Whitehaven Coal
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Whitehaven Coal (WHC) investor relations material

Whitehaven Coal Q2 2026 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 TU earnings summary28 Jan, 2026

Executive summary

  • Managed ROM production reached 11 million tons in Q2 FY26, up 21% quarter-on-quarter, with strong contributions from both Queensland and New South Wales; equity coal sales were 7 million tons, up 18%.

  • H1 FY26 production and sales provide a strong foundation for the full year, with 20 million tons managed ROM production and 12.8 million tons equity sales.

  • Safety performance improved, with TRIFR at 2.9, down from 4.6 in FY25.

  • Net debt reduced by AUD 100 million during the quarter, reaching AUD 0.7 billion at 31 December 2025.

Financial highlights

  • Production costs averaged AUD 135/ton for H1 FY26, at the lower end of guidance.

  • Cost savings on track for AUD 60–80 million by 30 June 2026.

  • Queensland average realized price was AUD 225/ton (up 13%); New South Wales at AUD 163/ton.

  • 4.4 million shares bought back for AUD 32 million in Q2 FY26; 6.3 million shares for AUD 45 million in H1 FY26.

  • Liquidity stood at AUD 1.5 billion at period end.

Outlook and guidance

  • FY26 guidance remains unchanged, with ROM coal production and sales tracking to the upper half of the range.

  • Expectation of continued strong performance, with some second-half weighting, especially at Maules Creek.

  • Market outlook positive for both metallurgical and high CV thermal coal, with structural constraints and strong demand supporting prices.

  • Unit cost of coal expected to remain at ~AUD 135/ton for H1 FY26.

Update on A$60-80M cost savings initiatives
Winchester South Land Court outcome timeline?
Implications of QLD stock build for Q3 sales?
Maules Creek: When will continuation project benefits be seen?
How to improve PCI/semi-soft coal price realizations?
Blackwater pre-strip deficit: What's the impact?
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Frequently asked questions

Thermal and Metallurgical Coal

Whitehaven Coal is an Australian coal mining company, primarily engaged in the exploration, development, production, and sale of thermal and metallurgical coal. Whitehaven Coal operates a portfolio of open-cut and underground mines in the New South Wales Gunnedah Basin, one of Australia's major coal-producing regions. The company is primarily engaged in open-cut mining but also operates one large underground mine. Whitehaven Coal is headquartered in Sydney, Australia, and is listed on the Australian Securities Exchange.

From Zero to Five Mines

Founded in February 1999, Whitehaven Coal commenced mining operations in an open-cut mine in the Gunnedah Basin in September 2000. Expanding its footprint, the company launched additional mines at Werris Creek in 2005 and Tarrawonga in 2006. In the year following the opening of the Tarrawonga mine, the company went public on the ASX. The company currently operates five different mines in Australia, as well as its trains to the Port of Newcastle. Today, the company is among the biggest mining companies in Australia, but still far behind the true behemoths of the country such as BHP, Rio Tinto, and similar names.

Experts in Coal

The company is a prominent player in the coal mining industry, primarily focused on extracting and producing thermal and metallurgical coal. Thermal coal, also known as steaming coal, is primarily used for generating electricity in power plants, playing a critical role in energy production, especially in developing economies. Metallurgical coal, on the other hand, is a key ingredient in steel production, vital for various industries from construction to manufacturing. Whitehaven's operations are concentrated in the Gunnedah Basin in New South Wales, Australia, a region rich in high-quality coal.

Exporting to Asia

Whitehaven Coal predominantly sells its thermal and metallurgical coal to the Asian market, a region with robust demand driven by its significant industrial and energy requirements. Key buyers include countries like Japan, Korea, Taiwan, China, and India, which use imported coal for electricity generation and steel production.

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