Jastrzebska Spólka Weglowa (JSW) Q2 2026 earnings summary

Executive summary

• Recorded a net loss of PLN 1,043.4 million for H1 2026, a significant improvement from a net loss of PLN 2,075.1 million in H1 2025, driven by cost reductions and restructuring measures.

• Sales revenues declined to PLN 4,343.8 million in H1 2026 from PLN 4,612.1 million in H1 2025, reflecting ongoing market pressures.

• The group implemented a Remedy Program and restructuring plan, including workforce reductions and cost-saving agreements with trade unions.

• Liquidity remains under pressure, with cash and cash equivalents dropping to PLN 117.1 million at June 2026 from PLN 797.0 million at year-end 2025.

Financial highlights

• Gross loss on sales improved to PLN (261.9) million in H1 2026 from PLN (1,206.0) million in H1 2025.

• Operating loss narrowed to PLN (995.0) million from PLN (2,375.5) million year-over-year.

• EBITDA and EBIT remained negative, but cost efficiency improved due to restructuring.

• Basic and diluted net loss per share was PLN (8.85) for H1 2026, compared to PLN (17.78) in H1 2025.

• Net cash flows from operating activities were negative at PLN (245.8) million, but improved from PLN (973.2) million negative in H1 2025.

Outlook and guidance

• The group expects continued volatility due to global macroeconomic conditions, but anticipates potential improvement in the EU steel market and coking coal demand.

• The Remedy Program projects stabilization through cost savings, restructuring, and new financing, with a focus on maintaining positive cash balances over the next 12 months.

• Uncertainty remains regarding the completion of key liquidity-enhancing measures and the sustainability of recent price improvements.