JSW GPW mWIG40 Periodic report · PAP Biznes
JSW SA (JSW) · H1 2026 results
Share price: 26.48 zł · 2026-11-10
JSW SA is engaged in the mining, processing, and sale of hard coal, as well as the production and sale of coke and coal by-products. The group operates in the mining and energy sectors, providing products for industrial and energy purposes. Sources: Half-year report (2026-09-29) · Wikipedia
Results H1 2026 vs H1 2025 · year over year · published 19 May 2026 and 30 May 2025
Net loss narrowed year on year. The report's language is unchanged.
1 · Numbers
Loss narrowed
Net income vs H1 2025
Net income -1.04B vs -2.09B
Revenue −5.8%
Why Net income rose mainly because the cost of sold products, materials, and goods decreased by 1,212.4 million PLN, representing a 20.8% reduction compared to the same period last year.
2 · How the report reads
Unchanged
Language tone vs last period
Report language: restrained for a company report — about as upbeat as in H1 2025.
Weak signal: formal report language, not a call.
3 · What stood out
JSW management plans to obtain 2.89 billion PLN over 12 years through three loan agreements to fund restructuring activities.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
26.48 zł
close of 2026-11-10
Revenue growth, 3 years
−22.5% a year
compound annual rate (CAGR)
Read between the lines
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Figure
Sales revenue in the first half of 2026 was 4,343.8 million PLN, which was 5.8% lower than the same period in 2025.
Source quote
“Sales revenue in the first half of 2026 amounted to 4,343.8 million PLN and was lower by 268.3 million PLN, i.e., by 5.8% compared to the same period in 2025.”
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Figure
In the first half of 2026, the cost of products, materials, and goods decreased by 1,212.4 million PLN, or 20.8%, compared to the same period in 2025.
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Key theme
Planned financing is intended to replace the existing transaction of selling PBSz shares and JZR stakes under the PRE-SPA Agreement.
Source quote
“The planned financing was intended to replace the transaction currently being executed for the sale to ARP of PBSz shares and JZR shares, covered by the PRE-SPA Agreement.”
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Figure
JSW recorded a financial liability of 168.5 million PLN from a purchase agreement because the set purchase price was higher than the selling price.
Source quote
“At the same time, given that the established repurchase price is higher than the selling price, JSW recognized a financial liability from the repurchase agreement in the total amount of 168.5 million PLN.”
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Figure
JSW applied for a 1,066.0 million PLN loan from ARP on August 17, 2026, which would be granted in exchange for withdrawing from the sale of PBSz shares and JZR stakes.
Source quote
“After the end of the reporting period, i.e., on August 17, 2026, JSW submitted an application to ARP for a loan to JSW in the amount of 1,066.0 million PLN, which, to the best of the knowledge and assumptions of the JSW Management Board, was to be granted concurrently with the withdrawal from the transactions to sell PBSz shares and JZR shares.”
1 more
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Figure
The obligation to achieve Sustainability-Related Goals was suspended until October 30, 2026, based on signed amendments to the Financing Agreement.
Source quote
“Pursuant to the signed amendments to the Financing Agreement, the obligation to achieve the Sustainability-Linked Goals has been suspended until October 30, 2026, inclusive.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: H1 2026. Ring: H1 2025.
Restrained for a company report — about as upbeat as in H1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Sentences that drove the tone
“CASH DEPOSITS A decrease of 70.6%, including a lower amount of 525.8 million PLN of cash held in bank accounts and in cash, and lower”
“("ARP"): the mission of ARP, as a State Treasury company of special importance for the Polish economy and a company creating a system of development institutions, is to support Polish industry and strive for its development.”
“0.2 million PLN (a decrease of 90.9%), while the amount for expenditures related to the right to use an asset component was 15.9 million PLN (a decrease of 14.1%).”
Full figures
PLN · PAP Biznes report (2026-05-19), consolidated statement; H1 vs the same period a year earlier (restated); net income to parent shareholders
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | 4.34B | 4.61B | −5.8% |
| Net income | -1.04B | -2.09B | Loss narrowed |
| P/E | 12-mo loss | 12-mo loss | — |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- In the EU, coking plants are primarily integrated with steelworks, while in Poland, coking plants are non-integrated and produce coke…
- A strategic product in the Group's portfolio is blast furnace coke, which accounted for 74.3% of production in the first quarter of 2026.
- Fading Coking coal prices are set at the turn of quarters; to reflect market conditions, it is optimal to compare the prices obtained in a given…
- The Management Board of JSW considers the actions regarding: concluding a loan agreement with ARP, the sale of JSW assets (JZR and PBSz…
- During the 3-month period ended March 31, 2026, the Group did not implement nor had any active transactions hedging the risk of changes in…
Faded since H1 2025
- Fading The table below presents changes in the status of the write-off of trade receivables:
- Fading The amounts presented in the table represent contractual undiscounted cash flows.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Informacja w sprawie powierzenia pełnienia obowiązków Prezesa Zarządu Jastrzębskiej Spółki Węglowej S.A. XII kadencji · ESPI 73/2026
- Rezygnacja członka Zarządu JSW S.A. · ESPI 72/2026
- Zawarcie aneksu do umowy z ARP S.A. dotyczącej akcji posiadanych przez JSW S.A. w Przedsiębiorstwie Budowy Szybów S.A. oraz udziałów posiadanych przez JSW S.A. w Jastrzębskich Zakładach Remontowych Sp. z o.o. · ESPI 71/2026
- Ogłoszenie o zwołaniu Nadzwyczajnego Walnego Zgromadzenia JSW S.A. na dzień 23 listopada 2026 roku wraz z projektami uchwał · ESPI 70/2026 · routine
- Informacje dotyczące działalności operacyjnej Grupy Kapitałowej JSW w III kwartale 2026 roku · ESPI 69/2026
In 3Q 2026, total coal production was 3.31 million tons (compared to 3.32 million tons in 3Q 2025), and total coke production was 0.74 million tons (compared to 0.89 million tons in 3Q 2025).
- Ogłoszenie wystąpienia siły wyższej w JSW · ESPI 68/2026
The Company forecasts a production volume loss of approximately 157 thousand tons in 2026 due to the occurrence of force majeure at the mine.
- Half-year report · ESPI periodic · routine
- Zatwierdzenie przez Radę Nadzorczą aktualizacji "Programu Naprawczego Jastrzębskiej Spółki Węglowej S.A. na lata 2026-2035 z uwzględnieniem Spółek zależnych z operacjonalizacją" oraz redefinicja kierunków strategicznych określonych w "Strategii JSW z uwz · ESPI 67/2026
The Supervisory Board approved the 2026-2035 Recovery Program, which includes obtaining 2.9 billion PLN in financing and a projected coking coal production of 11.2 million tons in 2026.