Whitehaven Coal (WHC) H1 2026 earnings summary

Executive summary

• Revenue for H1 FY26 was AUD 2.5 billion, down 28% year-over-year due to lower coal prices and reduced equity sales after the Blackwater sell-down.

• Underlying EBITDA fell 54% to AUD 446 million, with a statutory NPAT of AUD 69 million and an underlying net loss of AUD 19 million.

• Managed ROM coal production increased 3% to 20 Mt, with Queensland at 10.3 Mt and NSW at 9.7 Mt; equity sales of produced coal were 12.8 Mt, down 10% due to the Blackwater sell-down.

• Safety performance improved, with TRIFR at 2.9 and no environmental enforcement actions reported.

• Interim dividend of 4 cents per share (AUD 32 million) declared, with up to AUD 32 million allocated for share buy-backs.

Financial highlights

• Revenue reached AUD 2.5 billion, with 54% from metallurgical coal and 46% from thermal coal; Queensland contributed AUD 1.3 billion and NSW AUD 1.15 billion.

• Underlying EBITDA was AUD 446 million, down from AUD 960 million in H1 FY25, reflecting a 19% drop in achieved coal prices.

• Group unit cost of coal was AUD 135/t, tracking at the low end of guidance and AUD 2/t lower than H1 FY25.

• Net debt at 31 Dec 2025 was AUD 710 million, with available liquidity of AUD 1.5 billion.

• EBITDA margin on own coal sales was 20%, down from 33% in H1 FY25.

Outlook and guidance

• ROM production and sales volumes are on track for the upper half of FY26 guidance: 37.0–41.0 Mt for group ROM production and 29.5–33.0 Mt for managed coal sales.

• Cost of coal expected to remain at the lower end of AUD 130–145/t guidance, with Queensland cost guidance for 2024–2028 reset to AUD 140–145/t.

• Targeting AUD 60–80 million in annualized cost savings by year end.

• CapEx tracking below guidance at AUD 157 million for H1.

• Metallurgical coal prices expected to strengthen in H2 FY26 due to supply constraints and seasonal factors.