Jastrzebska Spólka Weglowa (JSW) Q4 2025 earnings summary

Executive summary

• 2025 was marked by financial difficulties, requiring significant restructuring and cost reduction initiatives.

• Coal production increased by 6.2% year-over-year to 13.0 million tons, while coke production rose 2.9% to 3.15 million tons.

• Sales revenues declined 16.9% year-over-year to PLN 9,408.1 million, mainly due to lower average prices for coking coal and coke.

• EBITDA, excluding non-recurring events, was negative PLN 1,696.1 million; net loss narrowed to PLN 6,254.9 million from PLN 7,284.7 million in 2024.

• Major restructuring included operational changes, asset sales, labor cost reductions, and negotiations with trade unions.

Financial highlights

• Sales revenue fell from PLN 11.3 billion in 2024 to PLN 9.4 billion in 2025.

• Average coking coal price dropped 23.7% to PLN 685.82/t; coke price fell 25.6% to PLN 969.52/t.

• Mining Cash Cost per ton decreased 8.3% to PLN 738.02/t; Cash Conversion Cost per ton increased 9.3% to PLN 346.76/t.

• Net working capital at year-end was PLN -1,472.5 million.

• CapEx decreased 57.2% to PLN 3,271.9 million.

Outlook and guidance

• CapEx for 2026 is forecast at PLN 2.044 billion, with continued focus on safety, production efficiency, and liquidity.

• Ambition to reduce unit Mining Cash Cost (MCC) to PLN 570–577 in 2026, down from PLN 738 in 2025.

• Coking coal to remain above 90% of output mix starting in 2026.

• Targeting a 30% reduction in carbon footprint by 2030 versus 2018.

• Strategic objectives are being updated to reflect market realities and financial constraints.