• Revenues of $2,477m, down 28% from H1 FY25
• Underlying EBITDA of $446m, down 54% from H1 FY25
• Cost per tonne of coal produced of $135/t, down from H1 FY25 of $137/t

Whitehaven Coal Limited reported its results for the half-year ended 31 December 2025. Revenues were down 28% to $2,477m, reflecting lower coal prices, with a 19% decline in the average achieved coal price to $189/t. Underlying EBITDA decreased 54% to $446m, impacted by the weaker pricing environment. However, the company maintained a disciplined approach to cost management, with costs per tonne of coal produced decreasing from $137/t in H1 FY25 to $135/t in H1 FY26. Whitehaven's QLD and NSW operations delivered strong operational performance, with a 3% increase in managed ROM coal production to 20.0Mt. The company's equity sales of produced coal were 12.8Mt, down from 14.2Mt in H1 FY25 due to the sell-down of a 30% interest in the Blackwater coal mine. Whitehaven generated $387m in cash from operations and ended the half-year with net debt of $710m and available liquidity of $1,455m. The company declared a fully franked interim dividend of 4 cents per share and plans to continue its share buy-back program.