Jastrzebska Spólka Weglowa (JSW) Q2 2026 earnings summary

Executive summary

• Q2 revenue rose 7.1% QoQ to PLN 2,246.8m; EBITDA excluding non-recurring events was PLN 51.8m, and net loss narrowed to PLN 427.5m from PLN 615.9m in Q1.

• H1 net loss was PLN 1,043.4m versus PLN 2,075.1m in H1 2025; revenue declined to PLN 4,343.8m from PLN 4,612.1m.

• Liquidity remained strained, with cash of PLN 117.1m at June-end and net working capital of negative PLN 5,262.1m.

• The Remedy Program targets restored liquidity and profitability through production and cost measures, reduced CapEx, organizational changes, and more than 140 initiatives.

Financial highlights

• Q2 EBITDA excluding non-recurring events improved to PLN 51.8m from negative PLN 192.4m in Q1.

• H1 gross loss on sales narrowed to PLN 261.9m from PLN 1,206.0m; 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; basic and diluted loss per share was PLN 8.85 versus PLN 17.78.

• H1 costs fell 18% YoY, including savings of 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.

• Net cash flow from operating activities was negative PLN 245.8m, improved from negative PLN 973.2m in H1 2025.

Outlook and guidance

• Remedy targets coal output of 14.1m tons annually by 2029 and through 2035, with high-quality coking coal at 94% of output in 2029 and thermal coal curtailed.

• Coke production target is ~3.4m tons annually through 2029, including 2.7m tons of blast furnace coke; utilization is expected to rise from 86% to 96%.

• Mining cash cost targets are PLN 588/ton in 2026 and PLN 559/ton long term; coke cash conversion cost targets are PLN 286/ton in 2026 and ~PLN 317/ton long term.

• CapEx is targeted at PLN 1.9bn in 2026; group CapEx is planned to fall from >PLN 3bn in 2025 to slightly below PLN 1.8bn in 2029.

• Planned headcount reduction totals 4,248 by year-end, with ~2,200 departures expected in Q3 and ~1,400 in Q4, subject to business continuity.