Yancoal Australia (YAL) H1 2025 earnings summary

Executive summary

• Revenue for 1H 2025 was $2.68 billion, with profit after tax of $163 million ($0.12/share), and operating EBITDA of $595 million at a 23% margin; interim dividend of $82 million ($0.062/share) declared at a 50% payout ratio.

• ROM coal production reached 32.2 Mt, with attributable saleable coal production of 18.9 Mt, up 11% year-over-year, tracking toward the upper end of full-year guidance.

• Maintained cash operating costs at $93/t, flat year-over-year and 8% lower than H1 2024, despite inflation and weather impacts.

• Realized price averaged $149/t, with an implied cash margin of $40/t.

• Strong balance sheet with $1.8 billion cash and no external debt as of June 30, 2025.

Financial highlights

• Revenue declined 15% year-over-year to $2.68 billion due to lower realized coal prices and delayed sales.

• Operating EBITDA fell 40% to $595 million, and profit after tax dropped 61% to $163 million compared to 1H 2024.

• Operating cash flow dropped 44% year-over-year to $473 million.

• Final 2024 dividend of $687 million paid in April; interim dividend of $82 million declared for H1 2025.

• Capital expenditure in H1 2025 was $407 million.

Outlook and guidance

• Attributable saleable production guidance for 2025 remains 35–39 Mt; H1 performance ahead of midpoint, with potential to reach upper end.

• Cash operating cost guidance for 2025 is $89–$97/t; H1 at midpoint, full year may be below midpoint.

• CapEx guidance for 2025 is $750–$900 million; $407 million spent in H1.

• Additional 3.75% Moolarben JV interest acquisition to complete in Q3 2025, expected to add ~0.2Mt to annual production.

• Focus remains on operational discipline, cost control, and optimizing production.