The share price of LW Bogdanka dropped significantly. These factors led to the sale of shares
Companies mining hard coal do not have it easy in Poland. High unit costs of extraction, strong trade unions and dependence on the economic situation on the energy raw materials market mean that they often record losses. Lubelski Węgiel Bogdanka is the most efficient mine in Poland, but it is also struggling for profitability.
The company announced preliminary estimated results for the first quarter of 2026. According to them, it had a consolidated net loss of PLN 22.1 million in this period. A year ago, in the first quarter, it had PLN 284 million in profit, but the subsequent quarters of 2025 brought losses, amounting to PLN 19 million, PLN 135 million, and PLN 289 million.
According to preliminary data, sales revenues amounted to PLN 703 million, which means a decrease from PLN 869 million recorded a year ago. Although the EBITDA result (operating profit plus depreciation) was positive and amounted to PLN 25 million (compared to PLN 395 million a year ago), a loss of PLN 25 million was recorded at the operating level (EBIT) (compared to a profit of PLN 344 million a year earlier).
It is worth noting, however, that Bogdanka's results clearly improved quarterly – but only at the lowest levels of results. In the last three months of 2025, the company had a net loss of almost PLN 290 million and an operating loss of PLN 359 million. At the same time, the EBITDA result was PLN 241 million positive and revenues amounted to PLN 845 million.
Financial results of LW Bogdanka (PLN million).
|
Trigon DM
Production of commercial coal in the first three months of 2026 decreased year on year: amounted to 2.04 million tons and sales were 2.08 million tons, while a year ago in the same period of 2025 it was 2.65 million tons and 2.24 million tons, respectively. Analysts from Trigon Dom Maklerski wrote that the data on revenues and sales mean that the coal sales price realized by the company decreased by 8%. quarterly, up to PLN 15.2/GJ (vs. PLN 14.5 on average in PSCMI1 in January/February).
“The results of the current financial period were significantly influenced by lower coal prices on the domestic market, which directly translated into the prices of steam coal sold by LW Bogdanka. Moreover, the company recorded a lower level of coal sales compared to the same period of the previous year,” the company said in its commentary. The final results will be presented on May 20, 2026.
Market turmoil increased the volatility of Bogdanka's quotations
LW Bogdanka is a hard coal producer. Since 2015, it has been part of the Enea Capital Group (controls 64.9% of its shares). The company has been listed on the WSE since 2009. Bogdanka was one of the strongest companies in March. This can be explained, among others, by: impact of the conflict in the Middle East. The confusion on the markets resulted in a sharp increase in interest in raw materials and energy companiestreated as an alternative in the face of the fuel crisis. The valuation of Bogdanka's shares was driven up by the rising price of coal.
At the end of February, Bogdanka's shares cost just below PLN 20, but since the beginning of March the price has gone up significantly. The exchange rate ended in March at PLN 35, which meant an increase of as much as 75%. However, this was not the end, because in the first days of April the quotations reached PLN 37.35, the highest level since autumn 2023. However, reports of a 14-day ceasefire between the US and Iran (having a negative impact on coal prices) resulted in a decline.
As a result, the price began to decline, and information about Bogdanka's results additionally contributed to the decline and on Friday at noon the share price dropped by 5.4%, to PLN 25.6 per share. For comparison, the sWIG80 index, which includes the Lublin company, increased by almost 0.7% on Friday.
