Kghm Polska Miedz S.a. · GPW:KGH
Kghm Polska Miedz — Investor Presentation (December 2025)
53 slides from Kghm Polska Miedz's investor presentation, December 2025
Slide 1: Investor presentation December 2025
Investor presentation December 2025
Slide 2: 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 3: 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 4: Key information about the KGHM Group and our approach to Sustainability
Key information about the KGHM Group and our approach to Sustainability
Slide 5: 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 Top 10 Largest Cu Top 3 Largest Ag Copper Mining Silver Producers Producers Globally Globally Other KGHM Group products: ▪ Molybdenum ▪ Plat
Slide 6: 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 7: 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 8: Employee safety as a strategic priority for the KGHM Group
Employee safety as a strategic priority for the KGHM Group ▪ ISO 45001:2018 Accident rate measures1) The Company maintains and is enhancing the Occupational Health and -9.2% Change2) LTIFR 2024/2020 Safety Management System, certified by an independent external body. in KGHM Polska Miedź S.A. ▪ Lead
Slide 9: CSRD statement for 2024: Addressing the significant impacts on own staff
Corporate Sustainability Reporting Directive statement for 2024: Addressing the significant impacts on own staff resources and applying approaches to manage material risks and opportunities related to own staff resources and the effectiveness of these actions [S1-4] Measures taken – fatal and/or ser
Slide 10: 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 approx. 35 years LOM Capacity of ca. 122 kt electrolytic Cu/year 1)
Slide 11: 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 2024 production stats: ~ 10 years LOM ▪ Open-pit mine ▪ Cu production ▪ The project aims at processing t
Slide 12: 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 146.4 kt of copper in concentrate
Slide 13: 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 14: 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 55.9 kt production in 2024 Life of m
Slide 15: 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 This project is located in the Canadian
Slide 16: By 2030 the increase in share of RES will lead to a substantial reduction in CO2 emissions
By 2030 the increase in share of RES will lead to a substantial reduction in CO2 emissions Own sources of electricity generation 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
Slide 17: Advancement of key strategic performance indicators in the first 9 months of 2025
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 18: 2026 targets – Investments and costs control
2026 targets – Investments and costs control Production of KGHM Polska Miedź S.A. • Electrolytic copper production higher than in 2025, with lower production of own concentrate Copper in concentrate (kt) 395.9 • Silver in concentrate higher than in 2025 Silver in concentrate (t) 1 296 • Maintenance
Slide 19: 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 20: 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 21: Performance in the first 9 months of 2025 - KGHM Group
Performance in the first 9 months of 2025 - KGHM Group
Slide 22: 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 23: 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 -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 24: 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 25: Other major metals: silver, TPMs, molybdenum
Other major metals: silver, TPMs, molybdenum 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 production 1) purchased 157 141 metal- [koz t] -6% 9M/9M bearing 127 119 materials 441 421 From own 284 280 concentrate 9M 2024 9M
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: Registration of HMG-S and HMG-B copper cathode brands on the CME Group exchange
Registration of HMG-S and HMG-B copper cathode brands on the CME Group Inc. exchange The registration of copper cathodes on metals exchanges is equivalent to a confirmation of their high quality in accordance with existing global standards, as well as stability in their production volumes. Currently
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: Costs by nature
Costs by nature KGHM Group Costs 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 Costs by nature 87
Slide 31: 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 will take effect as of 1st January 2026. The change in the minerals extraction tax applies to both copper and silver and comprises two elements: 1. Re
Slide 32: 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 33: 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 34: Profitability margins slowly improving thanks to strong metals prices and cost control
Profitability margins slowly improving thanks to strong metals prices and focus on controlling costs KGHM Polska Miedź S.A. Revenues vs EBITDA (mn PLN) KGHM Polska Miedź S.A. 30000 30% Copper production cost vs copper price 25000 20% 23% 22% 20% 20000 19% 16% 15000 12% 15% Total unit cost of electro
Slide 35: Financial results – KGHM Polska Miedź S.A.
Financial results – KGHM Polska Miedź S.A. Revenues from contracts with customers Adjusted EBITDA Profit for the period [PLN mn] [PLN mn] [PLN mn] -1% 9M/9M +5% 9M/9M -62% 9M/9M 22 261 21 986 Other 1 616 1 732 Silver 3 486 4 118 3 402 3 558 1 204 Copper and copper 17 159 16 136 products 459 9M 2024
Slide 36: 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 Increases in debt 30-09-2024 31-12-2024 31-03-2025 30-06-2025 30-09-2025 ▪ Cash expenditures on property, plant and equipment KGHM Group net debt (PLN 3 818 mn) [
Slide 37: Market risk management
Market risk management Hedged position on the copper, silver and currency markets (as of 30 September 2025) At the end of the third quarter of 2025, the Parent Entity Copper [kt] Pozycja Hedgedzabezpieczająca - otwarta position – open as at 30na 30.06.2025 June 2025 recorded a result on derivatives*
Slide 38: 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 39: 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 40: 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 41: 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 42: Macroeconomic environment in the first 9 months of 2025
Macroeconomic environment in the first 9 months of 2025
Slide 43: 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 44: 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 45: 2024 results - highlights
2024 results - highlights
Slide 46: Key macroeconomic factors
Key macroeconomic factors Copper price1) Exchange rate Copper price1) [USD/t] +8% [USD/PLN] [PLN/t] +2% -5% 35 647 36 401 8 478 9 147 4.20 3.98 2023 2024 2023 2024 Silver price Silver price [USD/oz t] +21% [PLN/oz t] +15% 28.27 23.35 112.50 98.02 2023 2024 2023 2024 2023 2024 46 1) Average cash sett
Slide 47: Basic measures of the results in KGHM Group and KGHM Polska Miedź S.A.
Basic measures of the results in KGHM Group and KGHM Polska Miedź S.A. KGHM Group Revenues Adjusted EBITDA Profit for the period [PLN mn] [PLN mn] +6% [PLN mn] +58% 2 870 8 457 33 467 35 320 5 362 -3 691 2023 2024 2023 2024 2023 2024 KGHM Polska Miedź S.A. Revenues Adjusted EBITDA Profit for the per
Slide 48: Metals production
Metals production KGHM Group Payable copper production Silver production [kt] [t] -6% y/y +3% y/y 1 428 1 341 711 730 40 60 79 81 2023 2024 From 207 205 purchased metal- TPM production 1) -6% y/y bearing [koz t] materials 184 173 592 589 From own 386 384 concentrate 2023 2024 Molybdenum production 2
Slide 49: Key financial indicators of the KGHM Group
Key financial indicators of the KGHM Group 2024 Adjusted EBITDA of the KGHM Group Group adjusted EBITDA1) Group adjusted EBITDA1) [mn PLN] [mn PLN] Higher adjusted EBITDA compared to +58% y/y 2023, recorded in all segments, but 8 457 2 271 mostly in KGHM INTERNATIONAL LTD. 141 and KGHM Polska Miedź
Slide 50: Governance
KGHM-. POLSKA MIEDZ Shitigis ac Governance
Slide 51: 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 52: 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 8% Polish State Treasury 63,589,900 31.79% 31.79% 9% Allianz OFE 11,961,453 5.98% 5.98% 7% Na
Slide 53: Investor Relations Department
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
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