Kghm Polska Miedz Sa Ord (KGHPF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, to a conference devoted to talking about the results of the KGHM Group for the third quarter of the first nine months of 2025. We have President Andrzej Szydła, Nasebary Kozakiewicz, With us, Mr. Zbigniew Bria, Deputy Manager for Development, Piotr Krzyzewski, Deputy Board President for Industrial, and Mr. Laskowski, Deputy Board President for Investment and Investor Relations Director. The meeting is broadcasted online and you will be able to send your questions during the conference and afterwards. And all the answers are going to be published either during the conference or afterwards. And now, Mr. President, over to you. Welcome, ladies and gentlemen, and apologies to the investors who are watching us from the western hemisphere. Apologies for atypical time of the meeting, but due to the tight schedule, we need to move the time of the conference a bit back. Due to also the tight schedule I mentioned, I will try to make it very brief today, not to get into the competence of further speakers today. So to give you the bird's eye view of our situation. I'll start with an anecdote, but yes, this slide and the trend that we have been seeing for many months about KGHM and influences its results, I think I can jokingly say that maybe LME, copper prices on LME, should be in Polish zlotys. Because what does this slide show us? 5% copper price in terms of USD year on year. So first nine months of 2024. The exchange rate between USD and PLN is minus 4% year on year, which gives us the stable results, unchanged results. So the status quo is unchanged. So if the stock market would be in bullish lot, this chart would be much more predictable. And then average copper price for nine months were at the level of $9,556 and $36,257 in Zlotys. We s...