Coronado Global Resources (CRN) Q4 2025 earnings summary

Executive summary

• Achieved 16 million tons of saleable production in FY2025, a 4% year-on-year increase, with cost per ton sold down 10% to $97, and capital spend at $245 million, completing the major investment phase.

• FY25 results met market guidance, driven by a structurally improved operating base and cost compression, with an exit run rate of ~18 Mt annualised.

• Major capital investments at Buchanan and Mammoth completed, supporting higher production and lower costs, positioning for strong cash generation in FY26.

• Highest quarterly sales since Q3 2021, with sales volumes up 11% quarter-on-quarter and operating costs reduced by $300 million year-on-year.

• Two fatal incidents occurred in late 2025 and early 2026, prompting safety reviews and operational suspensions at affected sites.

Financial highlights

• Group average mining cost per ton sold was $97.60 in FY25, down from $107 in FY24 and $108 in FY23.

• Group realised met coal price averaged $149.3/t for FY25, down from $185.3/t in FY24.

• Mining cost per tonne of ROM production averaged $55.7/t for FY25, the lowest since FY21 and a ~15% improvement over two years.

• Cash capital expenditure for FY25 was $245M, at the bottom end of guidance, with $38M spent in Q4.

• Year-end cash balance was $173M, with the new ABL Facility fully drawn at $265M and previous facility repaid.

Outlook and guidance

• Saleable production expected to increase in FY26, with ~3 Mt annualised from expansion projects, supporting higher earnings and cash flow.

• Stanwell mechanisms expected to provide $200–$250 million cash flow uplift in 2026, depending on prices and tonnages.

• Lower capital expenditure and full-year benefit from expansions anticipated in FY2026.

• Focus on optimising product mix, potential minority asset sales, and deleveraging as cashflows improve.

• Guidance for 2026 to be released on 24th February 2026.