After the first 3 quarters of 2025, the JSW Group generated PLN 7 billion in sales revenues, while its EBITDA net of non-recurring events was negative at nearly PLN 1.4 billion. The JSW Group’s cumulative net loss stood at PLN 2.9 billion, having been significantly affected by the PLN 648 million impairment loss on non-current assets recognized in the first half of the year in connection with the events at the Knurów-Szczygłowice Mine.
Data for Q3 2025 confirm the continuation of market pressures. The Group generated PLN 2.3 billion in sales revenues, with a gross loss on sales of PLN -524 million. EBITDA net of non-recurring events was PLN -485 million, with the net loss at PLN -794 million.
JSW’s financial performance was largely affected by the unstable market situation, import pressures from Asian producers, unfavorable exchange rates and a decline in the prices of its key commodities: coking coal and coke.
Output levels remained stable: in Q3 2025, 3.32 million tons of coal were produced (of which 2.87 million tons was coking coal) along with 0.89 million tons of coke. Cumulatively, after the first 9 months of the year, coal and coke output reached 9.52 million tons and 2.30 million tons, respectively, yet the Group’s financial performance remains limited due to low prices.
Despite the 19% increase in coal sales compared to last year, the Group’s revenue for the first 9 months of the year shrank by 21%, largely due to a 27% drop in average coking coal prices and a 26% drop in coke prices.
- We are about to undergo a comprehensive and profound restructuring process, involving both corrective measures and organizational changes. The process will undoubtedly be demanding, but it is necessary to restore financial liquidity, reduce costs and increase the Group’s operational efficiency - said Bogusław Oleksy, acting President of the JSW Management Board. - We all need to be fully aware that the scale of the challenges we have been facing recently is unprecedented. Having said that, I am convinced that owing to the determination and responsibility of our employees coupled with the constructive cooperation with financial institutions and the support provided by our owner, we will be able not only to successfully implement our remedy plan, but also solidify the Company’s foundations - he added.
The business restructuring plan prepared by the Company calls for the pursuit of four strategic directions, which are yet to be agreed upon with trade unions, state authorities and financial institutions.
The first goal of the plan is to develop a package of support to be provided by the State Treasury, including the deferral of social security contributions, the formulation of possible forms of support and the use of instruments provided for in the Act on the Functioning of the Hard Coal Mining Industry.
Another pillar is the reaching of an agreement with trade unions, which is of key significance for implementing changes in labor costs, employment structure and employee compensation rules. In parallel, the Company is in talks with banks and financial institutions to agree on a new financing structure tailored to JSW’s actual capabilities.
The last goal is a comprehensive business restructuring plan for the JSW Group aimed at improving operational, CAPEX-related and organizational activities across the Group.
The purpose of the whole plan is to establish the basis for effectively reorganizing JSW’s operations, improving liquidity and ensuring stability of the Company’s business in the coming years.
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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. Steel is crucial to the development and transition of the economy. Steel is used to manufacture wind turbines, machinery, vehicles (including electric vehicles) and building structures among other things. The JSW Group’s operations are vital to the transition and development of a climate-neutral economy. 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.
