Coronado Global Resources (CRN) Q3 2026 earnings summary

Executive summary

• Q3 EBITDA was $44M, up from $7M in Q2 and the highest since Q2 2024; stronger pricing, Curragh cost reductions and improved product mix supported the result.

• Curragh’s reset improved open-cut productivity and ROM output, but gains have yet to fully flow through to saleable production, earnings and cash generation.

• Strategy prioritizes margin over volume; revised 2026 guidance reflects Buchanan geology issues, slower Mammoth ramp-up and CHPP constraints, with ROM inventory carried into 2027.

Financial highlights

• Coal revenue was $558M versus $506M in Q2; realized Met Coal price rose to $183.5/t from $171/t.

• Saleable production was 3.4Mt, down 17.3% QoQ; coal sales were 3.6Mt, up 2.3% QoQ.

• Available liquidity increased $57M QoQ to $155M; net debt fell to $553.1M from $606M at June 30.

• Port delays left 630Kt awaiting shipment at quarter-end, representing ~$50M in revenue; most delayed vessels sailed in October.

• Excluding the Glencore prepayment and adjusting for timing items, inventory build and other cash-flow impacts, underlying operations were broadly cash neutral in Q3.

Outlook and guidance

• Revised FY2026 guidance: saleable production of 14.0–14.5Mt, down from 16–17Mt, and mining cash costs of $105–110/t versus prior guidance of $88–96/t.

• FY2026 capital expenditure guidance remains $150–175M, with spending expected near the bottom of the range.

• Curragh expects to carry ~1.5Mt of ROM stock into 2027 for conversion into higher-value products; 2027 saleable production guidance is expected at 16–17Mt.

• Q4 expected to benefit from stronger index pricing, Buchanan volume recovery, delayed Curragh shipments and Mammoth improvements, partly offset by Buchanan’s planned November longwall move.

• Mammoth targets 1.8Mt of ROM production; 2027 capital expenditure is expected at similar levels to 2026, subject to guidance in February.