Core Natural Resources (CNR) investor relations material

Executive summary

• Achieved strong financial performance in Q2 2026, with net income of $126.5 million and Adjusted EBITDA of $323.6 million, driven by operational execution, higher sales volumes, favorable product mix, and insurance recoveries related to the Leer South mine event.

• Completed the merger with Arch Resources in January 2025, creating a leading North American coal producer with diversified assets and enhanced export capabilities.

• Completed Leer South insurance claim settlement, netting $155 million in proceeds, with $125 million recognized in Q2 EBITDA.

• Secured 16 million tons of new sales commitments for future delivery at favorable margins.

• Returned $68 million to shareholders in Q2, totaling over $360 million since program inception.

Financial highlights

• Q2 2026 net income: $126.5 million ($2.51 per diluted share); Adjusted EBITDA: $324 million; revenue: $1.14 billion; free cash flow: $148 million.

• Liquidity at June 30, 2026: $1.0–$1.02 billion, including $474 million in cash and equivalents.

• Returned $68 million to shareholders in Q2, with $329 million used to repurchase ~8% of shares since program inception.

• Net cash position improved to $32 million as of June 30, 2026, from net debt of $37 million at March 31, 2026.

• Operating cash flow for H1 2026: $370 million, up $259 million year-over-year.

Outlook and guidance

• High CV Thermal segment nearly fully contracted for 2026 at over 31 million tons, with average revenue of ~$58/ton.

• Metallurgical segment contracted for 8.7 million tons in 2026, with 6 million tons priced at ~$121/ton; cash cost guidance lowered by $2.50 to $86–$91/ton.

• PRB segment contracted for ~50 million tons at $14.27/ton; cash cost guidance increased to $13.25–$13.75/ton due to higher diesel prices.

• Capital expenditures projected at $325–$375 million for 2026.

• Expect higher share buybacks in H2 2026, maintaining a 75% free cash flow return target.