EarningsQ2 2026 Earnings Report
MX:KGHN Q2 2026 EPS Results
Actual EPS$47.73
Consensus EPS$45.89
Beat/MissBeat by +$1.83
One Year Ago EPS$5.69
MX:KGHN Q2 2026 Revenue Results
Actual Revenue$61.63B
Expected Revenue$59.30B
Beat/MissBeat by +$2.33B
YoY Revenue Growth+54.43%
Earnings Announcement Details
QuarterQ2 2026
Date08/19/2026
TimeTBA
Conference CallWednesday, August 19, 2026
MX:KGHN Upcoming Earnings
KGHM Polska Miedz SA's next earnings date is estimated for November 18, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:KGHN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented materially stronger financial results (revenues ~+40%, EBITDA ~+90%, tenfold net profit increase), improved margins (25% to 34%), solid operating cash flow and successful cost optimization progress, alongside accelerated project execution (CapEx, Line 4, shafts, smelter refurbishments). These positives were tempered by localized operational setbacks (Sierra Gorda copper -5%, KGHM International -34%, Robinson processing issues), temporary inventory build‑up tying cash, and market volatility/supply risks. On balance the positive financial and strategic developments outweigh the operational challenges, which management is addressing through repairs, exploration and optimization.Company Guidance
Strong Revenue Growth
Group revenues increased by almost 40% in H1 2026 versus H1 2025, driven by higher metal prices and increased sales volumes.
Significant EBITDA and Net Profit Improvement
EBITDA rose by almost 90% year‑on‑year for H1 2026; net profit increased approximately tenfold year‑on‑year, reflecting much stronger profitability.
Improved Operating Margin
Group operating margin expanded from 25% to 34% year‑on‑year, a 9 percentage‑point improvement indicating better profitability per unit of revenue.
Higher Paid Copper and Silver Production (Group)
Paid copper production increased by 20% year‑on‑year and silver production increased by 8% year‑on‑year across the group, supporting higher sales volumes.
Strong Operating Cash Flow and Balance Sheet Progress
Operating cash flow exceeded PLN 2.5 billion for H1 2026; after investments cash flow was PLN 774 million. Management reported a simultaneous decrease in group debt and strengthened cash flows.
International Assets Cash Generation
International assets produced cash flow of $290.3 million in H1 2026, with Sierra Gorda contributing over $270 million and international assets delivering nearly 20% of adjusted EBITDA (~PLN 2.5 billion) for the group.
CapEx and Project Acceleration
CapEx in H1 2026 totaled PLN 1.439 billion with development spending up 14% year‑on‑year. Key projects accelerated include shafts (GG‑1, GG‑2, Retkow, Gaworzyce) and smelter refurbishments.
Line 4 Sierra Gorda Investment
Decision to fund a fourth processing line in Sierra Gorda with total CapEx of $725 million (funded by project debt and operating cash flows); expected construction ~3 years with full operation targeted in H2 2030 and a ~20% production uplift potential.
Cost Optimization Progress
Company targets PLN 1 billion cumulative savings by 2028 (vs 2024 benchmark). After one year of implementation, ~PLN 300 million of savings have been achieved so far.
Energy / Environmental Investments and Grants
Signed contracts exceeding PLN 200 million with the National Fund for Environment Protection for photovoltaic and wind projects; energy optimization actions limited net energy price effect to ~PLN 32 million in H1 despite higher volumes.
MX:KGHN 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