Kghm Polska Miedz S.a. · GPW:KGH
Kghm Polska Miedz — Q3 2025 Earnings Presentation
49 slides from Kghm Polska Miedz's earnings presentation, Nov 14, 2025
Slide 1: Results of the KGHM Group for Q3 and First 9 Months of 2025
RESULTS OF THE KGHM GROUP FOR THE THIRD QUARTER AND FIRST 9 MONTHS OF 2025 Lubin, 14 November 2025
Slide 2: Agenda
Agenda 1. Key issues and execution of main targets 2. Macroeconomic environment 3. Production results of the KGHM Group by segment 4. Advancement of development initiatives 5. Financial results of the KGHM Group 6. Sustainable development – commitments and initiatives of KGHM Polska Miedź S.A.
Slide 3: Key Issues and Execution of Main Targets
KEY ISSUES AND EXECUTION OF MAIN TARGETS
Slide 4: Key macroeconomic factors
Key macroeconomic factors Copper price1) +5% 9M/9M Exchange rate Copper price1) -/- 9M/9M [USD/t] [USD/PLN] [PLN/t] -4% 9M/9M 36 177 36 257 9 131 9 556 3.96 3.80 9M 2024 9M 2025 9M 2024 9M 2025 Silver price +29% 9M/9M Silver price +23% 9M/9M [USD/oz t] [PLN/oz t] 35.05 132.63 27.22 107.77 9M 2024 9M
Slide 5: Basic results indicators in the KGHM Group and KGHM Polska Miedź
Basic results indicators in the KGHM Group and in KGHM Polska Miedź S.A. KGHM Group -1% 9M/9M +16% 9M/9M -23% 9M/9M Adjusted EBITDA Adjusted EBITDA Profit for the period [PLN mn] [PLN mn] [PLN mn] 26 139 25 871 7 203 6 186 1 314 1 013 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 KGHM Polska Miedź
Slide 6: Key production indicators
Key production indicators 9M 2025 -3% 9M/9M 526 Payable copper production [kt] by the KGHM Group lower by 3% (9M/9M) ▪ KGHM Polska Miedź S.A. – a decrease due to Payable copper Payable copper production +14% 9M/9M execution of planned maintenance on smelter production Sierra Gorda S.C.M. 1) [kt] inf
Slide 7: Metals production
Metals production KGHM Group Payable copper production -3% 9M/9M Silver production +1 9M/9M [kt] [t] 544 981 993 526 45 41 57 65 9M 2024 9M 2025 From TPM production1) purchased 157 141 metal- [koz t] -6% 9M/9M bearing 127 119 materials 441 421 From own 284 280 concentrate 9M 2024 9M 2025 9M 2024 9M
Slide 8: KGHM Group production and sales in the first 9 months of 2025
KGHM Group production and sales in the first 9 months of 2025 Execution of annual targets 2025 Budget Production Copper in concentrate [kt] 304.7 392.3 KGHM Polska Miedź S.A. Silver in concentrate [t] 996 1 278 Electrolytic copper, total [kt] 421.0 567.1 Electrolytic copper from own concentrate [kt]
Slide 9: Advancement of key strategic performance indicators
Advancement of key strategic performance indicators in the first 9 months of 2025 Domestic copper production Recycling of scrap Own capacity of power-generating assets 421 kt 123 kt (dry weight) 174MW of total contracted capacity, i.e. 440MW ~560 kt ~600 kt ~124 kt of copper min. 50% of contracted c
Slide 10: Macroeconomic Environment
POLSKA MIEDZ MACROECONOMIC ENVIRONMENT
Slide 11: Macroeconomic environment
Macroeconomic environment Commodities and currencies prices Following a turbulent first half of 2025 on the copper market, the third [USD/t] [PLN/t] quarter was relatively stable. Market sentiment was affected by information on supply disruptions and speculations concerning the trade policy of the S
Slide 12: Precious metals prices
Precious metals prices The weakness of the USD, rising uncertainty on global markets and geopolitical turbulence pushed precious metals prices to historic levels. The price of gold again hit record highs, pulling silver along with it, In April the gold-to-silver ratio rose above 100, but the rise in
Slide 13: Trade war and fears of restricted metal supply shaping the copper market
Trade war and fears of restricted metal supply were the main factors in forming the current copper market In the third quarter copper prices rose under the pressure of fears about the impact of production shortages in several large mines The announcement on the introduction of tariffs on refined cop
Slide 14: Industrial sentiment indicators remain at high levels
Despite extensive uncertainty as regards the US economic policy, industrial sentiment indicators are at high levels. There is also no indication of a clear slowdown in the largest economies. Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-
Slide 15: IMF World Economic Outlook – October 2025
IMF World Economic Outlook – October 2025 Forecasts (F) real GDP growth – International Monetary Fund - World Economic Outlook Update October 2025 in comparison to July 2025; for Chile October 2025 in comparison to April 2025. 15
Slide 16: Production Results of the KGHM Group by Segment
PRODUCTION RESULTS OF THE KGHM GROUP BY SEGMENT
Slide 17: Production results
Production results KGHM Polska Miedź S.A. Ore Extraction Production of copper Produkcja Metallic silver [mn t dry weight] in concentrate [kt] copper production [t] -0.8% 9M/9M elektrolitycznej [kt] -4.6% 9M/9M +0.2% 9M/9M +1.4% 9M/9M 441 421 23.3 23.1 963 976 304.1 304.7 157 141 From 50.3 50.3 purch
Slide 18: Production results: Sierra Gorda S.C.M.
Production results Sierra Gorda S.C.M.1) Payable copper production Silver production -5% 9M/9M [kt] [t] +14% 9M/9M 17.6 16.8 5.7 6.0 64.9 57.1 Q3 2024 Q3 2025 9M 2024 9M 2025 TPM production2) -3% 9M/9M [koz t] 21.4 22.5 23.1 22.4 9.4 7.7 Q3 2024 Q3 2025 9M 2024 9M 2025 Q3 2024 Q3 2025 9M 2024 9M 202
Slide 19: Production results: KGHM INTERNATIONAL LTD.
Production results KGHM INTERNATIONAL LTD. Payable copper production Silver production [kt] -83% 9M/9M [t] -11% 9M/9M 0.84 ▪ Silver: lower silver production by the Sudbury Basin mainly due to lack of production 0.14 0.14 0.00 from March 2025 as a result 45.5 of the disposal of the 40.6 production as
Slide 20: Advancement of Development Initiatives
ADVANCEMENT OF DEVELOPMENT INITIATIVES
Slide 21: A rationale and responsible investment program
A rationale and responsible investment program Capital expenditures by KGHM Polska Miedź S.A. in the first 9 months of 2025 CAPEX execution in first 9M of 2025, incl. borrowings By category By area Replacement Mining Maintenance Metallurgy Development (incl. R&D) Other activities Leasing Adaptation
Slide 22: CAPEX execution in key investments
CAPEX execution in key investments Outfitting of the mines 1) excluding Leasing per IFRS 16, plus borrowing costs and R&D ▪ Conveyor belts – work continued on construction and extension of conveyor belts (15 conveyor belts under construction; completed – 2.55 km) ▪ Outfitting and infrastructure of r
Slide 23: Role of shafts in maintaining output in Poland
Role of shafts in maintaining output in Poland Deposit access program in KGHM’s concessioned areas Share of production from GGP in total production Bytom in Poland Odrzański Ore extraction dry weight from GGP [kt] +2.5% Q3/Q2 +7% 9M/9M 4 706 5 035 1 633 1 673 21.4% 21.5% 20.2% 21.8% Q2 2025 Q3 2025
Slide 24: CAPEX execution in key investments
CAPEX execution in key investments 1) excluding Leasing per IFRS 16, plus borrowing costs and R&D Investments related to IAS - metallurgical plants and concentrators Investments ▪ Significant maintenance at the Głogów and Legnica metallurgical plants – incl. maintenance on electrolizers, convertors,
Slide 25: Financial Results of the KGHM Group
FINANCIAL RESULTS OF THE KGHM GROUP
Slide 26: Financial indicators of the KGHM Group
Financial indicators of the KGHM Group 9M 2025 Group revenues Operating costs KGHM Group adjusted EBITDA 1) [PLN mn] [PLN mn] [PLN mn] -1% 9M/9M -1% 9M/9M +16% 9M/9M 23 153 22 911 7 203 26 139 25 871 1 867 2 118 321 6 186 Depreciation/ 333 amortisation 2 025 1 322 1 299 1 129 21 286 20 793 3 402 3 5
Slide 27: Group sales revenue
Group sales revenue 9M 2025 Revenues from contracts with customers Revenues from contracts with customers [PLN mn] [PLN mn] 26 139 25 871 1 532 1 422 2 346 2 463 26 139 +2 027 25 871 -931 -940 -343 -81 22 261 21 986 Revenues for Change in sales Change in prices Change in Adjustments of Other Revenue
Slide 28: Expenses by nature
Expenses by nature KGHM Group Expenses by nature [PLN mn] +4% 9M/9M 25 475 24 492 8 750 8 666 8 353 8 456 Minerals extraction tax 3 152 8 098 2 869 Minerals extraction tax Purchased metal- 5 814 5 690 bearing materials 15 933 16 509 +4% 9M/9M Purchased metal- bearing materials Other 896 Expenses by
Slide 29: C1 unit cost
C1 unit cost 1) KGHM Group C1 – KGHM Group C1 – KGHM Polska Miedź S.A. KGHM Polska Miedź – an increase in C1 by 2% [USD/lb] [USD/lb] +2% 9M/9M -6% 9M/9M mainly due to a higher minerals extraction tax charge by 13% and strengthening of the PLN vs 3.08 3.14 incl. the minerals extraction tax the USD, w
Slide 30: Financial results
Financial results 1 013 KGHM Group Consolidated net profit in the first 9M of 2025 Profit for the period [PLN mn] A decrease in Group profit by PLN 301 milion, mainly due to exchange differences despite higher EBITDA and a higher result on involvement in joint ventures [PLN mn] + 405 + 314 1 314 - 7
Slide 31: Cash flow
Cash flow KGHM Group [PLN mn] +2 682 715 + 96 + 98 411 -3 031 - 38 - 111 Cash as at Net cash generated Net cash used in Proceedings/expenditures due Interest paid Exchange differences on cash Other Cash as at 1 January 2025 from operating investing activities to derivatives related to and cash equiv
Slide 32: Cash flows in the Group
Cash flows in the Group Payments to KGHM Polska Miedź S.A. Payments by the international assets to KGHM Polska Miedź S.A. in the first 9 months of 2025: USD 240.1 million* Q3 2025 9M 2025 Sierra Gorda KGHM INTERNATIONAL LTD. Sierra Gorda KGHM INTERNATIONAL LTD. Total payment: Total payment: Total pa
Slide 33: Net debt of the KGHM Group
Net debt of the KGHM Group As at the end of Q3 2025 Net debt / adjusted EBITDA Main factors affecting net debt in 2025 0… 0.8 0.7 0.8 0.8 30-09-2024 31-12-2024 31-03-2025 30-06-2025 30-09-2025 Increases in debt ▪ Cash expenditures on property, plant and equipment KGHM Group net debt (PLN 3 818 mn) [
Slide 34: Operating results
Operating results KGHM Group Change in adjusted EBITDA1) +16% 9M/9M Adjusted EBITDA [PLN mn] [PLN mn] 7 203 +703 7 203 321 6 186 +156 +170 6 186 -12 333 2 025 1 322 1 299 1 129 9M 2024 KGHM Polska KGHM Sierra Other segments 9M 2025 Miedź S.A. INTERNATIONAL Gorda LTD. 3 402 3 558 An increase in adjus
Slide 35: Sales revenue and EBITDA in Q3 2025
Sales revenue and EBITDA in Q3 2025 KGHM Group and reporting segments Revenues from contracts with Adjusted EBITDA [PLN mn] customers [PLN mn] 8 659 2 340 8 315 489 438 101 985 1 978 751 73 Higher adjusted EBITDA compared to Q3 515 723 2024 by PLN 362 million, mainly in respect of Sierra Gorda (+PLN
Slide 36: The financial situation of the KGHM Group remains stable and safe
The financial situation of the KGHM Group remains stable and safe 2025 Budget Total unit production cost of electrolytic copper from own concentrate of 30.4 35.4 KGHM Polska Miedź S.A.1) [k PLN/t] 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110% Investments Capital expenditures 2 405 3 800 KGHM Pols
Slide 37: Sales revenue
Sales revenue KGHM Polska Miedź S.A. Revenues from contracts with Lower revenues from contracts with customers by PLN 275 million (-1%) in the customers -1% 9M/9M first 9 months of 2025 compared to 2024, mainly due to a lower volume of copper [PLN mn] sales and a less favourable USD/PLN exchange rat
Slide 38: Expenses by nature
Expenses by nature KGHM Polska Miedź S.A. The increase in expenses by nature compared to the Expenses by nature [PLN mn] corresponding prior-year period was mainly related to the increase in the minerals extraction tax charge and labour costs, as well as to the cost of consumption of purchased metal
Slide 39: EBITDA and profit for the period
EBITDA and profit for the period KGHM Polska Miedź S.A. Adjusted EBITDA Profit for the period EBITDA and profit for the period [PLN mn] +5% 9M/9M [PLN mn] -62% 9M/9M Higher EBITDA by PLN 156 million: Revenues lower by PLN 275 million (mainly 3 402 3 558 due to a less favourable exchange rate and
Slide 40: Profit for the period
Profit for the period KGHM Polska Miedź S.A. Profit for the period [PLN mn] + 156 1 204 - 362 - 314 + 92 459 +7 - 136 - 99 - 89 Profit for Change in adjusted Exchange Fair value Increase in Impact of derivatives and Creation/release of Income tax Other Profit for 9M 2024 EBITDA differences gains/los
Slide 41: Market risk management
Market risk management Hedged position on the copper, silver and currency markets (as of 30 September 2025) Copper At the end of the third quarter of 2025, the Parent Entity Pozycja Hedgedzabezpieczająca - otwarta position – open as at 30na 30.06.2025 June 2025 [kt] 9.60 recorded a result on derivat
Slide 42: Other segments, including domestic companies
Other segments, including domestic companies Basic measures of results – prior to consolidation adjustments Revenues Adjusted EBITDA Profit for the period [PLN mn] [PLN mn] [PLN mn] +2% 9M/9M -4% 9M/9M +6% 9M/9M 9 560 9 740 333 321 2 033 1 871 72 68 7 527 7 869 9M 2024 9M 2025 9M 2024 9M 2025 9M 202
Slide 43: Sustainable Development – Commitments and Initiatives of KGHM
SUSTAINABLE DEVELOPMENT – COMMITMENTS AND INITIATIVES OF KGHM POLSKA MIEDŹ S.A.
Slide 44: Actions by KGHM's employee volunteers
Actions by KGHM’s employee volunteers Over 4 400 h hours dedicated to advancing volunteer projects Nearly 141 volunteer actions 1000 employee volunteers took part in actions Thematic actions 24 actions in the area of 5 actions in the area of 29 actions in the area of science and education ecology th
Slide 45: By 2030 the rise in share of RES will drop CO2 emissions
By 2030 the rise in the share of RES will lead to a significant drop in CO2 emissions Internal sources of electrical power in KGHM Polska Miedź S.A. 2020 – base year (105 MW): Goal 2030: min. 220 MW of internal power generating capacity Own sources Own sources Contracted power Contracted power 0 50
Slide 46: Energy strategy of KGHM Polska Miedź S.A.
Energy strategy of KGHM Polska Miedź S.A. Selected important events in the first 9 months of 2025 Ensuring energy security in KGHM M&A Development of wind energy ▪ The Natural Gas-Steam (CCGT) blocks of the Head Office supply ▪ Technical and economic analyses of developer offers as regards the ▪ Und
Slide 47: Cautionary Statement
Cautionary Statement This presentation was prepared by KGHM Polska Miedź S.A. (KGHM). The presentation is strictly of an informational nature and should not be construed as containing investment advice. The users of this presentation are solely responsible for their own analysis and assessment of th
Slide 48: Intellectual Property Rights
Intellectual Property Rights All rights reserved. All content on this presentation of the KGHM are protected by copyright and other protective laws. The presentation and the trademarks, service marks and logos on the presentation are owned by or licensed to KGHM, and are subject to copyright, tradem
Slide 49: Results of the KGHM Group for Q3 and First 9 Months of 2025
RESULTS OF THE KGHM GROUP FOR THE THIRD QUARTER AND FIRST 9 MONTHS OF 2025 Lubin, 14 November 2025