Poland's KGHM posts fourth-quarter beat on stronger metal prices, international assets

KGHM Polska Miedz SA

25/03/2026 17:12

GDANSK, March 25 (Reuters) - Polish copper producer KGHM KGH.WA on Wednesday posted a forecast-beating fourth-quarter net profit of 2.68 billion zlotys ($724.50 million), up 72% on a rally in metal prices and the strong performance of its Chilean mine Sierra Gorda.

The state-controlled company is one of the world's largest producers of copper and silver, and its performance is sensitive to commodity prices and currency fluctuations.

Its shares rose as much as 70% in the fourth quarter as metal prices rallied.

Analysts' expectations were for a net profit of 972 million zlotys

Revenue rose 14.3% to 10.50 billion zlotys, against a forecast of 10.26 billion zlotys, driven by rising copper, silver and gold prices

A strong performance from the company's international assets, particularly Sierra Gorda, also lifted the result, offsetting rising cost pressures in its Polish operations

Foreign assets achieved financial self-sufficiency, generating 48% of the group's core profit in 2025, KGHM said

Adjusted EBITDA also rose on the year to 3.07 billion zlotys, beating expectations of 2.78 billion zlotys

Looking ahead, the company's cost base in Poland will be lowered by a cut to the copper mining tax which took effect at the start of 2026

($1 = 3.6991 zlotys)

KGHM shares rally in Q4 2025 driven by metal prices https://www.reuters.com/graphics/KGHM-SHARES/COMMODITIES/byprnkygwpe/chart.png

 (Reporting by Alicja Surdy; Additional reporting by Rafal Nowak; Editing by Jan Harvey)

 ((alicjaewa.surdy2@thomsonreuters.com,  +48 58 746 90 04))