Earnings Poll: Poland's KGHM Q2 core profit seen jumping 49% on higher metal prices

KGHM Polska Miedz SA

17/08/2026 10:36

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Results due August 19 after market close
Q2 median adj. EBITDA seen at 3.54 bln zlotys
Aug 17 (Reuters) - Polish copper producer KGHM KGH.WA is expected to report a 49% year-on-year jump in second-quarter adjusted core profit, driven by soaring metal prices, a Reuters poll showed on Monday.
The state-run company, one of the world's biggest copper and silver producers, is forecast to post median adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 3.54 billion zlotys ($953.38 million), according to a survey of five banks and brokerages.
Net profit is seen jumping 430% year-on-year to a median of 1.32 billion zlotys, the poll showed.
However, the result is expected to be significantly weaker than the 5.46 billion zloty adjusted EBITDA reported in the first quarter, which was boosted by a one-off gain from an inventory revaluation. 
Weak volumes from foreign assets could also weigh on results, according to the analysts.
     
 
Net profit
Revenue
Adjusted EBITDA
Median
1,319
12,417
3,535
Average
1,294
12,482
3,569
Lowest
919
12,244
3,440
Highest
1,493
12,950
3,824
No. of forecasts
5
5
5
Q2 2025
249
8,614
2,374
Q1 2026
3,529
11,872
5,464
     
Forecasts provided by BOŚ DM, Erste Group, Erste BP BM, Trigon, PKO BP
     
     
($1 = 3.7131 zlotys)

(Reporting by Alicja Surdy; Editing by Kirsten Donovan)
((AlicjaEwa.Surdy2@thomsonreuters.com;))