Jastrzebska Spolka Weglowa S.a. · GPW:JSW

Jastrzebska Spolka Weglowa — Jastrzębska Spółka Węglowa — FY2025 Earnings Presentation

43 slides from Jastrzebska Spolka Weglowa's earnings presentation, Apr 30, 2026

1. Slide 1: Results of the JSW Group for the fourth quarter and 12 months of 2025

   Results of the JSW Group for the fourth quarter and 12 months of 2025 April 2026 Nie można obecnie wyświetlić tego obrazu.

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 diligence based on the facts and information from the sources deemed reliable by the Company. This presentation is for information only and sho

3. Slide 3: Agenda

   Agenda Section Title Presented by I. Introduction Bogusław Oleksy II. JSW Group in numbers Bogusław Oleksy III. Business Restructuring of the JSW Group Bogusław Oleksy IV. JSW Group’s strategic objectives Bogusław Oleksy V. JSW Group’s operating results Adam Rozmus VI. Market environment Jolanta Gru

4. Slide 4: JSW Group in numbers

   JSW Group in numbers 2025 vs. 2024 Coal Coke Sales production production revenues Net result 13,006.1 thous. t 3,153.2 thous. t PLN 9,408.1 m PLN (6,254.9) m vs. vs. vs. vs. +6.2% +2.9% 3,064.6 thous. t in 2024 -25.2% PLN 11,325.8 m in 2024 -8.3% PLN (7,284.7) m in 2024 12,250.9 thous. t in 2024 Ave

5. Slide 5: Business Restructuring of the JSW Group

   Business Restructuring of the JSW Group In view of the ongoing market downturn for the core products of JSW and the JSW Group, the JSW Management Board is focusing all actions on ensuring the financial liquidity of the Company. The critical objectives are to maintain the Group's liquidity and solven

6. Slide 6: JSW Group's strategic objectives

   JSW Group’s strategic objectives 6

7. Slide 7: Implementation of JSW Group's strategic objectives

   Implementation of JSW Group’s strategic objectives Actuals Actuals Plan for Targets and measures 2025 2024 2022-2030 EBITDA margin* -53.0% -57.4% 25.0% on average in the period Stable funding structure** Equity to non-current assets ratio >1 0.62 0.74 >1.00 in 2022-2030 Efficient JSW Group: 738.02 [

8. Slide 8: Implementation of JSW Group's strategic objectives

   Implementation of JSW Group’s strategic objectives Actuals Actuals Plan for Targets and measures 2025 2024 2022-2030 Coal and coke production Coal Coal Coal 13.0 [m tons] 12.3 [m tons] 15.6 [m tons] on average in the period Coke Coke Coke 3.2 [m tons] 3.1 [m tons] 3.6 [m tons] on average in the peri

9. Slide 9: JSW Group's operating results

   JSW Group’s operating results

10. Slide 10: Coal and coke production

    Coal and coke production Coal production Active longwalls [000 tons] [number] +6.2% 12,250.9 13,006.1 -7.9% +5.2% -1.8% 2,003.2 2,326.2 3,316.6 3,489.6 9,924.7 11,002.9 22.2 21.8 22.8 445.1 494.1 21.0 2,871.5 2,995.5 Q3 2025 Q4 2025 2024 2025 Q3 2025 Q4 2025 2024 2025 Steam coal Coking coal Corridor

11. Slide 11: Market environment

    JSWSA Market environment

12. Slide 12: Key price drivers in 2024-2025

    Key price drivers in 2024-2025 [USD/t] Q1 Significant decline in coking coal and coke quotations, increased supply, rising resale on 350 2024 the secondary market, and Indian buyers refraining from purchases despite low inventories. Q2 Weak activity on the spot market, growing interest in coke purch

13. Slide 13: Market of the JSW Group

    Market of the JSW Group Target countries for JSW Group products in 2025 Europe is the target market for coking coal. The coke market is much more extensive, since coke is sold on overseas markets, mainly in India. Revenues of the coal segment 2025 2024 Revenues of the coke segment 2025 2024 - shipme

14. Slide 14: Market trends: Steel market

    Market trends Steel market Steel production Steel production Q4 2025 vs. Q3 2025* 2025 vs. 2024** [m tons] [m tons] 1,886.8 1,849.4 439.5 430.0 29.2 31.6 129.6 126.2 World EU World EU Steel prices on the European market Steel prices on the European market Q4 2025 vs. Q3 2025 2025 vs. 2024 [EUR/t] [E

15. Slide 15: Market trends: Coal and coke market

    Market trends Coal and coke market Coking coal spot prices Coking coal spot prices Q4 2025 vs. Q3 2025* 2025 vs. 2024** [USD/t] [USD/t] 183.5 200.1 240.4 116.5 127.1 188.3 144.2 116.3 Premium Low Vol semi-soft Premium Low Vol semi-soft Coke prices Coke prices Q4 2025 vs. Q3 2025 *** 2025 vs. 2024***

16. Slide 16: Prices of JSW's products in relation to market prices

    Prices of JSW’s products in relation to market prices JSW coking coal prices vs. Premium Low Vol prices [USD/t] JSW’s coke prices in relation to prices of blast-furnace coke in ARA ports [USD/t] 89% 94% 98% 97% 97% 92% 96% 106% 104% 107% 208 198 188 187 186 185 183 182 182 178 306 281 276 276 264 26

17. 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] +21.1% 5,922.7 9,043.0 5,162.0 824.1 +11.4% 7,469.8 812.6 2,730.8 1,811.0 2,586.9 1,264.0 5,098.6 2,321.9 1,298.8 4,349.4 5,658.8 6,312.2 672.3 1,157.9 185.

18. 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] 3,225.2 3,165.1 1,302.80 920.97 886.59 969.52 778.8 906.7 Q3 2025 Q4 2025 2024 2025 Q3 2025 Q4 2025 2024 2025 Revenues on sales of coke and hydrocarbons to external customers* [PLN

19. 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] -22.9% 1,545.7 1,407.1 1,322.9 1,187.8 1,039.5 203.8 147.1 157.1 115.7 89.5 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 Total

20. Slide 20: JSW Group's investments

    JSWSA JSW Group’s investments

21. Slide 21: JSW Group's investments

    JSW Group’s investments Capital expenditures in the JSW Group* Investment cash outflows in the JSW Group** Accrual basis [PLN m] Cash basis [PLN m] 4,375.5 135.7 398.8 3,271.9 133.3 212.2 3,839.0 4,168.0 771.8 680.6 2,926.4 3,438.2 18.5 42.2 706.3 47.0 579.4 59.0 741.8 759.1 Q3 2025 Q4 2025 2024 202

22. Slide 22: JSW Group's financial highlights

    JSW Group’s financial highlights

23. Slide 23: JSW Group's financial highlights

    JSW Group’s financial highlights [PLN m] Sales revenues EBITDA net of non-recurring events -16.9% (299.4) 396.0 (485.3) (1,696.1) +4.5% (528.6) (2,821.5) (6,500.7) (4,988.7) 11,325.8 9,408.1 2,294.5 2,398.8 Q3 2025 Q4 2025 2024 2025 Q3 2025 Q4 2025 2024 2025 xx.x EBITDA Net working capital (incl. FI

24. Slide 24: Change in sales revenues of the JSW Group

    Change in sales revenues of the JSW Group [PLN m] 587.6 (1,347.4) 410.3 (421.8) (78.2) (1,054.9) (13.3) 11,325.8 9,408.1 2024 Impact of Impact of Impact of Impact of change Impact of Impact of Impact of revenues 2025 coking coal coking coal steam coal in steam coal coke sales volume coke price chang

25. Slide 25: JSW Group's expenses by nature

    JSW Group’s expenses by nature [PLN m] -5.0% 15,767.6 441.6 14,979.1 539.7 Highest decline in 2025 vs. 2024 in the following items: 7,293.1 7,018.3  Employee benefits: (PLN -274.8 m),  Materials (PLN -219.5 m), +4.6% 2,533.1  Depreciation and amortization 2,489.7 (PLN -197.0 m), 3,628.5 3,796.9 1

26. Slide 26: Cost change drivers, by type, in the JSW Group

    Cost change drivers, by type, in the JSW Group [m PLN] (151.9) 98.1 (197.0) (219.5) (43.4) (274.8) 15,767.6 14,979.1 2024 Depreciation and Consumption of Consumption of External Employee Other costs 2025 amortization materials energy services benefits by nature Nie można obecnie wyświetlić tego obra

27. Slide 27: Mining Cash Cost, Cash Conversion Cost

    Mining Cash Cost Cash Conversion Cost Mining Cash Cost Cash Conversion Cost +9.3% [PLN m] [PLN m] -8.3% 346.76 317.29 804.52 738.02 -2.6% +37.9% 383.63 1,093.4 972.3 711.41 692.77 9,856.1 9,598.8 278.15 248.4 325.9 2,359.4 2,417.5 Q3 2025 Q4 2025 2024 2025 Q3 2025 Q4 2025 2024 2025 xx.xx Unit Mining

28. Slide 28: Unit Mining Cash Cost

    Unit Mining Cash Cost [PLN/t] 2.45 1.27 (8.81) (0.89) (13.80) (46.72) 804.52 738.02 2024 Consumption of materials External Employee Taxes and Other costs Impact of 2025 and energy services benefits charges by nature volume Nie można obecnie wyświetlić tego obrazu. 28

29. Slide 29: Unit Cash Conversion Cost

    Unit Cash Conversion Cost [PLN/t] 29.04 0.21 1.00 16.11 4.44 (1.04) (8.91) (4.21) (7.17) 317.29 346.76 2024 Consumption of Consumption External services Employee Taxes Other costs Administrative Selling and distribution Impact of 2025 materials net of of energy net of transport costs benefits and ch

30. Slide 30: JSW Group's EBITDA drivers

    JSW Group’s EBITDA drivers [PLN m] (1,696.1) (4,988.7) 3,292.6 (6,500.7) (253.5) (181.6) (197.0) 3,273.3 (771.3) (1,133.1) (13.3) 788.5 EBITDA Impact of coal sales Impact of coke sales Other Impact of costs by Impact of impairment Impact of Other Impact of EBITDA Non-recurring EBITDA 2025 2024 volum

31. Slide 31: Impact of operating segments on EBITDA change in JSW Group

    Impact of operating segments on EBITDA change in JSW Group [m PLN] (1,696.1) (4,988.7) 3,292.6 (6,500.7) 26.7 5.3 (58.7) 1,538.7 EBITDA Change in Change in Change in Change in EBITDA Non-recurring EBITDA 2025 2024 coal segment EBITDA coke segment EBITDA other segment EBITDA EBITDA of consolidation 2

32. 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 2025 53.8 1,468.5 4.2 797.0 846.8 296.2 307.2 4,192.6 952.2 (4,135.1) (3,997.3) 326.0 198.6 137.8 Inventories Trade and other Income tax Other Loans and Employee Lease FIZ liabilities Trade and Current Other current Net worki

33. Slide 33: JSW Group's cash flows

    JSW Group's cash flows [PLN m] 125.9 738.4 (168.0) 128.3 (343.5) 885.0 797.0 690.9 (3,535.9) 530.6 244.4 1,500.9 Cash Profit/(loss) Depreciation and Change in Change in Change in Other Investing Loans and Repayment of Other financing Cash at the end of before tax* amortization inventories trade and

34. Slide 34: Q&A

    Q&A

35. Slide 35: Appendices

    Appendices

36. Slide 36: ESG and compliance with sustainable development goals

    ESG and compliance with sustainable development goals Modern approach to corporate responsibility Environmental Social Governance natural environment social responsibility corporate governance  Pro-environmental and pro-climate investments - Group  Occupational health and safety PLN 341.5 m in 202

37. Slide 37: Impact of non-recurring events on EBITDA of the JSW Group

    Impact of non-recurring events on EBITDA of the JSW Group [PLN m] Q3 2025 Q4 2025 2024 2025 Sales revenues 2,294.5 2,398.8 11,325.8 9,408.1 EBIT (899.1) (3,217.4) (8,198.6) (6,489.6) EBITDA (528.6) (2,821.5) (6,500.7) (4,988.7) Impact of non-recurring events on results 43.3 2,522.1 6,896.7 3,292.6 

38. Slide 38: 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 Q3 2025 Q4 2025 2024 2025 Q4 2025/ 2025/ Q3 2025 2024  Coking coal production 2,871.5 2,995.5 9,924.7 11,002.9 4.3% 10.9%  Steam coal production 445.1 494.1 2,326.2 2,003.2 11.0% -13.9%  Co

39. Slide 39: Mining Cash Cost

    Mining Cash Cost [PLN m] Change Change Q3 2025 Q4 2025 2024 2025 Q4 2025/ 2025/ Q3 2025 2024  Consumption of materials and energy 497.2 566.9 2,260.4 2,080.9 +14.0% -7.9%  External services 584.4 616.4 2,386.3 2,418.1 +5.5% +1.3%  Employee benefits 1,205.3 1,170.7 4,941.8 4,827.2 -2.9% -2.3%  Ta

40. Slide 40: Cash Conversion Cost

    Cash Conversion Cost [PLN m] Change Change Q3 2025 Q4 2025 2024 2025 Q4 2025/ 2025/ Q3 2025 2024  Consumption of materials net of coal feedstock 24.6 71.3 91.5 142.3 189.8% 55.5%  Energy consumption 18.2 20.4 91.1 77.9 12.1% -14.5%  External services net of transport costs of coal feedstock 68.4

41. Slide 41: Financial Standing of the JSW Group

    Financial Standing of the JSW Group [PLN m] Change Change 31.12.2024 31.03.2025 30.06.2025 30.09.2025 31.12.2025 31.12.2025/ 31.12.2025/ 31.12.2024 30.09.2025 ASSETS 22,873.0 19,992.0 17,952.3 16,416.9 13,452.6 -41.2% -18.1% Non-current assets 18,868.0 16,781.9 14,800.3 13,270.8 10,798.6 -42.8% -18.

42. Slide 42: Sources of financing for JSW Group's assets

    Sources of financing for JSW Group’s assets [PLN m] Change Change 31.12.2024 31.03.2025 30.06.2025 30.09.2025 31.12.2025 31.12.2025/ 31.12.2025/ 31.12.2024 30.09.2025 EQUITY AND LIABILITIES 22,873.0 19,992.0 17,952.3 16,416.9 13,452.6 -41.2% -18.1% Equity 9,746.8 8,414.4 7,685.3 6,880.0 3,476.8 -64.

43. Slide 43: 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. Nie można obecnie wyświetlić tego obrazu.

Jastrzębska Spółka Węglowa — FY2025 Earnings Presentation on 6ix