The Revenue LinesThin moat

KGHM Polska Miedź (KGH) — moat facet

Nine-tenths of revenue is the Polish parent; the most profitable foreign asset, Sierra Gorda, is not in revenue at all.

KGHM reports its revenue in three bands. In 2025 the Polish parent, KGHM Polska Miedź S.A., had revenue of 30 964 million złoty 1, KGHM INTERNATIONAL LTD. 3 439 million 2, and other segments less eliminations about 1 963 million 3. The parent was 85% of the group's 36 366 million 4.

Adjusted EBITDA by segment, H1 2026 (zl m)KGHM Polska Miedz S.A.6 558Sierra Gorda (55%)1 659KGHM INTERNATIONAL782KGHM H1 2026 Management Board report; Sierra Gorda is equity-accounted, so none of its sales is in revenue
The foreign asset that earns most is the one missing from the revenue chart.

The third band is not a business line. It is every other group company, from services to energy, net of the sales between group companies that cancel out on consolidation 5, so it is explained here rather than given a page.

The chart leaves out the foreign asset that earns most. Sierra Gorda in Chile is 55% owned and equity-accounted, so its sales never reach group revenue; its adjusted EBITDA attributable to KGHM was 1 659 million złoty in the first half of 2026 6, more than twice the 782 million of the whole KGHM INTERNATIONAL segment 7.

The two revenue lines moved very differently in the latest half. Parent revenue rose 47,6% to 21 927 million złoty on copper and silver prices, while KGHM INTERNATIONAL rose 4,4% to 1 788 million 8. The leaves follow the chart's two main bands; the ore, the silver credit and the tax are argued under The Moat. The test for the two together is the parent's share of group revenue, 89% in the first half of 2026 9: the strategy's growth abroad has so far made the group more Polish, not less.

Moat trajectory: Holding steady

The parent's share of group revenue rose to 89% in the first half of 2026 as foreign mine output fell.

The number that tests this moat
Moat Explorer calc
Parent share of group revenue, first half
89% in H1 2026 (21 927m zł of 24 711m zł), from 85% in 2025

The strategy's growth abroad would show up as this share falling.

How it's calculated: Parent revenue / group revenue: 21 927 / 24 711; 30 964 / 36 366 for 2025
Source: KGHM H1 2026 Management Board report ↗
Dig deeper
DIG DEEPER 01
KGHM Polska Miedź S.A.
Revenue doubled from 2018 to 2025 while copper output did not grow: this line is a price.
DIG DEEPER 02
KGHM INTERNATIONAL LTD.
Cheaper copper than Poland's, but less of it every half, and more of the profit now comes from Chile.
References
  1. ReportedIn 2025 the Polish parent, KGHM Polska Miedź S.A., had revenue of 30 964 million złoty , KGHM INTERNATIONAL LTD.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  2. Reported3 439 million , and other segments less eliminations about 1 963 million .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  3. Moat Explorer calc3 439 million , and other segments less eliminations about 1 963 million .
    Moat Explorer calculation from KGHM's Management Board reports: segment shares of group revenue, growth and adjusted EBITDA per tonne of electrolytic copper — FY2018 to H1 2026 · publ. 2026-09-23 · source ↗
  4. Moat Explorer calcThe parent was 85% of the group's 36 366 million .
    Moat Explorer calculation from KGHM's Management Board reports: segment shares of group revenue, growth and adjusted EBITDA per tonne of electrolytic copper — FY2018 to H1 2026 · publ. 2026-09-23 · source ↗
  5. ReportedIt is every other group company, from services to energy, net of the sales between group companies that cancel out on consolidation , so it is explained here rather than given a page.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  6. ReportedSierra Gorda in Chile is 55% owned and equity-accounted, so its sales never reach group revenue; its adjusted EBITDA attributable to KGHM was 1 659 million złoty in the first half of 2026 , more than twice the 782 million of the whole KGHM INTERNATIONAL segment .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026: parent, KGHM INTERNATIONAL and Sierra Gorda segment results and production — H1 2026 · publ. August 2026 · source ↗
  7. ReportedSierra Gorda in Chile is 55% owned and equity-accounted, so its sales never reach group revenue; its adjusted EBITDA attributable to KGHM was 1 659 million złoty in the first half of 2026 , more than twice the 782 million of the whole KGHM INTERNATIONAL segment .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026: parent, KGHM INTERNATIONAL and Sierra Gorda segment results and production — H1 2026 · publ. August 2026 · source ↗
  8. ReportedParent revenue rose 47,6% to 21 927 million złoty on copper and silver prices, while KGHM INTERNATIONAL rose 4,4% to 1 788 million .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026: parent, KGHM INTERNATIONAL and Sierra Gorda segment results and production — H1 2026 · publ. August 2026 · source ↗
  9. Moat Explorer calcThe test for the two together is the parent's share of group revenue, 89% in the first half of 2026 : the strategy's growth abroad has so far made the group more Polish, not less.
    Moat Explorer calculation from KGHM's Management Board reports: segment shares of group revenue, growth and adjusted EBITDA per tonne of electrolytic copper — FY2018 to H1 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 24, 2026