Whitehaven Coal (WHC) investor relations material

Executive summary

• Managed ROM production for Q3 was 9.5Mt, down 14% QoQ due to seasonal weather, especially in Queensland, but operational momentum and safety record remained strong.

• Equity coal sales reached 6.8Mt, broadly consistent QoQ and up 24% YoY, with improved met coal prices and robust demand.

• Revenue mix for the quarter was 58% metallurgical coal and 42% thermal coal.

• Annualized cost savings on track at AUD 60–80M, with refinancing delivering AUD 50–55M in annual savings.

• TRIFR improved to 3.2 from 4.6 in FY25, reflecting ongoing safety improvements.

Financial highlights

• Net debt at AUD 600M as of March 31, down from AUD 700M at December 31, with subsequent payments reducing this post-quarter.

• Refinancing completed with US$900M in senior secured notes and US$600M in bank funding, lowering interest costs by AUD 50–55M p.a.

• Queensland average coal price achieved: AUD 242/t (up 8% QoQ); New South Wales: AUD 175/t (up 7% QoQ).

• Twelve-month average metallurgical coal realization at 74% of PLV.

• Share buyback: 1.4M shares in Q3 (AUD 11M); YTD 7.7M shares (AUD 56M).

Outlook and guidance

• FY26 guidance unchanged: managed ROM coal production 37.0–41.0Mt, managed coal sales 29.5–33.0Mt, unit cost AUD 130–145/t, capex AUD 340–440M.

• ROM coal production and sales expected to be in the upper half of guidance; unit costs tracking to midpoint.

• Expecting Q4 costs to rise due to higher diesel prices, but capital spend to be at lower end of guidance.

• On track to deliver AUD 60–80M in annualized cost savings by June 30, 2026.

• Guidance remains unchanged, with strong setup for Q4 due to replenished stocks and better weather.