Stanmore Resources (SMR) H2 2025 earnings summary

Executive summary

• Achieved record production of 14 million tons in 2025, with sales volumes at 14.1 million tons, despite challenging market and weather conditions.

• Revenue declined 21% year-over-year to $1,881.2m, driven by a significant drop in average realised coal prices, despite stable sales tonnage.

• Net loss after tax was $47.2m, compared to a $191.5m profit in 2024, reflecting lower prices and a $55.8m impairment charge.

• Underlying EBITDA for 2025 was $384.6m, with cost improvement initiatives partially offsetting inflation and weather impacts.

• Declared a fully franked final dividend of US 8.9 cents per share, totaling $80 million.

Financial highlights

• Revenue: $1,881.2m (down from $2,395.5m year-over-year).

• Net loss after tax: $47.2m (2024: $191.5m profit).

• Underlying EBITDA: $384.6m (2024: $700.3m).

• Operating cash flows totaled $380.8m, with cash and equivalents at $211.5m at year-end.

• Liquidity position approached $500 million at year-end.

Outlook and guidance

• South Walker Creek production expected to ramp up in 2026, while Poitrel output normalizes and Isaac Plains reduces output as it transitions to the Isaac Downs Extension.

• 2026 capital program to remain broadly in line with 2025, with a small increase for deferred and improvement projects.

• Environmental Impact Statement for Isaac Downs Extension on track for Q2 2026 submission.

• FOB cash costs forecast to remain stable in AUD terms, with inflation and FX as headwinds.

• Operations in early 2026 impacted by ex-tropical cyclone Koji, but elevated coal stockpiles and improved water management position the group for recovery.