• Underlying NPAT of $319 million and underlying EBITDA of $1.4 billion
• Managed ROM coal production up 60% to 39.1Mt
• Reduced capex for Narrabri Stage 3 Extension project

Whitehaven Coal Limited (ASX:WHC) has reported an underlying net profit after tax (NPAT) of $319 million for the year ended 30 June 2025. Underlying earnings before interest, tax, depreciation and amortisation (underlying EBITDA) was $1.4 billion, reflecting a strong first half result of $1.0 billion and a softer second half result of $0.4 billion due to a cyclical downturn. The full year result was in line with underlying EBITDA of $1.4 billion reported in FY24. Whitehaven's FY25 results include a total recordable injury frequency rate (TRIFR) of 4.6 for the expanded business and zero environmental enforcement actions, run-of-mine (ROM) managed production of 39.1 million tonnes (60% higher than FY24), revenue of $5.8 billion (53% higher than FY24), and cash generated from operations of $1.3 billion. The company's balance sheet remains strong, with $0.6 billion of net debt after the first US$500 million deferred payment to BMA and cash reserved for the second US$500 million deferred payment in April 2026. Whitehaven will return up to $191 million of capital to shareholders in respect of FY25, including dividends of 15.0 cents fully franked and share buy-backs, representing a payout ratio of ~60% of underlying FY25 Group NPAT. The company has also reviewed and updated its Capital Allocation Framework, targeting a payout ratio of 40-60% of Underlying NPAT split between dividends and buy-backs. Additionally, a lower capex program for the Narrabri Stage 3 Extension project has been finalised, with revised capex of ~$260-300 million, significantly reduced from the previously estimated capex of ~$800-850 million.

FY26 guidance: Managed ROM coal production of 37.0 - 41.0Mt, managed coal sales of 29.5 - 33.0Mt, equity coal sales of 23.3 - 26.1Mt, unit cost of coal (excl. royalties) of $130 - $145/t, and capital expenditure of $340 - $440 million.

Thermal coal prices have been recovering since June, and metallurgical coal markets have stabilised. Whitehaven remains confident in India's underlying growth and is focused on managing costs, improving productivity and operational reliability, and optimising cashflows. Delivery of the acquisition objectives, including optimising price realisations, rebuilding Blackwater's pre-strip inventories, lifting AHS productivity at Daunia, and ongoing refinement of the operating model, also remains a priority in FY26.