Whitehaven Coal (WHC) H1 2025 earnings summary

Executive summary

• H1 FY25 delivered strong operational and financial results, with revenue up 116% to $3.4 billion, driven by Daunia and Blackwater acquisitions and robust coal demand.

• Underlying EBITDA rose 52% to $960 million, and underlying NPAT was $328 million, while statutory NPAT fell to $77 million due to $251 million in post-tax non-recurring costs.

• Managed ROM coal production nearly doubled to 19.4Mt, with significant contributions from both QLD and NSW.

• Safety performance improved, with a TRIF of 4.9 and zero enforceable environmental actions.

• Operational performance at new Queensland assets and NSW mines met or exceeded plans.

Financial highlights

• Revenue reached $3.4 billion (64% metallurgical, 36% thermal), up 116% year-over-year.

• Underlying EBITDA was $960 million; underlying NPAT was $328 million; statutory NPAT was $77 million.

• Cash generated from operations was $922 million, up from $523 million in H1 FY24.

• Unit cost per tonne was $137, at the low end of guidance.

• Fully franked interim dividend of 9 cents/share and $72 million share buy-back announced, totaling a 44% payout ratio.

Outlook and guidance

• FY25 ROM coal production and sales are tracking in the upper half of guidance; unit costs expected at the low end of $140–$155/t range.

• Total capex guidance unchanged at $440–$550 million, with H1 actuals at $206 million.

• Cost-out initiatives in Queensland on track for $100 million annualized reduction by year-end.

• Sale of 30% of Blackwater mine to complete by 31 March 2025, bringing in US$1.08 billion.

• Board to review and potentially reset capital allocation parameters at FY25 year-end.