Jastrzebska Spólka Weglowa (JSW) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw a net loss of PLN 615.9 million, a significant improvement from PLN 1,363.1 million in Q1 2025 and PLN 3,386.1 million in Q4 2025, with adjusted EBITDA improving to -PLN 192.4 million.

• Coal production rose 13.1% and coke production 7.1% year-over-year, but sales revenues declined 12.6% sequentially and 3.2% year-over-year to PLN 2,097.0 million.

• Major restructuring is underway, including cost reductions, headcount optimization, asset sales, and seeking state support.

• Liquidity remains strained, with cash balances dropping to PLN 234.4 million from PLN 797.0 million at year-end 2025.

• PBSz and JZR shares are being sold as part of restructuring, with PBSz classified as discontinued operations.

Financial highlights

• Q1 2026 sales revenue: PLN 2,097.0 million, down 12.6% quarter-on-quarter and 3.2% year-over-year.

• Net loss: PLN 615.9 million, improved from PLN 3,386.1 million in Q4 2025 and PLN 1,363.1 million in Q1 2025.

• Adjusted EBITDA: -PLN 192.4 million, improved from -PLN 299.4 million in Q4 2025 and -PLN 551.8 million in Q1 2025.

• CapEx: PLN 803.1 million, up 18% from Q4 2025, nearly flat year-over-year.

• Cash and cash equivalents fell to PLN 234.4 million at 31 March 2026 from PLN 797.0 million at year-end 2025.

Outlook and guidance

• 2026 production targets: 13.3 million tons of coal and 3.4 million tons of coke, with no expected impact from corridor work or CapEx optimization.

• Planned capital expenditure for 2026 is approx. PLN 2,430 million.

• Cost savings from restructuring and attrition expected to exceed PLN 400 million in 2026, with full impact of employee reductions realized gradually from May.

• Liquidity improvement measures include asset sales, cost reductions, and a PLN 2 billion loan from ARP.

• The going concern assumption is maintained, but subject to successful execution of restructuring and financing actions.