Kghm Polska Miedz S.a. · GPW:KGH
Kghm Polska Miedz — Investor Presentation (May 2026)
58 slides from Kghm Polska Miedz's investor presentation, May 2026
Slide 1: An Innovative World Grows From Copper
AN INNOVATIVE WORLD GROWS FROM COPPER For 65 years we have been developing Polish mining, combining tradition with modernity, drawing strength from copper, silver, and the experience of our people. Thanks to them, both the past and future belong to us. www.kghm.com
Slide 2: Investor presentation May 2026
Investor presentation May 2026
Slide 3: 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 4: 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 5: Key information about the KGHM Group and our approach to Sustainability
Key information about the KGHM Group and our approach to Sustainability
Slide 6: KGHM: a top ten copper producer and a leading Polish exporter
KGHM: a top ten copper producer and a leading Polish exporter The Group has a global reach and plays a significant role on the global copper and silver markets Ninth Second Largest Copper Cu Ag Largest Silver Mining Producer Producer Globally Globally Source: CRU, World Silver Survey 2026 Other KGHM
Slide 7: KGHM among the biggest copper and silver producers
KGHM among the biggest copper and silver producers Mined Copper production 2025 Mined Silver production 2025 [milion ton] [moz] 1.50 48 1.40 43 1.10 28 0.97 28 0.87 24 0.80 23 0.76 20 0.57 20 0.54 18 0.51 18 Source: CRU, March 2026 Source: World Silver Survey, April 2026 7
Slide 8: A proud history of mining and metallurgy
A proud history of mining and metallurgy Discovery of the copper deposit brought about a fundamental change in the region’s economy thanks to the growth of KGHM Polska Miedź S.A. As a result of M&A activities, capped by the acquisition of Quadra FNX, KGHM became a truly global copper producer aimed
Slide 9: The Copper Mark®
The Copper Mark® The Copper Mark® was created to promote responsible copper production. The prolongation of this certification enables KGHM’s products to continue being registered (copper cathodes and lead products) on the London Metal Exchange. The Copper Smelters and Refineries in Głogów and Legni
Slide 10: Employee safety as a strategic priority for the KGHM Group
Employee safety as a strategic priority for the KGHM Group Accident rate measures1) Change2) LTIFR 2025/2020 ▪ ISO 45001:2018 -9% in KGHM Polska Miedź S.A. We hold an Occupational Health and Safety Management System Certificate Change2) TRIR 2025/2020 and continually enhance our activities. -26% in
Slide 11: Core production assets in Poland – stable output and earnings
Core production assets in Poland – stable output and earnings Underground copper mines, fully integrated production Fot. Wytop anod miedzianych Legnica Smelter and Refinery Polkowice-Sieroszowice Mine LME grade A-registered cathodes LOM: 30+ years Capacity of ca. 123 kt electrolytic Cu/year1) ▪ Copp
Slide 12: Key assets in the Americas
Key assets in the Americas Existing operations and growth potential from projects Producing assets Potential growth projects Sierra Gorda (55% stake), Chile Sierra Gorda Oxide, Chile 23 years LOM 2025 production stats: ~ 10 years LOM ▪ Open-pit mine ▪ Cu production ▪ The project aims at processing t
Slide 13: Sierra Gorda mine – KGHM's main asset in the Americas
Sierra Gorda mine – KGHM’s main asset in the Americas Location Region II, Chile 55% KGHM INTERNATIONAL LTD, Ownership 45% South32 Type of mine open pit Main ore type copper ore Associated metals molybdenum, gold copper concentrate, molybdenum End product concentrate 157.9 kt of copper in concentrate
Slide 14: Sierra Gorda Oxide project
Sierra Gorda Oxide project Current plan heap oxide ore leaching stockpile Oxide ore processing on a permanent heap Facility type and copper production in a SX-EW plant Copper cathodes Main product/ Annual production: 30 kt/year. copper production Total production during LOM estimated at 298 SX-EW th
Slide 15: Robinson mine
Robinson mine Location Nevada, USA Ownership 100% KGHM INTERNATIONAL LTD. Type of mine open pit Main ore type copper ore Associated metals gold and molybdenum Type of orebody porphyry / skarn copper and gold concentrate, End product molybdenum concentrate Payable 49.3 kt production in 2025 Life of m
Slide 16: Victoria project
Victoria project Location Sudbury, Ontario, Canada Ownership 100% KGHM INTERNATIONAL LTD. Type of mine underground Main ore type copper-nickel ore gold, silver, cobalt, platinum Associated metals and palladium End product copper, nickel and precious metals ore Forecasted annual 15 kt of nickel, 18 k
Slide 17: 2026 targets – Investments and costs control
2026 targets – Investments and costs control • Electrolytic copper production higher than in 2025, with lower production of own concentrate • Silver in concentrate higher than in 2025 • Maintenance shutdowns: in H2 2026 at the Głogów II smelter (mid-June to mid- September) and of the reverbatory fur
Slide 18: KGHM Polska Miedź S.A.: 2026 targets vs 2025 targets
KGHM Polska Miedź S.A.: 2026 targets vs 2025 targets +1% 392.3 395.9 ▪ an increase in copper concentrate production in KGHM Polska Miedź S.A. 2025 target 2026 target +1% 1 296 1 278 ▪ an increase in silver production in concentrate in KGHM Polska Miedź S.A. 2025 target 2026 target +4% 589.4 ▪ an inc
Slide 19: International Assets: 2026 targets vs 2025 targets
International Assets: 2026 targets vs 2025 targets -2% 52.1 51.0 ▪ decrease in payable copper production in KGHM INTERNATIONAL LTD. 2025 target 2026 target -11% 36.2 32.1 ▪ decrease in TPM production in KGHM INTERNATIONAL LTD. 2025 target 2026 target +4% 90.8 ▪ increase in payable copper production
Slide 20: Performance in the first 3 months of 2026 - KGHM Group
Performance in the first 3 months of 2026 - KGHM Group 20
Slide 21: Key macroeconomic factors
Key macroeconomic factors Copper price1) +38% Q1/Q1 Exchange rate Copper price1) +25% Q1/Q1 [USD/t] [USD/PLN] [PLN/t] -9% Q1/Q1 46 475 12 844 37 286 9 340 3.99 Q1 2025 Q1 2026 3.62 Q1 2025 Q1 2026 Silver price x2.6 Q1/Q1 Silver price x2.4 Q1/Q1 [USD/oz t] [PLN/oz t] 84.33 304.86 31.88 127.27 Q1 2025
Slide 22: Basic results indicators in the KGHM Group and in KGHM Polska Miedź S.A.
Basic results indicators in the KGHM Group and in KGHM Polska Miedź S.A. KGHM Group +33% Q1/Q1 x2.2 Q1/Q1 x10.7 Q1/Q1 Revenues Adjusted EBITDA Profit for the period [PLN mn] [PLN mn] [PLN mn] 11 872 5 464 3 529 8 942 2 489 330 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 KGHM Polska Miedź S.A. +3
Slide 23: Key production indicators
Key production indicators Q1 2026 +4% Q1/Q1 176 Payable copper production [kt] by the KGHM Group higher by 4% (Q1/Q1) ▪ KGHM Polska Miedź S.A. – higher electrolytic copper Payable copper Payable copper -1% Q1/Q1 production due to higher availability of production production production lines KGHM Pol
Slide 24: Metals production
Metals production KGHM Group +2% Q1/Q1 Payable copper production +4% Q1/Q1 Silver production [kt] [t] 321 329 169 176 10 14 21 21 Q1 2025 Q1 2026 From TPM production1) purchased 44 54 [koz t] metal- -12% Q1/Q1 bearing 42 materials 37 145 134 From own 90 92 concentrates Q1 2025 Q1 2026 Q1 2025 Q1 202
Slide 25: Financial indicators of the KGHM Group
Financial indicators of the KGHM Group Q1 2026 Group revenues Operating costs KGHM Group adjusted EBITDA 1) [PLN mn] [PLN mn] [PLN mn] +33% Q1/Q1 +1% Q1/Q1 ×2,2 Q1/Q1 5 464 11 872 7 814 7 872 99 Depreciation/ 707 amortisation 696 710 422 8 942 2 489 102 7 118 7 162 672 4 236 462 1 253 Q1 2025 Q1 202
Slide 26: KGHM Group sales revenue
KGHM Group sales revenue Q1 2026 Revenues from contracts with customers Revenues from contracts with customers [PLN mn] [PLN mn] 11 872 491 888 8 942 +4 423 510 +93 11 872 895 8 942 -752 -508 10 493 -326 7 537 Revenues for Change in sales Change in prices Change in Adjustments of Other Revenues for
Slide 27: C1 unit cost
C1 unit cost 1) KGHM Group C1 – KGHM Group C1 – KGHM Polska Miedź S.A. KGHM Polska Miedź – a decrease in C1 cost by [USD/lb] [USD/lb] -39% Q1/Q1 -35% Q1/Q1 39% mainly due to a substantially higher valuation of byproducts, with a doubling of the 3.15 minerals extraction tax charge and strengthening 1
Slide 28: Expenses by nature
Expenses by nature KGHM Group Expenses by nature [PLN mn] 10 485 +21% Q1/Q1 10 434 10 485 8 666 1 903 8 666 8 456 Minerals extraction tax 8 353 Minerals extraction tax 1 060 2 889 Purchased metal- Purchased metal- 2 050 bearing materials bearing materials 5 556 5 693 +2% Q1/Q1 328 336 Expenses by na
Slide 29: Minerals Extraction Tax – adopted reform (1)
Minerals Extraction Tax – adopted reform (1) On 15 December 2025 the draft bill for the new formula was signed by the President of Poland. The change is in effect as of 1st January 2026. The change in the minerals extraction tax applies to both copper and silver and comprises two elements: 1. Reduct
Slide 30: Minerals Extraction Tax – adopted reform (2)
Minerals Extraction Tax – adopted reform (2) Estimated savings It is estimated that, following introduction of the amended law, the amount of tax income to the national budget will be lower by around PLN 10 billion over 10 years (based on a level of mine output and a copper price at the current leve
Slide 31: Record-high copper and silver prices and strong control of costs in the Polish segment
Record-high copper and silver prices and strong control of costs in the Polish segment improved margins substantially in Q1 KGHM Polska Miedź S.A. KGHM Polska Miedź S.A. Revenues vs EBITDA (mn PLN) 40000 50% Copper production cost vs copper price 30000 40% 20000 23% 25% Total unit cost of electrolyt
Slide 32: Financial results – KGHM Polska Miedź S.A.
Financial results – KGHM Polska Miedź S.A. Revenues from contracts with Adjusted EBITDA Profit/loss for the period customers [PLN mn] ×3.4 Q1/Q1 [PLN mn] ×23.5 Q1/Q1 [PLN mn] +39% Q1/Q1 10 493 714 4 236 7 537 Other 2 919 2 968 630 Silver 1 340 6 860 1 253 Copper and 5 567 copper products 127 Q1 2025
Slide 33: Net debt of the KGHM Group
Net debt of the KGHM Group As at the end of Q1 2026 Net debt / adjusted EBITDA Main factors affecting net debt in 2026 0… 0.8 0.8 0.8 0.6 Increases in debt 31-03-2025 30-06-2025 30-09-2025 31-12-2025 31-03-2026 ▪ Change in inventories (higher by PLN 2 655 mn) ▪ Minerals extraction tax charge (PLN 1
Slide 34: Market risk management
Market risk management Hedged position on the copper, silver and currency markets (as of 31 March 2026) At the end of the first quarter of 2026 the Parent Entity Copper Pozycja Hedgedzabezpieczająca position – open as- at otwarta na 31.12.2025 31 December 2025 recorded a result on derivatives* and h
Slide 35: A rationale and responsible investment program
A rationale and responsible investment program KGHM Polska Miedź S.A. CAPEX targets of KGHM1) by area and project category – PLN 4 100 milion in 2026 [PLN mn] DEVELOPMENT +9% Q1/Q1 [PLN mn] 260 +24% Q1/Q1 209 657 SHAFTS AIR COOLING DEPOSIT COPPER ELECTROREFINING 601 Q1 2025 Q1 2026 CONSTRUCTION SYST
Slide 36: A rationale and responsible investment program – mining
A rationale and responsible investment program – mining KGHM Polska Miedź S.A. GG-1 GG-2 Deposit Access Program: ▪ 32% of CAPEX in Q1 2026 designated to advance the Deposit Access Program, ▪ 10.5 kilometres of corridors were excavated, ▪ 24% of production from the Deep Głogów region in total domesti
Slide 37: A rationale and responsible investment program – metallurgy
A rationale and responsible investment program – metallurgy KGHM Polska Miedź S.A. Furnace maintenance Modernisation and development of metallurgy: ▪ preparations underway for the shutdown of the Głogów II Copper Smelter and Refinery related to the planned maintenance on the main smelting units and
Slide 38: Selected R&D initiatives
Selected R&D initiatives KGHM Polska Miedź S.A. Number of R&D projects advanced 26 4 5 4 9 Number of prototypes being Number of developed technologies Number of prototypes tested or systems under construction 11 11 Q1 2026 MINING METALLURGY OTHER ACTIVITIES Prototype for cleaning boilers in the Prot
Slide 39: Advancement of key strategic performance indicators in Q1 26
Advancement of key strategic performance indicators in Q1 2026 Own capacity of power-generating assets Domestic copper production Recycling of scrap 145.3 kt 51 kt (dry weight) 174 MW ofi.e.total contracted capacity, 440 MW (39%) ~560 kt ~600 kt 105 MW of total ~124 kt of copper ~350 kt of copper sc
Slide 40: Energy strategy of KGHM Polska Miedź S.A.
Energy strategy of KGHM Polska Miedź S.A. Selected important events in Q1 2026 KGHM’s Energy Strategy advanced M&A Development of wind energy ▪ The Company is advancing the Energy Strategy of KGHM Polska ▪ Technical and economic analyses of developer offers as regards the ▪ Under consideration is th
Slide 41: By 2030 the rise in the share of RES will lead to a significant drop in 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 42: Macroeconomic environment in the first 3 months of 2026
Macroeconomic environment in the first 3 months of 2026
Slide 43: Macroeconomic environment
Macroeconomic environment Commodities and currencies prices [USD/t] [PLN/t] Copper prices marked a historic record on 29 January, when it reached an LME fixing price of 13 844 USD/t, and in intraday trading of 14 527.5 USD/t. This record was set on a wave of a weak USD and strong speculative demand.
Slide 44: Precious metals prices
Precious metals prices The first quarter of 2026 saw the highest prices of gold and silver in history. Gold breached the level of 5 500 USD/oz, and silver 120 USD/oz (more than twice as much as the previous record from 2011) The start of the quarter brought exponential growth in the prices of Recent
Slide 45: Metals markets were heavily impacted by external factors
Metals markets were heavily impacted by external factors of fundamental importance for the market – the USD, the profitability of bonds and trade policy Copper prices remained at high levels despite the downturn in the prices of precious metals The change in the approach of the administration of Pre
Slide 46: Purchasing Managers' Index
Purchasing Managers' Index – despite a deteriorating geopolitical situation and growing economic uncertainty, the first quarter of 2026 brought an improvement in sentiment Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oc
Slide 47: IMF World Economic Outlook – April 2026
IMF World Economic Outlook – April 2026 Forecasts (F) of real GDP growth– International Monetary Fund - World Economic Outlook from April 2026 in comparison to January 2026. 47
Slide 48: 2025 results - highlights
2025 results - highlights 48
Slide 49: Key macroeconomic factors
Key macroeconomic factors Copper price1) +9% yoy Exchange rate Copper price1) +2% yoy [USD/t] [USD/PLN] [PLN/t] -6% yoy 36 401 37 303 9 945 9 147 2024 2025 3.98 2024 2025 3.76 Silver price +42% yoy Silver price +33% yoy [USD/oz t] [PLN/oz t] 149.46 40.03 112.50 28.27 2024 2025 2024 2025 2024 2025 49
Slide 50: Basic results indicators in the KGHM Group and in KGHM Polska Miedź S.A.
Basic results indicators in the KGHM Group and in KGHM Polska Miedź S.A. KGHM Group +3% yoy +22% yoy +28% yoy Revenues Adjusted EBITDA Profit for the period [PLN mn] [PLN mn] [PLN mn] 35 320 36 366 10 276 3 688 8 457 2 870 2024 2025 2024 2025 2024 2025 KGHM Polska Miedź S.A. +4% yoy +10% yoy -30% yo
Slide 51: Metals production
Metals production KGHM Group +0.4% yoy Payable copper -3% yoy Silver production production [t] [kt] 1 341 1 347 730 710 60 52 81 87 2024 2025 From TPM production1) purchased 205 196 metal- [koz t] -8% yoy bearing 173 160 materials 589 571 From own 384 375 concentrates 2024 2025 2024 2025 Molybdenum
Slide 52: Financial indicators of the KGHM Group
Financial indicators of the KGHM Group 2025 Group revenues Operating costs KGHM Group adjusted EBITDA 1) [PLN mn] [PLN mn] [PLN mn] +3% yoy +3% yoy +22% yoy 36 366 32 407 35 320 31 553 Depreciation/ 10 276 2 513 2 818 amortisation 392 8 457 474 3 115 1 877 1 860 29 040 29 589 1 643 4 463 4 909 2024
Slide 53: Expenses by nature
Expenses by nature KGHM Group Expenses by nature [mn PLN] 35 909 +8% yoy 33 242 4 693 10 434 Minerals extraction 3 865 tax 8 750 8 666 Minerals extraction tax Purchased 8 335 8 353 8 456 7 439 metal-bearing 22 881 +4% yoy Purchased metal- materials 21 938 1 579 bearing materials Other 1 480 Expenses
Slide 54: Key production data – 5 years
Key production data – 5 years KGHM Polska Miedź S.A. Ore Extraction Production of copper Electrolytic copper Metallic silver [mn t dry weight] in concentrate [kt] production [kt] production [t] 30.6 1 403 30.0 30.5 30.4 30.3 586 592 589 29.7 578 571 1 323 1 332 1 298 1 316 1 323 394 391 393 395 400
Slide 55: Governance
55 KGHM POLSKA MIEDZ Governance
Slide 56: Transparent Group structure
Transparent Group structure General Shareholders Meeting Supervisory Board Management Board KGHM Polska Miedź S.A. (Lubin, Poland) (Listed on Warsaw Stock Exchange since 1997) KGHM INTERNATIONAL LTD. Production Development & Group of subsidiaries (Vaughan, Canada) Development divisions related proje
Slide 57: Shareholder structure of KGHM Polska Miedź S.A.
Shareholder structure of KGHM Polska Miedź S.A. Ownership structure Geographical ownership structure [% of shares] No. of Percentage Share in Shareholder shares/ of share total number votes capital of votes United Kingdom 6% Polish State Treasury 63,589,900 31.79% 31.79% USA 18% Allianz OFE 11,961,4
Slide 58: Thank you
THANK YOU Investor Relations Department kghm.com/en/investors ir@kghm.com esg@kghm.com T +48 76 74 78 280 F +48 76 74 78 205