JSW
JASTRZĘBSKA SPÓŁKA WĘGLOWA
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 29, 2026
H1 2026 report
Strata netto zmniejszona o połowę do 1 043 mln zł, ale EBITDA (po odjęciu odpisów) nadal ujemna.
Sentiment
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JSW
H1 2026 report
Revenue
4.34 bn PLN
— YoY
Net income
-1.04 bn PLN
— YoY
EBITDA
-236.5 m PLN
— YoY
Gross margin
-6%
— YoY
Summary
Investment thesis
- Gotówka spadła z 797 do 117 mln zł; FCF -1,3 mld zł przy CAPEX 1,1 mld zł.
- Kapitał obrotowy ujemny o 5,5 mld zł; PwC wskazuje znaczącą niepewność co do kontynuacji działalności.
- Przetrwanie zależy od odroczeń ZUS, zawieszenia świadczeń dla załogi, zawieszenia kowenantów przez banki do 30.10.2026 oraz pożyczek ARP do 2,0 mld zł.
- Segment węglowy dodatni (EBITDA +241,9 mln zł), segment koksowy ujemny (-482,8 mln zł).
Read the full analysis
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Financials
BETA
JSW · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,343.8 | 9,408.1 | −53.8% | 4,343.8 | −53.8% | reported | — | 1.00 |
| Gross profit | -261.9 | — | — | -261.9 | — | reported | — | 1.00 |
| EBITDA | -236.5 | — | — | -236.5 | — | derived | — | 0.70 |
| EBIT | -995 | -6,489.7 | +84.7% | -995 | +84.7% | reported | — | 1.00 |
| EBT | -1,098.1 | -6,711.9 | +83.6% | -1,098.1 | +83.6% | reported | — | 1.00 |
| Net income | -1,038.6 | -6,214.6 | +83.3% | -1,038.6 | +83.3% | reported | — | 1.00 |
| EPS (basic) (PLN) | -8.85 | -52.93 | — | -8.85 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -8.85 | — | — | -8.85 | — | reported | — | 1.00 |
| D&A | 758.5 | — | — | 758.5 | — | reported | — | 1.00 |
| Interest expense | 107.8 | — | — | 107.8 | — | reported | — | 1.00 |
| Income tax | -61.9 | — | — | -61.9 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 117.41 | 117.41 | — | 117.41 | — | reported | — | 1.00 |
| Gross margin | -6% | — | — | -6% | — | reported | — | 0.70 |
| EBITDA margin | -5.4% | — | — | -5.4% | — | reported | — | 0.70 |
| EBIT margin | -22.9% | -68.98% | +46.1 pp | -22.9% | +46.1 pp | reported | — | 0.70 |
| EBT margin | -25.3% | — | — | -25.3% | — | reported | — | 0.70 |
| Net margin | -23.9% | -66.06% | +42.2 pp | -23.9% | +42.2 pp | reported | — | 0.70 |
| D&A margin | 17.5% | — | — | 17.5% | — | reported | — | 0.70 |
| Cash | 117.1 | — | — | — | — | reported | — | 1.00 |
| Total debt | 2,449.2 | — | — | — | — | derived | — | 0.90 |
| Net debt | 2,332.1 | — | — | — | — | derived | — | 0.90 |
| Equity | 2,435.5 | 3,476.8 | −29.9% | — | — | reported | — | 1.00 |
| Total assets | 13,474.4 | 13,452.6 | +0.2% | — | — | reported | — | 1.00 |
| Working capital | -5,532.7 | -4,135.2 | −33.8% | — | — | reported | — | 0.70 |
| Current assets | 2,570.3 | 2,653.9 | −3.2% | — | — | reported | — | 1.00 |
| Current liabilities | 8,103 | 6,789.1 | +19.4% | — | — | reported | — | 1.00 |
| Non-current liabilities | 2,935.9 | 3,186.7 | −7.9% | — | — | reported | — | 1.00 |
| Inventory | 1,204.7 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 996.9 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 1,599.3 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 33.6 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 2,401.9 | — | — | — | — | reported | — | 0.70 |
| CFO | -245.8 | -440.8 | +44.2% | -245.8 | +44.2% | reported | — | 1.00 |
| CapEx | 1,076.8 | — | — | 1,076.8 | — | reported | — | 1.00 |
| FCF | -1,322.6 | — | — | -1,322.6 | — | reported | — | 0.70 |
| Dividends paid | 0.3 | — | — | 0.3 | — | reported | — | 1.00 |
| Current ratio | 0.32x | 0.39x | −0.07x | — | — | reported | — | 0.70 |
| Quick ratio | 0.17x | — | — | — | — | reported | — | 0.70 |
| Cash ratio | 0.01x | — | — | — | — | reported | — | 0.70 |
| Debt / equity | 1.01x | — | — | — | — | reported | — | 0.70 |
| Debt / assets | 0.18x | — | — | — | — | reported | — | 0.70 |
| Net debt / equity | 0.96x | — | — | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | -5.8% | -16.94% | — | -5.8% | — | reported | — | 0.70 |
| EBIT growth (YoY) | 58.1% | 20.84% | — | 58.1% | — | reported | — | 0.70 |
| Net income growth (YoY) | 50.2% | 14.19% | — | 50.2% | — | reported | — | 0.70 |
| Gross margin Δ (YoY) | 20.1 pp | — | — | 20.1 pp | — | reported | — | 0.70 |
| EBITDA margin Δ (YoY) | 30.3 pp | — | — | 30.3 pp | — | reported | — | 0.70 |
| EBIT margin Δ (YoY) | 28.6 pp | 0 pp | — | 28.6 pp | — | reported | — | 0.70 |
| Net margin Δ (YoY) | 21.4 pp | 0 pp | — | 21.4 pp | — | reported | — | 0.70 |
H1 2026 · Δ YoY
Revenue
4,343.8
−53.8%
4,343.8
−53.8%
- H1 2025
- 9,408.1
- YTD 2026
- 4,343.8
- Δ YoY
- −53.8%
Gross profit
-261.9
—
-261.9
—
- H1 2025
- —
- YTD 2026
- -261.9
- Δ YoY
- —
EBITDA
-236.5
—
-236.5
—
- H1 2025
- —
- YTD 2026
- -236.5
- Δ YoY
- —
EBIT
-995
+84.7%
-995
+84.7%
- H1 2025
- -6,489.7
- YTD 2026
- -995
- Δ YoY
- +84.7%
EBT
-1,098.1
+83.6%
-1,098.1
+83.6%
- H1 2025
- -6,711.9
- YTD 2026
- -1,098.1
- Δ YoY
- +83.6%
Net income
-1,038.6
+83.3%
-1,038.6
+83.3%
- H1 2025
- -6,214.6
- YTD 2026
- -1,038.6
- Δ YoY
- +83.3%
EPS (basic)
(PLN)
-8.85
—
-8.85
—
- H1 2025
- -52.93
- YTD 2026
- -8.85
- Δ YoY
- —
EPS (diluted)
(PLN)
-8.85
—
-8.85
—
- H1 2025
- —
- YTD 2026
- -8.85
- Δ YoY
- —
D&A
758.5
—
758.5
—
- H1 2025
- —
- YTD 2026
- 758.5
- Δ YoY
- —
Interest expense
107.8
—
107.8
—
- H1 2025
- —
- YTD 2026
- 107.8
- Δ YoY
- —
Income tax
-61.9
—
-61.9
—
- H1 2025
- —
- YTD 2026
- -61.9
- Δ YoY
- —
Shares (basic)
(m units)
117.41
—
117.41
—
- H1 2025
- 117.41
- YTD 2026
- 117.41
- Δ YoY
- —
Gross margin
-6%
—
-6%
—
- H1 2025
- —
- YTD 2026
- -6%
- Δ YoY
- —
EBITDA margin
-5.4%
—
-5.4%
—
- H1 2025
- —
- YTD 2026
- -5.4%
- Δ YoY
- —
EBIT margin
-22.9%
+46.1 pp
-22.9%
+46.1 pp
- H1 2025
- -68.98%
- YTD 2026
- -22.9%
- Δ YoY
- +46.1 pp
EBT margin
-25.3%
—
-25.3%
—
- H1 2025
- —
- YTD 2026
- -25.3%
- Δ YoY
- —
Net margin
-23.9%
+42.2 pp
-23.9%
+42.2 pp
- H1 2025
- -66.06%
- YTD 2026
- -23.9%
- Δ YoY
- +42.2 pp
D&A margin
17.5%
—
17.5%
—
- H1 2025
- —
- YTD 2026
- 17.5%
- Δ YoY
- —
Cash
117.1
—
117.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
2,449.2
—
2,449.2
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
2,332.1
—
2,332.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
2,435.5
−29.9%
2,435.5
−29.9%
- H1 2025
- 3,476.8
- YTD 2026
- —
- Δ YoY
- —
Total assets
13,474.4
+0.2%
13,474.4
+0.2%
- H1 2025
- 13,452.6
- YTD 2026
- —
- Δ YoY
- —
Working capital
-5,532.7
−33.8%
-5,532.7
−33.8%
- H1 2025
- -4,135.2
- YTD 2026
- —
- Δ YoY
- —
Current assets
2,570.3
−3.2%
2,570.3
−3.2%
- H1 2025
- 2,653.9
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
8,103
+19.4%
8,103
+19.4%
- H1 2025
- 6,789.1
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
2,935.9
−7.9%
2,935.9
−7.9%
- H1 2025
- 3,186.7
- YTD 2026
- —
- Δ YoY
- —
Inventory
1,204.7
—
1,204.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
996.9
—
996.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
1,599.3
—
1,599.3
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
33.6
—
33.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
2,401.9
—
2,401.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-245.8
+44.2%
-245.8
+44.2%
- H1 2025
- -440.8
- YTD 2026
- -245.8
- Δ YoY
- +44.2%
CapEx
1,076.8
—
1,076.8
—
- H1 2025
- —
- YTD 2026
- 1,076.8
- Δ YoY
- —
FCF
-1,322.6
—
-1,322.6
—
- H1 2025
- —
- YTD 2026
- -1,322.6
- Δ YoY
- —
Dividends paid
0.3
—
0.3
—
- H1 2025
- —
- YTD 2026
- 0.3
- Δ YoY
- —
Current ratio
0.32x
−0.07x
0.32x
−0.07x
- H1 2025
- 0.39x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.17x
—
0.17x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.01x
—
0.01x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
1.01x
—
1.01x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.18x
—
0.18x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.96x
—
0.96x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-5.8%
—
-5.8%
—
- H1 2025
- -16.94%
- YTD 2026
- -5.8%
- Δ YoY
- —
EBIT growth (YoY)
58.1%
—
58.1%
—
- H1 2025
- 20.84%
- YTD 2026
- 58.1%
- Δ YoY
- —
Net income growth (YoY)
50.2%
—
50.2%
—
- H1 2025
- 14.19%
- YTD 2026
- 50.2%
- Δ YoY
- —
Gross margin Δ (YoY)
20.1 pp
—
20.1 pp
—
- H1 2025
- —
- YTD 2026
- 20.1 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
30.3 pp
—
30.3 pp
—
- H1 2025
- —
- YTD 2026
- 30.3 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
28.6 pp
—
28.6 pp
—
- H1 2025
- 0 pp
- YTD 2026
- 28.6 pp
- Δ YoY
- —
Net margin Δ (YoY)
21.4 pp
—
21.4 pp
—
- H1 2025
- 0 pp
- YTD 2026
- 21.4 pp
- Δ YoY
- —