Profil:
KGHM Polska Miedź SAUPDATE: KGHM copper posts PLN 2.37 bln in Q2 adj. EBITDA, above consensus
Listed copper and silver producer KGHM posted an adjusted EBITDA of PLN 2.374 billion (EUR 558.5 mln) in the second quarter, 6.2 percent above market expectations for a PLN 2.235 billion (EUR 525.8 mln) result, the company's financial report showed.
Below are the KGHM's results for the second quarter of 2025 against the PAP Biznes consensus:
| Q2 2025 | result | consensus | vs consensus | y/y | q/q |
| PLN mln | PLN mln | % | % | % | |
| Revenues | 8614 | 8655,4 | -0,50% | -6,00% | -3,70% |
| adj. EBITDA | 2374 | 2235 | 6,20% | -10,70% | -4,60% |
| EBITDA margin | 27,60% | 25,80% | 1,76 | -1,43 | -0,28 |
KGHM's consolidated net profit amounted to PLN 250 million (EUR 58.8 mln) in the second quarter, compared to PLN 330 million (EUR 77.7 mln) in the first quarter of this year.
KGHM's standalone adjusted EBITDA in the second quarter amounted to PLN 1.178 billion (EUR 277.2 mln), compared to PLN 1.253 billion (EUR 294.9 mln) in the first quarter of 2025. The company's revenue amounted to PLN 7,323 million (EUR 1.72 bln).
KGHM International generated PLN 448 million (EUR 105.4 mln) in adjusted EBITDA in the second quarter, compared to PLN 462 million (EUR 108.7 mln) in the first quarter of 2025. The company's revenue amounted to PLN 817 million (EUR 192.3 mln).
Cumulatively, after the first half of 2025, the KGHM group had revenues of PLN 17.556 billion (EUR 4.13 bln), which represents an increase of 0.4 percent y/y.
Adjusted EBITDA increased by 15.6 percent y/y to PLN 4.863 billion (EUR 1.14 bln). Net profit attributable to shareholders of the parent company amounted to PLN 579 million (EUR 136.3 mln), compared to PLN 1,073 million (EUR 252.5 mln) a year earlier.
The C1 cost (unit cash cost of copper production) for the KGHM Group amounted to USD 2.61/lb in the first half of 2025, which was 5 percent lower than in the same period last year.
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