KGHM Polska Miedz has published its financial framework for 2026-2030, setting a target of ZL 12 billion in average annual adjusted EBITDA and an EBITDA margin of 25.6% in real terms over the five-year period.
The company’s assumptions reflect median market forecasts from June 2026: an average copper price of $11,454 per tonne, silver at $58.18 per ounce, and a US dollar to zloty exchange rate of 3.56. These inputs form the basis for KGHM’s revenue and margin planning across the 2026-2030 horizon.
On production, KGHM expects to deliver an average of 730,000 tonnes of payable copper each year during the plan period. Approximately 80% of that output is projected to come from operations in Poland, including 180,000 tonnes attributable to scrap materials. The company anticipates that international assets will supply the remaining 20% of payable copper. In addition to copper, KGHM has set targets for average annual output of 1,290 tonnes of silver and 4.0 million pounds of molybdenum.
Capital investment is a major pillar of the plan. Total capital expenditures are expected to exceed ZL 32 billion across 2026-2030, which averages to roughly ZL 6.5 billion per year. Nearly 80% of this capex is earmarked for core production activities in Poland, while around 20% is allocated to KGHM INTERNATIONAL and the Sierra Gorda project, where KGHM holds a 55% stake. Development projects account for about 40% of total investment, and approximately 2% of Polish spending is designated for research and development in mining, metallurgy, and sustainable development.
Energy and emissions targets are also highlighted in the plan. KGHM intends to expand its installed power generation capacity by at least 50%, targeting a minimum of 220 MW by 2030, compared with 440 MW in 2024. For its Poland division, the company has set a target of reducing Scope 2 CO2 emissions by 30% by the end of 2030 and has established a long-term objective of achieving climate neutrality by 2050.
These projections and targets form the core of KGHM’s corporate planning for the next five years. The company’s guidance ties financial goals to specific commodity and FX assumptions, and couples production and investment commitments with defined sustainability ambitions for its Polish operations.