Jastrzebska Spolka Weglowa S.a. · GPW:JSW

Jastrzebska Spolka Weglowa — Jastrzębska Spółka Węglowa — Q3 2025 Earnings Presentation

39 slides from Jastrzebska Spolka Weglowa's earnings presentation, November 2025

1. Slide 1: Results of the JSW Group for Q3 and 9 months of 2025

   Results of the JSW Group for Q3 and 9 months of 2025 November 2025

2. Slide 2: Disclaimer

   Disclaimer This presentation has been prepared by Jastrzębska Spółka Węglowa S.A. (“Company”). The contents of this Presentation have been prepared with due care based on the facts and information from the sources deemed reliable by the Company. This presentation is for information only and should n

3. Slide 3: Agenda

   Agenda Section Title Presented by I. Introduction Bogusław Oleksy II. JSW Group in numbers Bogusław Oleksy III. JSW Group’s operating results Adam Rozmus IV. Market environment Jolanta Gruszka V. JSW Group’s investments Adam Rozmus VI. JSW Group’s financial highlights Bogusław Oleksy Assumptions for

4. Slide 4: JSW Group in numbers

   JSW Group in numbers Q3 2025 vs. Q2 2025 Coal Coke Active MCC production production longwalls 3,316.6 thous. t 893.0 thous. t 22.2 711.41 PLN/t vs. vs. vs. vs. -0.7% +26.3% 706.9 thous. t in Q2 2025 +6.2% -2.2% 727.50 PLN/t in Q2 2025 3,339.0 thous. t in Q2 2025 20.9 in Q2 2025 Sales revenues Averag

5. Slide 5: JSW Group's operating results

   JSW Group’s operating results

6. Slide 6: Coal and coke production

   Coal and coke production Coal production Active longwalls [000 tons] [number] +5.1% 9,055.1 9,516.5 -9.2% -0.7% +6.2% 1,836.8 1,509.1 3,339.0 3,316.6 522.7 445.1 7,218.3 8,007.4 22.2 22.8 20.9 20.7 2,816.3 2,871.5 Q2 2025 Q3 2025 9M 2024 9M 2025 Q2 2025 Q3 2025 9M 2024 9M 2025 Steam coal Coking coal

7. Slide 7: Market environment

   JSWSA Market environment

8. Slide 8: Market trends: steel market

   Market trends Steel market Steel production Steel production Q3 2025 vs. Q2 2025 9M 2025 vs. 9M 2024 [m tons] [m tons] 465.7 439.5 1,396.1 1,373.8 33.0 29.2 98.2 94.6 World EU World EU Steel prices on the European market Steel prices on the European market Q3 2025 vs. Q2 2025 9M 2025 vs. 9M 2024 [EU

9. Slide 9: Market trends: coal and coke market

   Market trends Coal and coke market Coking coal spot prices Coking coal spot prices Q3 2025 vs. Q2 2025* 9M 2025 vs. 9M 2024* [USD/t] [USD/t] 184.2 183.5 253.2 103.5 116.5 184.2 146.7 112.6 Premium Low Vol semi-soft Premium Low Vol semi-soft Coke prices Coke prices Q3 2025 vs. Q2 2025** 9M 2025 vs. 9

10. Slide 10: Prices of JSW's products in relation to market prices

    Prices of JSW’s products in relation to market prices JSW’s coking coal prices JSW’s coke prices vs. Premium Low Vol prices [USD/t] vs. prices of blast-furnace coke in ARA ports [USD/t] 94% 89% 94% 98% 97% 98% 92% 96% 106% 104% 340 335 234 219 306 294 208 281 198 276 276 264 187 262 186 261 185 183

11. Slide 11: Sales of coal produced in the JSW Group

    Sales of coal produced in the JSW Group Sales of coal to external customers Revenues on sales of coal to external customers* [000 tons] [PLN m] +18.8% 4,581.8 6,456.1 3,863.2 598.5 +15.5% 5,434.4 464.6 1,572.9 1,265.9 2,010.3 2,321.9 1,235.2 1,264.0 3,983.3 384.3 4,883.2 3,398.6 672.3 4,168.5 118.0

12. Slide 12: Sales of coke produced in the JSW Group

    Sales of coke produced in the JSW Group Sales of coke to external customers Average coke sales price [000 tons] [PLN/t] 2,484.8 1,353.34 2,258.4 1,038.48 1,002.81 920.97 737.8 778.8 Q2 2025 Q3 2025 9M 2024 9M 2025 Q2 2025 Q3 2025 9M 2024 9M 2025 Revenues on sales of coke and hydrocarbons to external

13. Slide 13: Inventories of coal and coke produced in the JSW Group

    Inventories of coal and coke produced in the JSW Group Coal inventory Coke inventory as at [000 tons] as at [000 tons] +127,7% 1,545.7 1,322.9 1,407.1 1,191.3 1,187.8 178.8 203.8 147.1 115.7 89.5 30-Sep-2024 31-Dec-2024 31-Mar-2025 30-Jun-2025 30-Sep-2025 30-Sep-2024 31-Dec-2024 31-Mar-2025 30-Jun-2

14. Slide 14: JSW Group's capital expenditures

    JSW Group’s capital expenditures

15. Slide 15: JSW Group's capital expenditures

    JSW Group’s capital expenditures Capital expenditures in the JSW Group* Investment cash outflows in the JSW Group** Accrual basis [PLN m] Cash basis [PLN m] 3,267.8 80.0 2,591.3 309.3 91.1 153.2 993.4 3,314.2 41.3 771.8 2,878.5 2,643.1 18.5 2,347.0 85.2 924.2 866.9 706.3 47.0 741.8 Q2 2025 Q3 2025 9

16. Slide 16: JSW Group's financial highlights

    JSW Group’s financial highlights

17. Slide 17: JSW Group's financial highlights

    JSW Group’s financial highlights [PLN m] Sales revenues EBITDA net of non-recurring events -20.9% (411.8) (528.6) (5,804.9) (2,167.2) 887.2 +0.8% (365.9) (485.3) (1,396.7) 8,866.6 7,009.3 2,277.2 2,294.5 Q2 2025 Q3 2025 9M 2024 9M 2025 Q2 2025 Q3 2025 9M 2024 9M 2025 xx.x EBITDA Net working capital

18. Slide 18: Change in sales revenues of the JSW Group

    Change in sales revenues of the JSW Group [PLN m] 42.6 (20.6) (91.4) 16.1 88.4 35.7 (53.5) 2,294.5 2,277.2 Q2 2025 Impact of Impact of Impact of Impact of change Impact of Impact of Impact of revenues Q3 2025 coking coal coking coal steam coal in steam coal coke sales volume coke price change from o

19. Slide 19: JSW Group's expenses by nature

    JSW Group’s expenses by nature [PLN m] -4.9% 11,762.6 327.0 11,182.2 385.0 Highest decline in Q3 2025 vs. Q2 2025 in the following items: 5,465.0 5,328.9  External services (PLN -73.8 m)  Employee benefits: (PLN -72.9 m) -5.2%  Materials (PLN -49.1 m) 3,826.4 1,847.2 3,628.5 1,820.7 121.1 128.4 8

20. Slide 20: Cost change drivers, by type, in the JSW Group

    Cost change drivers, by type, in the JSW Group [m PLN] 7.4 (16.8) (49.1) 7.3 (73.8) (72.9) 3,826.4 3,628.5 Q2 2025 Depreciation and Consumption of Consumption of External Employee Other costs Q3 2025 amortization materials energy services benefits by nature 20

21. Slide 21: Mining Cash Cost and Cash Conversion Cost

    Mining Cash Cost Cash Conversion Cost Mining Cash Cost Cash Conversion Cost [PLN m] [PLN m] +7.3% -6.3% 805.15 754.62 310.44 333.16 -2.2% -23.6% 727.50 7,290.7 7,181.3 363.95 278.15 735.7 767.5 711.41 2,429.2 2,359.4 257.3 248.4 Q2 2025 Q3 2025 9M 2024 9M 2025 Q2 2025 Q3 2025 9M 2024 9M 2025 xx.xx U

22. Slide 22: Unit Mining Cash Cost

    Unit Mining Cash Cost [PLN/t] 3.91 (15.68) 4.94 (10.71) 1.66 (0.21) 727.50 711.41 Q2 2025 Consumption of External services Employee benefits Taxes and charges Other costs by nature Impact of volume Q3 2025 materials and energy 22

23. Slide 23: Unit Cash Conversion Cost

    Unit Cash Conversion Cost [PLN/t] 1.20 (2.22) 0.32 (5.09) (7.54) (22.35) 25.48 0.26 (75.86) 363.95 278.15 Q2 2025 Consumption of Consumption External services Employee Taxes Other costs Administrative Selling and distribution Impact of Q3 2025 materials net of of energy net of transport costs benefi

24. Slide 24: JSW Group's EBITDA drivers

    JSW Group’s EBITDA drivers [PLN m] (411.8) (8.8) (485.3) (106.3) (528.6) 197.9 30.4 (48.8) (200.1) 35.7 43.3 (16.8) EBITDA Impact of Impact of Other Impact of Impact of Impact of Other Impact of EBITDA Non-recurring events EBITDA Q3 2025 Q2 2025 coal sales coke sales sales costs by nature impairment

25. Slide 25: Contribution of segments to EBITDA change in JSW Group

    Contribution of segments to EBITDA change in JSW Group [m PLN] (411.8) (528.6) (485.3) (193.3) 43.3 97.7 (10.7) (10.5) EBITDA Q2 2025 Change in coal segment Change in coke segment Change in other segment Change in EBITDA of EBITDA Non-recurring events EBITDA Q3 2025 net of non-recurring events EBITD

26. Slide 26: Net working capital (incl. FIZ) of the JSW Group

    Net working capital (incl. FIZ) of the JSW Group [PLN m] As at 30 September 2025 42.3 250.7 285.2 501.5 282.2 4.1 513.4 1,092.7 3,621.4 992.1 321.6 (1,996.3) 381.3 Inventories Trade and other Income tax Cash and Closed-end Other Loans and Employee Lease Trade and Current Other current Net working re

27. Slide 27: JSW Group's cash flows

    JSW Group's cash flows [PLN m] 23.1 (121.7) 20.5 (46.8) 489.9 (87.7) 677.4 (951.8) 513.4 27.8 112.2 370.5 Cash at the end of Net profit/(loss) Depreciation and Change in Change in Change in trade Other operating Investing cash Loans and Repayment of Other financing Cash at the end of 30 June 2025 be

28. Slide 28: Assumptions for the business restructuring of the JSW Group

    Assumptions for the business restructuring of the JSW Group

29. Slide 29: Objectives of the JSW Group Business Restructuring Program

    Objectives of the JSW Group Business Restructuring Program Area Assumptions Financial • Restoration and maintenance of the JSW Group’s financial liquidity and solvency 1 security of the • Restructuring of existing debt • Securing funding sources necessary to fully achieve the effects of the Restruct

30. Slide 30: Assumptions for the Business Restructuring of the JSW Group

    Assumptions for the Business Restructuring of the JSW Group Area Assumptions • Deferral and installment payment of ZUS contributions State • Development of possible forms of support by the State Treasury 1 Treasury • Inclusion of JSW S.A. under the Act on the Functioning of the Hard Coal Mining Indu

31. Slide 31: Q&A

    Q&A

32. Slide 32: Appendices

    Appendices

33. Slide 33: Impact of non-recurring events on JSW Group's EBITDA

    Impact of non-recurring events on JSW Group’s EBITDA [PLN m] Q2 2025 Q3 2025 9M 2024 9M 2025 Sales revenues 2,277.2 2,294.5 8,866.6 7,009.3 EBIT (799.1) (899.1) (7,148.3) (3,272.2) EBITDA (411.8) (528.6) (5,804.9) (2,167.2) Impact of non-recurring events on results 45.9 43.3 6,692.1 770.5  recognit

34. Slide 34: Production, external sales, inventories of coal and coke produced in the JSW Group

    Production, external sales, inventories of coal and coke produced in the JSW Group [000 tons] Change Change Q2 2025 Q3 2025 9M 2024 9M 2025 Q3 2025/ 9M 2025/ Q2 2025 9M 2024  Coking coal production 2,816.3 2,871.5 7,218.3 8,007.4 2.0% 10.9%  Steam coal production 522.7 445.1 1,836.8 1,509.1 -14.8%

35. Slide 35: Mining Cash Cost

    Mining Cash Cost [PLN m] Change Change Q2 2025 Q3 2025 9M 2024 9M 2025 Q3 2025/ 9M 2025/ Q2 2025 9M 2024  Consumption of materials and energy 484.2 497.2 1,654.1 1,514.0 +2.7% -8.5%  External services 636.4 584.4 1,731.2 1,801.7 -8.2% +4.1%  Employee benefits 1,240.9 1,205.3 3,709.2 3,656.5 -2.9%

36. Slide 36: Cash Conversion Cost

    Cash Conversion Cost [PLN m] Change Change Q2 2025 Q3 2025 9M 2024 9M 2025 Q3 2025/ 9M 2025/ Q2 2025 9M 2024  Consumption of materials net of coal feedstock 23.5 24.6 71.9 71.0 4.7% -1.3%  Energy consumption 20.1 18.2 70.6 57.5 -9.5% -18.6%  External services net of transport costs of coal feedst

37. Slide 37: Financial Standing of the JSW Group

    Financial Standing of the JSW Group [PLN m] Change Change 30.09.2024 31.12.2024 31.03.2025 30.06.2025 30.09.2025 30.09.2025/ 30.09.2025/ 31.12.2024 30.06.2025 ASSETS 23,483.6 22,873.0 19,992.0 17,952.3 16,416.9 -28.2% -8.6% Non-current assets 19,132.8 18,868.0 16,781.9 14,800.3 13,270.8 -29.7% -10.3

38. Slide 38: Sources of financing for JSW Group's assets

    Sources of financing for JSW Group’s assets [PLN m] Change Change 30.09.2024 31.12.2024 31.03.2025 30.06.2025 30.09.2025 30.09.2025/ 30.09.2025/ 31.12.2024 30.06.2025 EQUITY AND LIABILITIES 23,483.6 22,873.0 19,992.0 17,952.3 16,416.9 -28.2% -8.6% Equity 10,648.2 9,746.8 8,414.4 7,685.3 6,880.0 -29.

39. Slide 39: Jastrzębska Spółka Węglowa SA

    Jastrzębska Spółka Węglowa SA Aleja Jana Pawła II 4 44-330 Jastrzębie-Zdrój tel.: +48 32 756-41-13 fax: +48 32 476-26-71 www.jsw.pl biuro@jsw.pl relacje@jsw.pl Węgiel metalurgiczny to nieskończony potencjał rozwoju.

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