Whitehaven Coal (WHC) H2 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in FY25, with revenue up 53% to $5.8 billion, driven by the first full year of Queensland operations and robust demand for both metallurgical and thermal coal.

• Underlying NPAT for FY25 was $319 million, down 57% year-over-year, while statutory NPAT rose 83% to $649 million due to non-recurring acquisition-related items.

• Underlying EBITDA was $1.4 billion, with a strong first half and a softer second half reflecting cyclical downturns.

• Safety performance improved, with a TRIFR of 4.6, below the 5-year average, and no environmental enforcement actions reported for three years.

• Product, market, and geographic diversification supported resilience amid significant declines in coal indices.

Financial highlights

• Revenue reached $5.8 billion, up from $3.8 billion in FY24, with 64% from metallurgical and 36% from thermal coal.

• Underlying EBITDA was $1.4 billion; statutory NPAT was $649 million, including one-off gains from joint venture formation and asset remeasurement.

• Underlying NPAT (excluding one-offs) was $319 million.

• Average coal price was $215/t; unit cost was $139/t, below guidance but higher than FY24.

• Fully franked final dividend of 6 cents/share, total FY25 dividends of 15 cents, and up to $48 million for share buy-backs, totaling a 60% payout of underlying NPAT.

Outlook and guidance

• FY26 managed ROM coal production guidance: 37.0–41.0Mt, with equity coal sales guidance of 23.3–26.1Mt.

• Cost guidance set at $130–145/t, with an additional $60–80 million targeted in cost savings by end of FY26.

• CapEx guidance for FY26 is $340–440 million, reflecting lower requirements for Narrabri Stage 3.

• Conservative approach to guidance, aiming to deliver at the upper end as in prior years.

• Demand for high-CV thermal and metallurgical coal remains strong, with long-term offtake arrangements.