Alpha Metallurgical Resources (AMR) investor relations material

Executive summary

• Adjusted EBITDA for Q2 2026 was $25.6 million, down from $30.0 million in Q1 and $46.1 million in Q2 2025, with 3.5 million tons shipped, both declining sequentially and year-over-year.

• Revenues for Q2 2026 were $492.9 million, down 10.4% year-over-year, with a net loss of $12.3 million compared to a $5.0 million loss in Q2 2025.

• Shipment volumes and cost guidance were revised downward due to higher costs, operational disruptions, and storm damage at DTA, which reduced terminal efficiency.

• Met coal markets remain weak, with subdued global steel demand and stagnant U.S. East Coast indexes.

• The company operates 21 active mines and 8 preparation facilities, with 3,950 employees as of June 30, 2026.

Financial highlights

• Q2 2026 coal revenues: $491.5 million (down 10.4% YoY); total revenues: $492.9 million; net loss: $12.3 million; Adjusted EBITDA: $25.6 million (down 44.5% YoY).

• Q2 shipments: 3.5 million tons, down from 3.6 million in Q1 and 3.9 million in Q2 2025.

• Weighted average realization for metallurgical sales: $124.30/ton in Q2, down from $128.40/ton in Q1.

• Cost of coal sales for Met segment: $103.07/ton in Q2, down from $107.98/ton in Q1.

• Total liquidity at quarter-end: $447.8 million, including $307.6 million in cash and $30.9 million in short-term investments.

Outlook and guidance

• 2026 shipment guidance: 13.2–14.0 million tons metallurgical coal, 1.0–1.4 million tons thermal coal, revised downward due to DTA storm damage.

• Cost guidance raised to $103–$107/ton, reflecting higher supply and diesel costs.

• 70% of met segment tonnage for 2026 is committed and priced at $128.17/ton; 30% committed but unpriced; thermal coal fully committed at $75.94/ton.

• Capital expenditures for 2026 expected between $148 million and $168 million.

• IRC Section 45X tax credit expected to provide $20–$40 million annual cash benefit through 2029.