Poland's KGHM beats quarterly profit expectations amid copper rally

KGHM Polska Miedz SA

19/08/2026 16:40

Aug 19 (Reuters) - Polish copper and silver producer KGHM KGH.WA posted a second-quarter adjusted core profit that beat estimates on Wednesday, as high copper prices boosted its earnings despite silver easing from early 2026 peaks.
Ranked among the top 10 copper miners and second-largest silver producers by industry surveys, KGHM's earnings serve as a key gauge for investors tracking demand in the broader metals sector.
• Second-quarter adjusted core profit was 3.73 billion zlotys  ($1 billion) versus analyst expectations of 3.54 billion zlotys. 
• Growth was driven by the domestic unit, where electrolytic copper volumes grew 5.6% year-on-year due to higher smelter availability.
• Overseas copper production fell 37% to 9.3 thousand tonnes as the U.S. Robinson mine transitioned to lower-grade ore.
• Average second-quarter LME copper prices surged to $13,329 per metric ton, up from $9,524 a year earlier.
• The miner's net profit for the quarter surged to 2.05 billion zlotys from 250 million last year.

($1 = 3.7007 zlotys)

 (Reporting by Rafal Nowak in Gdansk; Editing by Matt Scuffham)
 ((RafalWojciech.Nowak@thomsonreuters.com; +48 58 769 66 63;))