Core Natural Resources (CNR) investor relations material

Executive summary

• Achieved Q3 2025 net income of $32 million ($0.61 per diluted share) and adjusted EBITDA of $141.2 million, despite operational headwinds at Leer South and West Elk mines, and recognized $18.4 million in fire and idle costs offset by $19.4 million in insurance recovery.

• Generated $88 million in operating cash flow and $39 million in free cash flow, increasing cash and equivalents by $31.5 million.

• Returned $24.6 million to shareholders in Q3 via buybacks and dividends, with $218 million returned year-to-date.

• Completed a transformative all-stock merger, expanding to 11 mines and adjusting to four reportable segments.

• Advanced rare earth element exploration and secured 26 million tons of future business across all segments.

Financial highlights

• Q3 2025 revenue reached $1,003 million, with adjusted EBITDA of $141.2 million and net income of $32 million.

• Free cash flow for Q3 was $38.9 million, with cash and cash equivalents at $444.7 million and total liquidity of $995 million.

• Returned over 60% of Q3 free cash flow to shareholders, with $797 million remaining under the $1 billion buyback program.

• Cost of sales increased to $827 million in Q3 2025, reflecting merger impacts.

• Depreciation, depletion, and amortization rose to $151 million in Q3 2025 due to acquired assets.

Outlook and guidance

• Maintaining high-CV thermal sales volume guidance, but lowering price range to $60–$61/ton and raising cash cost guidance to $39–$41/ton due to West Elk challenges.

• Metallurgical coal sales volume guidance set at 7.4–7.8 million tons, with cash cost guidance of $93–$97/ton.

• PRB sales volume guidance increased to 47–49 million tons, with 48 million tons committed at $14.46/ton.

• Capital expenditure guidance lowered by $40 million to $260–$290 million.

• Expects $15–$25 million in additional Leer South fire and idle costs in Q4 2025, with further insurance recoveries possible.