KGHM Polska Miedz SA

XMUN:KGHA

Strong first half: KGHM said first-half 2026 was very strong, with revenue up almost 40% and EBITDA up almost 90%, helped by high metal prices, better operating efficiency, and stronger cash flow.

Margins improved: The group said net profit increased tenfold year on year, while operating margin rose from 25% to 34% and the C1 cost indicator declined.

Polish assets delivered: Domestic production was up, including 20% higher copper production and 8% higher silver production, despite ongoing refurbishment work in Glogow.

Foreign assets mixed: Sierra Gorda was a highlight for cash and earnings, while Robinson faced weaker output because of ore quality and equipment issues, though management expects improvement.

Big investments ahead: KGHM accelerated strategic projects, including the fourth line at Sierra Gorda, major shaft development in Poland, and refinery/smelter upgrades, while keeping an eye on possible M&A.

Capital returns remain a priority: Management said it wants to keep building a strong balance sheet and cash buffer while remaining a dividend-paying company, but gave no dividend number for 2026.