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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 group faced unfavorable steel market conditions, FX exposure, and major mine incidents, prompting a restructuring process to address liquidity and operational continuity.
Net loss for the first nine months was PLN 2,511.6 million, a significant improvement from the prior year's PLN 5,634.7 million loss.
Sales revenues declined 24.9% year-over-year to PLN 8,522.4 million, mainly due to lower coal and coke prices.
The company is negotiating with trade unions, financial institutions, and the State Treasury to secure support and adapt to new legislative frameworks.
Liquidity pressures led to asset sales, deferral of social contributions, and significant asset impairment testing.
Financial highlights
Q3 EBITDA was negative at PLN 528.6 million, with adjusted EBITDA (excluding one-offs) at PLN -485.3 million.
Net loss for Q3 was PLN 793.7 million, and for the first nine months PLN 2,511.6 million.
Sales revenues for the first nine months were PLN 8,522.4 million, down from PLN 11,362.8 million year-over-year.
Working capital became more negative, with net working capital at PLN 992.1 million as of September 30, 2025.
Cash and equivalents at Q3 end were PLN 454.0 million, down from PLN 1,095.1 million at year-end 2024.
Outlook and guidance
The restructuring plan targets cost optimization, debt restructuring, and asset sales to restore liquidity.
Management aims to maintain liquidity until September 2026 if restructuring and support measures are implemented.
Failure to implement key measures could jeopardize the company's ability to continue as a going concern.
2026 production plan is set at 13.5 million tons as an optimum, conservative estimate.
Plans to scale back CapEx in 2026 and subsequent years, focusing on current investments and optimizing new mining areas.
What is the expected impact of 10-year guarantee abolition?
Why did coke inventory increase so much in Q3?
What is the rationale for drastic group restructuring?
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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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