JSW S.A.

Earnings Release • Jun 11, 2025

Achievement of the targets of the Technical and Economic Plan for the months of April and May 2025.

Coal segment - April 2025

	Plan (m tons) April 2025	Actuals (m tons) April 2025	Actuals (%) April 2025	Plan (m tons) YTD 2025	Actuals (m tons) YTD 2025	Actuals (%) YTD 2025
Total coal production	1.02	1.03	101.5%	3.74	3.89	103.9%
Coking coal production	0.80	0.86	106.7%	2.98	3.18	106.6%
Steam coal production	0.21	0.17	81.7%	0.76	0.71	93.4%
Total coal sales	0.99	1.02	103.5%	3.89	4.03	103.7%
Coking coal sales	0.79	0.89	111.6%	3.18	3.38	106.2%
Steam coal sales	0.19	0.14	70.2%	0.71	0.65	92.2%

• Total coal production in April 2025 was: 1.03 million tons, which is 101.5% of the Plan for this month [according to the PTE assumptions, the planned production level was 1.02 million tons].
• Coking coal production in April 2025 was: 0.86 million tons, which is 106.7% of the Plan for this month [according to the PTE assumptions, the planned production level was 0.80 million tons].
• Steam coal production in April 2025 was: 0.17 million tons, which is 81.7% of the Plan for this month [according to the PTE assumptions, the planned production level was 0.21 million tons].
• Total coal sales in April 2025 were: 1.02 million tons, which is 103.5% of the Plan for this month [according to the PTE assumptions, the planned sales level was 0.99 million tons].
• Coking coal sales in April 2025 were: 0.89 million tons, which is 111.6% of the Plan for this month [according to the PTE assumptions, the planned sales level was 0.79 million tons].
• Steam coal production in April 2025 were: 0.14 million tons, which is 70.2% of the Plan for this month [according to the PTE assumptions, the planned sales level was 0.19 million tons].

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	Plan (m tons) May 2025	Actuals (m tons) May 2025	Actuals (%) May 2025	Plan (m tons) YTD 2025	Actuals (m tons) YTD 2025	Actuals (%) YTD 2025
Total coal production	1.06	1.18	111.2%	4.81	5.07	105.5%
Coking coal production	0.83	1.00	120.1%	3.81	4.17	109.6%
Steam coal production	0.23	0.18	79.6%	1.00	0.90	90.2%
Total coal sales	1.00	1.05	104.6%	4.89	5.08	103.9%
Coking coal sales	0.81	0.91	112.8%	3.99	4.29	107.6%
Steam coal sales	0.20	0.14	70.7%	0.90	0.79	87.6%

• Total coal production in May 2025 was: 1.18 million tons, which is 111.2% of the Plan for this month [according to the PTE assumptions, the planned production level was 1.06 million tons].
• Coking coal production in May 2025 was: 1.00 million tons, which is 120.1% of the Plan for this month [according to the PTE assumptions, the planned production level was 0.83 million tons].
• Steam coal production in May 2025 was: 0.18 million tons, which is 79.6% of the Plan for this month [according to the PTE assumptions, the planned production level was 0.23 million tons].
• Total coal sales in May 2025 were: 1.05 million tons, which is 104.6% of the Plan for this month [according to the PTE assumptions, the planned sales level was 1.00 million tons].
• Coking coal sales in May 2025 were: 0.91 million tons, which is 112.8% of the Plan for this month [according to the PTE assumptions, the planned sales level was 0.81 million tons].
• Steam coal sales in May 2025 were: 0.14 million tons, which is 70.7% of the Plan for this month [according to the PTE assumptions, the planned sales level was 0.20 million tons].

Market conditions were shaped by, among other things:

• poor demand and low margins in the steel market, intense price competition from imported steel and coke from Asian countries,
• improving coal supply in the absence of demand growth,
• increasing market uncertainty due to escalating market protectionism, tariffs implemented or announced by the US, including on steel and automobiles, and retaliatory tariffs introduced by China on US coal,
• an increase in secondary resale transactions of purchased coal on the spot market, which increased supply.

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Coke segment - April 2025

	Plan (m tons) April 2025	Actuals (m tons) April 2025	Actuals (%) April 2025	Plan (m tons) YTD 2025	Actuals (m tons) YTD 2025	Actuals (%) YTD 2025
Coke production	0.24	0.23	98.2%	0.94	0.94	100.1%
Coke sales	0.25	0.24	94.0%	0.98	0.98	99.5%

• Coke production in April 2025 was: 0.23 million tons, which is 98.2% of the Plan for this month [according to the PTE assumptions, the planned production level was 0.24 million tons].
• Coke sales in April 2025 were: 0.24 million tons, which is 94.0% of the Plan for this month [according to the PTE assumptions, the planned sales level was 0.25 million tons].

Coke segment - May 2025

	Plan (m tons) May 2025	Actuals (m tons) May 2025	Actuals (%) May 2025	Plan (m tons) YTD 2025	Actuals (m tons) YTD 2025	Actuals (%) YTD 2025
Coke production	0.25	0.24	97.2%	1.18	1.18	99.5%
Coke sales	0.26	0.24	95.9%	1.24	1.22	98.7%

• Coke production in May 2025 was: 0.24 million tons, which is 97.2% of the Plan for this month [according to the PTE assumptions, the planned production level was 0.25 million tons].
• Coke sales in May 2025 were: 0.24 million tons, which is 95.9% of the Plan for this month [according to the PTE assumptions, the planned sales level was 0.26 million tons].

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