Jastrzebska Spólka Weglowa (JSW) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw increased coal (+13.1%) and coke (+7.1%) production, but sales revenues declined 12.6% sequentially and 3.2% year-over-year to PLN 2,097.0m, with continued market headwinds and operational challenges.

• Net loss narrowed to PLN 370.1 million, a significant improvement from PLN 1,229.6 million loss in the same period last year and from PLN (1,363.1)m in Q1 2025.

• The group is undergoing significant restructuring to address market downturns and ensure liquidity, including debt restructuring, cost optimization, and asset sales.

• Revenue declined 4.2% year-over-year to PLN 2,780.9 million, mainly due to lower sales volumes and weaker coke prices.

Financial highlights

• EBITDA (excluding non-recurring events) improved to PLN (192.4)m from PLN (299.4)m in Q4 2025 and PLN (551.8)m in Q1 2025.

• Average coking coal price was 722.39 PLN/t (up 9.2% sequentially, down 3.2% year-over-year); coke price was 923.58 PLN/t (up 4.2% sequentially, down 12.3% year-over-year).

• CAPEX reached PLN 803.1m, up 18.0% sequentially but down 3.2% year-over-year.

• Cash and cash equivalents at period end: PLN 208.4 million (down from PLN 734.6 million at year-end 2025).

• Net working capital at 31 March 2026 was PLN 1,534.5m.

Outlook and guidance

• 2026 production target set at 13.3 million tons of coal and 3.4 million tons of coke, with average coal sales price forecast at PLN 647.81/t.

• Cost-saving measures and restructuring plan expected to yield PLN 733.7 million in 2026.

• Capital expenditures planned at PLN 2,022 million for 2026.

• Management highlights significant uncertainty regarding liquidity and ability to meet targets if planned actions are not fully realized.