Slides
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Results of the JSW Group for H1 2025 September 2025
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12 March 2018 Disclaimer 2 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 not be treated as investment advice. The recipients of this Presentation bear the sole responsibility for their own market analyses and assessments as well as of the market position of the Company or the JSW Group and the potential results of the Company or the JSW Group in the future, made on the basis of information in the Presentation. The Company is not liable for any loss arising from the use of this Presentation or its contents, or arising in any other way in relation to this Presentation. Some representations in this Presentation may be projections or forecasts prepared on the basis of the current views and assumptions of the Company’s Management Board and incorporate known and unknown types of risk and a certain level of uncertainty. The actual results, accomplishments and events may materially differ from the data directly included or implied in these representations in connection with changes to the conditions prevailing on global capital and credit markets or economic conditions, especially in those territories where the Group operates. The Company is not obligated to provide the recipients of this Presentation with any additional information or updates to this Presentation. In no event should one deem the information in this Presentation to be an explicit or implicit representation or warranty of any type by the Company. The Company draws the attention of the persons reviewing this Presentation to the fact that the sole credible source of data concerning the Company’s financial results, as well as forecasts, events and ratios applying to it, are the current and periodic reports published by the Company.
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3 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. Strategic Transformation Plan Adam Rozmus VIII. Q&A JSW S.A. Management Board
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20.9 vs. 19.0 in Q1 2025 PLN (365.9) m vs. PLN (545.5) m in Q1 2025 Average price of coking coal and coke Coke production Coal production EBITDA* Net result PLN (712.0) m vs. PLN (1,363.1) m in Q1 2025 Active longwalls 4 727.50 PLN/t vs. 836.36 PLN/t in Q1 2025 MCC Sales revenues PLN 2,277.2 m vs. PLN 2,437.6 m in Q1 2025 706.9 thous. t vs. 703.7 thous. t in Q1 2025 682.98 PLN/t (coal) vs. 746.40 PLN/t in Q1 2025 1,038.48 PLN/t (coke) vs. 1,058.97 PLN/t in Q1 2025 -6.6% -1.4% 3,339.0 thous. t vs. 2,860.9 thous. t in Q1 2025+16.7% -8.5% +0.5% +10.0% -13.0% JSW Group in numbers Q2 2025 vs. Q1 2025 * EBITDA (net of non-recurring events – the value of the non-recurring events was PLN 45.9 million in Q2 2025)
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JSW Group’s operating results
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Coal and coke production Coal production [000 tons] Steam coal Coking coal Done by external companies Done by our own staff 6 Corridor works [running meters] Active longwalls [number] Coke production [000 tons] 703.7 706.9 1,557.5 1,410.6 Q1 2025 Q2 2025 H1 2024 H1 2025 -9.4% 2,319.6 2,816.3 4,713.6 5,135.9541.3 522.7 1,288.5 1,064.0 2,860.9 3,339.0 6,002.1 6,199.9 Q1 2025 Q2 2025 H1 2024 H1 2025 +3.3% 19.0 20.9 21.5 19.9 Q1 2025 Q2 2025 H1 2024 H1 2025 -7.4% 13,802.6 14,996.7 33,478.2 28,799.33,220.5 2,488.4 5,570.3 5,708.917,023.1 17,485.1 39,048.5 34,508.2 Q1 2025 Q2 2025 H1 2024 H1 2025 -11.6% +16.7% +0.5% +10.0% +2.7%
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Market environment
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Source: World Steel Association, Platts, C&AMR, McCloskey Market trends Q2 2025 vs. Q1 2025 ratio comparison Q1 2025 Q2 2025 601.2 601.7 625.0 622.3 Steel prices on the European market - HRC Steel prices on the European market – rods Steel prices on the European market [EUR/t] Steel production [m tons] 468.6 32.4 465.7 33.0 World EU 185.1 117.8 184.2 103.5 Premium Low Vol Semi-soft Coking coal spot prices* [USD/t] Coke prices** [USD/t] 260.7 224.0243.9 198.4 Blast furnace coke - quotes in ARA ports Blast furnace coke - Chinese coke prices * Taking into account the quotations affecting JSW’s prices in the quarter (the average price from the period from January 2025 to May 2025), the decrease in the average reference price for coking coal in Q2 2025 versus Q1 2025 was 6% (PLV: 198 USD/t in Q1 2025; 186 USD/t in Q2 2025). ** JSW coke prices are set on a market basis at the end/beginning of quarters, taking into account the prices from the previous period. In Q2 2025, the decrease in the reference price (based on the Q1 2025 prices) vs. the Q1 2025 reference price (which is based on Q4 2024 prices) was 5% (261 USD/t in Q1 2025 vs. 276 USD/t in Q4 2024). 8
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Prices of JSW’s products in relation to market prices Source: Platts, McCloskey, ARP, www.polskirynekwegla.pl * The 5-month average of the Premium Low Vol price covers the previous quarter and two first months of the current quarter 280 234 208 198 186 237 219 185 187 182 84% 94% 89% 94% 98% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 JSW coking coal price in relation to Premium Low Vol prices [USD/t] - JSW prices in relation to: coking coal – PLV, steam coal – PSCMI 1, coke – blast-furnace coke in ARA portsxx% 5-month average PLV price* Average price for JSW’s coking coal 356 340 306 276 261 315 294 262 260 224 344 335 281 264 276 97% 98% 92% 96% 106% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 JSW’s coke price in relation to price of blast-furnace coke in ARA ports [USD/t] Average price of blast-furnace coke in ARA ports (Q-1*) Average price of blast-furnace coke on the Chinese market (Q-1*) Average total contract price for coke in the JSW Group Average PSCMI 1 prices (Polish Steam Coal Market Index Prices) JSW’s average steam coal prices 491 479 465 362 352 476 452 412 312 307 97% 94% 89% 86% 87% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 * coke prices are set at the turn of each quarter in order to reflect the market terms of the negotiations. The optimal approach is to compare the prices obtained in the respective quarter with the average quotations from the previous quarter. JSW steam coal price in relation to PSCMI 1 prices [PLN/t] 100 200 300 400 Jan-24 Feb-24Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25Mar-25 Apr-25 May-25 Jun-25 Premium Low Vol coal spot prices January 2024 – June 2025 [USD/t] Quotations affecting JSW prices in Q2 2025 9
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Sales of coal produced in the JSW Group Sales of coal to external customers [000 tons] Sales of coal to internal customers [000 tons] Average selling price of coal to external customers [PLN/t] Revenues on sales of coal to external customers* [PLN m] Steam coal Coking coal * This figure takes into account the Group’s revenues from coal sales (including the coal produced by other entities) and the adjustment of sales revenues on account of realization of hedging transactions 746.40 692.98 1,004.87 714.51 311.75 306.96 479.41 309.70 Q1 2025 Q2 2025 H1 2024 H1 2025 -35.4% 1,607.6 1,626.0 2,769.3 3,233.6516.3 384.3 811.8 900.6 2,123.9 2,010.3 3,581.1 4,134.2 Q1 2025 Q2 2025 H1 2024 H1 2025 1,203.1 1,117.2 2,781.3 2,320.3 160.9 118.0 393.3 278.9 1,364.0 1,235.2 3,174.6 2,599.2 Q1 2025 Q2 2025 H1 2024 H1 2025 882.9 990.2 2,087.7 1,873.1882.9 990.2 2,087.7 1,873.1 Q1 2025 Q2 2025 H1 2024 H1 2025 -28.9% +15.4% 10 -5.3% -1.5% -8.5%
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1,053.26 1,038.48 1,373.35 1,045.89 Q1 2025 Q2 2025 H1 2024 H1 2025 741.8 737.8 1,747.9 1,479.6 Q1 2025 Q2 2025 H1 2024 H1 2025 Sales of coke to external customers [000 tons] Revenues on sales of coke and hydrocarbons to external customers* [PLN m] Sales of coke produced in the JSW Group Average coke sales price [PLN/t] 890.0 881.0 2,649.5 1,771.0 Q1 2025 Q2 2025 H1 2024 H1 2025 * includes the adjustment of sales revenues on account of realization of hedging transactions 11
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Inventories of coal and coke produced in the JSW Group 102.7 178.8 147.1 115.7 89.5 30-Jun-2024 30-Sep-2024 31-Dec-2024 31-Mar-2025 30-Jun-2025 -22,6% Coke inventory as at [000 tons] Coal inventory as at [000 tons] 1,092.7 1,191.3 1,407.1 1,187.8 1,545.7 30-Jun-2024 30-Sep-2024 31-Dec-2024 31-Mar-2025 30-Jun-2025 +30,1% 12 Total coal inventory is comprised of: • operational reserve in mines required for scheduled shipments • technological reserve in coking plant necessary for safe operation of coke oven batteries The inventory of coke is comprised of: • operational reserve in coking plants required for scheduled overland shipments • operational reserve in ports required for scheduled ocean shipments
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JSW Group’s capital expenditures
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21.0 85.2 287.3 106.2 Q1 2025 Q2 2025 H1 2024 H1 2025 977.1 924.2 2,392.9 1,901.3 Q1 2025 Q2 2025 H1 2024 H1 2025 JSW Group’s capital expenditures Capital expenditures in the JSW Group* Accrual basis [PLN m] Capital expenditures in the JSW Group** Cash basis [PLN m] 773.8 866.9 1,118.7 1,640.7 21.0 85.2 287.3 106.2 31.3 41.3 42.7 72.6 826.1 993.4 2,448.7 1,819.5 Q1 2025 Q2 2025 H1 2024 H1 2025 Coal segment Coke segment Other segments 14 * net of consolidation eliminations ** capital expenditures include the purchase of property, plant and equipment, intangible assets and lease payments *** expenditures on property, plant and equipment, intangible assets, investment properties and borrowing costs 399.7 485.2 957.1 884.9184.6 214.2 451.8 398.8 132.2 131.3 279.5 263.5 57.3 36.2 430.3 93.5 773.8 866.9 2,118.7 1,640.7 Q1 2025 Q2 2025 H1 2024 H1 2025 Capital expenditures for property, plant and equipment*** Expenditures on expensable mining pits Longwall outfitting expenditures Capital expenditures in JSW Accrual basis [PLN m] Capital expenditures in JSW KOKS Accrual basis [PLN m]
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JSW Group’s financial highlights
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(545.5) (365.9) 829.5 (911.4) (1,220.8) (411.8) (5,829.1) (1,638.6) Q1 2025 Q2 2025 H1 2024 H1 2025 (1,363.1) (712.0) (6,061.9) (2,075.1) Q1 2025 Q2 2025 H1 2024 H1 2025 5,109.7 4,158.6 2,504.0 1,218.4 (200.2) 30-Jun-2024 30-Sep-2024 31-Dec-2024 31-Mar-2025 30-Jun-2025 Sales revenues Net working capital (incl. FIZ) EBITDA net of non-recurring events Net result JSW Group’s financial highlights [PLN m] xx.x EBITDA 16 -116.4% 2,437.6 2,277.2 6,176.3 4 714,8 Q1 2025 Q2 2025 H1 2024 H1 2025 -23.7% * The value of non-recurring events in Q2 2025 amounted to PLN 45.9 million -6.6%
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2,437.6 2,277.2 13.6 (103.2) (41.1) (1.8) (4.4) (10.9) (12.6) Q1 2025 Impact of coking coal sales volume Impact of coking coal price change Impact of steam coal sales volume Impact of change in steam coal sales price Impact of coke sales volume Impact of coke price change Impact of revenues from other sales Q2 2025 Change in sales revenues of the JSW Group [PLN m] 17
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347.2 387.3 1,012.0 734.5 628.4 614.2 1,325.6 1,242.6257.7 234.9 568.8 492.6 582.1 656.2 1,224.4 1,238.3 1,776.4 1,812.7 3,701.0 3,589.1 135.5 121.1 211.9 256.6 3,727.3 3,826.4 8,043.7 7,553.7 Q1 2025 Q2 2025 H1 2024 H1 2025 Depreciation and amortization Materials Energy External services Employee benefits Other costs by nature JSW Group’s expenses by nature [PLN m] 18 -6.1% Highest growth in Q2 2025 vs. Q1 2025 in the following items: External services (PLN +74.1 m), Depreciation and amortization (PLN +40.1 m), Employee benefits (PLN +36.3 m). +2.7%
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3,727.3 3,826.4 74.1 (14.4) 40.1 (14.2) (22.8) 36.3 Q1 2025 Depreciation and amortization Consumption of materials Consumption of energy External services Employee benefits Other costs by nature Q2 2025 Cost change drivers, by type, in the JSW Group [m PLN] 19
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Mining Cash Cost Cash Conversion Cost 20 Mining Cash Cost [PLN m] xx.xx Unit Mining Cash Cost [PLN/t] Cash Conversion Cost [PLN m] Unit Cash Conversion Cost [PLN/t] Unit Mining Cash Cost [PLN/t] Unit Cash Conversion Cost [PLN/t] xx.xx 372.03 363.95 (1.70) (6.38) Q1 2025 Impact of expenses Impact of volume Q2 2025 2,392.7 2,429.2 4,900.7 4,821.9 836.36 727.50 816.50 777.73 Q1 2025 Q2 2025 H1 2024 H1 2025 -4.7% 836.36 727.50 10.92 (119.78) Q1 2025 Impact of expenses Impact of volume Q2 2025 261.8 257.3 482.1 519.1 372.03 363.95 309.56 367.98 Q1 2025 Q2 2025 H1 2024 H1 2025 +18.9% -13.0% -2.2%
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836.36 727.50 9.13 (14.47) 16.63 0.78 (1.15) (119.78) Q1 2025 Consumption of materials and energy External services Employee benefits Taxes and charges Other costs by nature Impact of volume Q2 2025 21 Unit Mining Cash Cost [PLN/t]
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22 Unit Cash Conversion Cost [PLN/t] 372.03 363.95 1.37 3.26 (0.45) (1.70)0.86 5.58 46.62 (0.01) (63.61) Q1 2025 Consumption of materials net of coal feedstock Consumption of energy External services net of transport costs of coal feedstock Employee benefits Taxes and charges Other costs by nature Administrative expenses less depreciation and amortization Selling and distribution expenses less depreciation and amortization attributable to selling and distribution expenses Impact of volume Q2 2025
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(1,226.8) (411.8) (365.9) 400.1 40.1 (12.6) (99.1) 45.9 (132.5) (15.3) 660.5 (26.2) EBITDA Q1 2025 Impact of coal sales volume and price Impact of coke sales volume and price Other sales Impact of costs by nature Impact of impairment of non-financial non-current assets Impact of the result on other activities Other Impact of depreciation and amortization costs EBITDA Q2 2025 Non-recurring events Q2 2025 EBITDA Q2 2025 net of non-recurring events JSW Group’s EBITDA drivers [PLN m] 23
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(1,226.8) (411.8) (365.9) 50.1 (112.5) 45.9 855.8 21.6 EBITDA Q1 2025 net of non-recurring events Change in coal segment EBITDA Change in coke segment EBITDA Change in other segment EBITDA Change in EBITDA of consolidation eliminations EBITDA Q2 2025 Non-recurring events Q2 2025 EBITDA Q2 2025 net of non-recurring events Contribution of segments to EBITDA change in JSW Group [m PLN] 24
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As at 30 June 2025 1,019.9 (200.2) 236.2 353.6 279.8 3,156.5 340.7 102.2 1,205.2 4.4 677.4 1,318.1 43.8 Inventories Trade and other receivables Income tax overpaid Cash and cash equivalents Closed-end Investment Fund (FIZ) Other current assets Loans and borrowings Employee benefit liabilities Lease liabilities Trade and other liabilities Current provisions Other current liabilities Net working capital (incl. FIZ) Net working capital (incl. FIZ) of the JSW Group [PLN m] 25
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768.6 677.4(861.1) (79.2) (59.3) 138.4 101.3 (47.1) (79.4) 387.3 351.2 56.7 Cash at the end of 31 March 2025 Profit/(loss) before tax* Depreciation and amortization Change in inventories Change in trade and other receivables Change in trade and other liabilities Other operating cash flows* Investing cash flows Loans and borrowings received Repayment of loans and borrowings Other financing cash flows and FX differences Cash at the end of 30 June 2025 JSW Group's cash flows [PLN m] * For presentation purposes, the impact of impairment loss of PLN (9.5) million was excluded due to its non-cash nature 26
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Strategic Transformation Plan of the JSW Group
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Work stream Measures taken Effects Efficient Mine • Starting in April, the changes proposed in the initiatives were implemented at selected longwalls, including additional incentive measures for longwall crews • In May 2025, selected working faces were added to the pilot. In June 2025, the rollout was extended to additional longwalls and faces where geological and mining conditions allowed work to be accelerated without compromising safety. Procurement and capital expenditure processes • An opportunity for optimization was identified in the procurement and capital expenditure process, amounting to PLN 1.655 bilion Planned Actual 699 1,076 +54% Implementation of the mining plan for longwalls included in the pilot1 thous. tons, %, April-June 2025 24% 76% Planned 35% 65% Actual Longwalls in the pilot Longwalls outside of the pilot 28 Savings in the procurement process as at 30June 2025 1. The actual output figures reflect accelerated exploitation of longwalls, which leads to reduced production volumes in subsequent months Source: JSW, Kearney Strategic Transformation Plan
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Q&A
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Appendices
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Impact of non-recurring events on JSW Group’s EBITDA [PLN m] 31 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 recognition of impairment loss allowance for non-financial non-current assets 657.2 3.9 6,854.2 661.1 reversal of the impairment loss allowance for non-financial non-current assets (6.2) (13.4) (517.2) (19.6) provision for reimbursement of CO₂ emission allowances 40.5 40.5 costs of incidents in JSW's mines 30.5 12.1 26.1 42.6 costs related to the incident at the Przyjaźń Coking Plant 0.7 0.1 1.0 0.8 not mined longwall areas in KWK Pniówek 2.0 2.0 update on the cost of the one-time award at JSW (0.9) 0.7 (0.2) estimate cost of the one-time award in JSW 288.5 EBITDA (net of non-recurring events) (545.5) (365.9) 829.5 (911.4)
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Production, external sales, inventories of coal and coke produced in the JSW Group [000 tons] 32 Item Q1 2025 Q2 2025 H1 2024 H1 2025 Change Q2 2025/ Q1 2025 Change H1 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 -3.4% -17.4% Coke production 703.7 706.9 1,557.5 1,410.6 0.5% -9.4% External sales of coking coal 1,607.6 1,626.0 2,769.6 3,233.6 1.1% 16.8% External sales of steam coal 516.3 384.3 811.8 900.6 -25.6% 10.9% External sales of coke 741.8 737.8 1,747.9 1,479.6 -0.5% -15.3% Inventory of coking coal produced in the Group 355.0 597.8 372.1 597.8 68.4% 60.7% Inventory of steam coal produced in the Group 832.8 947.9 720.6 947.9 13.8% 31.5% Inventory of coal produced in the Group 1,187.8 1,545.7 1,092.7 1,545.7 30.1% 41.5% Inventory of coke produced in the Group 115.7 89.5 102.3 89.5 -22.6% -12.5%
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Item Q1 2025 Q2 2025 H1 2024 H1 2025 Change Q2 2025/ Q1 2025 Change H1 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 2.5% -3.4% Taxes and charges 46.1 48.8 86.9 94.9 5.9% 9.2% Other costs by nature 22.8 18.9 43.9 41.7 -17.1% -5.0% Total Mining Cash Cost [PLN m] 2,392.7 2,429.2 4,900.7 4,821.9 1.5% -1.6% Coal production [000 tons] 2,860.9 3,339.0 6,002.1 6,199.9 16.7% 3.3% Unit Mining Cash Cost [PLN/t] 836.36 727.50 816.50 777.73 -13.0% -4.7% One-off payments to employees 0.0 0.0 286.4 0.0 - -100.0% Unit Mining Cash Cost [PLN/t] net of payments to employees 836.36 727.50 768.79 777.73 -13.0% 1.2% Mining Cash Cost [PLN m] 33
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Cash Conversion Cost [PLN m] 34 Item Q1 2025 Q2 2025 H1 2024 H1 2025 Change Change Q2 2025/ Q1 2025 H1 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 feedstock 70.7 73.0 155.3 143.7 3.3% -7.5% Employee benefits 82.1 86.1 143.7 168.2 4.9% 17.0% Taxes and charges 26.9 59.8 51.9 86.7 122.3% 67.1% Other costs by nature 0.8 0.7 1.3 1.5 -12.5% 15.4% Administrative expenses less depreciation and amortization 46.0 1.1 47.4 47.1 -97.6% -0.6% Selling and distribution expenses less depreciation and amortization attributable to selling and distribution expenses (6.8) (7.0) (15.9) (13.8) 2.9% -13.2% Total Cash Conversion Cost [PLN m] 261.8 257.3 482.1 519.1 -1.7% 7.7% Volume of coke produced for sale [000 tons] 703.7 706.9 1,557.5 1,410.6 0.5% -9.4% Unit Cash Conversion Cost [PLN/t] 372.03 363.95 309.56 367.98 -2.2% 18.9%
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Financial Standing of the JSW Group [PLN m] 35 Item 30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025 Change Change 30.06.2025/ 31.12.2024 30.06.2025/ 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% -11.8% - Property, plant and equipment 7,830.2 8,298.0 8,883.1 8,704.3 9,216.8 3.8% 5.9% - Intangible assets 218.3 150.8 147.7 147.4 139.9 -5.3% -5.1% - Investment property 21.4 21.2 21.1 21.2 21.1 0.0% -0.5% - Right-of-use assets 396.2 398.1 408.6 419.7 448.9 9.9% 7.0% - Investments in associates 1.3 1.3 1.3 1.3 1.3 0.0% 0.0% - Deferred tax assets 1,154.4 1,237.2 1,455.6 1,781.4 1,974.9 35.7% 10.9% - Investments in the FIZ asset portfolio 8,479.3 8,527.3 7,453.1 5,201.4 2,488.5 -66.6% -52.2% - Other non-current assets 494.5 498.9 497.5 505.2 508.9 2.3% 0.7% Current assets 4,623.1 4,350.8 4,005.0 3,210.1 3,152.0 -21.3% -1.8% - Inventories 1,130.9 1,248.5 1,196.6 940.7 1,019.9 -14.8% 8.4% - Trade and other receivables 1,637.9 1,433.2 1,385.8 1,147.0 1,205.2 -13.0% 5.1% - Overpaid income tax 84.4 63.5 21.9 15.1 4.4 -79.9% -70.9% - Financial derivatives 14.6 32.0 12.0 35.6 43.8 265.0% 23.0% - Other current financial assets - - 0.1 - - - - - Investments in the FIZ asset portfolio 506.5 804.4 503.6 303.1 201.3 -60.0% -33.6% - Cash and cash equivalents 1,248.8 769.2 885.0 768.6 677.4 -23.5% -11.9%
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36 Sources of financing for JSW Group’s assets [PLN m] Item 30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025 Change Change 30.06.2025/ 31.12.2024 30.06.2025/ 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 7,685.3 -21.2% -8.7% Non-current liabilities 4,289.7 4,115.9 4,172.1 4,384.5 4,426.3 6.1% 1.0% - Loans and borrowings 1,488.8 1,315.3 1,523.2 1,691.8 1,658.8 8.9% -2.0% - Deferred tax liabilities 13.8 19.6 13.9 22.8 9.8 -29.5% -57.0% - Employee benefit liabilities 884.7 880.9 767.3 768.0 817.9 6.6% 6.5% - Provisions 1,400.1 1,414.8 1,392.5 1,391.2 1,438.8 3.3% 3.4% - Lease liabilities 367.4 351.0 341.0 379.4 367.1 7.7% -3.2% - Trade and other liabilities 134.9 134.3 134.2 131.3 133.9 -0.2% 2.0% Current liabilities 7,992.7 8,719.5 8,954.1 7,193.1 5,840.7 -34.8% -18.8% - Loans and borrowings 518.0 519.3 362.7 198.0 236.2 -34.9% 19.3% - Financial derivatives 0.6 1.5 19.1 2.1 0.0 -100.0% -100.0% - Current income tax liabilities 17.2 12.6 6.1 39.4 102.2 - 159.4% - Employee benefit liabilities 348.7 288.7 304.2 328.1 353.6 16.2% 7.8% - Provisions 275.5 271.2 284.6 284.7 340.7 19.7% 19.7% - Lease liabilities 269.4 259.3 273.0 251.2 279.8 2.5% 11.4% - FIZ liabilities 3,192.8 4,027.2 4,050.5 3,008.2 1,371.7 -66.1% -54.4% - Trade and other liabilities 3,370.5 3,339.7 3,653.9 3,081.4 3,156.5 -13.6% 2.4%
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Węgiel metalurgiczny to nieskończony potencjał rozwoju. 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