Warrior Met Coal, Inc. · NYSE:HCC
Warrior Met Coal — Q2 2026 Earnings Presentation
19 slides from Warrior Met Coal's earnings presentation, Aug 5, 2026
Slide 1: Second Quarter 2026 Results
Second Quarter 2026 Results August 5, 2026
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation contains, and the Company’s officers and representatives may from time to time make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended
Slide 3: Warrior: First Quartile Global Cost Curve Position Strengthened
Warrior: First Quartile Global Cost Curve Position Strengthened Safety is our top priority, as demonstrated by our superior safety record Blue Creek Underground Operation with Single Longwall System(3) Mine 7 Mine 4 Underground Operation with • Premium High Vol A steelmaking Underground Operation wi
Slide 4: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights Achieved cash provided by operating activities of $132.3 million and generated free cash flow* of $103.4 million as Blue Creek drives record volumes, lower costs and margin expansion. Sold record quarterly sales volumes of 3.7 million short tons (“St”), a 65% increas
Slide 5: Key Metrics for Three Months Ended June 30, 2026 vs. 2025
Key Metrics for Three Months Ended June 30, 2026 vs. 2025 For the three months ended June 30, 2026 2025 % Change Tons sold (in 000s St) 3,654 2,219 65% Tons produced (in 000s St) 3,347 2,308 45% Average net selling price (per St) $137.82 $130.01 6% Cash cost of sales*(1) (per St) $92.53 $101.17 9% T
Slide 6: 2026 Year to Date Highlights
2026 Year to Date Highlights Completed Blue Creek project ahead of schedule and total project spend within guidance. Final total project spend of $1,028.1 million. Sold record sales and production volumes of 6.7 million St and 6.8 million St, respectively, representing increases of 52% and 50% f
Slide 7: Key Metrics for Six Months Ended June 30, 2026 vs. 2025
Key Metrics for Six Months Ended June 30, 2026 vs. 2025 For the six months ended June 30, 2026 2025 % Change Tons sold (in 000s St) 6,656 4,391 52% Tons produced (in 000s St) 6,844 4,562 50% Average net selling price (per St) $143.04 $132.87 8% Cash cost of sales*(1) (per St) $94.17 $106.70 12% Tota
Slide 8: Customer Volumes by Coal Type and Geography Demonstrate Premium Product Mix and Logistical Cost Advantage
Customer Volumes by Coal Type and Geography Demonstrate Premium Product Mix and Logistical Cost Advantage to the Seaborne Market Customer Volume by Basin(1) Customer Volume by Geography(1) Customer Volume by Coal Type(1) Q2 2026 YTD 2026 Q2 2026 YTD 2026 Q2 2026 YTD 2026 1% 1% Atlantic Europe PLV Pa
Slide 9: Average Index Pricing by Quarter
Average Index Pricing by Quarter ($ per short ton) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 PLV FOB Australia(1) $167.12 $166.48 $181.55 $212.89 $216.16 LVHCC FOB Australia(1) $130.64 $136.69 $154.12 $173.16 $170.36 LVHCC CFR India(1) $143.76 $151.21 $168.94 $190.20 $191.03 USEC HVA(1) $153.95 $140.9
Slide 10: Leverage Ratios and Liquidity
Leverage Ratios and Liquidity Financial Metrics ($ in millions except ratios) Leverage (trailing twelve months ended June 30, 2026) Adjusted EBITDA* $ 463.7 • Robust Balance Sheet with Consolidated Net Cash* (1) $ (76.6) minimal Net Leverage Ratio* (2) (0.17x) leverage Gross Leverage Ratio* (3) 0.51
Slide 11: Breaking Down Warrior's 2026 Capital Expenditures
Breaking Down Warrior’s 2026 Capital Expenditures 2026 Capex Guidance 2026 Capex Guidance Detail versus Actual ($ in millions) ($ in millions) Capex Low End High End Sustaining Guidance QTD Actuals YTD Actuals Sustaining Existing Mines $105 $115 High End Q2 2026 Q2 2026 Blue Creek Project $50 $75 Mi
Slide 12: Raises Full Year 2026 Volume Guidance
Raises Full Year 2026 Volume Guidance(1) Due to continued positive reception of Blue Creek volume trials and adoption by customers, the Company raised production and sales volume guidance for 2026 Cash Cost of Capital Blue Creek Coal Sales Coal Production Sales (Free-on- Expenditures for Project Boa
Slide 13: Appendix/Reconciliations
\\ WARRIOR Appendix/Reconciliations
Slide 14: Appendix
Appendix For the three months ended For the three months ended June 30, 2026 (Unaudited) June 30, 2025 (Unaudited) Short Tons Metric Tons Short Tons Metric Tons Tons sold (in 000s) 3,654 3,315 2,219 2,013 Tons produced (in 000s) 3,347 3,036 2,308 2,094 Average net selling price per ton $137.82 $151.
Slide 15: Appendix
Appendix For the six months ended For the six months ended June 30, 2026 (Unaudited) June 30, 2025 (Unaudited) Short Tons Metric Tons Short Tons Metric Tons Tons sold (in 000s) 6,656 6,038 4,391 3,983 Tons produced (in 000s) 6,844 6,209 4,562 4,139 Average net selling price per ton $143.04 $157.68 $
Slide 16: Appendix Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures Reconciliation of Adjusted EBITDA(1), Adjusted EBITDA margin (2) and Adjusted EBITDA per short ton (2) to Amounts Reported Under U.S. GAAP For the three months ended For the six months ended June 30, (Unaudited) June 30, (Unaudited) (in thousands) 2026 2025 2026
Slide 17: Appendix Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures Reconciliation of Free Cash Flow(1) and Free Cash Flow Conversion(1) to Amounts Reported Under U.S. GAAP For the three months ended For the six months ended June 30, (Unaudited) June 30, (Unaudited) (in thousands) 2026 2025 2026 2025 Net cash provided by operatin
Slide 18: Appendix Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures Reconciliation of Cash Cost of Sales (Free-on-Board Port)(1) to Cost of Sales Reported Under U.S. GAAP For the three months ended For the six months ended June 30, (Unaudited) June 30, (Unaudited) (in thousands) 2026 2025 2026 2025 Cost of sales $ 340,046 $ 226,4
Slide 19: Source: Company information
Source: Company information