Coronado Global Resources (CRN) Q2 2026 earnings summary

Executive summary

• Leadership transition underway: Barry van der Merwe to become CEO, Sandeep Deoji as interim CFO, supporting operational and financial momentum.

• RESET program launched to restore profitability, cash generation, and reduce debt, with early positive impacts seen in the June quarter.

• Group ROM production rose 18.4% sequentially to 6.4Mt, with saleable production up 39.3% to 4.1Mt, reflecting operational recovery and improved mining conditions.

• Earnings rebounded by approximately $100 million from Q1, returning to positive territory for the first time since Q2 2024.

• Buchanan achieved record half-year ROM production of 4.7Mt (+26.2% YoY), generating ~$60 million in earnings YTD and lowering unit costs.

Financial highlights

• Group EBITDA for June quarter expected at about AUD 10 million, a AUD 100 million turnaround from March.

• Group mining cash costs declined nearly 28% quarter-on-quarter to approximately $98 per ton.

• Group realized metallurgical coal pricing increased 3% quarter-on-quarter to $171 per ton.

• Half-year earnings include approximately $30 million of losses from the Logan Complex, which was idled in Q1.

• Ended June with approximately $98 million in available liquidity.

Outlook and guidance

• RESET initiatives to be fully implemented for FY 2027 budget and guidance.

• Expectation of continued operational and financial improvement for the remainder of 2026.

• Saleable inventory build in Q2 expected to convert to sales and cash receipts in H2, supporting liquidity and free cash flow.

• Medium-term met coal market outlook remains constructive despite recent price moderation.

• Operational momentum expected to continue, with further cost reductions and productivity gains targeted as the reset program progresses.