The adjusted EBITDA of the KGHM group amounted to PLN 2.34 billion in the third quarter of 2025 – according to PAP Biznes calculations based on the company's report. The result turned out to be 1.8 percent. higher than the PAP Biznes consensus, which assumed PLN 2.298 billion of adjusted EBITDA.
Market expectations for adjusted EBITDA ranged from PLN 2,174 million to PLN 2,509 million.
The revenues of the KGHM group amounted to PLN 8.315 billion, compared to PLN 8.553 billion expected by the market and PLN 8.659 billion last year.
The consolidated net profit of KGHM in the third quarter amounted to PLN 433 million compared to PLN 240 million profit a year ago.
The standalone adjusted EBITDA of KGHM Polska Miedź in the third quarter amounted to PLN 1,127 million compared to PLN 1,178 million in the second quarter of 2025. The company's revenues amounted to PLN 7,126 million.
Adjusted EBITDA profit of Sierra Gorda in the third quarter – proportionally to 55%. shares it holds in the KGHM company – amounted to PLN 723 million compared to PLN 630 million a quarter earlier. The company's revenues amounted to PLN 1,059 million.
KGHM International generated PLN 389 million of adjusted EBITDA in the third quarter compared to PLN 448 million of profit in the second quarter of 2025. The company's revenues amounted to PLN 751 million.
Cumulatively, after three quarters of 2025, the KGHM group had PLN 25.871 billion in revenues compared to PLN 26.139 billion a year earlier. Adjusted EBITDA increased to PLN 7.203 billion from PLN 6.186 billion a year ago. Net profit attributable to shareholders of the parent company decreased to PLN 1,012 million from PLN 1,313 million profit a year earlier.
| Below we present the consolidated results of KGHM in the third quarter of 2025 and their comparison to the PAP consensus. Data in PLN million | |||||||
|---|---|---|---|---|---|---|---|
| 3Q2025 | results | cons. | difference | y/y | q/q | YTD 2025 | rdr |
| Revenue | 8315.0 | 8553.2 | -2.8% | -4.0% | -3.5% | 25871.0 | -1.0% |
| cor. EBITDA | 2340.0 | 2298.3 | 1.8% | 18.3% | -1.4% | 7203.0 | 16.4% |
| EBITDA margin | 28.1% | 27.1% | 1.01 | 5.30 | 0.58 | 27.84% | 4.18 |
KGHM announced in a press release that the main factor determining the stable level of group revenues was the diversified sales structure, as well as changes in the prices of basic products and the levels of realized bonuses.
“The contracting policy and the exchange rate risk management process applied in response to macroeconomic and market conditions also had a significant impact. In the analyzed nine-month periods, the average USD/PLN exchange rate dropped from 3.96 to 3.80, resulting in a decrease in the group's revenues by almost PLN 1 billion. The weak dollar offset the increases in copper prices in the third quarter of 2025 and in the entire reported nine-month period of this year.” – KGHM reported.
The C1 cost (unit cash cost of production of payable copper) for the KGHM group amounted to USD 2.60/lb in the three quarters of 2025 and was 6% lower year on year. The company reported that significant decreases in the ratio were recorded in foreign segments, and the C1 cost in KGHM Polska Miedź increased by 2%. is mainly due to a higher mining tax (the share of the mining tax in the C1 cost is USD 1.24/lb) and the strengthening of the Polish zloty against the US dollar, resulting in a higher valuation of by-products.
At the end of the third quarter, the level of net debt to adjusted EBITDA in the KGHM group was 0.8x compared to 0.81x at the end of December 2024.
Net cash flow from operating activities after three quarters amounted to PLN 2.682 billion compared to PLN 3.433 billion a year earlier.
The balance of cash and cash equivalents at the end of September was PLN 411 million compared to PLN 1,112 million a year earlier.
The capital expenditure of the KGHM Group after three quarters amounted to PLN 2.5 billion and was 2% higher than in the previous three quarters. lower y/y
According to the company, investments within the Main Process Line remain a priority. Expenditures in the mining area reached PLN 2.0 billion and included, among others: Deposit Access Program (PLN 683 million), replacement of machinery (PLN 358 million), development of mining areas (PLN 362 million), mine drainage (PLN 187 million), and expansion of the Żelazny Most OUOW (PLN 134 million). During the first nine months of the year, the company completed over 32 km of mining excavations.
In recent months, the management board of KGHM Polska Miedź decided to start work on geological and hydrogeological reconnaissance for the following projects: Retków, Gaworzyce and GG-2 “Odra”. At the same time, KGHM is carrying out works related to the installation of equipment in the GG-1 shaft, which is currently a ventilation shaft and is ultimately intended to also serve as a material and transport shaft.
In the steel industry, investments reached PLN 358 million. The most important projects were the planned renovations and reconstruction works at the Głogów Copper Smelter and the Legnica Copper Smelter. Investment activities also covered the Ore Enrichment Plants. KGHM plans to allocate a total of PLN 3.8 billion for investments in 2025.
“KGHM's priority is to invest in new shafts that will enable the use of the production capacity of our smelters in the long term. We are also carrying out intensive activities to open up further batches of copper deposits and build infrastructure to extract them,” said Andrzej Szydło, president of KGHM, quoted in the release.
In the first nine months of 2025, the production of payable copper in the KGHM group amounted to 526.4 thousand tons. tons, which means a decrease of 3%. rdr. As reported, this was related to the implementation of the planned renovation of the Głogów II Copper Smelter and the sale of the McCreedy West mine in Canada in February 2025. The group also produced 993 tons of metallic silver, 119 thousand troz of precious metals and 4.1 million pounds of molybdenum.
Production of copper in concentrate in domestic assets amounted to 304.7 thousand tons. tons (an increase of 0.2% y/y), and the production of electrolytic copper reached 421 thousand. tons (decrease by 4.6% y/y). Production of payable copper in the Sierra Gorda mine amounted to 64.9 thousand tons. tons (for KGHM's 55 percent share) and was 14 percent higher y/y At KGHM International, production of payable copper reached 40.6 thousand tonnes. tons (45.5 thousand tons, a year earlier).
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