New Hope (NHC) Q2 2026 TU earnings summary

Executive summary

• Group run-of-mine coal production rose 4.8% sequentially to 4.1Mt, with coal sales up 8.2% to 2.9Mt, reflecting improved mining and logistics performance.

• Underlying EBITDA for the quarter was AUD 107 million, stable with the previous quarter; half-year EBITDA was AUD 215 million, down 59% year-over-year due to lower realized coal prices.

• Safety performance deteriorated, with TRIR rising from 2.61 to 3.8 over 12 months and 12 notifiable incidents reported.

• New Acland Mine exceeded expectations, while Bengalla Mine faced weather-related challenges but is expected to recover.

• Available cash balance at quarter-end was AUD 616.8 million, including $321.3 million in cash and $295.5 million in fixed income investments.

Financial highlights

• Quarterly underlying EBITDA was AUD 107 million, flat sequentially; half-year underlying EBITDA was AUD 215 million, down 59% year-over-year.

• Average realized price per ton was AUD 139 for the quarter, up 1.7% sequentially.

• Cash flow from operating activities for H1 FY26 was $185 million, down from $316.9 million in H1 FY25 due to lower benchmark coal prices.

• Saleable coal production was 2.8 million tons, up 2.8% quarter-on-quarter.

• Available cash balance as of 31 January 2026 was AUD 616 million.

Outlook and guidance

• Confident in achieving full-year physical and cash cost guidance.

• Bengalla Mine is expected to return to a 13.4Mtpa ROM coal production rate in H2 FY26 as pit sequence realignment progresses.

• New Acland Mine expected to finish at the higher end of coal volume guidance.

• FY26 sustaining capital guidance for Bengalla Mine reduced to $100–130 million from $130–160 million, reflecting capital optimisation.

• Group FY26 guidance: ROM coal production 15.7–17.7Mt, saleable coal production and sales 10.2–11.5Mt.