Looking at the financial results, it is hard to resist the impression that Jastrzębska Spółka Węglowa is heading straight for bankruptcy. Employing 31 thousand people, the company began to reduce employment only last year, and salaries increased by 25% even in the first year of the crisis. Coking coal and coke prices are not improving. After the first quarter of this year the accumulated loss calculated from the third quarter of 2023 already amounts to PLN 15.2 billion.
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JSW estimates that in the first quarter of 2026 it had a net loss of PLN 615.9 million, which is 54.8% lower than a year ago in the same period. Analysts (PAP consensus) predicted a loss of PLN 588.2 million, so it is not only bad, but even worse than the market expected.
Shares plunged 6%. up to PLN 26.30.
EBITDA (operating result plus depreciation) amounted to PLN 238.6 million. The PAP Biznes consensus assumed an EBITDA loss of PLN 297.1 million, so it is a bit better here. But still very bad.
JSW also announced that the gross loss on sales amounted to PLN 286.5 million, which means that the mining costs alone exceed the revenues from the sale of coal and coke.
Revenues down, production up
According to estimates, sales revenues in the first quarter amounted to PLN 2 billion 97 million and were lower by 14%. year to year.
And all this despite a significant increase in production. Total coal production increased by 13.3% in 1Q26. y/y to 3.24 million tons, including coking coal by 19.78%. y/y to 2.78 million tons, and coal for energy purposes decreased by 14.8%. up to 0.46 million tons. Theoretically, it was good that there was less cheaper and more expensive coking coal. Coke production increased by 7.1%. y/y to 0.75 million tons. Yet revenues declined. This may mean a drop in prices or production in heaps.
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The annual production targets were set for total coal production at 13.3 million tons, for coking coal production at 11.66 million tons, for coal production for steam purposes at 1.64 million tons, and for coke production at a total of 3.43 million tons.
The final financial results for Q1 2026 will be presented in the JSW Group report, scheduled for publication on May 19, 2026.
