KGHM Polska Miedz: Q1 beat driven by Polish operations. Copper + Silver leverage.

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KGHM Polska Miedz: Q1 beat driven by Polish operations. Copper + Silver leverage.

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KGHM Polska Miedz

Q1 beat driven by Polish operations.

Copper + Silver leverage.

Reiterate Rating: BUY | PO: 400.00 PLN | Price: 339.45 PLN

Q1 beat on strong Polish operations. 19 May 2026

KGHM Q1 revenues bit light, EBITDA big beat driven by Polish operations. Group Equity

revenues PLN11.9bn, +33% YoY, -7% vs BofA est, -5% vs VA consensus. Group EBITDA

PLN5.4 bn, +120% YoY, +24% vs BofAe, +23% vs. VA. Poland big EBITDA beat (+42% vs

Key ChangesVA), Sierra Gorda and International miss (-15%/-18% vs VA). Model update: 2026E

EBITDA +4% to PLN19.0 bn. We are buyers of KGHM price objective of PLN400 (was (PLN) Previous Current

PLN380); we are bullish both copper and silver. Shares trade on c. 3.8x 2027E EBITDA, Price Obj. 380.00 400.00

fairly inexpensive vs. copper peers which trade on 5-12x EV/EBITDA. 2026E EPS 41.95 43.56

2027E EPS 46.27 49.13

2028E EPS 33.22 36.17Strong Polish ops offset Sierra Gorda and International

Polish operations: Q1 EBITDA PLN 4.2bn, +42% vs VA, mainly on higher metal prices,

better ore quality and higher cathode output, while absolute costs were broadly flat Equity Research

Jason Fairclough >>

(despite higher MET and material costs), helped by inventory effect. International: Q1 Research Analyst

soft, EBITDA -9% YoY, -18% vs VA, as Robinson’s lower grades/recoveries drove -31% MLI (UK) jason.fairclough@bofa.com

copper sales, partly offset by stronger metal prices and better by-product metal

Reinhardt van der Walt >>

production. Sierra Gorda: Q1 soft, EBITDA -15% vs VA, as prices partly offset lower Research Analyst

sales and higher costs (labour, maintenance). MLI (UK)

Paul Kirjanovs >>

Key takeaways from site visit ResearchMLI (UK) Analyst