Currency courses hit KGHM profit. President: Copper quotations were also a challenge

The currency exchange rate, very strong zloty, had a great impact on the financial result of KGHM in the first half of this year – emphasized on Wednesday the president of KGHM Andrzej Szydło, commenting on the company's results. Group net profit for the first half of this year. amounted to PLN 580 million, against PLN 1.074 billion in the same period of 2024.

In the first half of 2025, the KGHM Capital Group generated PLN 4.9 billion in EBITDA operating profit at revenues of PLN 17.5 billion. This is a 16 % increase, respectively. and 0.4 percent relative to the same period a year earlier. Group net profit for the first half of this year. It amounted to PLN 580 million, while a year earlier PLN 1.074 billion.

The president of KGHM Polska Miedź Andrzej Szydło on Wednesday during a press conference emphasized that the financial result of a copper company was mainly influenced by the zloty strengthening in relation to the dollar and the euro. – Copper quotations, PLN 36,546 for a ton of copper, i.e. the level of the first half of the year, which is a challenge for the company, because the level of costs and the level of sales prices of products determines financial results – said Szydło, adding that today copper quotations are below 36,000. PLN per ton.

The Vice President of the Management Board for Foreign Assembly Anna Sobieraj-Kozakiewicz pointed out that in the first half of 2025 19 percent were recorded. Increase in paid copper production in the Sierra Gorda mine (Chile) and 89 percent An increase in molybdenum production compared to the same period last year. – In the production results of the KGHM International Group we see a slight decline in paid copper production by 1 percent. We note in a group 80 percent A decline in silver production, but it is related to the sale of foreign assets in the Sudbury Basin-said Sobieraj-Kozakiewicz, also indicating an increase in gold production in the Robinson mine.

The vice president assessed that “good production results of foreign assets” translate into cash flows in this capital group. -This in turn results in repayment of loans by foreign assets of almost $ 131 million to KGHM Polska Miedź SA-added Sobieraj-Kozakiewicz.

President Szydło was asked by journalists whether with such a financial result for the first half of this year, KGHM employees could count on an additional prize for profit and advances developed. – At the board meeting we will talk about the potential advance, the annual prize for the profit generated, I repeat, advances for the first half of the year (…). As of today, the net result of KGHM is that it is too early to respond to it zero, whether it will happen or not – said Szydło.

In the first half of 2025, investment outlays (CAPEX) of the KGHM group amounted to PLN 1.5 billion and were 4 percent. lower compared to the same period a year earlier. Investments within the main technological sequence are a priority. Expenses in the area of ​​mining reached the level of PLN 1.2 billion, and covered, among others The deposit sharing program (PLN 418 million), replacement of the machine park (PLN 243 million), armament of mining regions (PLN 222 million), drainage of mines (PLN 121 million), as well as the expansion of the ouow Żelazny Most (PLN 63 million). In the past six months, the company made over 21 km of mining excavations.

In June this year The Management Board of KGHM Polska Miedź SA decided to start work in the field of geological and hydrogeological recognition for projects: Retków, Gaworzyce and GG-2 “Odra”. This stage will enable the precise determination of the target location of the shaft, selecting the best deeper technology, as well as determining the depth of freezing of the rock mass. The estimated cost of the entire investment will amount to a minimum of PLN 9 billion. (PAP)

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