Whitehaven Coal (WHC) Q2 2025 TU earnings summary

Executive summary

• Q2 delivered strong production and sales growth, with record sales volumes from Daunia and robust performance across both Queensland and New South Wales operations.

• ROM production for H1 FY25 reached 19.4 million tons, split almost evenly between Queensland (9.9Mt) and New South Wales (9.4Mt).

• Revenue split: 63% metallurgical coal, 37% thermal coal.

• Operations benefited from productivity and cost initiatives, with costs at the lower end of guidance.

• On track to deliver at the upper end of FY25 production and sales guidance.

Financial highlights

• Net debt at AUD 1 billion at 31 December 2024, down from AUD 1.2 billion at 30 September.

• Equity sales of produced coal were 7.8 million tons in Q2 FY25, up 22% quarter-on-quarter.

• Average realized coal prices: Queensland AUD 237/ton (75% of PLV HCC Index), New South Wales AUD 211/ton (in line with gC NEWC).

• Unit production costs tracked at the lower end of FY25 guidance (AUD 140–155/t).

• Group average royalty: ~AUD 25/ton for the quarter.

Outlook and guidance

• FY25 guidance unchanged; production and sales expected in the upper half of the range.

• Cost guidance remains unchanged and at the lower end of the range.

• US$1.08 billion proceeds from 30% Blackwater sell-down expected in Q3 FY25.

• Narrabri longwall changeout delayed, now straddling Q3 and Q4, but overall guidance maintained.

• Ongoing cost reduction initiatives in Queensland targeting AUD 100 million annualized savings by end FY25.