KGHM Polska Miedz SA (KGHPF)
OTHER OTC:KGHPF
Earnings Data
Report Date
May 20, 2026TBA (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
3.38Last Year’s EPS
0.45Same Quarter Last Year
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly positive operational and financial picture driven by strong commodity prices, excellent overseas asset performance (notably Sierra Gorda), disciplined CapEx execution, tangible cost improvements and meaningful cash inflows/loan repayments from foreign assets. Management emphasized risk management (hedging and energy measures), stabilization of key operational risks (notably mine water), and the potential to resume dividends. Offsetting items include short‑term production/refinery disruptions, lower volumes and precious‑metal output in some international assets (partly due to asset disposals), derivative/FX and tax headwinds, and remaining uncertainty around large expansion decisions (Sierra Gorda 4th line) and greenfield exploration/M&A (Morocco). On balance, the positive drivers and strong cash and EBITDA performance outweigh the challenges, though some execution and market risks remain.Company Guidance
Strong commodity price backdrop
Copper price rose from about $8,500 at the start of 2025 to $12,500 at year-end (≈+47%), with silver also at higher levels — a market environment that materially supported group results in 2025.
Record and stable production performance
Group mining output exceeded 30 million tonnes; average copper grade ~1.49% and silver ~51 g/tonne. Copper in concentrate reached ~401,000 tonnes (≈+1,000 t vs 2024). Cedynia recorded its largest wire production in the plant's 45‑year history (over 262,000 tonnes/records cited).
Outstanding performance at Sierra Gorda and foreign-assets contribution
Sierra Gorda delivered a strong year: payable copper ~868,000 tonnes (≈+8% YoY), silver +3% YoY (≈24 t), molybdenum production ~5 million lbs (≈+52% YoY). Overseas assets collectively contributed ~48% of adjusted EBITDA and paid $379.7 million into the group in 2025; Sierra Gorda repaid over $300 million during 2025 and has repaid >$1 billion cumulatively to the parent.
Material EBITDA and margin improvements
Management highlighted significant EBITDA growth over the last two years (approximately tripling vs. 2023) with a ~28% YoY uplift in the most recent period, reflecting both favorable metals prices and cost/operational discipline.
Cost discipline and C1 improvements
Group C1 cash cost declined ~3% YoY; excluding the impact of the copper tax the C1 would have decreased approximately 17% YoY. Segment-level C1 improvements: KGHM International ~-32% and Sierra Gorda ~-46% YoY.
Strong cash-flow, deleveraging and capital discipline
Operations generated cash to finance investments; Sierra Gorda loan repayments improved financial flows. Management reduced indebtedness and executed disciplined CapEx (≈96% of the planned program completed).
CapEx execution and investment prioritization
Planned CapEx around PLN 3.8 billion (with ~PLN 3.563–3.93bn in accounting disclosures) and ~96% execution; mining CapEx ~PLN 3.014bn (~70% of total). A PLN 1.3bn program focused on deposit availability (shaft/long‑term production base) was highlighted.
Risk management: hedging and energy initiatives
The group has deliberate hedging in place (copper ~20% hedged, silver ~32% hedged) and has secured ~50% of gas needs for 2026. A 94 MW PV project (BGK transaction) and other energy measures aim to reduce energy cost exposure (targeted production cost of own energy noted below PLN 200 in stated units).
Operational resilience and safety actions on water risk
Company completed multi‑year measures to virtually eliminate the risk of mine flooding in Poland: water drainage stabilized (~36 m3/min), Zelazny Most retention reduced from ~14 million m3 capacity filled to ~5 million m3 currently, and permits obtained to extend retention capacity.
Dividend policy and shareholder returns
Management sees grounds to resume dividend distribution under the existing policy (payout <=30% of net profit) and will make a recommendation to shareholders; formal decision to be made in roughly one month.
KGHPF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
KGHPF Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 25, 2026 | $71.56 | $73.63 | +2.89% |
Nov 13, 2025 | $51.45 | $54.06 | +5.08% |
Aug 19, 2025 | $33.99 | $33.99 | 0.00% |
May 14, 2025 | $32.15 | $32.15 | 0.00% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does KGHM Polska Miedz SA (KGHPF) report earnings?
KGHM Polska Miedz SA (KGHPF) is schdueled to report earning on May 20, 2026, TBA (Confirmed).
What is KGHM Polska Miedz SA (KGHPF) earnings time?
KGHM Polska Miedz SA (KGHPF) earnings time is at May 20, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is KGHPF EPS forecast?
KGHPF EPS forecast for the fiscal quarter 2026 (Q1) is 3.38.