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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
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Jastrzebska Spólka Weglowa
Jastrzebska Spólka Weglowa (JSW) investor relations material
Jastrzebska Spólka Weglowa Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary30 Sep, 2026
Executive summary
Q2 sales revenue rose 7.1% QoQ to PLN 2,246.8m; adjusted EBITDA turned positive at PLN 51.8m, while the net loss was PLN 427.5m.
H1 net loss narrowed to PLN 1,043.4m from PLN 2,075.1m; revenue declined to PLN 4,343.8m from PLN 4,612.1m.
The 2026-2035 Remedy Program sets out restructuring, cost reductions and workforce measures; liquidity remained strained, with quarter-end cash of PLN 117.1m.
Financial highlights
Q2 adjusted EBITDA was PLN 51.8m, compared with negative PLN 192.4m in Q1; H1 EBITDA was negative PLN 236m.
H1 gross loss on sales improved to PLN 261.9m from PLN 1,206.0m, and operating loss narrowed to PLN 995.0m from PLN 2,375.5m.
H1 net loss was PLN 1,043.4m versus PLN 2,075.1m in H1 2025; Q2 net loss narrowed to PLN 427.5m from PLN 615.9m in Q1.
H1 costs fell 18% YoY; savings included >PLN 100m in materials, PLN 74m in depreciation and amortization, PLN 71m in employee benefits, PLN 68m in external services and PLN 44m in energy.
Outlook and guidance
Remedy targets annual coal output of 14.1m tons through 2035 and a 94% share of high-quality coking coal by 2029.
Coke production is targeted at ~3.4m tons/year by 2029, with utilization rising from 86% to 96%.
Mining cash cost targets are PLN 588/ton in 2026 and ~PLN 560/ton in 2029, versus PLN 738/ton in 2025; coke cash conversion cost target is PLN 286/ton in 2026.
Planned year-end headcount reduction is 4,248, including expected departures of ~2,200 in Q3 and ~1,400 in Q4, subject to business continuity.
The 2026 CAPEX target is PLN 1.9bn; Remedy targets group CAPEX below PLN 1.8bn in 2029.
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Latest events from Jastrzebska Spólka Weglowa
- Lower prices, disrupted production and impairments drove a PLN 7.3bn loss; transformation is underway.JSW
Q4 2023 - Restructuring targets cost cuts, higher coking coal output, and a 30% emissions reduction by 2030.JSWInvestor presentation
- Net loss narrowed to PLN 615.9 million as restructuring and liquidity challenges persisted.JSWQ1 2026
- Production up, revenues and prices down, with restructuring and cost controls in focus.JSWQ4 2025
- Net loss improved but liquidity remains strained amid falling prices and major restructuring.JSWQ3 2025
- Losses persist as prices fall and transformation efforts continue amid liquidity risks.JSWQ2 2025
- Net loss of PLN 6.4bn in 9M 2024; transformation plan targets PLN 8.5bn in savings.JSWQ3 2024
- Q1 2025 saw a net loss of up to PLN 1.36 billion amid weak markets and mine disruptions.JSWQ1 2025
- Heavy impairment, price drops, and falling output drove deep losses; transformation plan underway.JSWQ4 2024
Next Jastrzebska Spólka Weglowa earnings date
Q3 202625 Nov, 2026
Jastrzebska Spólka Weglowa
Next Jastrzebska Spólka Weglowa earnings date
Q3 202625 Nov, 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.