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Core Natural Resources (CNR) investor relations material
Core Natural Resources Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Reported Q2 2025 net loss of $36.6M ($0.70 per diluted share) on revenues of $1.10B; adjusted EBITDA was $144.3M, including $21.2M in Leer South fire and idle costs.
Generated $220.2M in net cash from operating activities and $131.1M in free cash flow; returned $87.1M to investors via buybacks and dividends, totaling $194M YTD.
Increased annual synergy target to $150M–$170M, about 30% higher than original guidance.
Advanced plans to resume Leer South longwall production post-October; Leer mine achieved a second straight production record.
Completed transformative all-stock merger, expanding operations to 11 mines and new export terminals.
Financial highlights
Q2 2025 revenues: $1.10B, up $611M year-over-year; adjusted EBITDA: $144.3M; net loss: $36.6M.
Free cash flow for Q2: $131.1M; net cash from operating activities: $220.2M.
Cash and equivalents increased by $25M; total liquidity at quarter-end: $948M.
Repurchased 1.2M shares for $82M in Q2; 2.6M shares (~5% of outstanding) repurchased since program launch.
Cost of sales and DDA rose significantly due to merger and higher volumes.
Outlook and guidance
Maintaining metallurgical sales volume guidance; slightly increasing cash cost guidance due to Leer South delay and Itmann production cut.
Lowering high CV thermal segment pricing guidance by $1 to $60–$62/ton; maintaining volume and cost guidance.
Raising PRB sales volume guidance to 45–48M tons; committed/priced position at 47.8M tons at $14.4/ton.
Leer South longwall production expected to resume post-October; insurance recoveries anticipated to exceed $100M.
Capital expenditures for 2025 guided at $300–$330M; DDA at $560–$590M.
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