H1 2026 report
Rekordowe I półrocze 2026 r. (przychody +40,8% r/r, skorygowana EBITDA +89% r/r, zysk netto ×9,6) napędzone głównie rekordowymi cenami miedzi, srebra i złota, wspartymi realną poprawą kosztową w segmencie krajowym (C1 z 3,15 do 2,44 USD/lb).
Sentiment
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KGH
H1 2026 report
Revenue
24,711 m PLN
— YoY
Net income
5,579 m PLN
— YoY
EBITDA
9,198 m PLN
— YoY
Gross margin
29.2%
— YoY
Summary
Investment thesis
- Jakość zysku wymaga rozbioru: mimo rekordowej EBITDA wolne przepływy pieniężne wypadły w tym okresie lekko ujemnie, a około połowy przyrostu zysku netto r/r to pozycje nieoperacyjne (różnice kursowe, wycena pożyczki do Sierra Gorda).
- Bilans wyraźnie się umocnił — dług netto spadł o 13,5% do 4 691 mln PLN, Grupa całkowicie zeszła z faktoringu odwrotnego, a poziom zadłużenia netto do kapitału własnego (0,12x) jest bardzo niski jak na skalę prowadzonego CAPEX-u.
- Podatek od wydobycia niektórych kopalin niemal się podwoił mimo nowelizacji ustawy mającej go obniżyć — mechanizm progresywny ogranicza operacyjną dźwignię na wysokich cenach metali, a realna ulga inwestycyjna zadziała dopiero od 2029 r.
- Nowa, wieloletnia umowa z Grupą NKT (do 2036 r., szacunkowo 22,8-29,3 mld PLN) i zatwierdzona tuż po dniu bilansowym Strategia 2055+ dają długoterminową widoczność, ale w krótkim terminie wynik pozostaje silnie zależny od notowań miedzi, srebra i kursu USD/PLN.
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Financials
BETA
KGH · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24,711 | — | — | 24,711 | — | reported | — | 1.00 |
| Gross profit | 7,214 | — | — | 7,214 | — | reported | — | 1.00 |
| EBITDA | 9,198 | — | — | 9,198 | — | adjusted | — | 0.95 |
| EBIT | 8,065 | — | — | 8,065 | — | derived | — | 0.80 |
| EBT | 7,908 | — | — | 7,908 | — | reported | — | 1.00 |
| Net income | 5,579 | — | — | 5,579 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 27.9 | — | — | 27.9 | — | reported | — | 1.00 |
| D&A | 1,422 | — | — | 1,422 | — | reported | — | 1.00 |
| Interest expense | 157 | — | — | 157 | — | reported | — | 0.80 |
| Income tax | 2,329 | — | — | 2,329 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 200 | — | — | 200 | — | reported | — | 1.00 |
| Gross margin | 29.2% | — | — | 29.2% | — | derived | — | 0.95 |
| EBITDA margin | 34% | — | — | 34% | — | derived | — | 0.90 |
| EBIT margin | 32.63% | — | — | 32.63% | — | derived | — | 0.85 |
| Net margin | 22.58% | — | — | 22.58% | — | derived | — | 0.95 |
| Cash | 1,217 | — | — | 1,217 | — | reported | — | 1.00 |
| Total debt | 5,898 | — | — | 5,898 | — | reported | — | 1.00 |
| Net debt | 4,691 | — | — | 4,691 | — | reported | — | 1.00 |
| Equity | 39,814 | — | — | 39,814 | — | reported | — | 1.00 |
| Total assets | 65,862 | — | — | 65,862 | — | reported | — | 1.00 |
| Working capital | 4,762 | — | — | 4,762 | — | derived | — | 0.95 |
| Current assets | 17,609 | — | — | 17,609 | — | reported | — | 1.00 |
| Current liabilities | 12,847 | — | — | 12,847 | — | reported | — | 1.00 |
| Non-current liabilities | 13,201 | — | — | 13,201 | — | reported | — | 1.00 |
| Inventory | 12,214 | — | — | 12,214 | — | reported | — | 1.00 |
| Trade receivables | 1,916 | — | — | 1,916 | — | reported | — | 1.00 |
| Trade payables | 2,807 | — | — | 2,807 | — | reported | — | 1.00 |
| CFO | 2,556 | — | — | 2,556 | — | reported | — | 1.00 |
| CapEx | 2,602 | — | — | 2,602 | — | reported | — | 0.95 |
| FCF | -46 | — | — | -46 | — | derived | — | 0.90 |
| FCF conversion | -0.5% | — | — | -0.5% | — | derived | — | 0.85 |
| CFO conversion | 27.79% | — | — | 27.79% | — | derived | — | 0.90 |
| Current ratio | 1.37x | — | — | 1.37x | — | derived | — | 0.95 |
| Quick ratio | 0.42x | — | — | 0.42x | — | derived | — | 0.90 |
| Cash ratio | 0.1x | — | — | 0.1x | — | derived | — | 0.90 |
| Interest coverage | 51.4x | — | — | 51.4x | — | derived | — | 0.70 |
| Debt / equity | 0.15x | — | — | 0.15x | — | derived | — | 0.90 |
| Debt / assets | 0.09x | — | — | 0.09x | — | derived | — | 0.90 |
| Net debt / equity | 0.12x | — | — | 0.12x | — | derived | — | 0.90 |
| Revenue growth (YoY) | 40.75% | — | — | 40.75% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 89.14% | — | — | 89.14% | — | derived | — | 0.90 |
| Net income growth (YoY) | 861.9% | — | — | 861.9% | — | derived | — | 0.90 |
| EPS growth (YoY) | 862.1% | — | — | 862.1% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | 11.37 pp | — | — | 11.37 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 9 pp | — | — | 9 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 19.27 pp | — | — | 19.27 pp | — | derived | — | 0.90 |
| Market cap | 66,250 | — | — | 66,250 | — | derived | — | 0.90 |
| Enterprise value | 70,941 | — | — | 70,941 | — | derived | — | 0.85 |
H1 2026 · Δ YoY
Revenue
24,711
—
24,711
—
- H1 2025
- —
- YTD 2026
- 24,711
- Δ YoY
- —
Gross profit
7,214
—
7,214
—
- H1 2025
- —
- YTD 2026
- 7,214
- Δ YoY
- —
EBITDA
9,198
—
9,198
—
- H1 2025
- —
- YTD 2026
- 9,198
- Δ YoY
- —
EBIT
8,065
—
8,065
—
- H1 2025
- —
- YTD 2026
- 8,065
- Δ YoY
- —
EBT
7,908
—
7,908
—
- H1 2025
- —
- YTD 2026
- 7,908
- Δ YoY
- —
Net income
5,579
—
5,579
—
- H1 2025
- —
- YTD 2026
- 5,579
- Δ YoY
- —
EPS (basic)
(PLN)
27.9
—
27.9
—
- H1 2025
- —
- YTD 2026
- 27.9
- Δ YoY
- —
D&A
1,422
—
1,422
—
- H1 2025
- —
- YTD 2026
- 1,422
- Δ YoY
- —
Interest expense
157
—
157
—
- H1 2025
- —
- YTD 2026
- 157
- Δ YoY
- —
Income tax
2,329
—
2,329
—
- H1 2025
- —
- YTD 2026
- 2,329
- Δ YoY
- —
Shares (basic)
(m units)
200
—
200
—
- H1 2025
- —
- YTD 2026
- 200
- Δ YoY
- —
Gross margin
29.2%
—
29.2%
—
- H1 2025
- —
- YTD 2026
- 29.2%
- Δ YoY
- —
EBITDA margin
34%
—
34%
—
- H1 2025
- —
- YTD 2026
- 34%
- Δ YoY
- —
EBIT margin
32.63%
—
32.63%
—
- H1 2025
- —
- YTD 2026
- 32.63%
- Δ YoY
- —
Net margin
22.58%
—
22.58%
—
- H1 2025
- —
- YTD 2026
- 22.58%
- Δ YoY
- —
Cash
1,217
—
1,217
—
- H1 2025
- —
- YTD 2026
- 1,217
- Δ YoY
- —
Total debt
5,898
—
5,898
—
- H1 2025
- —
- YTD 2026
- 5,898
- Δ YoY
- —
Net debt
4,691
—
4,691
—
- H1 2025
- —
- YTD 2026
- 4,691
- Δ YoY
- —
Equity
39,814
—
39,814
—
- H1 2025
- —
- YTD 2026
- 39,814
- Δ YoY
- —
Total assets
65,862
—
65,862
—
- H1 2025
- —
- YTD 2026
- 65,862
- Δ YoY
- —
Working capital
4,762
—
4,762
—
- H1 2025
- —
- YTD 2026
- 4,762
- Δ YoY
- —
Current assets
17,609
—
17,609
—
- H1 2025
- —
- YTD 2026
- 17,609
- Δ YoY
- —
Current liabilities
12,847
—
12,847
—
- H1 2025
- —
- YTD 2026
- 12,847
- Δ YoY
- —
Non-current liabilities
13,201
—
13,201
—
- H1 2025
- —
- YTD 2026
- 13,201
- Δ YoY
- —
Inventory
12,214
—
12,214
—
- H1 2025
- —
- YTD 2026
- 12,214
- Δ YoY
- —
Trade receivables
1,916
—
1,916
—
- H1 2025
- —
- YTD 2026
- 1,916
- Δ YoY
- —
Trade payables
2,807
—
2,807
—
- H1 2025
- —
- YTD 2026
- 2,807
- Δ YoY
- —
CFO
2,556
—
2,556
—
- H1 2025
- —
- YTD 2026
- 2,556
- Δ YoY
- —
CapEx
2,602
—
2,602
—
- H1 2025
- —
- YTD 2026
- 2,602
- Δ YoY
- —
FCF
-46
—
-46
—
- H1 2025
- —
- YTD 2026
- -46
- Δ YoY
- —
FCF conversion
-0.5%
—
-0.5%
—
- H1 2025
- —
- YTD 2026
- -0.5%
- Δ YoY
- —
CFO conversion
27.79%
—
27.79%
—
- H1 2025
- —
- YTD 2026
- 27.79%
- Δ YoY
- —
Current ratio
1.37x
—
1.37x
—
- H1 2025
- —
- YTD 2026
- 1.37x
- Δ YoY
- —
Quick ratio
0.42x
—
0.42x
—
- H1 2025
- —
- YTD 2026
- 0.42x
- Δ YoY
- —
Cash ratio
0.1x
—
0.1x
—
- H1 2025
- —
- YTD 2026
- 0.1x
- Δ YoY
- —
Interest coverage
51.4x
—
51.4x
—
- H1 2025
- —
- YTD 2026
- 51.4x
- Δ YoY
- —
Debt / equity
0.15x
—
0.15x
—
- H1 2025
- —
- YTD 2026
- 0.15x
- Δ YoY
- —
Debt / assets
0.09x
—
0.09x
—
- H1 2025
- —
- YTD 2026
- 0.09x
- Δ YoY
- —
Net debt / equity
0.12x
—
0.12x
—
- H1 2025
- —
- YTD 2026
- 0.12x
- Δ YoY
- —
Revenue growth (YoY)
40.75%
—
40.75%
—
- H1 2025
- —
- YTD 2026
- 40.75%
- Δ YoY
- —
EBITDA growth (YoY)
89.14%
—
89.14%
—
- H1 2025
- —
- YTD 2026
- 89.14%
- Δ YoY
- —
Net income growth (YoY)
861.9%
—
861.9%
—
- H1 2025
- —
- YTD 2026
- 861.9%
- Δ YoY
- —
EPS growth (YoY)
862.1%
—
862.1%
—
- H1 2025
- —
- YTD 2026
- 862.1%
- Δ YoY
- —
Gross margin Δ (YoY)
11.37 pp
—
11.37 pp
—
- H1 2025
- —
- YTD 2026
- 11.37 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
9 pp
—
9 pp
—
- H1 2025
- —
- YTD 2026
- 9 pp
- Δ YoY
- —
Net margin Δ (YoY)
19.27 pp
—
19.27 pp
—
- H1 2025
- —
- YTD 2026
- 19.27 pp
- Δ YoY
- —
Market cap
66,250
—
66,250
—
- H1 2025
- —
- YTD 2026
- 66,250
- Δ YoY
- —
Enterprise value
70,941
—
70,941
—
- H1 2025
- —
- YTD 2026
- 70,941
- Δ YoY
- —