◆ Inside the Latest Half (H1 2026)

KGHM Polska Miedź (KGH) — the variant view

The mine did what it did last year; the metal markets handed over so much that nothing else mattered.

📈 KGH valuation, revenue & earnings — P/E, P/S, revenue, EPS →

KGHM published its half-year report in August 2026, and it is the best six months the company has ever had.

H1 2026, reported August24 711m złrevenue, +40,8%5 579m złprofit, from 580m9 198m zładjusted EBITDA+0,6%own-concentratecopperPre-credit cost per tonne +14,7%; the minerals extraction tax added 1 979m zł
The best six months in the company's history, and the only operational number that mattered barely moved.

Revenue rose 40,8% to 24 711 million złoty. Cost of sales, selling costs and administrative expenses rose 20,7% to 18 654 million, so profit on sales nearly tripled to 6 057 million. Profit for the period went from 580 million złoty to 5 579 million, and adjusted EBITDA rose 89,1% to 9 198 million1.

At the parent, revenue rose 47,6% to 21 927 million: copper 14 430 million, up 32,3%; silver 5 843 million, slightly more than doubled; gold 895 million, up 61,6%2.

Almost none of that came from mining more. Sales volumes rose 2,7% for copper, 4,2% for silver and 11,9% for gold3; electrolytic copper production from KGHM's own concentrate rose 0,6%4. The headline production increase of 7,0% came from purchased material.

Two cost lines moved sharply in opposite directions and both matter. The pre-precious-metals-credit cost of a tonne of copper from own concentrate rose 14,7% to 52 201 złoty; the total cost after by-product credits fell 42,9% to 17,415, and C1 fell 23% to 2,44 dollars a pound5. The mine got more expensive and the silver market paid for it three times over.

The minerals extraction tax added 1 979 million złoty on higher copper and silver prices6, despite the coefficient having been reduced from 1 January7. Labour costs rose 617 million, up 21%, of which 473 million was the annual bonus provision8 — the workforce taking its share of the same prices.

The balance sheet improved throughout. Equity rose to 39 814 million złoty from 32,898, net debt fell 13,5% to 4 691 million, and cash rose to 1 207 million from 4259.

The international assets were the weak half. Payable copper production there came to 59,5 thousand tonnes, below budget, of which Sierra Gorda supplied 40,2 thousand on KGHM's 55% share and the Robinson mine in Nevada 17,7 thousand10. KGHM INTERNATIONAL's cash expenditures rose 15,4% to 120 million dollars, of which 33 million went into the Victoria exploration shaft in Canada11. Sierra Gorda's output was slightly below a year earlier, and Robinson came in under both the prior year and its budget12.

The half is a fair summary of the whole company. The mine did roughly what it did last year, the tax took more, the wages took more, and the metal markets handed over so much that none of it mattered. The number to carry forward is the one that did not move: 0,6% more copper from KGHM's own rock.

References
  1. ReportedProfit for the period went from 580 million złoty to 5 579 million, and adjusted EBITDA rose 89,1% to 9 198 million.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026, financial results (revenue of 24 711m złoty up 40,8%, profit for the period of 5 579m against 580m, adjusted EBITDA of 9 198m up 89,1%, capital expenditure of 1 663m, net debt down 13,5% to 4 691m, equity of 39 814m, available financing of 16 978m, and the 1 979m złoty increase in the minerals extraction tax on higher copper and silver prices) — H1 2026 · publ. August 2026 · source ↗
  2. ReportedAt the parent, revenue rose 47,6% to 21 927 million: copper 14 430 million, up 32,3%; silver 5 843 million, slightly more than doubled; gold 895 million, up 61,6%.
    KGHM Polska Miedz S.A. Group condensed consolidated financial statements for the first half of 2026 (the note stating that revenues from no single contractor exceeded 10% of group sales, the geographical breakdown by end-customer location totalling 21 927m złoty with Poland at 4 845m and Germany at 2 815m, parent revenue of 14 430m from copper and 5 843m from silver, the amending act on the minerals extraction tax in force from 1 January 2026, the group structure and equity accounting of Sierra Gorda, and derivative counterparty concentration) — H1 2026 · publ. August 2026 · source ↗
  3. ReportedSales volumes rose 2,7% for copper, 4,2% for silver and 11,9% for gold; electrolytic copper production from KGHM's own concentrate rose 0,6%.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026, production, unit costs and employment (electrolytic copper of 291,5 thousand tonnes of which 183,6 thousand from own concentrate, metallic silver of 696,7 tonnes, the pre-precious-metals-credit unit cost of 52 201 złoty a tonne against a total unit cost of 17,415, C1 of 2,44 USD/lb, average group employment of 34 543 including 18 870 at the parent, and payable copper from the international assets of 59,5 thousand tonnes of which Sierra Gorda 40,2 and Robinson 17,7) — H1 2026 · publ. August 2026 · source ↗
  4. ReportedSales volumes rose 2,7% for copper, 4,2% for silver and 11,9% for gold; electrolytic copper production from KGHM's own concentrate rose 0,6%.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026, production, unit costs and employment (electrolytic copper of 291,5 thousand tonnes of which 183,6 thousand from own concentrate, metallic silver of 696,7 tonnes, the pre-precious-metals-credit unit cost of 52 201 złoty a tonne against a total unit cost of 17,415, C1 of 2,44 USD/lb, average group employment of 34 543 including 18 870 at the parent, and payable copper from the international assets of 59,5 thousand tonnes of which Sierra Gorda 40,2 and Robinson 17,7) — H1 2026 · publ. August 2026 · source ↗
  5. ReportedThe pre-precious-metals-credit cost of a tonne of copper from own concentrate rose 14,7% to 52 201 złoty; the total cost after by-product credits fell 42,9% to 17,415, and C1 fell 23% to 2,44 dollars a pound.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026, production, unit costs and employment (electrolytic copper of 291,5 thousand tonnes of which 183,6 thousand from own concentrate, metallic silver of 696,7 tonnes, the pre-precious-metals-credit unit cost of 52 201 złoty a tonne against a total unit cost of 17,415, C1 of 2,44 USD/lb, average group employment of 34 543 including 18 870 at the parent, and payable copper from the international assets of 59,5 thousand tonnes of which Sierra Gorda 40,2 and Robinson 17,7) — H1 2026 · publ. August 2026 · source ↗
  6. ReportedThe minerals extraction tax added 1 979 million złoty on higher copper and silver prices, despite the coefficient having been reduced from 1 January.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026, financial results (revenue of 24 711m złoty up 40,8%, profit for the period of 5 579m against 580m, adjusted EBITDA of 9 198m up 89,1%, capital expenditure of 1 663m, net debt down 13,5% to 4 691m, equity of 39 814m, available financing of 16 978m, and the 1 979m złoty increase in the minerals extraction tax on higher copper and silver prices) — H1 2026 · publ. August 2026 · source ↗
  7. ReportedThe minerals extraction tax added 1 979 million złoty on higher copper and silver prices, despite the coefficient having been reduced from 1 January.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026, financial results (revenue of 24 711m złoty up 40,8%, profit for the period of 5 579m against 580m, adjusted EBITDA of 9 198m up 89,1%, capital expenditure of 1 663m, net debt down 13,5% to 4 691m, equity of 39 814m, available financing of 16 978m, and the 1 979m złoty increase in the minerals extraction tax on higher copper and silver prices) — H1 2026 · publ. August 2026 · source ↗
  8. ReportedLabour costs rose 617 million, up 21%, of which 473 million was the annual bonus provision — the workforce taking its share of the same prices.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026, financial results (revenue of 24 711m złoty up 40,8%, profit for the period of 5 579m against 580m, adjusted EBITDA of 9 198m up 89,1%, capital expenditure of 1 663m, net debt down 13,5% to 4 691m, equity of 39 814m, available financing of 16 978m, and the 1 979m złoty increase in the minerals extraction tax on higher copper and silver prices) — H1 2026 · publ. August 2026 · source ↗
  9. ReportedEquity rose to 39 814 million złoty from 32,898, net debt fell 13,5% to 4 691 million, and cash rose to 1 207 million from 425.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026, financial results (revenue of 24 711m złoty up 40,8%, profit for the period of 5 579m against 580m, adjusted EBITDA of 9 198m up 89,1%, capital expenditure of 1 663m, net debt down 13,5% to 4 691m, equity of 39 814m, available financing of 16 978m, and the 1 979m złoty increase in the minerals extraction tax on higher copper and silver prices) — H1 2026 · publ. August 2026 · source ↗
  10. ReportedPayable copper production there came to 59,5 thousand tonnes, below budget, of which Sierra Gorda supplied 40,2 thousand on KGHM's 55% share and the Robinson mine in Nevada 17,7 thousand.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026, production, unit costs and employment (electrolytic copper of 291,5 thousand tonnes of which 183,6 thousand from own concentrate, metallic silver of 696,7 tonnes, the pre-precious-metals-credit unit cost of 52 201 złoty a tonne against a total unit cost of 17,415, C1 of 2,44 USD/lb, average group employment of 34 543 including 18 870 at the parent, and payable copper from the international assets of 59,5 thousand tonnes of which Sierra Gorda 40,2 and Robinson 17,7) — H1 2026 · publ. August 2026 · source ↗
  11. ReportedKGHM INTERNATIONAL's cash expenditures rose 15,4% to 120 million dollars, of which 33 million went into the Victoria exploration shaft in Canada.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026, production, unit costs and employment (electrolytic copper of 291,5 thousand tonnes of which 183,6 thousand from own concentrate, metallic silver of 696,7 tonnes, the pre-precious-metals-credit unit cost of 52 201 złoty a tonne against a total unit cost of 17,415, C1 of 2,44 USD/lb, average group employment of 34 543 including 18 870 at the parent, and payable copper from the international assets of 59,5 thousand tonnes of which Sierra Gorda 40,2 and Robinson 17,7) — H1 2026 · publ. August 2026 · source ↗
  12. ReportedSierra Gorda's output was slightly below a year earlier, and Robinson came in under both the prior year and its budget.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026, production, unit costs and employment (electrolytic copper of 291,5 thousand tonnes of which 183,6 thousand from own concentrate, metallic silver of 696,7 tonnes, the pre-precious-metals-credit unit cost of 52 201 złoty a tonne against a total unit cost of 17,415, C1 of 2,44 USD/lb, average group employment of 34 543 including 18 870 at the parent, and payable copper from the international assets of 59,5 thousand tonnes of which Sierra Gorda 40,2 and Robinson 17,7) — H1 2026 · publ. August 2026 · source ↗
Sources
Generated September 24, 2026