Geo Energy Resources (RE4) H1 2025 earnings summary

Executive summary

• 1H2025 coal sales rose to 6.3 million tonnes from 3.2 million tonnes; revenue increased 71% to US$289.5 million and net profit rose 76% to US$20.05 million.

• Improved coal access following mining-sequence optimisation supported higher sales despite lower benchmark and selling prices.

Financial highlights

• Gross profit rose 65% to US$44.9 million from US$27.2 million; profit before tax increased 83% to US$28.7 million.

• Average selling price was US$46.26 per tonne, down from US$52.47; cash profit averaged US$10.19 per tonne versus US$11.94.

• Net cash from operating activities was US$48.6 million; cash and cash equivalents were US$77.0 million at 30 June 2025.

• General and administrative expenses were US$9.2 million; depreciation and amortisation rose to US$19.9 million from US$11.6 million, mainly on higher production.

Outlook and guidance

• 2025 coal sales target is 10.5–11.5 million tonnes; 6.3 million tonnes delivered in H1 puts sales on track to exceed the target. TBR received approval for an 8.5 million-tonne RKAB.

• MBJ infrastructure completion remains on track for June 2026; EPC scope increased by circa US$40 million without an expected delay, barring unforeseen circumstances.

• ICI4 forecasts cited were ~US$48 per tonne for the rest of 2025 and US$46–US$51 per tonne for 2026.