Stanmore Resources (SMR) H1 2025 earnings summary

Executive summary

• Achieved resilient operational and financial performance in 1H 2025 despite extraordinary wet weather disruptions, with production and sales volumes only slightly below prior year levels.

• Maintained exceptional safety standards, with the Serious Accident Frequency Rate at 0.00, outperforming the industry average and reflecting a strong safety culture.

• Underlying EBITDA dropped to $147 million from $375 million year-over-year, mainly due to lower coal prices and sales volumes.

• Net loss after tax of $51 million reported for H1 2025, compared to a $136 million profit in the prior year.

• Completed major expansion projects ahead of schedule and below budget, positioning assets for higher production in 2H 2025.

Financial highlights

• Total revenue from coal sales was $867 million, down 29% year-over-year due to lower prices and volumes.

• Underlying EBITDA for H1 2025 was $147 million, with EBITDA margin decreasing to 17% from 28% year-over-year.

• Operating cash flow was $151 million, compared to $209 million in H1 2024.

• Capital expenditure reduced to $36 million from $106 million year-over-year.

• Net debt just under $100 million, with $181 million cash on hand and $401 million in available liquidity as of June 30, 2025.

Outlook and guidance

• Full-year production and cost guidance reaffirmed, with production weighted to the second half, especially Q4.

• No interim dividend declared for 2025 due to macroeconomic uncertainty; policy to be reassessed at year-end.

• Capital expenditure guidance for 2025 remains $80–$100 million, with higher spend expected in H2 as deferred projects resume.