Coronado Global Resources (CRN) H2 2025 earnings summary

Executive summary

• Achieved record production and industry-leading cost reductions through strategic transformation and expansion projects, positioning for strong cash flow growth in FY26.

• Major expansions at Mammoth and Buchanan delivered on time and on budget, providing a combined steady-state cost benefit of ~$300 million per annum and rapid payback.

• Improved capital structure and liquidity, with no near-term debt maturities and enhanced liquidity support mechanisms.

• Reset Stanwell arrangements to support long-term stability, cash generation, and improved liquidity.

• Leadership transition underway, with strategic continuity expected as the management team remains stable.

Financial highlights

• $1.5 billion returned to shareholders as dividends since IPO in 2018.

• FY25 saw $100 million in cost savings from fleet reductions and $165 million in mining cost reductions.

• Buchanan generated $74 million EBITDA at a 15% margin in a weak market.

• Average mining costs per tonne sold decreased to $97.5/t for FY25, with further reductions expected.

• CapEx for FY26 expected to reduce to $150–$175 million, returning to sustaining levels.

Outlook and guidance

• FY26 saleable production guidance: 16–17 million tonnes; mine cash costs: $88–$96/tonne; CapEx: $150–$175 million.

• Guidance incorporates impacts from Mammoth incident, severe weather, and Logan reductions.

• Materially improved profitability and cash generation expected in 2026, with optionality to progress Mammoth 2.

• Up to $400 million additional cash flow upside in FY26 at consensus PLV price of $220/t, with further upside at higher prices.

• Strategic focus on margin optimization, liquidity improvement, debt reduction, and disciplined capital allocation.