Jastrzębska Spółka Węglowa is still fighting for survival, with a third consecutive year in the red and no quick way out of the liquidity trap. The group lost over PLN 600m on a consolidated basis in the first quarter of 2026, and its recovery is progressing more slowly than analysts had hoped.
Jakub Szkopek, an analyst at Erste Securities, openly acknowledges the setback. He says the rebuilding of JSW’s liquidity and results is taking longer than expected, even though higher coking coal prices should have started supporting the company’s performance in the second quarter.
– The rebuilding of JSW’s liquidity and results is unfortunately progressing slower than we assumed – Szkopek said.
In the second quarter of 2026, Erste had expected EBITDA to climb to roughly PLN 200m. Published operating data point to a figure closer to PLN 60m.
– In Q2 2026, when JSW was already fully benefiting from higher coking coal prices on overseas markets, we expected EBITDA to rise to around PLN 200m. The published operational data for Q2 2026 suggest that this level will be closer to PLN 60m – Szkopek said.
To keep production running, the company is still depending on external financing and money from asset sales. During a July 29 meeting of the parliamentary committee on energy, climate and state assets, JSW’s chief executive Bogusław Oleksy admitted that the simplest tools for improving cash flow have already been used.
– We have exhausted the basic simple measures when it comes to improving liquidity – Oleksy said.
Bridge financing and mining leave
The company is now processing a PLN 850m loan from ARP, which should give it temporary breathing room. In the longer run, JSW estimates that it will need about PLN 2bn in new financing by the end of 2026.
– We are in a very difficult situation right now, and therefore we are processing a PLN 850m loan from ARP, which should give us some breathing room for a while. Ultimately, by the end of the year, we would need to be supported with a loan of about PLN 2bn – said Bogusław Oleksy.
Szkopek argues that the ARP facility should resolve the liquidity problem for some time and allow JSW to concentrate on operational priorities. He also points to mining leave as a source of future savings, because July still included labour costs of miners who will take advantage of that scheme; meaningful cost relief should start in August.
– The loan being processed by ARP should solve the liquidity problem for a certain time and allow us to focus on key operational tasks – Szkopek said. – In July the company still bore the labour costs of miners who will take mining leave, so significant cost savings can only be expected from August.
Overseas coking coal markets worsen
External conditions have turned less favourable in the third quarter of 2026. After a mine accident in China’s Shanxi region in Q2, output there has returned, and coke and coking coal stocks at Chinese ports remain at satisfactory levels.
In Australia, unsold cargoes that had been scheduled for delivery by the end of August are still piled up in eastern ports. That has pushed coking coal prices in Australia to around USD 218-226 per tonne, according to market information quoted by Szkopek.
– According to market information, unsold cargoes that were supposed to reach customers by the end of August are still lying in Australia’s eastern ports. That has pushed Australian prices to around USD 218-226 per tonne – Szkopek said.
Another risk for JSW is a possible revision of its production volumes after employees take mining leave. Szkopek says the company may need to adjust its earlier plans downward to fit the new market reality.
– In our assessment, a risk factor for JSW remains the revision of production volumes in the group after some employees take mining leave. It may turn out that the previous plans will need to be revised downward, adjusting them to the new market reality – Szkopek concluded.
JSW is the only coking coal producer in the European Union and one of the producers of coke used in steelmaking. It operates the Borynia-Zofiówka, Budryk, Knurów-Szczygłowice and Pniówek mines and is listed on the Warsaw Stock Exchange.
In 2025 the group recorded PLN 6.25bn in consolidated net loss and PLN 4.99bn in negative EBITDA. Its mines produced more than 13 million tonnes of coal and 3.2 million tonnes of coke in that year. In the first quarter of 2026 the net loss reached around PLN 615.9m.
Coking coal, also called metallurgical coal, is classified as one of the European Union’s 34 critical raw materials because of its strategic importance to steelmaking and the high supply risk for European industry.
Mining sector issues will be among the topics discussed at the Future Mining Forum & Expo in Katowice on September 9-11, 2026.
Źródło: WNP.PL, Fot. materiały prasowe / JSW / Dawid Lach
