KGHM Polska Miedz (KGH) Investor presentation summary

Strategic position and global operations

• Ranked among the top 10 global copper producers and top 3 silver producers, with a diversified portfolio including molybdenum, gold, lead, nickel, and precious metals.

• Operates major mining and metallurgical assets in Poland and the Americas, with stable output and long mine lives.

• Key international assets include Sierra Gorda (Chile), Robinson (USA), and development projects in Canada.

• Copper cathodes registered on major global exchanges, including LME, SHFE, INE, and CME, confirming product quality.

Financial performance and production

• Group revenues for 9M 2025 were PLN 25,871 million, with adjusted EBITDA of PLN 6,186 million, and profit for the period at PLN 1,013 million.

• Payable copper production in 9M 2025 was 526 kt, down 3% year-on-year, mainly due to planned maintenance in Poland and lower output from international mines.

• Silver production increased by 1% to 993 tonnes, while TPM and molybdenum output declined.

• C1 unit cost for the Group decreased by 6% to USD 2.60/lb, with significant cost reductions at international operations.

Investments, cost control, and tax reform

• CAPEX in the first 9M 2025 totaled PLN 2,492 million, focused on mining infrastructure, equipment replacement, and environmental projects.

• 2026 targets include increases in copper and silver production and sales, with higher planned investments (PLN 4.1 billion in Poland).

• A new minerals extraction tax formula effective 2026 will reduce the tax burden, with estimated annual savings of PLN 500–750 million.