Whitehaven Coal (WHC) Q2 2026 TU earnings summary

Executive summary

• Managed ROM production reached 11 million tons in Q2 FY26, up 21% quarter-on-quarter, with strong contributions from both Queensland and New South Wales; equity coal sales were 7 million tons, up 18%.

• H1 FY26 production and sales provide a strong foundation for the full year, with 20 million tons managed ROM production and 12.8 million tons equity sales.

• Safety performance improved, with TRIFR at 2.9, down from 4.6 in FY25.

• Net debt reduced by AUD 100 million during the quarter, reaching AUD 0.7 billion at 31 December 2025.

Financial highlights

• Production costs averaged AUD 135/ton for H1 FY26, at the lower end of guidance.

• Cost savings on track for AUD 60–80 million by 30 June 2026.

• Queensland average realized price was AUD 225/ton (up 13%); New South Wales at AUD 163/ton.

• 4.4 million shares bought back for AUD 32 million in Q2 FY26; 6.3 million shares for AUD 45 million in H1 FY26.

• Liquidity stood at AUD 1.5 billion at period end.

Outlook and guidance

• FY26 guidance remains unchanged, with ROM coal production and sales tracking to the upper half of the range.

• Expectation of continued strong performance, with some second-half weighting, especially at Maules Creek.

• Market outlook positive for both metallurgical and high CV thermal coal, with structural constraints and strong demand supporting prices.

• Unit cost of coal expected to remain at ~AUD 135/ton for H1 FY26.