Core Natural Resources (CNR) Investor presentation summary

Operational performance

• Achieved strong operational execution in Q1 2026, with standout results at Leer South and West Elk mines.

• Metallurgical segment saw a significant increase in sales margins due to lower cash costs.

• High calorific value thermal segment maintained solid margins despite elevated electricity costs and challenging geology.

• Reported Q1 2026 net income of $21.0 million and Adjusted EBITDA of $179.9 million.

• Generated $119.4 million in operating cash flow and $55.5 million in free cash flow in Q1 2026.

Financial profile and capital allocation

• Q1 2026 revenue reached $1.1 billion, with $180 million in Adjusted EBITDA and $56 million in free cash flow.

• Maintained $935 million in total liquidity and $37 million in net debt as of March 31, 2026.

• Returned $47 million to stockholders in Q1 2026, totaling $292.1 million since February 2025, mainly via share repurchases.

• Board authorized $1 billion in share repurchases, with $733.8 million remaining as of March 31, 2026.

• Projected 2026 capital expenditures between $325–$375 million.

Strategic positioning and market outlook

• Operates as a premier global coal producer with a focus on safety, compliance, and financial performance.

• Supplies customers in ~25 countries, with 2025 sales volume of 89 million tons and revenue of $4.2 billion.

• Holds leading positions in both metallurgical and high calorific value thermal coal markets.

• Projects robust demand growth for coal, driven by steel, cement, and AI-driven U.S. power markets.

• Maintains a diversified portfolio with strong penetration in seaborne and domestic markets.