• Total recordable injury frequency rate (TRIFR) of 4.9 and zero environmental enforcement actions
• Run-of-mine (ROM) managed production of 19.4M tonnes, up from 10.3M tonnes in H1 FY24
• Revenue of $3.4 billion, up from $1.6 billion in H1 FY24, and underpinned by an average coal price of A$232/t

Whitehaven Coal Limited (ASX:WHC) has reported a half year underlying net profit after tax (NPAT) of $328 million for the six months ended 31 December 2024. The company's H1 FY25 underlying earnings before interest, tax, depreciation and amortisation (underlying EBITDA) was $960 million, compared with $632 million in H1 FY24. Whitehaven's results include a total recordable injury frequency rate (TRIFR) of 4.9 for the six months and zero environmental enforcement actions. Run-of-mine (ROM) managed production was 19.4M tonnes, compared with 10.3M tonnes in H1 FY24, while revenue was $3.4 billion, up from $1.6 billion in H1 FY24, underpinned by an average coal price of A$232/t. Cash generated from operations was $922 million, up from $523 million in H1 FY24. The company entered into binding agreements with Nippon Steel Corporation and JFE Steel Corporation for the sale of a joint venture interest in the Blackwater mine of 20% and 10%, respectively, for an aggregate cash consideration of US$1.08 billion. Whitehaven will pay a fully franked interim dividend of 9.0 cents per share and resume its share buy-back, allocating up to $72 million of capital to buy back shares over the next six months.

Whitehaven's FY25 guidance is unchanged, with the exception of an adjustment to equity coal sales volumes to reflect the company's 70% equity ownership of the Blackwater mine from 1 April 2025. ROM coal production and coal sales are on track to be firmly in the upper half of FY25 guidance. Unit cost of coal is currently below the FY25 cost guidance range at $137/t before royalties, and is tracking to stay at the low end of the guidance range for the full year.

Whitehaven is intent on continuing to strengthen operational performance and is focused on optimizing margins through the cycle. The company has a cost-out program to deliver a run rate of $100 million p.a. of savings in Queensland by the end of FY25, as well as initiatives to rebuild pre-strip inventories at Blackwater, improve the use of autonomous haulage systems at Daunia, and further develop the Vickery mine. Whitehaven will also review its capital allocation framework, including the current dividend payout ratio and share buy-back status, following the receipt of proceeds from the sell-down of 30% of Blackwater and a full year of FY25 operating cash flows.