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KGHM Polska Miedz
KGHM Polska Miedz (KGH) investor relations material
KGHM Polska Miedz Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary20 Aug, 2026
Executive summary
Revenues for H1 2026 reached PLN 24,711 million, up 41% year-over-year, with net profit at PLN 5,579 million, a nearly tenfold increase from H1 2025, driven by higher copper, silver, and gold prices, favorable macroeconomic conditions, and cost discipline.
Adjusted EBITDA surged 89% year-over-year to PLN 9,198 million, with EBITDA margin at 34% and net profit up from PLN 580 million in H1 2025.
Debt decreased, cash flows strengthened, and equity increased to PLN 39,814 million as of June 2026, supported by cost optimization and operational efficiencies.
Investments accelerated in domestic and foreign assets, including renewable energy projects, mining expansion, and metallurgy.
The Group remains focused on maintaining dividends, robust liquidity, and building a strong financial base for future growth, with a long-term strategy approved in July 2026.
Financial highlights
Group revenues rose 41% year-over-year to PLN 24,711 million, with KGHM Polska Miedź S.A. revenues up 48% to PLN 21,927 million.
Adjusted EBITDA for H1 2026 was PLN 9,198 million, and net cash from operating activities increased by PLN 2,556 million, ending H1 2026 with PLN 1,217 million in cash.
Operating margin improved from 25% to 34% year-over-year, with profit on sales at PLN 6,057 million.
International assets contributed nearly 20% to adjusted EBITDA, totaling almost PLN 2.5 billion.
Earnings per share rose to PLN 27.90 from PLN 2.90 year-over-year.
Outlook and guidance
Construction of the fourth production line at Sierra Gorda is underway, targeting a 20% increase in metal production by 2030, with full capacity expected in H2 2030.
Cost optimization program aims for PLN 1 billion in savings by 2028, with PLN 300 million already achieved.
The Group's 2055+ strategy was approved in July 2026, maintaining focus on Polish resource base and long-term operational stability.
Inventory levels expected to decline in H2 2026, releasing additional cash flow.
Dividend policy remains a priority, with future payouts dependent on financial performance and macro conditions.
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Latest events from KGHM Polska Miedz
- FY2025 accounts and PLN 1.50 dividend approved; 12th-term Supervisory Board appointed.KGH
AGM 2026 - Record metals prices and cost discipline boosted Q1 2026 profits and margins significantly.KGHInvestor presentation
- Record profit and EBITDA surge in Q1 2026, fueled by high metal prices and strong operations.KGHQ1 2026
- Revenues and EBITDA grew on higher metals prices, with strong liquidity and lower emissions.KGHQ4 2025
- Stable financials, rising sustainability, and tax reform position the group for future growth.KGHInvestor presentation
- Four Supervisory Board members were dismissed and four replacements appointed.KGHEGM 2026
- Profit went to reserves; governance reforms passed, but a General Meeting statute change failed.KGHAGM 2025
- Revenues and EBITDA grew sharply, net profit rose 57%, and liquidity remained strong.KGHQ3 2024
- Net profit more than doubled and EBITDA margin rose to 22% despite lower revenue.KGHQ2 2024
Next KGHM Polska Miedz earnings date
Q3 202619 Nov, 2026
KGHM Polska Miedz
Next KGHM Polska Miedz earnings date
Q3 202619 Nov, 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.