Whitehaven Coal (WHC) H2 2026 earnings summary

Executive summary

• Achieved record safety performance with TRIFR at 3.3, down from 4.6 in FY25, and no environmental enforcement actions in FY26.

• Managed ROM coal production reached 40.3Mt, split evenly between Queensland (20.1Mt) and New South Wales (20.2Mt), at the top end of guidance.

• Revenue totaled AUD 5.4 billion, with 57% from metallurgical coal and 43% from thermal coal; underlying EBITDA was AUD 1.25 billion and statutory NPAT was AUD 385 million after AUD 158 million in non-recurring gains.

• Fully franked final dividend of AUD 0.06/share (~AUD 47 million) and total FY26 capital returns of AUD 159 million, split evenly between dividends and share buy-backs.

• Demand for coal products remained robust, with 90% of sales to Asia and Japan as the largest market.

Financial highlights

• Underlying NPAT was AUD 227 million, with significant non-recurring items boosting statutory NPAT to AUD 385 million.

• Underlying EBITDA declined to AUD 1.25 billion from AUD 1.355 billion in FY25, mainly due to softer coal prices and adverse FX movements.

• Average achieved coal price was AUD 202/tonne, down 6% year-over-year; unit cost of coal improved to AUD 132/tonne from AUD 139/tonne.

• EBITDA margin on own coal sales remained stable at 27%.

• Net debt at 30 June 2026 was AUD 1.3 billion, with a gearing ratio of 18%.

Outlook and guidance

• FY27 managed ROM coal production guidance is 38–41 million tonnes, with managed coal sales at 30.4–33 million tonnes and equity coal sales at 23.9–26 million tonnes.

• Unit cost guidance for FY27 is AUD 132–147/tonne, reflecting diesel price uncertainty and inflation.

• CapEx guidance for FY27 is AUD 390–490 million, higher due to Narrabri refurbishment and infrastructure.

• Focus remains on safety, cost discipline, productivity, and delivering at the top end of guidance.

• New rail contracts and cost reduction initiatives are expected to improve pricing and offset inflationary pressures.