• Total recordable injury frequency rate (TRIFR) of 2.9, down from 4.6 in FY25
• Run-of-mine (ROM) managed coal production of 20Mt, up from 19.4Mt in H1 FY25
• Underlying EBITDA of $446 million, down from $960 million in H1 FY25

Whitehaven Coal Limited (ASX:WHC) has reported solid results for the six months ended 31 December 2025, reflecting strong performance and a resilient operating model. The company's H1 FY26 results include a total recordable injury frequency rate (TRIFR) of 2.9, down from 4.6 in FY25, and zero environmental enforcement action events. Run-of-mine (ROM) managed coal production was 20Mt, compared with 19.4Mt in H1 FY25. Revenue was $2.5 billion, down from $3.4 billion in H1 FY25, with an average achieved price of A$189/t, compared with A$232/t in H1 FY25. Underlying earnings before interest, tax, depreciation and amortisation (underlying EBITDA) was $446 million, compared with $960 million in H1 FY25. Cash generated from operations was $387 million, down from $922 million in H1 FY25. Whitehaven had A$710 million of net debt on its balance sheet at 31 December 2025, including US$500 million of cash reserved to meet the second deferred acquisition payment to BMA due in April 2026. A fully franked interim dividend of 4.0 cents per share ($32 million) will be paid on 13 March 2026, and Whitehaven intends to spend up to an equal amount of $32 million over six months to buy back shares through the share buy-back program.

FY26 guidance is unchanged at the end of the first half. ROM coal production and coal sales are on track to be firmly in the upper half of FY26 guidance. Unit cost of coal for H1 FY26 was A$135/t and is tracking to stay in the lower half of the guidance range for the full year.

Whitehaven's metallurgical and high-CV thermal coal products are in strong demand, and the company is positive on the outlook for metallurgical coal prices. The growth in electricity demand and need for energy security is expected to continue to support long-term demand for thermal coal, particularly for the high CV, high-quality thermal coal that Whitehaven supplies. Whitehaven is intent on continuing to strengthen operational performance and optimise margins through the cycle, and is on track to deliver the targeted $60 to $80 million of annualised cost savings by the end of FY26.