Whitehaven Coal (WHC) Q3 2025 TU earnings summary

Executive summary

• Delivered a strong March 2025 quarter with robust production and sales despite significant weather disruptions, particularly in Queensland and New South Wales.

• Managed ROM production at 9.2 million tonnes and equity sales at 6.3 million tonnes, with revenue mix of 61% metallurgical and 39% thermal coal.

• Cost reduction initiatives on track, targeting $100 million in annualised savings by end FY2025; unit costs at the low end of A$140–A$155/t guidance.

• Net cash position of A$0.3 billion at 31 March 2025, a turnaround from A$1 billion net debt in the previous quarter, following US$1.08 billion Blackwater JV proceeds.

• Balance sheet strengthened by JV proceeds and prudent capital management.

Financial highlights

• Managed saleable coal production was 7.4Mt, down 6% quarter-on-quarter; managed sales of produced coal were 7.0Mt, down 19%.

• Queensland average coal sales price at AUD 221/tonne; New South Wales at AUD 182/tonne; NSW thermal coal realised 108% of the gC NEWC index.

• Dividend paid and buyback of 1.66 million shares for $9.3 million during the quarter.

• Group average royalty for the quarter was ~A$24/t.

• Net cash balance at $300 million at quarter-end.

Outlook and guidance

• FY25 guidance unchanged: managed ROM coal production 35.0–39.5Mt, managed coal sales 28.0–31.5Mt, equity coal sales 24.3–27.4Mt.

• Production and sales tracking in the upper half of FY2025 guidance; unit costs at the bottom end.

• Capital expenditure guidance for FY25 is A$440–A$550 million.

• No immediate plans for major capital deployment at Vickery; current production can be sustained for three more years.

• Soft pricing environment expected near-term; long-term outlook supported by structural supply shortfalls.