Bowen Coking Coal (BCB) H1 2025 earnings summary

Executive summary

• Achieved record half-year EBITDA of $23.7M, a 142% improvement year-over-year, and operating profit of $2.6M versus a $54.6M loss in the prior period.

• Net loss after tax narrowed to $8.7M from $65.1M year-over-year, reflecting significant operational and cost improvements.

• Completed a $70M equity raise and restructured debt, extending repayment terms and reducing principal balances.

• Sold 10% of Broadmeadow East for $13M cash plus royalties, and advanced development at Plumtree North and other key assets.

• Cash on hand increased to $54.4M from $21.7M at June 2024, supporting ongoing project development.

Financial highlights

• Revenue declined 22% to $181.5M due to lower coal prices, despite higher metallurgical coal sales mix (59% vs 53%).

• EBITDA improved to $23.7M from a $57.0M loss; operating profit reached $2.6M from a $54.6M loss year-over-year.

• Net loss after tax was $8.7M, an 87% improvement year-over-year.

• Cash generated from operations was $15.6M, down 30% year-over-year.

• Average realised coal price fell 4.7% to US$138.10/t, with coking coal down 16.6% to US$171.10/t.

Outlook and guidance

• Directors expect steady-state operations at Plumtree North by mid-2025, with continued focus on cost control and production efficiency.

• Ongoing development at Lenton, Isaac Pit, and Hillalong, with regulatory and feasibility milestones targeted in 2025–2026.

• Company actively pursuing further debt restructuring, royalty deferrals, and potential asset sales to ensure liquidity.