Whitehaven Coal (WHC) Q2 2025 TU earnings summary

Executive summary

• Strong operational performance in Q2 FY25, with record sales volumes from Daunia and robust results across both Queensland and New South Wales operations.

• ROM production for H1 FY25 reached 19.4 million tons, split almost evenly between Queensland (9.9Mt) and New South Wales (9.4Mt).

• Managed ROM production at 9.7 million tons in Q2, consistent with the previous quarter.

• Total equity saleable coal production reached 7.8 million tons in Q2, up 22% quarter-on-quarter.

• Revenue split: 63% metallurgical coal, 37% thermal coal.

Financial highlights

• Unit production costs tracked at the lower end of FY25 guidance (A$140–$155/t), reflecting successful cost-out initiatives.

• Net debt at 31 December 2024 was A$1.0 billion, down from A$1.2 billion at 30 September.

• Paid AUD 363 million in stamp duty post-quarter for Queensland acquisition.

• JV formation on track, with US$1.08 billion to be received from sale of 30% of Blackwater in Q3 FY25.

• A$10.5 million spent on development projects and A$4.6 million on exploration in Q2 FY25.

Outlook and guidance

• FY25 guidance unchanged; production and sales expected in the upper half of the range.

• Unit costs expected at the low end of guidance.

• Ongoing cost reduction initiatives in Queensland targeting A$100 million annualised savings by end FY25.

• Weather and regulatory factors are being managed, with expectations for continued strong performance barring extreme events.

• US$1.08 billion proceeds from Blackwater sell-down expected in Q3 FY25.