A Dividend of One and a Half ZłotyThin moat

KGHM Polska Miedź (KGH) — moat facet

A payout of roughly 3% of trailing earnings, at a yield of about 0,4%.

For 2025 KGHM paid its shareholders 300 million złoty — 1,50 złoty a share1.

Earned and paid, per share (zl)43,44Trailing earnings1,50Dividend for 2025A payout of roughly 3% of trailing group earnings, at a yield near 0,4%
Whatever return this investment produces has to come from the share price, because almost nothing is handed back.

Set that against trailing twelve-month group earnings of 43,44 złoty a share and the payout is about 3%. Even measured the way the company measures it, against the parent's 2025 net profit of 1 946 million złoty2, the distribution is roughly 15% — comfortably inside a policy that permits up to one third3, and well below it.

The remainder went to reserve capital4. There is a coherent reason: forecast group capital expenditure of more than 32 billion złoty over 2026-20305, a Sierra Gorda expansion to help fund, and 8 436 million złoty already lent to that joint venture6. A deep mine that must keep sinking shafts to stay in business is not a natural dividend vehicle.

It is worth being clear about what this means for an owner, though. The 2025 dividend followed a year with no dividend at all7. The yield at 347,25 złoty a share is about 0,4%. Whatever return this investment produces has to come from the share price, which is to say from the copper and silver prices, because almost nothing is being handed back.

The measure is the payout ratio against the policy ceiling. At roughly 15% of parent profit against a permitted third, KGHM is choosing to retain, and the capital plan says it will keep choosing that for at least five years.

Moat trajectory: Holding steady

A payout resumed after a year of none, at roughly 15% of parent profit against a policy ceiling of one third. The direction is up from zero and still a residual.

The number that tests this moat
Reported
Dividend against the policy ceiling
300m zł paid - about 15% of parent profit, against a third permitted

The 2025 distribution followed a year with no dividend at all, and amounts to roughly 3% of trailing group earnings at a yield near 0,4%. With more than 32 billion złoty of capital expenditure forecast for 2026-2030, the payout is a residual and will behave like one.

Source: KGHM - dividend for 2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
The Payout Can Be Cut to Nothing
There was no dividend at all for 2024, and the capital plan keeps the payout a residual.
References
  1. ReportedFor 2025 KGHM paid its shareholders 300 million złoty — 1,50 złoty a share.
    KGHM Polska Miedz - dividend for 2025 (the Ordinary General Meeting resolution of 9 June 2026 allocating 300 000 000 złoty, or 1,50 złoty a share, from a 2025 parent profit of over 1,946 billion złoty with the remainder to reserve capital, under a policy of recommending up to one third of the previous year's net profit) — FY2025 · publ. June 2026 · source ↗
  2. ReportedEven measured the way the company measures it, against the parent's 2025 net profit of 1 946 million złoty, the distribution is roughly 15% — comfortably inside a policy that permits up to one third, and well below it.
    KGHM Polska Miedz - dividend for 2025 (the Ordinary General Meeting resolution of 9 June 2026 allocating 300 000 000 złoty, or 1,50 złoty a share, from a 2025 parent profit of over 1,946 billion złoty with the remainder to reserve capital, under a policy of recommending up to one third of the previous year's net profit) — FY2025 · publ. June 2026 · source ↗
  3. ReportedEven measured the way the company measures it, against the parent's 2025 net profit of 1 946 million złoty, the distribution is roughly 15% — comfortably inside a policy that permits up to one third, and well below it.
    KGHM Polska Miedz - dividend for 2025 (the Ordinary General Meeting resolution of 9 June 2026 allocating 300 000 000 złoty, or 1,50 złoty a share, from a 2025 parent profit of over 1,946 billion złoty with the remainder to reserve capital, under a policy of recommending up to one third of the previous year's net profit) — FY2025 · publ. June 2026 · source ↗
  4. ReportedThe remainder went to reserve capital.
    KGHM Polska Miedz - dividend for 2025 (the Ordinary General Meeting resolution of 9 June 2026 allocating 300 000 000 złoty, or 1,50 złoty a share, from a 2025 parent profit of over 1,946 billion złoty with the remainder to reserve capital, under a policy of recommending up to one third of the previous year's net profit) — FY2025 · publ. June 2026 · source ↗
  5. ReportedThere is a coherent reason: forecast group capital expenditure of more than 32 billion złoty over 2026-2030, a Sierra Gorda expansion to help fund, and 8 436 million złoty already lent to that joint venture.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026, the Strategy of the KGHM Group 2055+ approved on 3 July 2026 and its targets (payable copper production above 730 thousand tonnes a year of which about 590 thousand from Polish assets including 180 thousand from scrap, adjusted EBITDA averaging 12 billion złoty at a 25,6% margin, capital expenditure above 32 billion złoty across 2026-2030, at least 220 MW of installed renewable capacity, the Sierra Gorda fourth grinding line at 725 million dollars raising output about 20% while shortening the life of mine by three years, the Deep Glogow Deposit Access Program, and shareholders including the State Treasury at 31,79%) — 2026-2030 and beyond · publ. August 2026 · source ↗
  6. ReportedThere is a coherent reason: forecast group capital expenditure of more than 32 billion złoty over 2026-2030, a Sierra Gorda expansion to help fund, and 8 436 million złoty already lent to that joint venture.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026, the Strategy of the KGHM Group 2055+ approved on 3 July 2026 and its targets (payable copper production above 730 thousand tonnes a year of which about 590 thousand from Polish assets including 180 thousand from scrap, adjusted EBITDA averaging 12 billion złoty at a 25,6% margin, capital expenditure above 32 billion złoty across 2026-2030, at least 220 MW of installed renewable capacity, the Sierra Gorda fourth grinding line at 725 million dollars raising output about 20% while shortening the life of mine by three years, the Deep Glogow Deposit Access Program, and shareholders including the State Treasury at 31,79%) — 2026-2030 and beyond · publ. August 2026 · source ↗
  7. ReportedThe 2025 dividend followed a year with no dividend at all.
    KGHM Polska Miedz S.A. Group consolidated financial statements for 2025 (group revenue of 36 366m złoty with the parent at 30 964m and KGHM INTERNATIONAL at 3 439m; parent copper revenue of 22 378m and silver revenue of 6 133m; minerals extraction tax of 4 693m against 3 865m in 2024 and 3 496m in 2023; employee benefits of 6 303m; purchased metal-bearing materials of 8 335m; parent net profit of 1 946m against a group profit of 3 688m; total assets of 58 240m, equity of 32 898m and involvement in the Sierra Gorda joint venture of 10 250m including 8 436m of loans) — FY2023-FY2025 · publ. 10 March 2026 · source ↗
Sources
Generated September 24, 2026