$KGH (+5.71%)
Q1 '26 vs Q1 '25
Revenues: PLN 11.872 bn zł VS 8.942 bn zł➡️+33% 🟢
Net result on sales: PLN 4.000 bn zł VS 1.128 bn zł➡️x3.5 🟢
Adjusted EBITDA: PLN 5.464 bn zł VS PLN 2.489 bn zł➡️x2.2 (+119%) 🟢
Net Profit (Group): PLN 3.529 bn zł VS PLN 0.330 bn zł ➡️x10.7 🟢
Payable Copper Production: 176 kt VS ~169 kt ➡️ +4% 📈🟢
C1 Cash Cost (payable copper): 1.69 USD/lb VS ~2.62 USD/lb ➡️ -35%🟢
Net Debt / Adjusted EBITDA: 0.6 VS ~0.7 ➡️Improved 🟢
Insight:
- Record revenues driven by higher realized prices (copper + silver), better premiums, and effective FX/hedging.
- Sharp C1 cost reduction thanks to high by-product credits (silver, molybdenum, precious metals) — domestic operations even showed negative C1 ex-MET.
- Strong contribution from both Polish assets (improved mine/metallurgy performance) and international assets (Sierra Gorda standout).
- CAPEX PLN 657 mn (+9% YoY), focused on core mining and new shafts.
- Production was in line with budget; silver output 329 tonnes.
