Whitehaven Coal (WHC) Q1 2027 earnings summary

Executive summary

• Strong FY27 start: managed ROM production was 11.0 Mt, up 3% QoQ and 22% YoY; equity sales of produced coal were 6.0 Mt, down 5% QoQ as port disruptions deferred shipments.

• Unit costs were at the low end of FY27 guidance despite higher diesel costs; average achieved price was A$226/t, up 2% QoQ and 20% YoY.

• Elevated inventories and deferred sales are expected to unwind in Q2; full-year guidance was unchanged, with performance tracking toward the better end of guidance.

Financial highlights

• Managed saleable production was 8.5 Mt, up 5% QoQ and 15% YoY; produced-coal sales were 7.6 Mt, down 3% QoQ and up 1% YoY.

• Average achieved prices were A$226/t; Queensland averaged A$257/t and NSW A$198/t.

• Net debt was A$1.4bn at 30 September, up ~A$0.1bn, reflecting cash outflows, working capital and sales deferred by port constraints.

• Average royalties were ~A$27/t, or 12%, for the quarter.

Outlook and guidance

• FY27 guidance was unchanged: managed ROM production 38.0–41.0 Mt; equity coal sales 23.9–26.0 Mt; unit costs A$132–147/t excluding royalties; capital expenditure A$390–490m.

• Q2 shipments are expected to recover as RG Tanna operations normalize, vessel queues improve and elevated inventories unwind.

• Narrabri’s next longwall move is expected to start in March 2027 and take nine weeks; stockpiles are being built to support sales through the changeout.

• Diesel averaged A$1.38/litre versus the A$1.16/litre guidance-midpoint assumption; Q2 diesel prices are expected to be higher than Q1.