In 2025, the Bogdanka Group recorded PLN 543.1 million of EBITDA and PLN 263.8 million of net profit (after adjusting for the value of the asset impairment loss), the company reported in a press release. The results are in line with previous estimates.
The group achieved PLN 2,854.3 million of consolidated sales revenues, which is a decrease of 22.1 percent. compared to 2024. In the fourth quarter of 2025, they amounted to PLN 845.1 million (-20.6% y/y).
At the end of 2025, the EBIT operating loss decreased to PLN 218.1 million, compared to the loss of almost PLN 1,855.0 million in the previous year. In the fourth quarter, the EBIT loss amounted to PLN 359.5 million, compared to PLN 910.0 million in the corresponding period of 2024.
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The group ended 2025 with a net loss of PLN 159.5 million, compared to a net loss of PLN 1,491.4 million at the end of 2024. In the last quarter of 2025, the group generated a net loss of PLN 289.4 million compared to a net loss of PLN 735.2 million in the same period of 2024.
In 2025, the asset impairment test resulted in a write-off of PLN 522.5 million. Write-offs for the entire year 2024 amounted to PLN 2,437.3 million. These two events had a significant impact on the level of operating and net results in both analyzed periods.
After adjusting the results for the impact of the impairment test, operating profit EBIT at the end of 2025 amounted to PLN 304.4 million and net profit to PLN 263.8 million.
The EBITDA margin was 19.0 percent, which means a decrease of 7.8 percentage points compared to the previous year.
“The financial results in 2025 confirm Bogdanka's resilience, built on sustainable competitive advantages, such as operational efficiency, flexibility, cost discipline and one of the highest labor productivity rates in the industry. Thanks to these advantages, without state support, we successfully coped with the difficult market resulting from falling demand, changes in the energy sector and competition from cheap raw materials sold below the costs of extraction,” said Zbigniew Stopa, president, quoted in the press release management board of LW Bogdanka.
“The sector's imposition of prices below a rational level makes it difficult to maintain profitability. Therefore, the stability of the sector requires regulatory changes that reward mining efficiency and economic rationality, while strengthening energy security. In response to these challenges, we focus on ensuring financial security, maintaining operational stability and flexibility, thanks to the use of innovative organizational and technological solutions,” he added.
LW Bogdanka sold 7.7 million tons of commercial coal, up 5.6 percent. less than in 2024. It was reported that the group maintained its dominant position on the market, obtaining 30.4 percent. share in coal supplies to the professional power industry in Poland.
The production of commercial coal amounted to almost 7.6 million tons, by 327 thousand tons less than in 2024 (-4.1%). Coal yield was, as in the previous year, 65.5%.
Coal sold to Enea Wytwarzanie and Enea Elektrownia Połaniec accounted for approximately 81%. total sales revenues of LW Bogdanka. In the previous year, the share of these two key recipients was 1 percentage point higher.
The share of exports in LW Bogdanka's revenues increased to 2.7%. from the level of 1.3 percent a year earlier. Coal for Ukraine and Slovakia was sold both through an intermediary and directly by the company.
In 2025, the LW Bogdanka Group allocated nearly PLN 623 million for investments, which constitutes 89.3%. assumed annual CAPEX budget. Over 68 percent these expenses were allocated to the construction of new workings and modernization of existing ones, and the group constructed workings with a total length of approximately 18.4 km.
In 2026, the group plans to increase investment expenditure to almost PLN 819.3 million.
“As in 2025, the majority of expenses (PLN 455 million) will be the construction of new mine workings and the modernization of existing ones. As part of new strategic initiatives and renewable energy sources, the plan includes the purchase of land for a new photovoltaic farm. Additionally, expenses are planned for the documentation of the new Economic Zone, implemented in cooperation with PGE Dystrybucja SA Lublin Branch and the Łęczna Commune,” it was written.
It was reported that the financial results of LW Bogdanka were influenced by both negative factors, such as market pressure, lower coal sales price and lower sales volume, as well as the positive impact of the settlement of the loss from the first quarter of 2025 in the amount of PLN 144.85 million. The damage was related to underground property and was a consequence of an incident that occurred in February 2023.
Moreover, the operating and net result was also influenced by lower depreciation, which is a consequence of the reduction in the carrying value of fixed assets after write-offs made in 2024. (PAP Biznes)
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