Yancoal Australia (YAL) H1 2026 earnings summary

Executive summary

• Revenue increased 13% year-over-year to $3,024 million for the half-year ended 30 June 2026, but net profit after tax dropped 90% to $17 million due to significant non-operating items including a $188 million fair value loss and a $49 million impairment at Middlemount.

• Operating EBITDA rose 29% to $767 million, and operating EBIT increased 53% to $325 million, reflecting strong coal sales and improved operational performance.

• Attributable saleable coal production reached a record 19.8Mt, up 5% year-over-year, with thermal coal representing 82% of total production.

Financial highlights

• Revenue: $3,024 million, up 13% year-over-year; total revenue including adjustments was $3,173 million, up 21%.

• Net profit after tax: $17 million, down from $163 million in 1H 2025.

• Operating EBITDA: $767 million (+29%); operating EBIT: $325 million (+53%).

• Basic and diluted EPS: 1.3 cents, down 90% from 12.4 cents.

• Cash operating costs per saleable tonne increased to $96 from $93.

• Net cash position of $2,034 million at 30 June 2026.

Outlook and guidance

• Full-year attributable saleable production expected in the upper half of 36.5Mt–40.5Mt guidance.

• Full-year cash operating costs per tonne likely in the upper half of $90–$98 guidance.

• Capital expenditure guidance revised down to $600–$750 million (from $750–$900 million) due to timing shifts.

• Guidance excludes the impact of the Kestrel Coal Mine acquisition, expected to complete by Q3 2026.