EBITDA in 2025, net of non-recurring events, was negative, coming in at just under (-)1.7 billion PLN, compared with PLN 396 million in the corresponding period a year earlier.
In 2025, the mines from the JSW Group produced 6.2% more coal and 2.9% more coke compared to 2024, meaning that production totaled over 13 million tons of coal and 3.2 million tons of coke, respectively. Despite this, low average prices for coking coal and coke led to a 16.9% decline in sales revenues, which amounted to PLN 9.4 billion on a year-on-year basis. The average price of coking coal produced by JSW was PLN 685.8 per ton, which is 23.7% lower than the price recorded in 2024. The decline also affected the price of coke, which reached PLN 969.5 per ton, down 25.6% from the previous year.
Total coal sales to external customers in 2025 increased by 21.1% compared to 2024, reaching over 9 million tons. Coke sales during that period, in turn, were down 1.9%, falling to just under 3.2 million tons.
Despite unfavorable macroeconomic conditions, the Company continues to make the investments necessary for its operations and further growth. In 2025, the JSW Group’s cash-based capital expenditures totaled PLN 3.44 billion, a decrease of 17.5% compared to 2024. These included primarily expenditures on mine workings, coal preparation plants, transportation equipment, the purchase and modernization of powered supports, and the modernization of coke oven battery No. 4 at the Przyjaźń Coking Plant.
“In 2025, Jastrzębska Spółka Węglowa significantly increased its coal production compared to the previous year. At the same time, during that period the Company operated under strong price pressure; while this pressure has eased slightly this year, the prices of coking coal and coke remain far from satisfactory from the perspective of our results. Therefore, without the implementation of a comprehensive restructuring plan, it will not be possible to improve the financial standing of the Company and the Group. Ensuring ongoing financial liquidity remains our key challenge, which is why – with significant support from the Ministry of State Assets – we are working intensively to secure the financing necessary for JSW’s continued operations," says Bogusław Oleksy, acting president of the JSW SA management board, adding: “The Company is also prepared to implement the measures provided for in the Act on the Functioning of the Mining Industry, including enabling employees to take mining leave and receive one-off cash severance pays. This is a key component of the restructuring process, helping the Company to ensure a smoother transition through organizational changes and aligning staffing levels with the Company’s current needs.”
In response to the Company’s deteriorating financial position, the JSW SA Management Board took decisive corrective measures as early as October 2025. Work has begun on a comprehensive restructuring plan that includes, among other things, cost optimization, improving operational efficiency, developing solutions to stabilize the Company’s liquidity in the short and medium term, and renegotiating financing terms with a consortium of financial institutions. An important milestone was the agreement reached in February between the Management Board and the Representative Trade Unions regarding the adjustment of labor costs to the Company’s financial capabilities. In March of this year, JSW SA entered into a preliminary agreement with the Industrial Development Agency for the sale of shares in PBSz and JZR. In addition, in April, the Senate passed without changes an amendment to the Act on the System of Development Institutions, allowing the Industrial Development Agency to grant loans to companies of strategic importance to the national economy, including JSW SA. This solution, developed by the Ministry of State Assets in cooperation with the Ministry of Energy, is a key component of the implementation of the February 2026 Implementation Memorandum of Agreement and will provide the Company with access to the necessary liquidity instruments. In addition, the Company’s Management Board is working to secure commercial financing on international markets.
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The JSW Group is the European Union’s largest producer of high quality coking coal and a significant producer of coke used to produce steel. Coking coal has the status of a critical raw material for the European economy for the fourth time, i.e. a raw material of strategic economic importance at risk of supply disruption due to the high concentration of its production outside the European Union.
