KGHM First look at new Group Strategy 2055+: key priorities unchanged, yet no big surprises vs our expectations

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KGHM First look at new Group Strategy 2055+: key priorities unchanged, yet no big surprises vs our expectations

J P M O R G A N CEEMEA Equity Research

06 July 2026

KGHM Neutral

KGH.WA, KGH PW

First look at new Group Strategy 2055+: key priorities Price (03 Jul 26):zl335.60

unchanged, yet no big surprises vs our expectations Price Target (Dec-27):zl355.00

Last Friday, KGHM announced the Board’s approval of “Strategy of the KGHM CEEMEA Mining & Utilities

ACGroup 2055+” (details here), which set the long- term priorities for KGHM’s Anna Antonova, CFA

development with a focus on investments into domestic mining base, selective (971) 4428-1766

strengthening of international asset portfolio and energy transformation. In line anna.antonova@jpmorgan.com

with previous management comments, KGHM’s key priority areas remain EMEA & CEEMEA Metals & Mining

unchanged - operational efficiency and cost discipline (to address escalating unit Dominic O'Kane

costs), emissions reduction and H&S improvements. While the strategy itself (44-20) 7742-6729

spans to 2055, KGHM has provided select hard number KPIs mainly for the 2026- dominic.j.okane@jpmorgan.com

30 period. Group metals production targets came in roughly in-line/modestly Patrick Jones

below our current forecasts, yet also with somewhat lower associated capex (of (44-20) 7742-5964

PLN 32bn in total, roughly in-line vs BBG cons.), implying no major acceleration patrick.jones@jpmorgan.com

J.P. Morgan Securities plc

of growth in the near term, and thus we can see why the announcement failed to

materially excite the market (shares closed +0.9% vs WIG20 index +0.2%). We

note that KGHM targets an average group EBITDA margin of 25.6% over 2026-

30, which compares to our calculated 25.2% (in real terms, based on average target