Whitehaven Coal (WHC) AGM 2026 summary

Financial performance review

• FY26 revenue $5.4b: 57% metallurgical and 43% thermal coal; $2.9b from QLD and $2.4b from NSW.

• Underlying EBITDA $1.3b, including $677m from QLD and $596m from NSW; underlying NPAT $227m before non-recurring items and statutory NPAT $385m.

• Cash generated from operations was $1.1b. Managed ROM production was 40.3Mt, managed produced-coal sales 32.7Mt and equity sales 26.0Mt in FY26.

• Unit cost of coal fell to $132/t from $139/t in FY25; achieved price was $202/t, down 6% from FY25 due to softer market dynamics and adverse FX.

• Total shareholder returns were 41% for the 12 months to 30 June 2026 and 448% over five years; rankings were #17 and top five, respectively, among ASX 100 companies.

Dividend announcements

• FY26 full-year dividend was 10.0 cents per share, fully franked, comprising a 6.0-cent final dividend and 4.0-cent interim dividend.

• FY26 capital returns totaled $159m, split evenly between fully franked dividends and share buy-backs, representing a 70% payout ratio.

Strategic initiatives and plans

• Capital framework targets shareholder returns of 40–60% of underlying Group NPAT; dividends and buy-backs are expected to be broadly balanced by value, with dividends expected to be fully franked.

• Framework prioritizes operating maintenance, life extensions, productivity, HSE and technology investment; surplus capital is allocated to growth when returns meet minimum IRR hurdles.

• FY27 guidance: managed ROM production 38.0–41.0Mt, managed sales 30.4–33.0Mt, equity sales 23.9–26.0Mt, cost of coal $132–147/t and capex $390–490m.

• FY27 focus areas include continuous safety and environmental improvement, cost discipline, stronger reliability, productivity gains, consistent production and disciplined capital allocation.

• FY26 delivered $65m in annualized operational savings, following $100m from QLD in FY25; May 2026 refinancing is expected to reduce interest costs by $50–55m p.a.