Coronado Global Resources (CRN) Q4 2025 earnings summary

Executive summary

• Achieved 16 million tons of saleable production in FY25, a 4% year-over-year increase, with cost per ton sold down 10% to $97, and capital spend at $245 million, completing the major investment phase.

• FY25 results met market guidance, driven by a structurally improved operating base and cost compression, with an exit run rate of approximately 18 Mt annualised.

• Operating costs reduced by $307 million year-over-year, with average mining costs per tonne sold down 9% to $97.5/t, placing both Curragh and Buchanan at the mid-point of the cost curve.

• Liquidity strengthened by over $400 million in 2025 through Stanwell arrangements and ABL Facility refinancing, with further $200–$250 million support expected in 2026.

• Two fatal incidents occurred in late 2025 and early 2026, prompting safety reviews and operational suspensions at affected sites.

Financial highlights

• Highest quarterly sales since Q3 2021, with sales volumes up 11% quarter-on-quarter and operating costs reduced by $300 million for the year.

• Group realised met coal price averaged $149.3/t for FY25, down from $185.3/t in FY24, reflecting market conditions.

• Mining cost per tonne of ROM production averaged $55.7/t for FY25, the lowest since FY21 and a ~15% improvement over two years.

• Cash capital expenditure for FY25 was $245 million, at the bottom end of guidance, with $38 million spent in Q4.

• Year-end cash balance was $173 million, with the new ABL Facility fully drawn at $265 million and previous facility repaid.

Outlook and guidance

• Saleable production expected to increase in FY26, with approximately 3 Mt annualised from expansion projects, supporting higher earnings and cash flow.

• FY26 profitability and cash flow to benefit from full-year production, higher prices, and Stanwell agreement reset.

• CapEx to be lower in FY26, with focus on margin maximization and disciplined cost control.

• Guidance for 2026 to be released on 24th February 2026.

• No significant debt maturities until 2029, providing financial stability.