Whitehaven Coal
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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.
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H2 2026 earnings summary19 Aug, 2026

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, with strong contributions from both QLD (20.1Mt) and NSW (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 NPAT was AUD 227 million; statutory NPAT was AUD 385 million, reflecting AUD 158 million in post-tax non-recurring gains.

  • Declared a fully franked dividend of AUD 0.06 per share and announced a buyback of up to AUD 47 million, with total FY26 capital returns of AUD 159 million split evenly between dividends and buy-backs.

Financial highlights

  • Achieved average coal price of AUD 202/tonne, down 6% year-over-year due to softer market and adverse FX.

  • Underlying EBITDA was AUD 1.25 billion, down from AUD 1.355 billion in FY25, mainly due to softer coal prices and FX movements.

  • Unit cost reduced to AUD 132/tonne from AUD 139/tonne in FY25, driven by cost initiatives.

  • EBITDA margin was 27%, with net cash inflow from operations at AUD 857 million.

  • 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 tons, with managed coal sales guidance at 30.4–33 million tons and equity coal sales at 23.9–26 million tons.

  • 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, with Narrabri refurbishment as a key driver.

  • Focus remains on safety, cost discipline, operational reliability, and productivity improvements, with upside from rail contract renegotiations.

  • Met coal and thermal coal prices have strengthened at the start of FY27, but market volatility persists.

Cash flow profile after final BMA payments
Pricing impact of new NSW and QLD rail contracts
Interest savings from the April 2026 refinancing
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