KGHM Polska Miedz S.A. Q3 2025 Earnings Recap

KGHM Group reported stable quarterly performance amidst mixed copper prices, with slight year-on-year declines in adjusted EBITDA and net profit, but significant increases in silver prices and overall production metrics.

Key Takeaways

• Adjusted EBITDA fell by 1% year-on-year, while KGHM Polska Miedz saw a 5% increase in adjusted EBITDA.
• Net profit declined compared to the first nine months of 2024, attributed to a reduced production from planned maintenance at the Glogow smelter.
• Silver production rose by 1.5% year-on-year, bolstering overall revenue despite weaker copper results.
• Production metrics improved in Q3 2025, including a 14% increase in payable copper from the Sierra Gorda mine.
• Cost discipline led to stabilization in production costs, with minimal increases in C1 costs across domestic and international operations.