Translation from the original Polish version. In the event of differences resulting from the translation,
reference should be made to the official Polish version.
Report on the evaluation of the separate financial statements of KGHM Polska Miedź S.A.
for the financial year ended 31 December 2025, the consolidated financial statements of the
KGHM Polska Miedź S.A. Group for the financial year ended 31 December 2025 and the
Management Board's Report on the activities of KGHM Polska Miedź S.A. and of the KGHM
Polska Miedź S.A. Group in 2025, in terms of their compliance with the accounts, documents
and factual state
In accordance with art. 382 § 3 of the Commercial Partnerships and Companies Code,
§ 72 sec. 1 point 16 and § 73 sec. 1 point 14 of the Decree of the Minister of Finance dated
6 June 2025 on current and periodic information published by issuers of securities and conditions
for recognising as equivalent information required by the laws of a non-member state and
§ 20 sec. 2 points 4) and 6) of the Statutes of KGHM Polska Miedź S.A., based on:
1) the contents of documents presented by the Management Board of KGHM Polska Miedź
S.A., in particular:
a) The separate financial statements of KGHM Polska Miedź S.A. for the financial year
ended 31 December 2025,
b) The consolidated financial statements of the KGHM Polska Miedź S.A. Group for the
financial year ended 31 December 2025,
c) The Management Board’s report on the activities of KGHM Polska Miedź S.A. and of the
KGHM Polska Miedź S.A. Group in 2025,
2) the draft auditor’s report on the audit of the separate financial statements of KGHM Polska
Miedź S.A. for the financial year ended 31 December 2025,
3) the draft auditor’s report on the audit of the consolidated financial statements of the KGHM
Polska Miedź S.A. Group for the financial year ended 31 December 2025,
4) the additional report of the auditor for the Audit Committee of the Supervisory Board of
KGHM Polska Miedź S.A.
and based on:
1) meetings of the Supervisory Board of KGHM Polska Miedź S.A. with the Vice President of
the Management Board (Finance) of KGHM Polska Miedź S.A. and Executive Director of
Accounting Services Centre - Chief Accountant, and
2) recommendations of the Audit Committee of the Supervisory Board of KGHM Polska Miedź
S.A. regarding providing an opinion on the audited financial statements.
On 24 March 2026, the Supervisory Board of KGHM Polska Miedź S.A. positively evaluated
the following:
1) The separate financial statements of KGHM Polska Miedź S.A. for the financial year ended
31 December 2025,
2) The consolidated financial statements of the KGHM Polska Miedź S.A. Group for the
financial year ended 31 December 2025,
3) The Management Board’s report on the activities of KGHM Polska Miedź S.A. and of the
KGHM Polska Miedź S.A. Group in 2025.
Translation from the original Polish version. In the event of differences resulting from the translation,
reference should be made to the official Polish version.
The results of the evaluation with the justification are presented below.
1) Evaluation of the separate financial statements of KGHM Polska Miedź S.A. for the financial
year ended 31 December 2025
The Supervisory Board reviewed and analysed the separate financial statements of KGHM Polska
Miedź S.A. for the financial year ended 31 December 2025, comprising:
The separate statement of profit or loss showing a profit for the
period of
PLN 1 946 million
The separate statement of comprehensive income with a total
positive comprehensive income of
PLN 360 million
The separate statement of cash flows showing a decrease in net
cash flow of PLN 151 million
The separate statement of financial position showing total assets
and total equity and liabilities of PLN 53 560 million
The separate statement of changes in equity showing an increase
in equity of PLN 360
million
Explanatory notes to the separate financial statements,
and reviewed the results of the audit carried out by the auditor of KGHM Polska Miedź S.A.
(PricewaterhouseCoopers Polska Spółka z ograniczoną odpowiedzialnością Audyt Sp.k.).
In accordance with the draft auditor’s report issued by the certified auditor, the separate financial
statements were prepared in compliance with International Financial Reporting Standards
approved by the European Union and:
accurately and clearly reflect the financial position and assets of the Company as at
31 December 2025 as well as its financial result and cash flow,
is compliant in form and content with the existing laws under which the Company operates
as well as with the Company’s Statutes, and
were prepared on the basis of properly-maintained accounts in compliance with chapter 2
of the act on accounting.
The Supervisory Board hereby declares that the separate financial statements of KGHM Polska
Miedź S.A. for the financial year ended 31 December 2025 were prepared in all material aspects in
accordance with International Financial Reporting Standards and is compliant with the accounts
and documents, as well as the factual state.
2) Evaluation of the consolidated financial statements of the KGHM Polska Miedź S.A. Group for
the financial year ended 31 December 2025.
Translation from the original Polish version. In the event of differences resulting from the translation,
reference should be made to the official Polish version.
The Supervisory Board reviewed and analysed the consolidated financial statements of the KGHM
Polska Miedź S.A. Group for the financial year ended 31 December 2025, comprising:
The consolidated statement of profit or loss showing a profit for
the period of PLN 3 688
million
The consolidated statement of comprehensive income with a
total positive comprehensive income of
PLN 1 837 million
The consolidated statement of cash flows showing a decrease in
net cash flow of
PLN 397 million
The consolidated statement of financial position showing total
assets and total equity and liabilities of
PLN 58 240 million
The consolidated statement
of changes in equity showing
an increase in equity of PLN 1 840 million
Explanatory notes to the consolidated financial statements,
and reviewed the results of the audit carried out by the auditor of KGHM Polska Miedź S.A.
(PricewaterhouseCoopers Polska Spółka z ograniczoną odpowiedzialnością Audyt Sp.k.).
In accordance with the draft auditor’s report issued by the certified auditor, the consolidated
financial statements were prepared in compliance with International Financial Reporting Standards
approved by the European Union and:
accurately and clearly reflect the financial position and assets of the Group as at
31 December 2025 as well as its financial result and cash flow,
is compliant in form and content with the existing laws under which the Group operates as
well as with the Company’s Statutes, and
were prepared on the basis of properly-maintained accounts in compliance with chapter 2
of the act on accounting.
The Supervisory Board hereby declares that the consolidated financial statements of the KGHM
Polska Miedź S.A. Group for the financial year ended 31 December 2025 were prepared in all
material aspects in accordance with International Financial Reporting Standards and is compliant
with the accounts and documents, as well as the factual state.
3) Evaluation of the Management Board’s report on the activities of KGHM Polska Miedź S.A. and
of the KGHM Polska Miedź S.A. Group in 2025.
The Audit Committee evaluated the Management Board’s report on the activities of KGHM Polska
Miedź S.A. and of the KGHM Polska Miedź S.A. Group in 2025 and declares that the report:
Translation from the original Polish version. In the event of differences resulting from the translation,
reference should be made to the official Polish version.
was prepared in accordance with the following:
− the Act on accounting (art. 49, 55, Section 6c),
− the Decree of the Minister of Finance on current and periodic information published by
issuers of securities and conditions for recognising as equivalent information required
by the laws of a non-member state (§72 and §73),
− Best Practice for GPW Listed Companies 1.5.
− ESRS Standards (Commission Delegated Regulation (EU) 2023/2772
is consistent with the information contained in the separate financial statements of KGHM
Polska Miedź S.A. for the financial year ended 31 December 2025 and in the consolidated
financial statements of the KGHM Polska Miedź S.A. Group for the financial year ended
31 December 2025.
The Management Board’s report on the activities of KGHM Polska Miedź S.A. and of the KGHM
Polska Miedź S.A. Group in 2025 was prepared in accordance with applicable regulations.
The completeness of the Management Board’s report on the activities of KGHM Polska Miedź S.A.
and of the KGHM Polska Miedź S.A. Group in 2025 and the compliance of the information disclosed
in it with the financial statements, was confirmed by the certified auditor.
In addition, the report includes a separate section on sustainable development (ESG) reporting,
prepared in accordance with the requirements of the Act on accounting of 29 September 1994
(Journal of Laws of 2023, item 120, as amended), the European Sustainability Reporting Standards
(ESRS), as well as taking into account the requirements of Regulation (EU) 2020/852 of the European
Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate
sustainable investment, and amending Regulation (EU) 2019/2088 (Official Journal of the European
Union L 198 of 2020, as amended). The section in question was subject to attestation by a certified
auditor. The Audit Committee took note of the results of the attestation presented by the auditor
of KGHM Polska Miedź S.A. (PricewaterhouseCoopers Polska Spółka z ograniczoną
odpowiedzialnością Audyt Sp.k.).
Consequently, the Supervisory Board positively evaluates the Management Board’s report on the
activities of KGHM Polska Miedź S.A. and of the KGHM Polska Miedź S.A Group in 2025.
The Supervisory Board of KGHM Polska Miedź S.A.
appropriate signatures on the original
Lubin, 24 March 2026