Alpha Metallurgical Resources (AMR) investor relations material

Executive summary

• Q3 revenue was $562.2 million; net loss was $9.3 million and Adjusted EBITDA was $29.4 million, down from $41.7 million YoY but up from $25.6 million in Q2.

• Q3 shipments were 3.915 million tons, up from 3.5 million in Q2; 2027 shipment guidance is 14.3–15.7 million tons.

Financial highlights

• Q3 coal revenues rose 6.7% YoY to $560.6 million; coal sales volume increased 1.6% and average realization increased 5.0%.

• Q3 non-GAAP coal margin fell 18.6% YoY to $55.5 million, or $14.16 per ton, from $17.68 per ton; met cost of coal sales rose to $106.93 per ton from $103.07 in Q2.

• Q3 operating cash flow was $46.9 million, up from $39.9 million in Q2; capex was $33.8 million, down from $45.1 million.

• 9M revenue was $1.580 billion versus $1.609 billion; net loss improved to $32.6 million from $44.4 million, while Adjusted EBITDA declined to $85.0 million from $93.4 million.

Outlook and guidance

• 2027 shipments: 13.1–14.1 million met tons plus 1.2–1.6 million thermal tons, or 14.3–15.7 million total; met cost of coal sales guidance is $104–$110 per ton.

• 2027 guidance includes SG&A of $53–$59 million, idle expense of $25–$33 million, DD&A of $148–$162 million, net cash interest income of $2–$4 million and a 0%–5% cash tax rate.

• 2027 capex is projected at $145–$165 million and equity affiliate contributions at $28–$37 million, including DTA cash contributions.

• 3.5 million 2027 domestic met tons are committed at an average fixed price of $135.48 per ton; 2026 met tonnage was 87% committed and priced at $126.69 per ton at guidance midpoint.