JSW S.A. — Audit Report / Information 2025

May 14, 2026

pwc

Report of the independent statutory auditor on the assurance engagement providing reasonable assurance regarding the assessment of the Compensation Report

To the Shareholder Meeting, the Supervisory Board and the Management Board of Jastrzębska Spółka Węglowa S.A.

Opinion providing reasonable assurance (assessment)

We have performed an assurance engagement to provide reasonable assurance regarding the attached Compensation Report of Jastrzębska Spółka Węglowa S.A. ("Company") for the year ended 31 December 2025 ("Compensation Report").

In our opinion, the Compensation Report is complete and, in all material respects, complies with the applicable requirements set forth in Article 90g(1)-(5) and (8) of the Act of 29 July 2005 on Public Offerings and the Conditions for Floating Financial Instruments in an Organized Trading System and on Public Companies ("Act on Public Offerings").

Description of and criteria applicable to the engagement

The Compensation Report has been prepared by the Supervisory Board in order to fulfill the requirements of Article 90g(1) of the Act on Public Offerings. The Compensation Report may not be appropriate for any other purpose.

In compliance with the requirements of Article 90g(10) of the Act on Public Offerings, the Compensation Report is subject to assessment by a statutory auditor to examine whether it contains the information required under Article 90g(1) through (5) and (8) of the Act on Public Offering. This report fulfills these requirements.

PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k., ul. Polna 11, 00-633 Warsaw, Poland; T: +48 (22) 746 4000, F: +48 (22) 746 4040

PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k. with its registered office in Warsaw, at ul. Polna 11, 00-633 Warsaw entered in the National Court Register by the District Court for the Capital City of Warsaw, 12th Commercial Division of the National Court Register, under KRS number 0000750050, Tax Identification Number (NIP) 5260210228.

www.pwc.pl

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By the statutory auditor's assessment referred to above we mean an assessment of whether, in all material respects, the extent of information presented in the Compensation Report is complete and has been disclosed with the level of detail required by the Act on Public Offerings. Moreover, our assessment includes verification of whether the information presented in the Compensation Report is consistent in all material respects with the facts, whether it takes into account all significant facts and whether it is free of any material misstatements.

Basis for opinion

We carried out our assurance engagement in compliance with the National Standard on Assurance Engagements other than Audits or Reviews 3000 (Z) in the wording of the International Standard on Assurance Engagements 3000 (as amended) – Assurance Engagements other than Audits or Reviews of Historical Financial Information ("NSAE 3000 (Z)").

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Our responsibilities under this standard are described below in the Statutory auditor's responsibility section.

Our independence and quality management

We complied with the independence and other ethical requirements set forth in the Handbook of the International Code of Ethics for Professional Accountants (including the International Independence Standards) adopted by resolution of the National Council of Statutory Auditors, which is based on the fundamental principles of integrity, objectivity, professional competence, due diligence, confidentiality and professional conduct.

Our firm applies the provisions of the National Quality Control Standard 1 as amended by the International Standard on Quality Management (PL) 1 – "Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements" developed by the International Auditing and Assurance Standards Board and adopted by a resolution of the Board of the Polish Agency for Audit Oversight. This standard requires us to design, implement and operate a quality management system, including policies and procedures for compliance with ethical requirements, professional standards and applicable laws and regulatory requirements.

Responsibility for the Compensation Report

Preparation of the Compensation Report in accordance with the requirements set forth in Article 90g (1)-(5) and (8) of the Act on Public Offerings, in particular its completeness, is the responsibility of the members of the Company's Supervisory Board. The Company's Supervisory Board's responsibility includes the selection and application of appropriate methods for the preparation of financial data and non-financial information, and for the design, deployment and maintenance of internal controls that the Company's Supervisory Board deems necessary to enable the preparation of the Compensation Report that is free from material misstatements, whether due to fraud or error.

Statutory auditor's responsibility

Our objectives are to plan and perform the assurance engagement in such a way as to obtain reasonable assurance that, in all material respects, the Compensation Report is free from material misstatements, whether due to fraud or error, and to issue an independent statutory auditor's report on the assurance

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engagement regarding the assessment of the Compensation Report, providing reasonable assurance and containing our opinion. Misstatements may arise from fraud or error and are material when they can be reasonably expected to influence, individually or taken together, the decisions of users taken based on the Compensation Report.

We use professional judgment and maintain professional skepticism when performing an assurance service that provides reasonable assurance consistent with NSAE 3000 (Z). In addition:

• We perform risk assessment procedures, including obtaining an understanding of internal controls relevant to the engagement, in order to identify and assess the risks of material misstatement, whether due to fraud or error; however, we do not express an opinion on the effectiveness of the Company's internal controls; and
• We design and implement procedures that address the assessed risks of material misstatement in the Compensation Report. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Summary of the work performed

The procedures planned and followed by us were intended to obtain reasonable assurance that the Compensation Report has been prepared, in all material respects, completely and in compliance with the applicable requirements and that it does not contain any material misstatement or omits any significant information. Our procedures included in particular:

• reading the Compensation Report and comparing the information contained therein with the applicable requirements;
• reading the resolutions of the Company's Shareholder Meeting regarding the compensation policy for Management Board and Supervisory Board members and the resolutions of the Supervisory Board detailing them, and, where we deemed it appropriate, with other documents governing compensation issues subject to disclosure in the Compensation Report;
• understanding the procedures adopted by the Supervisory Board in its preparation of the Compensation Report, including understanding the pertinent internal control procedures to the extent necessary to evaluate the risk of material misstatement or the omission of significant information;
• establishing, by way of comparison with corporate documents, a list of persons in respect of whom it is required to include pertinent information in the Compensation Report and determining, through inquiring persons responsible for the preparation of the Compensation Report and, where we deemed it appropriate, also directly persons who are required to provide pertinent information whether all information foreseen by the criteria for the preparation of the Compensation Report has been disclosed;
• where we deemed it appropriate for evaluating the compliance of the Compensation Report with the applicable regulations, verifying the financial data on compensations presented in the Compensation Report with the Company's accounting ledgers or relevant source documents;
• where we deemed it appropriate for evaluating the accuracy of the Compensation Report with the applicable regulations, verifying whether the non-financial information subject to disclosure in the Compensation Report is supported by such source documents and whether it does not omit any material facts.

The Compensation Report has not been audited within the meaning of National Standards on Auditing. In the course of the assurance procedures performed, we have not audited or reviewed the historical financial

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information used to prepare the Compensation Report, and therefore we do not accept any liability for issuing or updating any reports or opinions on the Company's historical financial information.

Limited applicability

This report has been prepared by PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp. k. for the Company's Shareholder Meeting, Supervisory Board and Management Board, and is intended solely for the purposes laid down in the section Description of and criteria applicable to the engagement. It may not be used for any other purpose.

Accordingly, in connection with this report, PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp. k. accepts no liability arising from any contractual and non-contractual relations (including for negligence) towards any parties other than the Company. However, the foregoing does not relieve us of liability in situations where such relief is precluded by law.

The Company's Management Board is responsible for publishing the Compensation Report on the Company's website and for making it available free of charge for at least 10 years from the date of the Shareholder Meeting at which the resolution expressing an opinion on the Compensation Report was adopted as well as for the accuracy of information presented on the Company's website¹.

Acting on behalf of PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp. k., a company entered in the list of entities licensed to audit financial statements under file number 144:

Lubomira Murray

Key Statutory Auditor

Registered number: 12086

Warsaw, 14 May 2026

¹The extent of our work has not included an assessment of such issues. Accordingly, we may not be held liable in any manner whatsoever for any changes that may have been made to the information we have evaluated or for differences, if any, between the information contained in our report and the information provided on the Company's website.