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Jastrzebska Spólka Weglowa (JSW) investor relations material
Jastrzebska Spólka Weglowa Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
Executive summary
The period saw deepening losses, negative working capital, and significant market and operational challenges, especially in the steel sector, with declining prices and demand impacting results.
Management initiated a comprehensive restructuring and reorganization program to address liquidity and operational challenges, including cost optimization, debt restructuring, and asset sales.
Net loss for the period was PLN 2,511.6 million, a substantial improvement from the PLN 5,634.7 million loss in the prior year, but Q3 2025 net loss deepened to PLN 793.7 million.
Major incidents at several mines led to production losses and additional costs, with force majeure declarations and impairment triggers.
Management is actively negotiating with trade unions, financial institutions, and the State Treasury to secure support and adapt cost structures.
Financial highlights
Sales revenues for the first nine months of 2025 were PLN 8,522.4 million, down 24.9% year-over-year, with Q3 revenue up 0.8% quarter-on-quarter.
Q3 EBITDA was negative at PLN 528.6 million, with a year-to-date loss of PLN 2.8 billion after three quarters; EBITDA for 9M 2025 was PLN (2,167.2) million.
Net working capital as of September 30, 2025, stood at PLN 992.1 million, while cash and cash equivalents decreased to PLN 454.0 million at period end.
Gross loss on sales was PLN 1,534.0 million, and basic and diluted loss per share was PLN 21.39.
Net cash flows from operating activities were negative at PLN -1,303.1 million.
Outlook and guidance
Management aims to maintain liquidity until September 2026 if restructuring and third-party support measures are implemented.
The restructuring plan targets cost optimization, debt restructuring, and asset sales, with failure to implement key measures jeopardizing the company's ability to continue as a going concern.
Production plan for 2026 is set at 13.5 million tons, considered an optimum scenario factoring in operational risks.
CapEx is planned to be scaled back in 2026 and subsequent years, with focus on completing ongoing investments.
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Next Jastrzebska Spólka Weglowa earnings date
Q4 202516 Mar, 2026
Next Jastrzebska Spólka Weglowa earnings date
Q4 202516 Mar, 2026
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Frequently asked questions
Jastrzębska Spółka Węglowa S.A. (JSW) is a leading Polish company primarily involved in the mining and production of coking coal and coke, which are essential components in steel manufacturing. The company operates in two main sectors: the extraction and sale of black coal, particularly high-quality hard coking coal, and the production and sale of coke and coal derivatives. In addition to its core operations, JSW is also engaged in the mining of natural gas and the generation, transmission, and distribution of electricity. The company is headquartered in Jastrzębie-Zdrój, Poland, and its shares are listed on the Warsaw Stock Exchange.
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