adjusted EBITDA up 16% to PLN 7,203 million, and net profit down 23% to PLN 1,013 million, mainly due to exchange differences despite higher EBITDA and joint venture results.
Adjusted EBITDA growth was driven by strong performance in Sierra Gorda S.C.M., with the Group maintaining full operational capacity and exceeding budget targets through optimization and cost discipline.
KGHM Polska Miedź S.A. saw a 1% decline in revenues, a 5% increase in adjusted EBITDA, but a 62% drop in net profit, impacted by lower exchange differences and fair value changes.
Maintenance at Głogów Smelter reduced electrolytic copper output by 20,000 tons, but overall production remained within or above budget.
The Group advanced strategic projects and saw no material negative impact from global risks.
Financial highlights
Adjusted EBITDA for the Group rose 16% year-over-year to PLN 7,203 million, mainly driven by Sierra Gorda S.C.M., with KGHM Polska Miedź S.A. and KGHM INTERNATIONAL LTD. also contributing.
Group revenue decreased by 1% year-over-year, and net profit declined 23% to PLN 1,013 million.
Operating costs fell by 1%, while expenses by nature increased 4% due to higher minerals extraction tax and labor costs.
C1 unit cost for the Group fell 6% year-over-year, with significant reductions at KGHM INTERNATIONAL LTD. and Sierra Gorda S.C.M.; C1 cost for KGHM Polska Miedź S.A. rose 2%.
Net debt/adjusted EBITDA remained low at 0.8, indicating strong liquidity.
Outlook and guidance
The Group continues to monitor global economic and geopolitical risks but has not observed material negative impacts on production, sales, or supply chains.
Q4 is expected to focus on optimizing sales and earnings, maximizing product profitability, and adapting to market conditions.
Ongoing feasibility studies for Sierra Gorda expansion, with investment decisions expected by early next year.
The company is reviewing and updating its long-term strategy to adapt to changing industry conditions.
The company continues to invest in energy security, renewable energy, and decarbonization, aiming for at least 220 MW of internal power generation capacity by 2030.
Quantify gain from Sierra Gorda loan impairment reversal
What is the progress on new mine shaft development?
Outcome of CIRS transaction restructuring
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Next KGHM Polska Miedz earnings date
Q4 202526 Mar, 2026
Next KGHM Polska Miedz earnings date
Q4 202526 Mar, 2026
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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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