Whitehaven Coal (WHC) H1 2026 earnings summary

Executive summary

• Achieved strong safety performance with TRIFR reduced to 2.9 and no environmental enforcement actions in H1 FY26, despite challenging weather.

• Managed ROM coal production increased 3% to 20.0Mt, with equity sales down 10% due to a 30% sell-down of Blackwater.

• Group revenue was AUD 2.5 billion ($2,477m), with 54% from metallurgical and 46% from thermal coal.

• Underlying EBITDA for H1 FY26 was AUD 446 million ($446m), with statutory NPAT of $69m after non-recurring gains.

• Fully franked interim dividend of 4 cents per share and up to $32m buy-back announced.

Financial highlights

• Underlying EBITDA fell 54% to $446m, reflecting a 19% drop in achieved coal prices.

• Statutory net profit after tax was $69m, while underlying net loss after tax was $19m.

• Average achieved coal price was $189/t, with costs at $135/t, both tracking at the low end of guidance.

• Net debt at 31 December 2025 was $710m, with available liquidity of $1.5b.

• 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 end of FY26 guidance, with cost of coal expected at the lower end of $130–$145/t.

• Queensland cost guidance for 2024–2028 reset to AUD 140–145/tonne, reflecting inflation and operational learnings.

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

• CapEx for H1 was $157m, trending to the lower end of guidance; total FY26 capex guided at $340–$440m.

• Targeting $60–$80m in annualised cost savings by 30 June 2026.