KGHM Polska Miedź: corporate bonds on Catalyst
KGHM Polska Miedź has 2 bond series listed on Catalyst with an issue value of PLN 2,600m. Next maturity: KGH0631, PLN 1,000m, 26 June 2031. Net debt / equity: 0.16× (2025 annual report).
Key figures
2025 annual report (kghm.com) · as at 11 Nov 2026Not shown yet: net debt / EBITDA. We only show figures verified against the company’s report, and these have not been confirmed yet.
Data on series and maturity dates come from GPW Catalyst. This page describes the company’s data and is not an investment recommendation.
KGHM Polska Miedź S.A., based in Lubin, is one of Europe’s largest mining companies. It mines and processes copper and silver ore in Poland and operates abroad through KGHM INTERNATIONAL and the Sierra Gorda joint venture in Chile. The company is listed on the Warsaw Stock Exchange; its bonds on Catalyst are unsecured.
Financial results
PLN million, consolidated figures; figures from the company’s reports. A dash (–) means the figure is not in our database.
| Item | 2023 | 2024 | 2025 | 6M 2026 |
|---|---|---|---|---|
| Revenue | 33,467.0 | 35,320.0 | 36,366.0 | 24,711.0* |
| Net profit | −3,698.0* | 2,868.0 | 3,687.0* | 5,579.0 |
| Total assets | 51,383.0 | 53,892.0 | 58,240.0 | 65,862.0 |
| Equity | 28,630.0 | 31,058.0 | 32,898.0 | 39,814.0 |
| Total liabilities | – | – | – | 26,048.0* |
| Cash and cash equivalents | 1,729.0 | 715.0* | 443.0* | 1,217.0* |
| Net debt | 3,848.0 | 5,303.0 | 5,424.0 | – |
* Figure matches the company document (half-year report for H1 2026; company data (kghm.com); annual report for 2025; annual report for 2024) but has not yet been confirmed by a later report.
Sources: company data (kghm.com), annual report for 2024, annual report for 2025, half-year report for H1 2026, half-year report for H1 2026.
Debt and repayment capacity
Ratios based on annual reports (consolidated), using only figures verified against the company’s filings. A dash (–) means the figure is not available; a negative interest cover means an operating loss.
| Ratio | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net debt / equity (net debt relative to shareholders’ equity) | 0.13× | 0.17× | 0.16× |
| Equity / total assets (share of assets financed by equity) | 55.7% | 57.6% | 56.5% |
Sources: 2023 annual report, 2023 annual report (2), 2024 annual report.
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| KGH0631 | 26 Jun 2031 | 5.16% | Floating (6M WIBOR) | +1.25 pp | Unsecured | 4.96% |
| KGH1232 | 17 Dec 2032 | 4.93% | Floating (6M WIBOR) | +1.00 pp | Unsecured | 4.89% |
Series codes link to the series pages in Polish. Yield to maturity is calculated by the Polish brokerage DM BDM, before tax and commissions; for floating-rate bonds it assumes the reference rate (WIBOR or EURIBOR) stays at its current level. “No quote” means no recent price.
Questions about KGHM Polska Miedź bonds
How many KGHM Polska Miedź bond series are listed on Catalyst?
KGHM Polska Miedź has 2 bond series listed on Catalyst with a total nominal value of PLN 2,600 million. Their maturity dates range from 26 June 2031 to 17 December 2032.
When does the next KGHM Polska Miedź bond mature?
The next maturity is series KGH0631 on 26 June 2031 (nominal value PLN 1,000 million). The following one is KGH1232 (17 December 2032). An early redemption at the issuer’s request can change these dates.
How is the interest on KGHM Polska Miedź bonds set?
All 2 series pay a floating rate: 6M WIBOR plus a margin of 1.00 to 1.25 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are KGHM Polska Miedź bonds secured?
None of the 2 series is secured: bondholders have no priority claim on any specific asset of the company.
Source: our database of Catalyst series, terms and conditions of the bonds and company announcements.
Our full analysis, financial results and news on KGHM Polska Miedź are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.