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Coronado Global Resources (CRN) investor relations material
Coronado Global Resources H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Major cost reductions and completion of growth projects in H1 2025 set the stage for improved H2 performance, with significant liquidity runway and expected free cash flow uplift from operational enhancements and contract resets.
Expansion projects at Mammoth and Buchanan are delivering increased production, with ~3 Mtpa incremental met coal expected at full capacity and paybacks under three years.
Net loss of $76.2M for Q2 2025 and Adjusted EBITDA loss, reflecting lower realized prices and sales volumes, partially offset by lower costs.
No significant debt maturities in the next three years, with supportive bond investors and improved liquidity through facility replacements and cash management.
Liquidity improved by up to $300M this year, but remains pressured by ongoing losses and covenant risks.
Financial highlights
H1 2025 revenue was $917M, down 31.7% year-over-year; Q2 2025 revenues were $467.9M, down 30.6% year-over-year.
Adjusted EBITDA for H1 2025 was $(73)M, with Q2 EBITDA nearly break-even at $(1)M; Q2 2025 net loss was $76.2M.
Mine site cash costs reduced by $100M year-over-year, with unit costs at the bottom end of guidance ($92/ton).
Net debt increased to $238M at June 30, 2025, from $5M net cash a year earlier.
Available liquidity at June 30, 2025, was $262M–$284M, down from $414M a year prior.
Outlook and guidance
H2 2025 expected to see materially higher production rates, further cost reductions (~$50M), and improved EBITDA and cash generation as expansion projects ramp up.
H2 capex forecasted to be ~$70M lower than H1, with cost per tonne expected to decline further.
Positive cash flow inflection anticipated in early FY27, with ~$150M uplift from Stanwell contract reset and rebate cessation.
Management notes substantial doubt about the ability to continue as a going concern within one year due to ongoing losses and liquidity risks.
Balance sheet options in place for sustained low price environments, including asset sales and minority stakes.
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