Whitehaven Coal (WHC) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of heritage and relationships with local communities, including Barada Barna and Gaangalu people, and outlined the agenda covering operational, financial, and governance matters.

• 2024 AGM presentation authorised for release by the Board, highlighting a pivotal year for the company.

Financial performance review

• Achieved $3.8b revenue in FY24, with $869m from QLD in Q4; underlying EBITDA reached $1.4b, including $272m from QLD in Q4.

• FY24 EBITDA reached AUD 1.1 billion (excluding significant items and Queensland operations), with a 23% total shareholder return despite lower coal prices.

• Statutory NPAT was $355m after non-recurring costs; underlying NPAT was $740m.

• 24.5 Mt ROM coal production, including 4.8 Mt from QLD in Q4; average realised prices: $217/t in NSW, $271/t in QLD Q4; cost of production: $114/t in NSW, $120/t including QLD Q4.

• Cost base increased due to Queensland acquisitions, higher diesel and labor costs, and royalty changes, but cost reduction initiatives are underway.

Dividend announcements

• Declared a 20.0 cps full year dividend, fully franked.

• Maintained franked dividends within a 20-50% NPAT payout ratio from NSW operations.

• Share appreciation rights and deferred rights granted to the Managing Director are equity-based, aligning incentives with shareholder returns.