Earnings Poll: Polish miner KGHM Q1 profit seen soaring on metals rally

KGHM Polska Miedz SA

12/05/2026 06:54

Results due May 13

First-quarter adjusted EBITDA seen at 4.92 bln zlotys

May 12 (Reuters) - Polish copper producer KGHM's KGH.WA first-quarter adjusted core profit is expected to nearly double year-on-year to 4.92 billion zlotys ($1.37 billion), driven by a rally in metal prices, a Reuters poll showed on Tuesday.

The miner is also forecast to see its net profit surge more than 600% to 2.33 billion zlotys, according to the median of five forecasts from banks and brokerages.

The expected surge in earnings comes after a significant jump in commodity prices, particularly for precious metals.

The following table summarises analysts' forecasts for KGHM's 2026 first-quarter results:

(Figures in millions of zlotys unless stated otherwise)

Adj. EBITDA
Net profit
Revenue
Median
4915
2325
11663
Average
4940
2321
11620
Lowest
4200
1895
10495
Highest
5473
2691
12164
No. of f'casts
5
5
5
Q1 2025
2489
330
8942
Q4 2025
3073
2675
10495

Forecasts provided by: BM mBank, Erste Group, BM Erste Bank Polska, DM BOS, BM PKO BP

($1 = 3.5999 zlotys)

 (Reporting by Alicja Surdy; Editing by Harikrishnan Nair)

 ((AlicjaEwa.surdy2@thomsonreuters.com))