EBITDA for the three-month period net of non-recurring events was negative and stood at PLN 545.5 million. In the first three months of this year, the JSW Group produced nearly 2.9 million tons of coal, down 10.5 percent, and more than 0.7 million tons of coke, up 1.3 percent from Q4 2024.
In Q1 2025, total coal sales to external buyers amounted to 2.1 million tons, up 4.3% from the previous quarter. Coke sales, in turn, did not change significantly, amounting to more than 0.7 million tons in the period in question. Comparing quarter-on-quarter, the average prices of coking coal and coke were PLN 746 per ton (up 0.2 percent) and PLN 1,053 per ton (down 7.1 percent), respectively. This caused a 0.9% decrease in total sales revenues, which stood at more than PLN 2.4 billion compared to Q4 2024.
- We operate in a difficult and demanding market, so we are consistently implementing the Strategic Transformation Plan, which aims to improve operational efficiency, reduce costs and increase the Company's business resilience. The first effects of these measures are already visible. We are making changes where possible and reasonable, while being aware that many factors - such as global commodity prices, an unfavorable dollar exchange rate or complicated geological conditions - are beyond our control - noted Adam Rozmus, President of the JSW SA Management Board for Technical and Operational Matters.
As for the JSW Group’s capital expenditures, cash expenditures stood at nearly PLN 1 billion, or 14.4% more than in the previous quarter. These were primarily expenditures on investment projects related to the opening of new deposits and mining levels, as well as the modernization of coal preparation plants.
It is worth noting that JSW has been consistently implementing the Strategic Transformation Plan since November 2024. In addition to increasing production, there are also cost-saving projects underway.
- In the area of procurement, PST activities have yielded tangible savings of more than PLN 307 million as of 22 May, which is 85% of the target amount for 2025. In the case of investments, savings of more than PLN 1.2 billion have already been achieved - says Remigiusz Krzyżanowski, Vice-President of the JSW SA Management Board for Financial Matters.
Work is currently underway to optimize expenditures on longwall outfitting, expensable mining pits and optimize other capital expenditures. The Strategic Transformation Plan aims to achieve sustainable savings, as well as the long-term financial stability of the Company.
***
The JSW Group is the European Union’s largest producer of high quality coking coal and a significant producer of coke, raw materials 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. In 2024 coking coal was given 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.
