Stanmore Resources (SMR) H1 2025 earnings summary

Executive summary

• Achieved a rolling 12-month serious accident frequency rate of zero, outperforming the industry average of 0.681, reflecting a strong safety culture and operational discipline.

• Demonstrated operational resilience and cost discipline despite significant wet weather impacts and soft market conditions, maintaining positive operating cash flows and a strong balance sheet.

• Underlying EBITDA for H1 2025 was $146.8m, down from $374.9m year-over-year, mainly due to lower realized coal prices and weather-impacted volumes.

• Net loss after tax of $50.5m for H1 2025, compared to a $136.3m profit in the prior year period.

• Maintained $181m cash and $401m liquidity at period end, with net debt just under $100m.

Financial highlights

• Revenue declined to $867.2m from $1,226.0m year-over-year, with total income at $872m.

• Underlying EBITDA margin decreased to 17% from 28% year-over-year.

• Operating cash flow was $150.6m, down from $209.3m in the previous year.

• Capital expenditure normalized at $36.3m, down from $106.0m in H1 2024.

• Basic and diluted EPS: (5.6) cents (2024: 15.1 cents).

Outlook and guidance

• Full-year production and cost guidance reaffirmed, with production weighted to the second half, especially Q4.

• Poitrel tracking at the upper end of guidance, Isaac Plains at the lower end with higher recovery risk.

• Capital expenditure guidance for 2025 remains $80–$100m, reflecting a shift to steady-state investment.

• Ongoing cost optimization and permanent savings targeted for 2026, with budget process underway.

• No interim dividend declared due to market uncertainty; policy to be reapplied at year-end.