Jastrzebska Spolka Weglowa S.a. · GPW:JSW

Jastrzebska Spolka Weglowa — Jastrzębska Spółka Węglowa — H1 2025 Earnings Presentation

37 slides from Jastrzebska Spolka Weglowa's earnings presentation, September 2025

  1. Slide 1: Results of the JSW Group for H1 2025

    Results of the JSW Group for H1 2025 September 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 Ryszard Janta II. JSW Group in numbers Ryszard Janta III. JSW Group’s operating results Ryszard Janta IV. Market environment Jolanta Gruszka V. JSW Group’s capital expenditures Adam Rozmus VI. JSW Group’s financial highlights Bogusław Oleksy VII. Str

  4. Slide 4: JSW Group in numbers

    JSW Group in numbers Q2 2025 vs. Q1 2025 Coal Coke Active longwalls MCC production production 3,339.0 thous. t 706.9 thous. t 20.9 727.50 PLN/t vs. vs. vs. vs. +16.7% +0.5% 703.7 thous. t in Q1 2025 +10.0% 19.0 in Q1 2025 -13.0% 836.36 PLN/t in Q1 2025 2,860.9 thous. t in Q1 2025 Sales Average price

  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] +3.3% 6,002.1 6,199.9 +10.0% -7.4% +16.7% 1,288.5 1,064.0 2,860.9 3,339.0 541.3 522.7 4,713.6 5,135.9 20.9 21.5 19.0 19.9 2,319.6 2,816.3 Q1 2025 Q2 2025 H1 2024 H1 2025 Q1 2025 Q2 2025 H1 2024 H1 2025 Steam coal Coking co

  7. Slide 7: Market environment

    yo X. JSWSA Market environment

  8. Slide 8: Market trends

    Market trends Q2 2025 vs. Q1 2025 ratio comparison Steel production Steel prices on the European market [m tons] [EUR/t] 468.6 465.7 625.0 622.3 32.4 33.0 601.2 601.7 World EU Steel prices on the European market Steel prices on the European market - HRC – rods Coking coal spot prices* Coke prices**

  9. Slide 9: Prices of JSW’s products

    Prices of JSW’s products in relation to market prices JSW coking coal price JSW’s coke price in relation to price of blast-furnace in relation to Premium Low Vol prices [USD/t] coke in ARA ports [USD/t] 84% 94% 89% 94% 98% 97% 98% 92% 96% 106% 356 344 340 335 280 315 306 294 281 276 276 237 264 234

  10. Slide 10: 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] +15.4% 3,174.6 -5.3% 4,134.2 393.3 2,599.2 3,581.1 278.9 900.6 2,123.9 2,010.3 811.8 1,364.0 1,235.2 516.3 160.9 118.0 2,781.3 384.3 2,320.3 2,769.3 3,233.6

  11. Slide 11: 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] 1,747.9 1,373.35 1,479.6 1,053.26 1,038.48 1,045.89 741.8 737.8 Q1 2025 Q2 2025 H1 2024 H1 2025 Q1 2025 Q2 2025 H1 2024 H1 2025 Revenues on sales of coke and hydrocarbons to extern

  12. Slide 12: 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] +30,1% -22,6% 1,545.7 178.8 1,407.1 147.1 1,092.7 1,191.3 1,187.8 115.7 102.7 89.5 30-Jun-2024 30-Sep-2024 31-Dec-2024 31-Mar-2025 30-Jun-2025 30-Jun-2024 30-Sep-2024 31-Dec-2024 31

  13. Slide 13: JSW Group’s capital expenditures

    JSW Group’s capital expenditures

  14. Slide 14: JSW Group’s capital expenditures

    JSW Group’s capital expenditures Capital expenditures in the JSW Group* Capital expenditures in the JSW Group** Accrual basis [PLN m] Cash basis [PLN m] 2,448.7 42.7 1,819.5 287.3 72.6 993.4 106.2 826.1 41.3 2,392.9 31.3 1,118.7 1,901.3 85.2 1,640.7 21.0 977.1 773.8 866.9 924.2 Q1 2025 Q2 2025 H1 20

  15. Slide 15: JSW Group’s financial highlights

    JSW Group’s financial highlights

  16. Slide 16: JSW Group’s financial highlights

    JSW Group’s financial highlights [PLN m] Sales revenues EBITDA net of non-recurring events -23.7% (5,829.1) (1,220.8) (411.8) (1,638.6) -6.6% 829.5 (545.5) (911.4) (365.9) 6,176.3 4 714,8 2,437.6 2,277.2 Q1 2025 Q2 2025 H1 2024 H1 2025 Q1 2025 Q2 2025 H1 2024 H1 2025 xx.x EBITDA Net working capital

  17. Slide 17: Change in sales revenues of the JSW Group

    Change in sales revenues of the JSW Group [PLN m] 13.6 (103.2) (41.1) (1.8) (4.4) (10.9) (12.6) 2,437.6 2,277.2 Q1 2025 Impact of coking coal Impact of coking coal Impact of steam coal Impact of change in Impact of coke sales Impact of coke price Impact of revenues from Q2 2025 sales volume price ch

  18. Slide 18: JSW Group’s expenses by nature

    JSW Group’s expenses by nature [PLN m] -6.1% 8,043.7 211.9 7,553.7 256.6 Highest growth in Q2 2025 vs. Q1 2025 in the following items: +2.7% 3,701.0 3,589.1  External services (PLN +74.1 m), 3,826.4  Depreciation and 3,727.3 135.5 121.1 amortization (PLN +40.1 m), 1,224.4  Employee benefits (PLN

  19. Slide 19: Cost change drivers, by type, in the JSW Group

    Cost change drivers, by type, in the JSW Group [m PLN] 40.1 74.1 36.3 (14.4) (14.2) (22.8) 3,727.3 3,826.4 Q1 2025 Depreciation and Consumption of Consumption of External Employee Other costs Q2 2025 amortization materials energy services benefits by nature 19

  20. Slide 20: Mining Cash Cost, Cash Conversion Cost

    Mining Cash Cost Cash Conversion Cost Mining Cash Cost Cash Conversion Cost +18.9% [PLN m] -4.7% [PLN m] 309.56 367.98 -2.2% -13.0% 816.50 777.73 372.03 363.95 836.36 727.50 482.1 519.1 4,900.7 4,821.9 2,392.7 2,429.2 261.8 257.3 Q1 2025 Q2 2025 H1 2024 H1 2025 Q1 2025 Q2 2025 H1 2024 H1 2025 xx.xx

  21. Slide 21: Unit Mining Cash Cost

    Unit Mining Cash Cost [PLN/t] 0.78 (1.15) 9.13 (14.47) 16.63 (119.78) 836.36 727.50 Q1 2025 Consumption of materials External services Employee benefits Taxes and charges Other costs by nature Impact of volume Q2 2025 and energy 21

  22. Slide 22: Unit Cash Conversion Cost

    Unit Cash Conversion Cost [PLN/t] (0.01) 46.62 (63.61) (0.45) (1.70) 0.86 3.26 5.58 1.37 372.03 363.95 Q1 2025 Consumption of Consumption External services Employee Taxes and Other costs Administrative Selling and distribution Impact of Q2 2025 materials of energy net of transport benefits charges b

  23. Slide 23: JSW Group’s EBITDA drivers

    JSW Group’s EBITDA drivers [PLN m] (411.8) (365.9) 40.1 45.9 (1,226.8) 400.1 (26.2) 660.5 (132.5) (15.3) (12.6) (99.1) EBITDA Impact of Impact of Other sales Impact of costs Impact of impairment Impact of the Other Impact of EBITDA Non-recurring events EBITDA Q2 2025 Q1 2025 coal sales coke sales by

  24. Slide 24: Contribution of segments to EBITDA change in JSW Group

    Contribution of segments to EBITDA change in JSW Group [m PLN] (411.8) (365.9) 50.1 21.6 (112.5) 45.9 (1,226.8) 855.8 EBITDA Q1 2025 Change in Change in Change in Change in EBITDA of EBITDA Non-recurring events EBITDA Q2 2025 net of non-recurring events coal segment EBITDA coke segment EBITDA other

  25. Slide 25: Net working capital (incl. FIZ) of the JSW Group

    Net working capital (incl. FIZ) of the JSW Group [PLN m] As at 30 June 2025 43.8 236.2 353.6 1,318.1 279.8 4.4 677.4 3,156.5 1,205.2 1,019.9 340.7 102.2 (200.2) Inventories Trade and other Income tax Cash and cash Closed-end Other current Loans and Employee benefit Lease Trade and other Current Othe

  26. Slide 26: JSW Group's cash flows

    JSW Group's cash flows [PLN m] 56.7 (47.1) (79.4) 351.2 768.6 (861.1) (79.2) 101.3 677.4 (59.3) 138.4 387.3 Cash at the Profit/(loss) Depreciation and Change in Change in Change in Other operating Investing Loans and Repayment of Other financing Cash at the end of before tax* amortization inventorie

  27. Slide 27: Strategic Transformation Plan of the JSW Group

    Strategic Transformation Plan of the JSW Group

  28. Slide 28: Strategic Transformation Plan

    Strategic Transformation Plan Work stream Measures taken Effects • Starting in April, the changes proposed in the Implementation of the mining plan for longwalls included in the pilot1 initiatives were implemented at selected longwalls, thous. tons, %, April-June 2025 including additional incentive

  29. Slide 29: yy a

    yy a 3

  30. Slide 30: Appendices

    -. X. JSWSA Appendices

  31. Slide 31: Impact of non-recurring events on JSW Group’s EBITDA

    Impact of non-recurring events on JSW Group’s EBITDA [PLN m] Q1 2025 Q2 2025 H1 2024 H1 2025 Sales revenues 2,437.6 2,277.2 6,176.3 4,714.8 EBIT (1,574.0) (799.1) (6,835.1) (2,373.1) EBITDA (1,226.8) (411.8) (5,823.1) (1,638.6) Impact of non-recurring events on results 681.3 45.9 6,652.6 727.2  rec

  32. Slide 32: Production, external sales, inventories of coal and coke

    Production, external sales, inventories of coal and coke produced in the JSW Group [000 tons] Change Change Item Q1 2025 Q2 2025 H1 2024 H1 2025 Q2 2025/ H1 2025/ Q1 2025 H1 2024  Coking coal production 2,319.6 2,816.3 4,713.6 5,135.9 21.4% 9.0%  Steam coal production 541.3 522.7 1,288.5 1,064.0 -

  33. Slide 33: Mining Cash Cost

    Mining Cash Cost [PLN m] Change Change Item Q1 2025 Q2 2025 H1 2024 H1 2025 Q2 2025/ H1 2025/ Q1 2025 H1 2024  Consumption of materials and Energy 532.6 484.2 1,098.6 1,016.8 -9.1% -7.4%  External services 580.9 636.4 1,133.8 1,217.3 9.6% 7.4%  Employee benefits 1,210.3 1,240.9 2,537.5 2,451.2 2.

  34. Slide 34: Cash Conversion Cost

    Cash Conversion Cost [PLN m] Change Change Item Q1 2025 Q2 2025 H1 2024 H1 2025 Q2 2025/ H1 2025/ Q1 2025 H1 2024  Consumption of materials net of coal feedstock 22.9 23.5 48.6 46.4 2.6% -4.5%  Energy consumption 19.2 20.1 49.8 39.3 4.7% -21.1%  External services net of transport costs of coal fe

  35. Slide 35: Financial Standing of the JSW Group

    Financial Standing of the JSW Group [PLN m] Change Change Item 30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025 30.06.2025/ 30.06.2025/ 31.12.2024 31.03.2025 ASSETS 23,218.7 23,483.6 22,873.0 19,992.0 17,952.3 -21.5% -10.2% Non-current assets 18,595.6 19,132.8 18,868.0 16,781.9 14,800.3 -21.6%

  36. Slide 36: Sources of financing for JSW Group’s assets

    Sources of financing for JSW Group’s assets [PLN m] Change Change Item 30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025 30.06.2025/ 30.06.2025/ 31.12.2024 31.03.2025 EQUITY AND LIABILITIES 23,218.7 23,483.6 22,873.0 19,992.0 17,952.3 -21.5% -10.2% Equity 10,936.3 10,648.2 9,746.8 8,414.4 7,685

  37. Slide 37: 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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