⚠ Copper Revenue Has Not Grown Since 2023High threat

KGHM Polska Miedź (KGH) — threat to the moat

Three years, a 2% spread, and a strengthening złoty taking back what the copper price gave.

KGHM is a copper company, and its copper revenue has been flat for three years.

Parent copper revenue (zl m)22 290202322 789202422 3782025A 2% spread, while the average copper price rose from 8 478 to 9 945 USD/t
A stronger złoty took back what the copper price gave: 4,20 to the dollar in 2023, 3,76 in 2025.

The parent's copper sales were 22 290 million złoty in 2023, 22 789 in 2024 and 22 378 in 20251. Three years, a spread of about 2%, in a period when the average copper price rose from 8 478 dollars a tonne to 9 9452.

The reason is volume. Sales of copper and copper products were 584,7 thousand tonnes in 2023 and 572,5 in 20253 — down slightly — so a higher price in dollars was substantially offset by a złoty that strengthened from 4,20 to the dollar to 3,764. A Polish miner selling in dollars and paying costs in złoty loses on the exchange rate exactly when the metal is doing well.

That is why the improvement in the group's results since 2023 has come from silver, from Sierra Gorda and from the currency stabilising, rather than from the core business selling more copper for more money.

The first half of 2026 broke the pattern, with copper revenue up 32,3%5, but on volume up only 2,7%6. It is the price.

The measure is copper revenue in złoty rather than the copper price in dollars. The second has risen for four years; the first has not, and the first is what pays the wages.

References
  1. ReportedThe parent's copper sales were 22 290 million złoty in 2023, 22 789 in 2024 and 22 378 in 2025.
    KGHM Polska Miedz S.A. Group consolidated financial statements for 2025 (group revenue of 36 366m złoty with the parent at 30 964m and KGHM INTERNATIONAL at 3 439m; parent copper revenue of 22 378m and silver revenue of 6 133m; minerals extraction tax of 4 693m against 3 865m in 2024 and 3 496m in 2023; employee benefits of 6 303m; purchased metal-bearing materials of 8 335m; parent net profit of 1 946m against a group profit of 3 688m; total assets of 58 240m, equity of 32 898m and involvement in the Sierra Gorda joint venture of 10 250m including 8 436m of loans) — FY2023-FY2025 · publ. 10 March 2026 · source ↗
  2. ReportedThree years, a spread of about 2%, in a period when the average copper price rose from 8 478 dollars a tonne to 9 945.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025, the financial review and metal markets (adjusted EBITDA of 10 276m złoty against 8 457m in 2024, 5 362m in 2023, 8 865m in 2022 and 10 327m in 2021, of which Sierra Gorda contributed 3 115m and KGHM INTERNATIONAL 1 860m; average copper of 9 945 USD/t against 8 478 in 2023; average silver of 40,03 USD/oz against 28,27 in 2024 and 23,35 in 2023; and an average USD/PLN rate of 3,76 against 4,20 in 2023) — FY2021-FY2025 · publ. 10 March 2026 · source ↗
  3. ReportedSales of copper and copper products were 584,7 thousand tonnes in 2023 and 572,5 in 2025 — down slightly — so a higher price in dollars was substantially offset by a złoty that strengthened from 4,20 to the dollar to 3,76.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025, the financial review and metal markets (adjusted EBITDA of 10 276m złoty against 8 457m in 2024, 5 362m in 2023, 8 865m in 2022 and 10 327m in 2021, of which Sierra Gorda contributed 3 115m and KGHM INTERNATIONAL 1 860m; average copper of 9 945 USD/t against 8 478 in 2023; average silver of 40,03 USD/oz against 28,27 in 2024 and 23,35 in 2023; and an average USD/PLN rate of 3,76 against 4,20 in 2023) — FY2021-FY2025 · publ. 10 March 2026 · source ↗
  4. ReportedSales of copper and copper products were 584,7 thousand tonnes in 2023 and 572,5 in 2025 — down slightly — so a higher price in dollars was substantially offset by a złoty that strengthened from 4,20 to the dollar to 3,76.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025, the financial review and metal markets (adjusted EBITDA of 10 276m złoty against 8 457m in 2024, 5 362m in 2023, 8 865m in 2022 and 10 327m in 2021, of which Sierra Gorda contributed 3 115m and KGHM INTERNATIONAL 1 860m; average copper of 9 945 USD/t against 8 478 in 2023; average silver of 40,03 USD/oz against 28,27 in 2024 and 23,35 in 2023; and an average USD/PLN rate of 3,76 against 4,20 in 2023) — FY2021-FY2025 · publ. 10 March 2026 · source ↗
  5. ReportedThe first half of 2026 broke the pattern, with copper revenue up 32,3%, but on volume up only 2,7%.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026, financial results (revenue of 24 711m złoty up 40,8%, profit for the period of 5 579m against 580m, adjusted EBITDA of 9 198m up 89,1%, capital expenditure of 1 663m, net debt down 13,5% to 4 691m, equity of 39 814m, available financing of 16 978m, and the 1 979m złoty increase in the minerals extraction tax on higher copper and silver prices) — H1 2026 · publ. August 2026 · source ↗
  6. ReportedThe first half of 2026 broke the pattern, with copper revenue up 32,3%, but on volume up only 2,7%.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026, financial results (revenue of 24 711m złoty up 40,8%, profit for the period of 5 579m against 580m, adjusted EBITDA of 9 198m up 89,1%, capital expenditure of 1 663m, net debt down 13,5% to 4 691m, equity of 39 814m, available financing of 16 978m, and the 1 979m złoty increase in the minerals extraction tax on higher copper and silver prices) — H1 2026 · publ. August 2026 · source ↗
Sources
Generated September 24, 2026