Jastrzebska Spolka Weglowa S.a. · GPW:JSW
Jastrzebska Spolka Weglowa — Jastrzębska Spółka Węglowa — FY2024 Earnings Presentation
46 slides from Jastrzebska Spolka Weglowa's earnings presentation, April 2025
Slide 1: Results of the JSW Group for Q4 and 12 months of 2024
Results of the JSW Group for the fourth quarter and 12 months of 2024 April 2025
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
Slide 3: Agenda
Agenda Section Title Presented by I. Introduction Ryszard Janta II. JSW Group in numbers Ryszard Janta III. JSW Group’s strategic objectives Adam Rozmus IV. JSW Group’s operating results Adam Rozmus V. Market environment Jolanta Gruszka VI. JSW Group’s investments Adam Rozmus VII. JSW Group’s financ
Slide 4: JSW Group in numbers
JSW Group in numbers 2024 vs. 2023 Coal Coke Active longwalls MCC production production 12,250.9 thous. t 3,064.6 thous. t 22.8 804.52 PLN/t vs. vs. vs. vs. -9.3% -8.6% 3,353.4 thous. tons in 2023 +0.4% +14.8% 700.91 PLN/t in 2023 13,507.0 thous. tons in 2023 22.7 in Q2 2024 Sales revenues Average p
Slide 5: JSW Group's strategic objectives
JSW Group’s strategic objectives 5
Slide 6: JSW Group's strategic objectives for 2022 - 2030
JSW Group’s strategic objectives for 2022 - 2030 (execution in 2024) Actual Actual Plan for Targets and measures numbers numbers Trend 2022-2030 2024 2023 EBITDA margin (57.4)%* 29.7% 25% Stable funding structure Equity to non-current assets ratio >1 0.74** 0.94** >1 in 2022-2030 Efficient JSW Group
Slide 7: JSW Group's strategic objectives for 2022 - 2030
JSW Group’s strategic objectives for 2022 - 2030 (execution in 2024) Actual Actual Plan for Targets and measures numbers numbers Trend 2022-2030 2024 2023 Diversification of revenue: Coal: Coal: Coal: 76% - Poland 75% - Poland 60% - Poland 24% - Europe 25% - Europe 40% - Europe 2030 target Product
Slide 8: JSW Group's strategic objectives for 2022 - 2030
JSW Group’s strategic objectives for 2022 - 2030 (execution in 2024) Actual Actual Plan for Targets and measures numbers numbers Trend 2022-2030 2024 2023 Coking coal: Coking coal: Coking coal: CSR 58 CSR 58 CSR ≥ 60 Product quality: CRI 31 CRI 31 CRI ≤ 30 Production and sale of coking coal and coke
Slide 9: ESG activities
ESG activities E environment S social G governance Total level of GHG emissions: Expenditures for OHS – PLN 1.6 billion Grand prize - “The Best Annual Report” 13,282,478.85 tons CO2e 900 science scholarships awarded Strengthening the compliance system PLN 189.7 m - expenditures for envir
Slide 10: JSW Group's operating results
JSW Group’s operating results
Slide 11: Coal and coke production
Coal and coke production Coal production Active longwalls [000 tons] -9.3% [number] -9.5% +0.4% 13,507.0 12,250.9 +4.7% 2,631.6 2,326.2 3,053.0 3,195.8 25.3 10,875.4 9,924.7 22.9 22.7 22.8 548.3 489.4 2,504.7 2,706.4 Q3 2024 Q4 2024 2023 2024 Q3 2024 Q4 2024 2023 2024 Steam coal Coking coal Corridor
Slide 12: Market environment
-. XX. JSWSA Market environment
Slide 13: Market trends
Market trends 2024 vs. 2023 ratio comparison Steel production Steel prices on the European market [m tons] [EUR/t] 1,897.9 1,882.6 711.5 638.3 126.2 129.5 626.0 612.8 World EU Steel prices on the European market Steel prices on the European market - HRC – rods Coking coal spot prices* Coke prices**
Slide 14: Global coking coal and coke market
Global coking coal and coke market Key price drivers in 2023 and 2024 1. Supply disruption in Australia, sudden increase in HCC PLV quotes. USD/t 2. Recovery of supply and a simultaneous decline in 420 demand in India. 3. Recovery of inventory in India after the monsoon 5 period. 370 6 4. Accident a
Slide 15: Market of the JSW Group
Market of the JSW Group Target countries for JSW Group products in 2024 European market in 2024 Europe is the target market for coking coal. The coke market is much more extensive, since coke is sold on overseas markets, including India. Overseas markets in 2024 - markets to which the JSW Group supp
Slide 16: Prices of JSW's products in relation to market prices
Prices of JSW’s products in relation to market prices Ceny węgla koksowego JSW JSW’s coke prices in relation to prices of w relacji do notowań Premium Low Vol [USD/t] blast furnace coke on the European market [USD/t] 87% 80% 84% 94% 89% 88% 98% 96% 87% 78% 330 385 370 360 360 350 294 343 336 335 344
Slide 17: 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] -15.0% 8,906.9 8,788.1 7,469.8 1,821.4 5,922.7 2,514.7 824.1 +9.8% 1,811.0 1,853.3 2,035.4 1,407.2 1,340.9 7,085.5 6,273.4 5,658.8 5,098.6 454.1 545.1 205.2
Slide 18: 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] 3,319.9 3,225.2 1,501.71 1,305.86 1,133.18 1,302.80 736.9 740.4 Q3 2024 Q4 2024 2023 2024 Q3 2024 Q4 2024 2023 2024 Revenues on sales of coke and hydrocarbons to external customers
Slide 19: 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] +18,1% -17,7% 285.7 1,191.3 1,407.1 1,092.7 178.8 761.6 843.9 131.7 147.1 102.3 31-Dec-2023 31-Mar-2024 30-Jun-2024 30-Sep-2024 31-Dec-2024 31-Dec-2023 31-Mar-2024 30-Jun-2024 30-Se
Slide 20: Investments of the JSW Group
Investments of the JSW Group
Slide 21: Investments of the JSW Group
Investments of the JSW Group [PLN m] Capital expenditures in JSW Group* Capital expenditures in JSW Group** Accrual basis Cash basis 4,628.5 4,373.5 281.1 135.7 539.6 398.8 3,807.8 3,839.0 4,222.3 4,168.0 819.1 1,105.7 55.7 37.3 22.0 960.5 89.5 921.3 853.8 759.8 Q3 2024 Q4 2024 2023 2024 Q3 2024 Q4
Slide 22: JSW Group's financial highlights
JSW Group’s financial highlights
Slide 23: JSW Group's financial highlights
JSW Group’s financial highlights [PLN m] Sales revenues EBITDA net of non-recurring events -26.2% 4,555.9 -8.6% 15,338.5 11,325.8 18.2 (695.8) 5,517.4 (6,500.7) 2,690.3 2,459.2 57.7 396.0 Q3 2024 Q4 2024 2023 2024 (491.2) Q3 2024 Q4 2024 2023 2024 xx.x EBITDA Net working capital (incl. FIZ) Net resu
Slide 24: Change in sales revenues of the JSW Group
Change in sales revenues of the JSW Group [PLN m] (691.1) (1,274.7) (547.0) (450.2) (142.2) (641.6) 15,338.5 (265.9) 11,325.8 2023 Impact of Impact of Impact of Impact of Impact of Impact of Impact of 2024 coking coal coking coal steam coal steam coal coke coke revenues from sales volume price chang
Slide 25: JSW Group's expenses by nature
JSW Group’s expenses by nature [PLN m] -0.5% 15,845.3 15,767.6 406.4 441.6 Highest decline in 2024 vs. 2023 in the following items: Employee benefits 7,407.3 7,293.1 (PLN -114.2 million) Consumption of materials +7.7% (PLN -96.0 million) Depreciation and amortization 2,430.4 2,533.1 (PLN -31.3
Slide 26: Cost change drivers, by type, in the JSW Group
Cost change drivers, by type, in the JSW Group [m PLN] 102.7 25.9 35.2 (31.3) (96.0) (114.2) 15,845.3 15,767.6 2023 Depreciation and Consumption of Consumption of External Employee Other costs 2024 amortization materials energy services benefits by nature 26
Slide 27: Mining Cash Cost, Cash Conversion Cost
Mining Cash Cost Cash Conversion Cost +0.7% Mining Cash Cost +14.8% Cash Conversion Cost [PLN m] [PLN m] 315.21 700.91 804.52 317.29 +2.5% +9.1% 802.75 9,467.2 9,856.1 1,057.0 972.3 782.83 312.13 340.65 2,390.0 2,565.4 253.6 236.6 Q3 2024 Q4 2024 2023 2024 Q3 2024 Q4 2024 2023 2024 xx.xx Unit Mining
Slide 28: Unit Mining Cash Cost
Unit Mining Cash Cost [PLN/t] 71.87 3.51 0.26 804.52 6.37 23.78 (2.18) 700.91 2023 Consumption of External Employee Taxes and Other costs Impact of 2024 materials and energy services benefits charges by nature volume 28
Slide 29: Unit Cash Conversion Cost
Unit Cash Conversion Cost [PLN/t] (7.09) (0.54) 29.71 (1.79) (10.37) (6.28) 0.08 1.80 315.21 (3.44) 317.29 2023 Consumption Consumption External services Employee Taxes Other costs Administrative Selling and distribution Impact of 2024 of materials of energy net of transport costs benefits and charg
Slide 30: JSW Group's EBITDA drivers
JSW Group’s EBITDA drivers [PLN m] (2,963.0) 4,555.9 (783.8) 77.7 396.0 (265.9) (6,223.3) (6,500.7) 6,896.7 (264.8) (602.2) (31.3) EBITDA Impact of Impact of Other Impact of Impact of Impact of Other Impact of EBITDA Non-recurring EBITDA 2024 2023 coal sales coke sales sales costs by nature impairme
Slide 31: Impact of operating segments on EBITDA change in JSW Group
Impact of operating segments on EBITDA change in JSW Group [m PLN] 4,555.9 396.0 (9,777.2) 6,896.7 (6,500.7) (1,006.9) 46.7 (319.2) EBITDA Change in coal segment Change in coke segment Change in other segment Change in EBITDA of EBITDA Non-recurring events EBITDA 2024 2023 EBITDA EBITDA EBITDA conso
Slide 32: Net working capital (incl. FIZ) of the JSW Group
Net working capital (incl. FIZ) of the JSW Group [PLN m] As at 31 December 2024 12.1 362.7 304.2 273.0 3,653.9 3,906.2 21.9 885.0 284.6 25.2 1,385.8 2,504.0 1,196.6 Inventories Trade and other Income tax Cash and cash Closed-end Other current Loans and Employee Lease Trade and other Current Other cu
Slide 33: JSW Group's cash flows
JSW Group's cash flows [PLN m] 182.6 (450.8) 412.8 (24.7) (1,907.3) 1,697.9 (1,846.6) (610.0) 2,690.8 1,075.1 (334.8) 885,0 Cash at Net profit/(loss) Depreciation and Change in Change in trade Change in trade Other operating Investing Loans and Repayment of Other financing Cash at the end of before
Slide 34: Strategic Transformation Plan of the JSW Group
Strategic Transformation Plan of the JSW Group
Slide 35: The Strategic Transformation Program focuses on levers not requiring stakeholder consultations
The Strategic Transformation Program focuses on the levers that do not require additional consultations with stakeholders Revenues of JSW S.A. Mining cost at JSW S.A. JSW’s impact Components Description Mining cost at JSW S.A. in 2023 JSW’s impact Description PLN m 100% = 13,535 – Despite the unpred
Slide 36: Support areas
Key financial effects in 2025 were planned in the Efficient Mine stream and in the Procurement and capital expenditure processes streams Strategic Transition Plan for the JSW Group Efficient Mine I II III IV V VI Procurement and JSW Group and Planning and Planning and Work time planning Optimum use
Slide 37: First effects of the implementation of JSW's Strategic Transformation Plan
First effects of the implementation of JSW’s Strategic Transformation Plan. Key achievements after the first 3 months: Revision of planned capital expenditures This has allowed us to reduce inefficient capital expenditures in 2025 by PLN 1.2 billion compared to H1 2024. Savings in the procurement ar
Slide 38: eo < yg
eo < yg
Slide 39: Appendices
(4, XX. JSWSA Appendices
Slide 40: Impact of non-recurring events on JSW Group's EBITDA
Impact of non-recurring events on JSW Group’s EBITDA [PLN m] Q3 2024 Q4 2024 2023 2024 Sales revenues 2,690.3 2,459.2 15,338.5 11,325.8 EBIT (313.2) (1,050.3) 2,826.7 (8,198.6) EBITDA 18.2 (695.8) 4,555.9 (6,500.7) Impact of non-recurring events on results 39.5 204.6 961.5 6,896.7 recognition of i
Slide 41: 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 Item Q3 2024 Q4 2024 2023 2024 Q4 2024/ 2024/2023 Q3 2024 Coking coal production 2,504.7 2,706.4 10,875.4 9,924.7 8.1% -8.7% Steam coal production 548.3 489.4 2,631.6 2,326.2 -10.7% -11.6%
Slide 42: Mining Cash Cost
Mining Cash Cost [PLN m] Change Change Item Q3 2024 Q4 2024 2023 2024 Q4 2024/ 2024/2023 Q3 2024 Consumption of materials and energy 555.5 606.3 2,182.3 2,260.4 9.1% 3.6% External services 597.4 655.1 2,094.9 2,386.3 9.7% 13.9% Employee benefits 1,171.7 1,232.6 4,968.5 4,941.8 5.2% -0.5% Tax
Slide 43: Cash Conversion Cost
Cash Conversion Cost [PLN m] Change Change Item Q3 2024 Q4 2024 2023 2024 Q4 2024/ 2024/2023 Q3 2024 Consumption of materials net of coal feedstock 23.3 19.6 113.2 91.5 -15.9% -19.2% Energy consumption 20.8 20.5 92.8 91.1 -1.4% -1.8% External services net of transport costs of coal feedstock 7
Slide 44: Financial standing of the JSW Group
Financial standing of the JSW Group [PLN m] Change Change Item 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.12.2024/ 31.12.2024/ 31.12.2023 30.09.2024 ASSETS 27,793.8 25,704.9 23,218.7 23,483.6 22,873.0 -17.7% -2.6% Non-current assets 22,095.9 21,375.6 18,595.6 19,132.8 18,868.0 -14.6%
Slide 45: Sources of financing for JSW Group's assets
Sources of financing for JSW Group’s assets [PLN m] Change Change Item 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.12.2024/ 31.12.2024/ 31.12.2023 30.09.2024 EQUITY AND LIABILITIES 27,793.8 25,704.9 23,218.7 23,483.6 22,873.0 -17.7% -2.6% Equity 16,971.7 16,962.3 10,936.3 10,648.2 9,74
Slide 46: 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.
Jastrzębska Spółka Węglowa — FY2024 Earnings Presentation on 6ix