Jastrzebska Spólka Weglowa (JSW) Q2 2026 earnings summary

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.