Kghm Polska Miedz S.a. · GPW:KGH
Kghm Polska Miedz — H1 2026 Earnings Presentation
58 slides from Kghm Polska Miedz's earnings presentation, Aug 20, 2026
Slide 1: Results of the KGHM Group for the first half of 2026
= Warsaw, 20 August 2026 RESULTS OF THE KGHM GROUP FOR THE FIRST HALF OF 2026 POLSKA MIEDZ
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) +39% H1/H1 Exchange rate Copper price1) +30% H1/H1 [USD/t] [USD/PLN] [PLN/t] 13 083 -6% H1/H1 47 585 9 431 36 546 3.88 H1 2025 H1 2026 3.64 H1 2025 H1 2026 Silver price Silver price [USD/koz t] X2.4 H1/H1 [PLN/koz t] x2.3 H1/H1 78.83 286.31 32.76 126.88 H1 20
Slide 5: Basic results indicators in the KGHM Group and KGHM Polska Miedź S.A.
Basic results indicators in the KGHM Group and in KGHM Polska Miedź S.A. KGHM Group +41% H1/H1 +89% H1/H1 x9.6 H1/H1 Revenues Adjusted EBITDA Profit for the period [PLN mn] [PLN mn] [PLN mn] 24 711 9 198 17 556 5 579 4 863 580 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 KGHM Polska Miedź S.A. +4
Slide 6: Key production indicators
Key production indicators H1 2026 +2% H1/H1 351 Payable copper production [kt] by the KGHM Group higher by 2% (H1/H1) ▪ KGHM Polska Miedź S.A. – higher electrolytic copper Payable copper production Payable copper production -5% H1/H1 production due to higher availability of production KGHM Polska Mi
Slide 7: Metals production
Metals production KGHM Group Payable copper +2% H1/H1 Silver production +8% H1/H1 production [t] 657 712 [kt] 344 351 19 29 40 42 H1 2025 H1 2026 From purchased 90 108 TPM production1) metal- bearing [koz t] -13% H1/H1 materials 84 292 73 272 From own 183 184 concentrates H1 2025 H1 2026 H1 2025 H1
Slide 8: KGHM Group production and sales in H1 2026
KGHM Group production and sales in H1 2026 Execution of annual targets 2026 Budget Production Copper in concentrate [kt] 203.4 395.9 KGHM Polska Miedź S.A. Silver in concentrate [t] 696 1 296 Electrolytic copper, total [kt] 291.5 589.4 Electrolytic copper from own concentrate [kt] 183.6 384.9 Metall
Slide 9: Strategy of the Group 2055+
Strategy of the KGHM Polska Miedź S.A. Group 2055+ O u t l o o k f o r i m p l e m e n t a t i o n o f S t r a t e g y 2 0 5 5 + CHIEF GOAL Profitable mining of MISSION VISION Innovation in Responsible raw materials each gram of mining with an outlook Extending the Development copper for future beyo
Slide 10: Strategic directions of development of the Group 2055+
Strategic directions of development of the KGHM Polska Miedź S.A. Group 2055+ S t r a t e g i c a r e a The sustainable mining and metallurgical production of copper S t r a t e g i c a r e a and associated products S t r a t e g i c a r e a The strengthening and Expansion and development of develop
Slide 11: Strategic measures of success – achievement in H1 2026
Strategic measures of success – achievement in H1 2026 F i n a n c i a l i n d i c a t o r s P r o d u c t i o n i n d i c a t o r s E n v i r o n m e n t a l i n d i c a t o r s EBITDA margin of the Copper production 730+ Increase installed 33.7% min. 25.6% 351 220 KGHM Group 1) Net profit on sales
Slide 12: Costs Optimisation Program in the KGHM Group
Costs Optimisation Program in the KGHM Group • The Costs Optimisation Program in the KGHM Group was initiated at Impact of implementation of the COP on EBITDA the turn of 2024/2025 as a response to the volatility and unpredictability of the macroeconomic environment. 300 1bn PLN • The Costs Optimisa
Slide 13: Costs Optimisation Program in the KGHM Group
Costs Optimisation Program in the KGHM Group Sample COP actions Change in the costs of materials consumed1) and costs of services in relation to the quarterly aimed at improving result of 2024 (valorisation of CPI) efficiency Optimisation of the process of Change in costs of materials and services i
Slide 14: Macroeconomic environment
POLSKA MIEDZ MACROECONOMIC ENVIRONMENT
Slide 15: Macroeconomic environment
Macroeconomic environment Commodities and currencies prices [USD/t] [PLN/t] In H1 2026 the copper market remained strong despite heightened macroeconomic and geopolitical uncertainty, whose culmination was marked by the first time in history that the LME fixing was above the level 14 000 USD/t. The
Slide 16: Precious metals prices
Precious metals prices In the first half of 2026 the precious metals remained exceptionally sensitive to changes in expectations regarding interest rates, the USD and apetite for risk Following January’s euphoria, the gold and silver market entered a Gold and silver ETFs took advantage of the inflow
Slide 17: Metals markets shaped by Fed expectations, Middle East war and trade uncertainty
Metals markets were mainly shaped by expectations regarding the Fed, the war in the Middle East and trade uncertainty Copper remained a strong element of the metals market despite heightened macroeconomic and geopolitical uncertainty Although the closure of the Strait of Hormuz led to another energy
Slide 18: Purchasing Managers Index (PMI)
Purchasing Managers Index (PMI) – in H1 2026 PMIs signalled a substantial improvement in industrial sentiment, mainly in the world’s largest economies 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 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Ap
Slide 19: IMF World Economic Outlook – July 2026
IMF World Economic Outlook – July 2026 Forecasts (F) of real GDP growth– International Monetary Fund - World Economic Outlook from July 2026 in comparison to April 2026; for Chile April 2026 in comparison to October 2025. 19
Slide 20: Production results of the KGHM Group by segment
PRODUCTION RESULTS OF THE KGHM GROUP BY SEGMENT
Slide 21: 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] +0.3% H1/H1 +1.2% H1/H1 +7.0% H1/H1 +7.8% H1/H1 15.3 15.3 292 272 697 201.0 203.4 646 108 90 50.3 52.0 From Silver gr
Slide 22: Production results – Sierra Gorda S.C.M.
Production results Sierra Gorda S.C.M.1) Payable copper production Silver production +38% H1/H1 [kt] [t] -5% H1/H1 14.9 10.8 5.8 7.2 42.4 40.2 Q2 2025 Q2 2026 H1 2025 H1 2026 TPM production2) -37% H1/H1 [koz t] 21.6 19.6 14.7 7.7 9.3 4.8 Q2 2025 Q2 2026 H1 2025 H1 2026 Q2 2025 Q2 2026 H1 2025 H1 202
Slide 23: Investment in the fourth grinding line
Investment in the fourth grinding line Sierra Gorda H2 Start of H2 Installation H2 Full production 2026 project 2029 brought on-line 2030 capacity ▪ Expansion of the plant by: a jaw crusher, a HPGR mill, a ball mill, a flotation line and auxilliary elements (conveyors, piping, steering, etc.); ▪ Cap
Slide 24: Exploration potential at Sierra Gorda
Exploration potential at Sierra Gorda Priority areas The Catabela Deep Program verifies the continuity of the system of mineralisation in areas directly beneath the currently-designed pit. To date, deep drillings have shown continuous copper and molybdenum content, creating the Total copper possibil
Slide 25: Production results – KGHM INTERNATIONAL LTD.
Production results KGHM INTERNATIONAL LTD. Payable copper production Silver production [kt] -100% H1/H1 [t] -34% H1/H1 0.14 ▪ Silver: lack of production by the Sudbury Basin as a result of disposal of the production 0.01 0.00 0.00 assets Q2 2025 Q2 2026 H1 2025 H1 2026 29.2 19.3 14.8 TPM production1
Slide 26: Cash flows in the Group
Cash flows in the Group Payments to KGHM Polska Miedź S.A. In H1 2026 the International Assets paid USD 290.3 million to KGHM Polska Miedź S.A. Q2 2026 H1 2026 Sierra Gorda KGHM INTERNATIONAL LTD. Sierra Gorda KGHM INTERNATIONAL LTD. Total payment: Total payment: Total payment: Total payment: USD 10
Slide 27: Advancement of development initiatives
ADVANCEMENT OF DEVELOPMENT INITIATIVES
Slide 28: A rational and responsible investment program
A rational 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% H1/H1 [PLN mn] +14% H1/H1 497 435 SHAFTS AIR COOLING DEPOSIT COPPER ENERGY 1 439 H1 2025 H1 2026 CONSTRUCTION SYSTEMS EXPLORAT
Slide 29: A rational and responsible investment program – mining
A rational and responsible investment program – mining KGHM Polska Miedź S.A. Deposit Access Program: ▪ 27% of CAPEX in H1 2026 designated to advance the Deposit Access Program, GG-1 GG-2 ▪ 19.4 kilometres of corridors were excavated, ▪ 26% of production from the Deep Głogów region in total domestic
Slide 30: Development of the domestic resource base
A rational and responsible investment program – development of the domestic resource base KGHM Polska Miedź S.A. ▪ Intensive exploration of the deposit in the area of Bytom Odrzański and in the underground mines, including in the area of Grodziszcze 30
Slide 31: A rational and responsible investment program – metallurgy
A rational and responsible investment program – metallurgy KGHM Polska Miedź S.A. Furnace maintenance Modernisation and development of metallurgy: ▪ at the end of June the maintenance shutdown of HMG II commenced as a result of the planned maintenance on the main smelting units and equipment and ass
Slide 32: Selected R&D initiatives
Selected R&D initiatives KGHM Polska Miedź S.A. +1 H1/H1 +2 H1/H1 -2 H1/H1 6 6 7 Number of prototypes being tested Number of developed technologies or systems Number of prototypes under construction Robot to clean boilers at Głogów I commissioned Prototype of the SWT Zanper vehicle during surface te
Slide 33: Financial results of the KGHM Group
FINANCIAL RESULTS OF THE KGHM GROUP
Slide 34: Financial indicators of the KGHM Group
Financial indicators of the KGHM Group H1 2026 Group revenues Operating costs KGHM Group adjusted EBITDA1) [PLN mn] [PLN mn] [PLN mn] +41% H1/H1 +21% H1/H1 +89% H1/H1 18 654 9 198 24 711 1 422 199 15 455 1 659 Depreciation/ 1 403 amortisation 782 17 556 4 863 220 17 232 1 302 14 052 910 6 558 2 431
Slide 35: KGHM Group sales revenue
KGHM Group sales revenue H1 2026 Revenues from contracts with customers Revenues from contracts with customers [PLN mn] [PLN mn] 24 711 996 1 788 17 556 984 +8 821 24 711 1 712 +330 17 556 -1 016 -948 21 927 -32 14 860 Revenues for Change in sales Change in prices Change in Adjustments of Other Reve
Slide 36: Expenses by nature
Expenses by nature KGHM Group Expenses by nature of the KGHM Group Expenses by nature of KGHM Polska Miedź S.A. [PLN mn] [PLN mn] 22 281 +31% H1/H1 620 4 061 18 848 +36% H1/H1 17 019 620 Annual bonus KGHM Polska Miedź S.A. 147 4 061 Minerals extraction tax 2 082 6 253 13 810 Annual bonus 147 Purchas
Slide 37: 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] -23% H1/H1 -19% H1/H1 23%, mainly due to a substantially higher valuation of byproducts due to higher precious 3.15 metals prices, with a doubling of the minerals 2.4
Slide 38: Financial results
Financial results 5 579 KGHM Group consolidated net profit in H1 2026 Profit for the period [PLN mn] An increase in KGHM Group profit by PLN 4 999 million mainly due to higher EBITDA of the segment KGHM Polska Miedź S.A., a higher result on the involvement in Sierra Gorda and a higher result on exch
Slide 39: Cash flow
Cash flow KGHM Group [PLN mn] +2 556 1 217 -1 618 - 54 - 70 - 30 - 10 443 Cash and cash Net cash generated Net cash used in Interest paid Repayment of lease Proceeds from/repayments Other Cash and cash equivalents at the from operating investing activities liabilities of equivalents at the end begin
Slide 40: Net debt of the KGHM Group
Net debt of the KGHM Group As at the end of Q2 2026 Net debt / adjusted EBITDA Main factors affecting net debt in 2026 0… 0.8 0.8 0.6 0.4 30-06-2025 30-09-2025 31-12-2025 31-03-2026 30-06-2026 Increases in debt ▪ Minerals extraction tax chargé (PLN 4 061 mn) KGHM Group net debt ▪ Cash expenditures o
Slide 41: Operating results
Operating results KGHM Group Change in adjusted EBITDA1) +89% H1/H1 Adjusted EBITDA [PLN mn] [PLN mn] 9 198 +4 127 +357 9 198 199 1 659 4 863 -128 -21 782 4 863 220 H1 2025 KGHM Polska KGHM Sierra Other segments H1 2026 1 302 Miedź S.A. INTERNATIONAL Gorda 6 558 LTD. 910 2 431 An increase in adjuste
Slide 42: Revenues and EBITDA in Q2 2026
Revenues and EBITDA in Q2 2026 KGHM Group and operating segments Revenues from contracts with Adjusted EBITDA [PLN mn] customers [PLN mn] 12 839 3 734 505 100 900 952 An increase in adjusted EBITDA compared 8 614 2 374 to Q2 2025 by PLN 1 360 million, mainly in 474 360 817 118 respect of KGHM Polska
Slide 43: The financial situation of the KGHM Group remains stable and safe
The financial situation of the KGHM Group remains stable and safe 2026 Budget Total unit production cost of electrolytic copper from own concentrate 17.4 32.8 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 1 439 4 100 KGHM Pols
Slide 44: Sales revenue
Sales revenue KGHM Polska Miedź S.A. Higher revenues from contracts with customers by PLN 7 067 million (+48%) in the Revenues from contracts with customers first half of 2026, compared to the corresponding period of 2025, mainly due to [PLN mn] higher metals prices and a higher volume of sales of b
Slide 45: 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 period of 2025 was mostly (85%) with respect to the higher cost of purchased metal-bearing materials and a higher minerals extraction tax charge 18 848 +36% H1/H1 62
Slide 46: EBITDA and profit/loss for the period
EBITDA and profit/loss for the period KGHM Polska Miedź S.A. EBITDA and profit/loss for the period Adjusted EBITDA Profit/loss for the period An increase in EBITDA by PLN 4 127 million: [PLN mn] ×2.7 H1/H1 [PLN mn] ×48.6 H1/H1 higher revenues from contracts with customers by PLN 7 067 million (m
Slide 47: Profit/loss for the period
Profit/loss for the period KGHM Polska Miedź S.A. Profit for the period [PLN mn] + 198 + 652 +1 835 5 493 + 133 +4 127 -1 565 113 Net profit for Change in adjusted Fair value Exchange Impact of derivatives Income tax Other Net profit for H1 2025 EBITDA gains/losses on differences and hedging H1 2026
Slide 48: Cash flow
Cash flow KGHM Polska Miedź S.A. [PLN mn] +7 579 - 446 -1 056 -3 776 - 906 +1 - 428 894 216 - 180 - 110 Cash and cash Profit before Exclusions of Income tax paid Change in Net cash used in Proceedings Expenses due to Interest and Other Cash and cash equivalents at income tax income and costs working
Slide 49: Inventories in 2026, PF
Inventories in 2026, KGHM Polska Miedź S.A. PF (half-finished products, work in progress, finished products) Volume of inventories of half-finished products, Value of inventories of half-finished products, work work in progress, finished products at end-of-period in progress, finished products at en
Slide 50: Market risk management
Market risk management Hedged position on the copper, silver and currency markets (as at 30 June 2026) At the end of the first half 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 hedge
Slide 51: Sustainable development – commitments and initiatives of KGHM Polska Miedź S.A.
SUSTAINABLE DEVELOPMENT – COMMITMENTS AND INITIATIVES OF KGHM POLSKA MIEDŹ S.A.
Slide 52: Actions by KGHM's employee volunteers in H1 2026
Actions by KGHM’s employee volunteers in H1 2026 3281 hours dedicated to advancing volunteer projects 684 employee volunteers 71 took part in actions actions involving volunteers 20 in the Group Actions taken 6 actions involving 4 actions involving 11 actions involving science and education ecology
Slide 53: 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 54: Energy strategy of KGHM Polska Miedź S.A.
Energy strategy of KGHM Polska Miedź S.A. Selected important events in H1 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 55: Employee safety as a strategic priority for the KGHM Group
Employee safety as a strategic priority for the KGHM Group ▪ ISO 45001:2018 Accident rates1) We hold an Occupational Health and Safety Management System 20.0 Certificate and continually enhance our activities. 15.4 ▪ Leader’s Gold Card of Workplace Safety 12.9 12.1 12.7 KGHM Polska Miedź S.A. in the
Slide 56: 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 57: 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 58: Results of the KGHM Group for the first half of 2026
= Warsaw, 20 August 2026 RESULTS OF THE KGHM GROUP FOR THE FIRST HALF OF 2026 POLSKA MIEDZ