KGHM Polska Miedz SA

KGHM Polska Miedz reported a tenfold year-on-year increase in net profit for the first half of 2026, with revenue up almost 40% and EBITDA up almost 90%. Payable copper production rose 20% and silver production rose 8%, while the group's operating margin widened from 25% to 34%. The company's international assets, however, saw copper production fall 34% due to challenging ore conditions and equipment failures at the Robinson mine, and Sierra Gorda's copper output slipped 5% after torrential rains in Chile. KGHM achieved PLN300 million in cost savings and expects to release working capital tied up in inventory during the second half as 60,000 anodes are processed and sold.