Bowen Coking Coal (BCB) Q4 2025 TU earnings summary

Executive summary

• Achieved record quarterly operating cash flow of $19.1M in June, despite heavy rainfall and logistical delays impacting operations.

• FY2025 ROM coal production reached 2.9Mt and coal sales 1.8Mt, meeting all market guidance metrics.

• Owner-operator mining commenced in July 2025 to reduce costs and improve operational control.

• Focus shifted to low-cost mining at Ellensfield South and Plumtree North, targeting ~0.5Mt ROM coal at a strip ratio below 3:1 for the September quarter.

Financial highlights

• FY2025 revenue was $344.4M, down 23% year-over-year due to a 25% fall in benchmark coal prices.

• June quarter unit costs (FOB) were $137.2/t (US$87.9/t); FY2025 unit costs $147.8/t (US$95.8/t), 27% lower than FY2024.

• FY2025 capital expenditure totaled $78.5M, down 15% from FY2024.

• Cash and cash equivalents at 30 June 2025 were $50.8M, including $15.4M in restricted cash.

• Net cash from operating activities for the June quarter was $19.1M; free cash outflow for the quarter was $0.5M.

Outlook and guidance

• September quarter will focus on low-cost mining at Ellensfield South and Plumtree North, with potential pause in operations if coal prices or financing do not improve.

• Optimism for medium-term metallurgical coal price recovery post-Indian monsoon and steel mill restocking.

• Guidance for FY2025 was met: ROM coal mined 2.9Mt, coal sales 1.8Mt, unit cash costs $147.8/t, capex $79M.