Bathurst Resources (BRL) H1 2025 earnings summary

Executive summary

• H1 FY25 consolidated EBITDA was $27.5m, slightly below H1 FY24 but ahead of forecast, with strong cash reserves of $140.7m–$141m as of 31 December 2024 and no significant debt, supporting ongoing operations and development projects.

• Revenue for H1 FY25 was $118.9m, down from $135.0m in H1 FY24, with net profit after tax of $8.3m compared to $9.1m year-over-year.

• Domestic segments delivered improved financial and operational results, partially offsetting export segment declines caused by the Tawhai/Tunnel closure.

• Major projects in New Zealand and Canada are advancing, supported by the Fast Track Approvals Bill and strong cash reserves.

• Market capitalization stands at NZD/AUD $144.9m–$145m, with an enterprise value of NZD/AUD $18.7m–$19m and a share price of $0.75 as of 31 December 2024.

Financial highlights

• H1 FY25 revenue was $118.9m (down from $135.0m H1 FY24), EBITDA was $27.5m (down from $28.2m), and net profit after tax was $8.3m (down from $9.1m).

• Full-year EBITDA guidance is $45m–$55m, revised down by $10m due to lower HCC benchmark prices and export disruptions.

• Cash balance at 31 December 2024 was $140.7m–$141m, with no drawn debt except for finance leases.

• Average HCC benchmark price for H1 FY25 was USD $214/t, down from USD $284/t in H1 FY24; average price received per tonne (including hedging) rose to $325 from $273.

• No interim dividend declared for the period.

Outlook and guidance

• Full-year consolidated EBITDA guidance is $45m–$55m, with export market earnings expected to reduce due to lower HCC prices and tunnel-related volume impacts.

• Near-term HCC price upside is unlikely; medium- to long-term demand for coking coal expected to rise, especially from India.

• 125kt of forward coal sales hedged at NZD $388/t as of December 2024.

• Increased rail schedule and 7-day operations planned post-Tawhai Tunnel reopening.