Poland · Delayed Price · Currency is PLN KGHM Polska Miedz Earnings Call Transcripts
Fiscal Year 2026
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The EGM confirmed its legality and quorum, approved the agenda, and executed major changes to the Supervisory Board by dismissing four members and appointing four new ones. All resolutions, including covering meeting costs, were adopted by majority vote.
Fiscal Year 2025
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2025 saw strong financial and operational results, driven by higher commodity prices, disciplined cost management, and significant contributions from foreign assets. Strategic investments and risk mitigation projects strengthened the group’s position, with stable outlook and continued focus on growth and diversification.
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Stable copper prices and strong silver performance, combined with cost discipline, led to a 16% year-over-year rise in Adjusted EBITDA despite a 1% revenue dip. Sierra Gorda's output surged, while maintenance impacted domestic copper production.
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Group EBITDA rose 16% year-on-year, driven by strong international asset performance, while net profit fell 46% due to exchange rate impacts and higher amortization. Domestic production exceeded budget, and CapEx focused on mining infrastructure and water management.
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The meeting approved all financial statements, allocated 2024 profit to reserves, and adopted most governance and remuneration policy changes. Some board members did not receive discharge for 2024, and a key statute amendment failed to pass.
Fiscal Year 2024
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Adjusted EBITDA rose 25% year-over-year, with group EBITDA up 58% and net profit at PLN 2.87 billion. Strong cost control, improved segment performance, and strategic asset management supported results, while the company prepares for long-term growth amid market volatility.
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Stable production and financial growth marked the first nine months of 2024, with a 3% rise in copper output and 2% revenue growth, while Adjusted EBITDA surged 44% year-over-year. CapEx focused on mining development, and operational improvements drove cost efficiencies.
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H1 2024 saw stable production, a 2% revenue dip, but a 35% jump in adjusted EBITDA and over 200% net profit growth. CapEx rose 50%, with future increases expected to support long-term growth. International operations rebounded, while hedging offset currency headwinds.