Coronado Global Resources (CRN) Q1 2026 earnings summary

Executive summary

• Entered 2026 with higher leverage after a multi-year expansion, initiating a structural business reset focused on cash flow improvement, mine plan optimization, productivity enhancements, and contract management, supported by AlixPartners.

• Net loss attributable to shareholders was $318.6 million for Q1 2026, compared to a $96.2 million loss in Q1 2025, driven by higher operating costs and a $159.8 million impairment charge from idling the Logan mine.

• Buchanan more than doubled EBITDA to $30M quarter-over-quarter, despite weak pricing, following successful expansion and operational improvements.

• Safety remains a top priority following two fatal incidents, with intensified system and leadership improvements and ongoing investigations.

• Planned maintenance and operational activities at Curragh and Buchanan position for stronger production in the remainder of 2026.

Financial highlights

• Group average realized metallurgical coal price increased 11.2% quarter-over-quarter to $165.4/ton, with export sales rising to 74% of total volumes.

• Coal revenues were $460.5 million, up from $441.5 million in Q1 2025, driven by a $14.0/ton increase in average realized Met coal prices.

• Mining cash cost per tonne produced rose 40.6% quarter-over-quarter to $135.3/t, driven by lower volumes and fixed-cost absorption.

• Stanwell reset transaction delivered ~$50 million in cash benefit during the quarter via prepayments and rebate forgiveness.

• Available liquidity at quarter-end was $121 million in cash, with $95 million in working capital levers fully available.

Outlook and guidance

• Q1 reflected planned maintenance and seasonal phasing; operational run rates and unit costs are expected to support full-year guidance.

• Expecting cash flow uplift in Q2 from March index pricing (~$35/ton) and improved production rates.

• Forward pricing for PLV HCC benchmark remains supportive at ~$230/ton into mid-2026.

• Production and cost guidance unchanged, subject to FX movements; Q2 performance expected to improve sequentially.

• No new large-scale capital programs planned; focus remains on cash preservation and balance sheet improvement.