Coal Energy S.A. (Luxembourg), having lost all its coal assets in Ukraine due to Russian aggression and shifted its focus to operations in Poland, reported a net loss of $1.46 million for the first nine months of fiscal year 2026 (FY, July 2025 – March 2026), the company reported a net loss of $1.46 million, whereas for the same period of FY 2025, its net profit was $1.6 million.
According to the company’s report to the Warsaw Stock Exchange, where its shares are listed, revenue for this period decreased by 31.8% to $2.06 million, while the operating loss increased by 82.1% to $0.55 million.
Coal Energy specified that from January through March of this year, its net loss amounted to $0.11 million, compared to a net profit of $1.97 million in the same quarter last year; revenue increased by 2.5% to $0.88 million; and the operating loss decreased by 33.3% to $0.05 million.
A week earlier, Coal Energy announced the suspension of a deal with Global Tech Opportunities 31, a fund belonging to the ABO Securities group, which involved the issuance of interest-free convertible bonds worth up to 14.5 million zlotys.
In the first half of 2026F, bonds worth 2.5 million zlotys ($0.67 million at the exchange rate at the time) had already been converted into newly issued shares, and as of mid-year, bonds worth 2 million zlotys remained unconverted.
As previously reported, Coal Energy posted a consolidated net profit of $4.12 million in FY2025, compared to a net loss of $2.12 million in FY2024, primarily due to the sale of four assets to the group. The company’s consolidated revenue grew by 52.4% in FY 2025, reaching 3.76 million.
In September 2025, the board approved the company’s Updated Development Strategy for 2025–2027, which reflects the recently secured financing, current investment projects, and the ongoing war in Ukraine.
“The updated strategy is built on four pillars: 1. coal mining in Poland and Romania, 2. providing mineral extraction services in Poland and Romania, 3. developing the extraction of critical raw materials in Central and
Eastern Europe and Ukraine, and 4. global consulting services for the mineral resources sector,” the previous report stated, whereas the new report does not include a description of these activities.
Coal Energy’s shares have been listed on the Warsaw Stock Exchange since August 8, 2011. Its main line of business was coal mining at two underground mines and operations at coal dumps in the Donetsk region.
Vyshnevetsky currently controls 58.74% through Lycaste Holdings, while Global Tech Opportunities holds 2.34%. A total of 24.42% of the shares are traded on the Warsaw Stock Exchange.
The company’s market capitalization as of June 30 stood at PLN 92.18 million ($24.45 million at the current exchange rate) at a share price of 2.00 zlotys, which had fallen by 1.28% since the start of the trading day following the publication of the financial report.
bond, Coal Energy, LOSS, POLAND, REVENUE
