Kghm Polska Miedz S.a. · GPW:KGH
Kghm Polska Miedz — Kghm Polska Miedz Sa Ord — Q4 2025 Earnings Presentation
53 slides from Kghm Polska Miedz's earnings presentation, Mar 26, 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: Results of the KGHM Group for the Fourth Quarter and Full Year 2025
RESULTS OF THE KGHM GROUP FOR THE FOURTH QUARTER AND FULL YEAR 2025 Warsaw, 26 March 2026
Slide 3: 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 4: Key Issues and Execution of Main Targets
KEY ISSUES AND EXECUTION OF MAIN TARGETS
Slide 5: 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 5
Slide 6: 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 7: Key production indicators
Key production indicators 2025 -3% yoy 710 Payable copper production [kt] by the KGHM Group lower by 3% (yoy) ▪ KGHM Polska Miedź S.A. – a decrease due to Payable copper production Payable copper production +8% yoy execution of planned maintenance on smelter KGHM Polska Miedź S.A. [kt] Sierra Gorda
Slide 8: 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 9: KGHM Group production and sales in 2025
KGHM Group production and sales in 2025 Execution of annual targets 2025 Budget Production Copper in concentrate [kt] 401,1 392.3 KGHM Polska Miedź S.A. Silver in concentrate [t] 1 321 1 278 Electrolytic copper, total [kt] 570.9 567.1 Electrolytic copper from own concentrate [kt] 375.4 375.4 Metalli
Slide 10: Advancement of key strategic performance indicators in 2025
Advancement of key strategic performance indicators in 2025 Own capacity of power-generating assets Domestic copper production Recycling of scrap 571 kt 173 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 scrap 2
Slide 11: Macroeconomic Environment
POLSKA MIEDZ MACROECONOMIC ENVIRONMENT
Slide 12: Macroeconomic environment
Macroeconomic environment Commodities and currencies prices [USD/t] [PLN/t] For most of 2025 copper remained in a strong rising trend, while the adjustment following „Liberation Day” on 2nd April turned out to be a brief episode. This growth was supported by tensions on the physical market, mainly f
Slide 13: Precious metals prices
Precious metals prices 2025 was the year of precious metals — a weak USD, geopolitics and physical demand created almost textbook conditions. The price of gold rose throughout 2025, setting subsequent historic The influx of capital to ETFs for gold and silver in 2025 pushed the records. In Q4 silver
Slide 14: American trade policy and supply tensions remain the main factors shaping the copper market
American trade policy and supply tensions remain the main factors shaping the copper market Copper prices rose along with supply tensions and the rising strategic role of the red metal Uncertainty as to the American administration’s trade policy Favourable arbitrage conditions promoted the transfer
Slide 15: Purchasing Managers' Index – the lack of a clear trend indicates high uncertainty
Purchasing Managers' Index – the lack of a clear trend indicates high uncertainty affecting the expectations of industrial managers. ▪ Indices of sentiment in the major Jan-24 Feb-24 Mar-24 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-2
Slide 16: IMF World Economic Outlook – January 2026
IMF World Economic Outlook – January 2026 Forecasts (F) of real GDP growth– International Monetary Fund - World Economic Outlook from January 2026 in comparison to June 2025; for Canada, October 2025 in comparison to June 2025. 16
Slide 17: Production Results of the KGHM Group by Segment
PRODUCTION RESULTS OF THE KGHM GROUP BY SEGMENT
Slide 18: Production results
Production results 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] -0.9% yoy +0.2% yoy -3.0% yoy +0.5% yoy 30.6 30.3 589 571 1 316 1 323 400.1 401.1 205 196 From 50.3 50.8 purchased Si
Slide 19: Production results – Sierra Gorda S.C.M.
Production results Sierra Gorda S.C.M.1) Payable copper production Silver production +3% yoy [kt] [t] +8% yoy 23.3 24.0 5.7 7.2 86.8 80.5 Q4 2024 Q4 2025 2024 2025 TPM production2) -15% yoy [koz t] 33.1 28.1 23.4 21.9 10.0 5.7 Q4 2024 Q4 2025 2024 2025 Q4 2024 Q4 2025 2024 2025 Molybdenum production
Slide 20: Production results – KGHM INTERNATIONAL LTD.
Production results KGHM INTERNATIONAL LTD. Payable copper production Silver production [kt] -87% yoy [t] -14% yoy ▪ Silver: lower silver production 1.05 by the Sudbury Basin 60.5 0.21 0.14 as a result of the disposal of 52.2 0.00 the production assets Q4 2024 Q4 2025 2024 2025 15.0 11.6 TPM producti
Slide 21: Cash flows in the Group
Cash flows in the Group Payments to KGHM Polska Miedź S.A. In 2025 the International Assets paid USD 379.7 million to KGHM Polska Miedź S.A. Q4 2025 2025 Sierra Gorda KGHM INTERNATIONAL LTD. Sierra Gorda KGHM INTERNATIONAL LTD. Total payment: Total payment: Total payment: Total payment: USD 121.8 mi
Slide 22: Advancement of Development Initiatives
ADVANCEMENT OF DEVELOPMENT INITIATIVES
Slide 23: A rationale and responsible investment program
A rationale and responsible investment program Capital expenditures by KGHM Polska Miedź S.A. in 2025 CAPEX execution in 2025, incl. borrowings By category By area Replacement Mining Maintenance Metallurgy Development (incl. R&D) Other activities Adaptation projects Leasing IFRS 16 Development - unc
Slide 24: 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 – 4.99 km) Outfitting of the ▪ Outfitting and i
Slide 25: 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 +5% 2025/2024 [kt] 6 335 6 643 -4% Q4/Q3 1 673 1 608 21.5% 22.2% 20.7% 21.9% Q3 2025 Q4 202
Slide 26: 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 related to IAS – ▪ Significant maintenance at the Głogów and Legnica metallurgical plants – incl. maintenance on electroli
Slide 27: Financial Results of the KGHM Group
FINANCIAL RESULTS OF THE KGHM GROUP
Slide 28: 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 29: Group sales revenue
Group sales revenue 2025 Revenues from contracts with customers Revenues from contracts with customers [PLN mn] [PLN mn] 35 320 36 366 2 032 1 963 3 439 3 394 35 320 +4 383 36 366 -1 720 -501 -24 30 964 -1 092 29 894 Revenues for Change in sales Change in prices Change in Adjustments of Other Revenu
Slide 30: 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 31: C1 unit cost
C1 unit cost1) KGHM Group C1 – KGHM Group C1 – KGHM Polska Miedź S.A. KGHM Polska Miedź – an increase in C1 cost by [USD/lb] [USD/lb] +3% yoy -3% yoy 3% mainly due to a higher minerals extraction tax charge by 27% and the strengthening of the Polish 3.07 3.16 Incl. minerals extraction tax zloty agai
Slide 32: Consolidated net profit in 2025
Financial results 3 688 KGHM Group Consolidated net profit in 2025 Profit/loss for the An increase in KGHM Group profit by PLN 818 million mainly period due to a higher profit on involvement in joint ventures and [mn PLN] higher EBITDA of all segments, despite a decrease in the result on exchange di
Slide 33: Cash flow
Cash flow KGHM Group [mn PLN] +4 035 715 + 70 + 34 443 + 125 -4 321 - 120 - 95 Cash and cash Net cash generated Net cash used in Interest paid Lease liabilities paid Exchange differences Derivatives related to Other Cash and cash equivalents at the from operating investing activities on cash and cas
Slide 34: Net debt of the KGHM Group
Net debt of the KGHM Group As at the end of Q4 2025 Net debt / adjusted EBITDA Main factors affecting net debt in 2025 0.8 0.7 0.8 0.8 0.8 31-12-2024 31-03-2025 30-06-2025 30-09-2025 31-12-2025 Increases in debt ▪ Cash expenditures on property, plant and equipment KGHM Group net debt (PLN 5 545 mn)
Slide 35: Operating results
Operating results KGHM Group Change in adjusted EBITDA1) +22% yoy Adjusted EBITDA [mn PLN] [mn PLN] +1 238 10 276 10 276 8 457 +446 +217 392 -82 8 457 474 3 115 1 877 1 860 1 643 2024 KGHM Polska KGHM Sierra Other segments 2025 Miedź S.A. INTERNATIONAL Gorda LTD. 4 463 4 909 An increase in adjusted
Slide 36: Revenues and EBITDA in Q4 2025
Revenues and EBITDA in Q4 2025 KGHM Group and operating segments Revenues from contracts with Adjusted EBITDA [mn PLN] customers [mn PLN] 3 073 71 10 495 2 271 1 090 An increase in adjusted EBITDA 9 181 541 500 976 141 compared to Q4 2024 by PLN 802 1 048 555 million, mainly in respect of Sierra 561
Slide 37: 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 28.8 35.4 of KGHM Polska Miedź S.A.1) [k PLN/t] 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110% Investments Capital expenditures 3 565 3 800 KGHM Pols
Slide 38: Sales revenue
Sales revenue KGHM Polska Miedź S.A. Higher revenues from contracts with customers by PLN 1 070 million (+4%) in Revenues from contracts with 2025, compared to 2024, mainly due to higher metals prices, despite a less customers favourable USD/PLN exchange rate, lower sales volume of basic products an
Slide 39: Expenses by nature
Expenses by nature KGHM Polska Miedź S.A. The increase in costs by nature compared to 2024 was mainly Expenses by nature [PLN mn] related to the higher cost of purchased metal- bearing materials, a higher minerals extraction tax charge and higher labour costs. 28 940 +9% yoy 26 629 8 286 4 693 Miner
Slide 40: EBITDA and profit/loss for the period
EBITDA and profit/loss for the period KGHM Polska Miedź S.A. Adjusted EBITDA Profit/loss for the period EBITDA and profit/loss for the period [PLN mn] +10% yoy [PLN mn] -30% yoy An increase in EBITDA by PLN 446 million due to: higher revenues from contracts with customers by PLN 1 070 million (m
Slide 41: Profit/loss for the period
Profit/loss for the period KGHM Polska Miedź S.A. Profit/loss for the period [PLN mn] + 446 2 788 - 742 + 299 1 946 + 273 - 580 - 301 - 237 Net result for Change in EBITDA Exchange Impairment Impact of derivatives Fair value Income tax Other Net result for 2024 differences reversals/ losses on gains
Slide 42: Valuation of Sierra Gorda S.C.M.
Valuation of Sierra Gorda S.C.M. Investment value At the end of 2025 due to the occurrence of indications of the possibility of higher forecasted cash flows in the future, i.e. the possibility of an increase in the recoverable amount of the Valuation components under the equity method investment in
Slide 43: Market risk management
Market risk management Hedged position on the copper, silver and currency markets (as of 31 December 2025) In 2025 the Parent Entity recorded a result on derivatives* Copper Hedged position – open as at 31 December 2024 and hedges in the amount of PLN 52 million, of which: [kt] Hedged position imple
Slide 44: Sustainable Development – Commitments and Initiatives of KGHM Polska Miedź S.A.
SUSTAINABLE DEVELOPMENT – COMMITMENTS AND INITIATIVES OF KGHM POLSKA MIEDŹ S.A.
Slide 45: Actions by KGHM's employee volunteers
Actions by KGHM’s employee volunteers 5 165 hours dedicated to advancing volunteer projects 1 267 employee volunteers took part in actions 190 actions involving volunteers Actions involving: 37 education and science 5 ecology 50 culture & traditions volunteer actions volunteer actions volunteer acti
Slide 46: 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 47: Energy strategy of KGHM Polska Miedź S.A.
Energy strategy of KGHM Polska Miedź S.A. Selected important events in 2025 KGHM’s Energy Strategy updated M&A Development of wind energy ▪ The Energy Strategy of KGHM Polska Miedź S.A. was adopted by the ▪ Technical and economic analyses of developer offers as regards the ▪ Under consideration is t
Slide 48: Greenhouse gas emissions (Scope 1 and Scope 2)
Greenhouse gas emissions (Scope 1 and Scope 2) of KGHM Polska Miedź S.A. Greenhouse gas emissions in the producing assets of KGHM Polska Miedź S.A. in the years 2020-2025 (thousand tonnes of CO2e) pursuant to the location-based method 3 110 3 220 3 224 3 005 2 854 2 805 Intermediate reduction Scope
Slide 49: Employee safety as a strategic priority for the KGHM Group
Employee safety as a strategic priority for the KGHM Group ▪ 2021 Safety and development ▪ ISO 45001:2018 Accident rates1) We hold an Occupational Health and Safety Management System 18.6 20.0 Certificate and continually enhance our activities. 15.4 ▪ Leader’s Gold Card of Workplace Safety 12.9 12.1
Slide 50: 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 51: 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 52: Results of the KGHM Group for the Fourth Quarter and Full Year 2025
RESULTS OF THE KGHM GROUP FOR THE FOURTH QUARTER AND FULL YEAR 2025 Warsaw, 26 March 2026
Slide 53: Thank You
OS KGHM aamaa= Polska MiedZ — THANK YOU DZIEKUJEMY
Kghm Polska Miedz Sa Ord — Q4 2025 Earnings Presentation on 6ix