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Whitehaven Coal (WHC) investor relations material
Whitehaven Coal H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record safety performance with TRIFR at 3.3, down from 4.6 in FY25, and no environmental enforcement actions in FY26.
Managed ROM coal production reached 40.3Mt, split evenly between Queensland (20.1Mt) and New South Wales (20.2Mt), at the top end of guidance.
Revenue totaled AUD 5.4 billion, with 57% from metallurgical coal and 43% from thermal coal; underlying EBITDA was AUD 1.25 billion and statutory NPAT was AUD 385 million after AUD 158 million in non-recurring gains.
Fully franked final dividend of AUD 0.06/share (~AUD 47 million) and total FY26 capital returns of AUD 159 million, split evenly between dividends and share buy-backs.
Demand for coal products remained robust, with 90% of sales to Asia and Japan as the largest market.
Financial highlights
Underlying NPAT was AUD 227 million, with significant non-recurring items boosting statutory NPAT to AUD 385 million.
Underlying EBITDA declined to AUD 1.25 billion from AUD 1.355 billion in FY25, mainly due to softer coal prices and adverse FX movements.
Average achieved coal price was AUD 202/tonne, down 6% year-over-year; unit cost of coal improved to AUD 132/tonne from AUD 139/tonne.
EBITDA margin on own coal sales remained stable at 27%.
Net debt at 30 June 2026 was AUD 1.3 billion, with a gearing ratio of 18%.
Outlook and guidance
FY27 managed ROM coal production guidance is 38–41 million tonnes, with managed coal sales at 30.4–33 million tonnes and equity coal sales at 23.9–26 million tonnes.
Unit cost guidance for FY27 is AUD 132–147/tonne, reflecting diesel price uncertainty and inflation.
CapEx guidance for FY27 is AUD 390–490 million, higher due to Narrabri refurbishment and infrastructure.
Focus remains on safety, cost discipline, productivity, and delivering at the top end of guidance.
New rail contracts and cost reduction initiatives are expected to improve pricing and offset inflationary pressures.
- FY26 production and sales hit guidance highs, with strong cost control and positive market outlook.WHC
Q4 2026 TU - Strong coal sales and pricing offset lower production; cost and debt metrics improved.WHC
Q3 2026 TU - Production rose but earnings fell on lower prices; guidance and capital returns remain strong.WHC
H1 2026 - Revenue up 53% to $5.8b, $1.4b EBITDA, $649m NPAT, and major CapEx savings at Narrabri.WHC
H2 2025 - Strong FY24 results, strategic growth, and all resolutions passed amid cost and transition risks.WHC
AGM 2024 - Queensland outperformed, costs trended lower, and Blackwater JV and Narrabri 3 advanced.WHC
Q1 2025 TU - Strong quarter with resilient production, cost control, and improved net cash position.WHC
Q3 2025 TU - Revenue doubled to $3.4bn, NPAT $328m, and a major asset sale will strengthen liquidity.WHC
H1 2025 - Strong Q2 FY25 production, record sales, and lower costs position for upper-end FY25 guidance.WHC
Q2 2025 TU
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