Body of the report:
The Management Board of Jastrzębska Spółka Węglowa S.A. ["JSW", "Company", "Issuer"] hereby reports that on 29 September 2025 the Issuer received from the statutory auditor reviewing the interim standalone and consolidated financial statements of the Company and its Group, i.e. PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp. k., a refusal to express a conclusion on the review of the standalone and consolidated financial statements as at and for the six-month period ended 30 June 2025.
The basis for the refusal to express this conclusion, as reported by the auditor, is the fact that the Company's Management Board indicated in Note 2.2 of the interim condensed standalone and consolidated financial statements that the financial model prepared by the Company's Management Board to assess the Company's ability to continue as a going concern indicates that maintaining the Company’s and its Group’s liquidity requires a number of measures to improve operating efficiency and measures to ensure liquidity over the next 12 months, which are dependent on third-party decisions regarding such matters as the refund of the windfall tax, the conclusion of salary agreements with the trade unions, the deferral of social security contributions and the rescheduling of loan debt. The Company's Management Board has prepared the condensed interim standalone and consolidated financial statements on a going concern basis and has determined that there are significant uncertainties that may cast significant doubt on the Company's and its Group’s ability to continue as a going concern. During the review, the statutory auditor was unable to assess the validity of certain assumptions used in the financial forecasts on which the Company's Management Board based its assessment of the Company's ability to continue as a going concern and to evaluate the evidence presented in this regard, and thus to conclude whether the preparation of the interim condensed standalone and consolidated financial statements on a going concern basis is reasonable.
The full contents of the report of the statutory auditor will be published along with the standalone and consolidated financial statements.
Legal basis: Article 17[1] of Regulation [EU] No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on Market Abuse and Repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.