Whitehaven Coal
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Whitehaven Coal (WHC) investor relations material

Whitehaven Coal H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary18 Feb, 2026

Executive summary

  • Revenue for H1 FY26 was AUD 2.5 billion, down 28% year-over-year due to lower coal prices and reduced equity sales after the Blackwater sell-down.

  • Underlying EBITDA fell 54% to AUD 446 million, with a statutory NPAT of AUD 69 million and an underlying net loss of AUD 19 million.

  • Managed ROM coal production increased 3% to 20 Mt, with Queensland at 10.3 Mt and NSW at 9.7 Mt; equity sales of produced coal were 12.8 Mt, down 10% due to the Blackwater sell-down.

  • Safety performance improved, with TRIFR at 2.9 and no environmental enforcement actions reported.

  • Interim dividend of 4 cents per share (AUD 32 million) declared, with up to AUD 32 million allocated for share buy-backs.

Financial highlights

  • Revenue reached AUD 2.5 billion, with 54% from metallurgical coal and 46% from thermal coal; Queensland contributed AUD 1.3 billion and NSW AUD 1.15 billion.

  • Underlying EBITDA was AUD 446 million, down from AUD 960 million in H1 FY25, reflecting a 19% drop in achieved coal prices.

  • Group unit cost of coal was AUD 135/t, tracking at the low end of guidance and AUD 2/t lower than H1 FY25.

  • Net debt at 31 Dec 2025 was AUD 710 million, with available liquidity of AUD 1.5 billion.

  • EBITDA margin on own coal sales was 20%, down from 33% in H1 FY25.

Outlook and guidance

  • ROM production and sales volumes are on track for the upper half of FY26 guidance: 37.0–41.0 Mt for group ROM production and 29.5–33.0 Mt for managed coal sales.

  • Cost of coal expected to remain at the lower end of AUD 130–145/t guidance, with Queensland cost guidance for 2024–2028 reset to AUD 140–145/t.

  • Targeting AUD 60–80 million in annualized cost savings by year end.

  • CapEx tracking below guidance at AUD 157 million for H1.

  • Metallurgical coal prices expected to strengthen in H2 FY26 due to supply constraints and seasonal factors.

Drivers of H1 FY26 underlying net loss
Explain contingent payment remeasurement gain
How do deferred payments impact capex plans?
Qld cost drivers: temporary vs. permanent
Refinancing $1.1B loan: market confidence?
Blackwater expansion strategy beyond current pits?
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Next Whitehaven Coal earnings date

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Q3 2026 TU27 Apr, 2026
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Frequently asked questions

Thermal and Metallurgical Coal

Whitehaven Coal is an Australian coal mining company, primarily engaged in the exploration, development, production, and sale of thermal and metallurgical coal. Whitehaven Coal operates a portfolio of open-cut and underground mines in the New South Wales Gunnedah Basin, one of Australia's major coal-producing regions. The company is primarily engaged in open-cut mining but also operates one large underground mine. Whitehaven Coal is headquartered in Sydney, Australia, and is listed on the Australian Securities Exchange.

From Zero to Five Mines

Founded in February 1999, Whitehaven Coal commenced mining operations in an open-cut mine in the Gunnedah Basin in September 2000. Expanding its footprint, the company launched additional mines at Werris Creek in 2005 and Tarrawonga in 2006. In the year following the opening of the Tarrawonga mine, the company went public on the ASX. The company currently operates five different mines in Australia, as well as its trains to the Port of Newcastle. Today, the company is among the biggest mining companies in Australia, but still far behind the true behemoths of the country such as BHP, Rio Tinto, and similar names.

Experts in Coal

The company is a prominent player in the coal mining industry, primarily focused on extracting and producing thermal and metallurgical coal. Thermal coal, also known as steaming coal, is primarily used for generating electricity in power plants, playing a critical role in energy production, especially in developing economies. Metallurgical coal, on the other hand, is a key ingredient in steel production, vital for various industries from construction to manufacturing. Whitehaven's operations are concentrated in the Gunnedah Basin in New South Wales, Australia, a region rich in high-quality coal.

Exporting to Asia

Whitehaven Coal predominantly sells its thermal and metallurgical coal to the Asian market, a region with robust demand driven by its significant industrial and energy requirements. Key buyers include countries like Japan, Korea, Taiwan, China, and India, which use imported coal for electricity generation and steel production.

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