Whitehaven Coal (WHC) H1 2026 earnings summary

Executive summary

• Achieved strong operational and safety performance in H1 FY26, with managed ROM coal production rising to 20Mt and TRIFR improving to 2.9, while revenue declined to $2.5 billion due to lower coal prices and reduced equity sales after the Blackwater sell-down.

• Underlying EBITDA dropped to $446 million from $960 million year-over-year, with a statutory NPAT of $69 million after $88 million in non-recurring gains.

• Fully franked interim dividend of 4.0 cents per share ($32 million) and up to $32 million share buy-back announced.

Financial highlights

• Revenue for H1 FY26 was $2.5 billion, down 28% year-over-year, with $1.3 billion from QLD and $1.1 billion from NSW.

• Underlying EBITDA was $446 million, down 54% from H1 FY25, and underlying net loss after tax was $19 million.

• Average achieved coal price was $189/t, down 19% YoY; unit cost per tonne was $135, tracking at the low end of guidance.

• Net debt at 31 December 2025 was $710 million, with available liquidity of $1.5 billion.

• EBITDA margin on own coal sales was 20%, down from 33% in H1 FY25.

Outlook and guidance

• ROM production and sales volumes are on track for the upper half of FY26 guidance; unit costs expected at the lower end of $130–$145/t.

• Total capex for FY26 guided at $340–$440 million, with H1 actual at $123–$157 million.

• Targeting $60–$80 million in annualized cost savings by 30 June 2026.

• Positive outlook for metallurgical coal prices amid constrained supply and strong demand.

• Exploring refinancing of US$1.1 billion acquisition facility to lower financing costs from FY27.