The KGHM Polska Miedź Group achieved a net profit of over PLN 3.5 billion in the first quarter of 2026. Revenues from contracts with customers were record‑high, and operating EBITDA more than doubled compared to the same period last year.
The results were published on 13 May 2026 after the stock market closed. During the trading session, KGHM shares rose by 8 percent to PLN 380 per share, approaching record levels from the end of January 2026. Adjusted EBITDA came in at PLN 5.46 billion, 11.4 percent above the market consensus of PLN 4.9 billion.
In the first three months of 2026, KGHM Group’s payable copper production amounted to 176 thousand tonnes. That result is 4 percent higher than in the first quarter of 2025. Production of copper in concentrate from domestic assets was 102.6 thousand tonnes, while electrolytic copper production reached 145.3 thousand tonnes. The Group also produced 329 tonnes of metallic silver.
The main drivers of the substantial revenue increase were changes in the prices of core products and the levels of realised premiums. The Group’s contracting policy and currency risk management also had a significant positive impact. They helped mitigate the negative effect of the average US dollar exchange rate decline on revenue levels.
KGHM recorded a marked improvement in the results of its Polish mines and smelters, while maintaining a high contribution from its foreign assets. The Chilean Sierra Gorda mine, owned by KGHM, posted a 54 percent year‑on‑year increase in silver production and an 80 percent increase in molybdenum production.
– The result of the past quarter confirms the very good condition of Polish Copper and its ability to actively manage business processes in an environment of market uncertainty. This is particularly important in the context of our ambitious development plans. The profits we have generated will allow us to make strategic investments that will strengthen KGHM’s position in the coming decades – said Remigiusz Paszkiewicz, CEO of KGHM.
Stock market reaction
KGHM’s excellent results translated into a reaction on the Warsaw Stock Exchange. The copper giant pulled the WIG20 index upwards, rising by nearly 8 percent by the end of the session. Shares were priced at PLN 380, approaching the record levels seen at the end of January 2026. Analysts pointed out that the EBITDA result significantly exceeded expectations, which was the main reason for the gains.
KGHM is among the world’s top ten miners of copper and is the second‑largest producer of silver. The company holds mining assets in Poland, the USA, Chile and Canada – copper ore mines as well as deposits of accompanying elements such as silver, molybdenum, nickel, gold and other metals. In Poland, KGHM also operates copper smelters. The largest shareholder of KGHM Polska Miedź is the State Treasury, which holds 31.79 percent of the company’s shares. The Group recorded improvement across all key business segments, confirming its ability to generate profits despite volatile market conditions.
