Earnings Poll: Polish copper miner KGHM's fourth-quarter net profit seen down 38% on higher costs

KGHM Polska Miedz SA

20/03/2026 12:00

Results due March 25 after market close

Fourth-quarter net profit seen at 972 million zlotys

March 20 (Reuters) - Polish copper producer KGHM's KGH.WA fourth-quarter net profit is expected to drop 38% year-on-year to 972 million zlotys  ($263 million), as rising wage costs offset a boost from higher metal prices, a Reuters poll showed on Friday.

Analysts pointed to higher personnel expenses, including miner bonuses tied to the company's strong full-year performance, as the main drag on the bottom line.

The expected fall in net profit comes despite a projected 12% rise in revenue to 10.26 billion zlotys, driven by a rally in copper, silver and gold prices during the quarter, the survey of six banks and brokerages showed.

The following table summarises analysts' forecasts for KGHM's 2025 fourth-quarter results:

(Figures in millions of zlotys unless stated otherwise)

Revenue
Net profit
Adj. EBITDA
Median
10,255
972
2,781
Average
10,205
960
2,767
Lowest
9,592
826
2,625
Highest
10,562
1,078
2,882
No. of forecasts
6
6
6
Q4 2024
9,181
1,556
2,271
Q3 2025
8,315
433
2,340

Forecasts provided by: BM mBank, Erste Group, BM Santander BP, Trigon DM, DM BOS, BM PKO BP

($1 = 3.6942 zlotys)

 (Reporting by Alicja Surdy; Editing by Jan Harvey)

 ((AlicjaEwa.surdy2@thomsonreuters.com))