Yancoal Australia (YAL) investor relations material

Executive summary

• 9M attributable saleable production reached 29.2Mt, up 4% YoY and tracking toward the upper half of FY26 guidance; Q3 output eased QoQ after Moolarben’s planned longwall move and challenging Ashton conditions.

• Q3 average realised price rose to A$170/t from A$160/t in Q2; cash increased A$340m before the interim dividend and Kestrel acquisition funding.

• The 80% Kestrel acquisition closed on 1 October, adding a long-life metallurgical coal asset; attributable production and earnings apply from that date.

Financial highlights

• Q3 attributable sales were 9.0Mt, down 23% QoQ and 16% YoY; port queues and shiploader outages delayed shipments, rather than eliminating sales.

• Realised prices were A$160/t for thermal coal, A$229/t for metallurgical coal and A$170/t overall; benchmark gains were not yet fully reflected in realised prices.

• Cash rose A$340m, supported by stronger prices, cost discipline, payment and receipt timing, and unrealised FX gains; the figure was before the A$92.4m interim dividend and Kestrel funding.

Outlook and guidance

• FY26 attributable saleable production guidance remains 36.5–40.5Mt, with output expected in the upper half; guidance excludes Kestrel.

• Cash operating cost guidance remains A$90–98/t, with higher diesel prices expected to push costs toward the upper end; guidance excludes Kestrel.

• Attributable capex guidance remains A$600–750m, excluding Kestrel; less than A$400m was spent through September, with spend skewed to Q4.

• Q4 production is expected to exceed Q3; Kestrel earnings begin in Q4, while its production and cost outlook is being developed for later guidance.

• Kestrel’s planned longwall relocation in Q4 is expected to reduce quarterly production; the move is expected to start in early December and continue into early 2027.