Whitehaven Coal Limited · ASX:WHC
Whitehaven Coal — H1 FY26 Earnings Presentation
48 slides from Whitehaven Coal's earnings presentation, Feb 19, 2026
Slide 1: Half Year Results FY26
Half Year Results FY26 19 February 2026 Authorised for release by the Board of Whitehaven Coal Limited Whitehaven Coal Limited ABN 68 124 425 396 P +61 2 8222 1100 F +61 2 8222 1101 Level 28, 259 George Street, Sydney NSW 2000 PO Box R1113, Royal Exchange
Slide 2: Contents and Disclaimer
Contents 1. H1 FY26 highlights Disclaimer • Safety & environmental • Operational & financial This presentation contains information in a summary form and does not purport to be complete. It is COMPETENT PERSONS STATEMENT This document contains estimates of Whitehaven Coal's Coal qualified by any oth
Slide 3: H1 FY26 highlights
1. H1 FY26 highlights 3
Slide 4: Strong safety and environmental performance
Strong safety and environmental performance Improvements continue to be delivered in safety and environment 2.9 Total Recordable Injury Frequency Rate (TRIFR) - employees and contractors Combined data for Whitehaven operations and Whitehaven owned / managed since Apr-24 BMA owned Daunia and Blackwat
Slide 5: Solid operational performance supported H1 results
Solid operational performance supported H1 results Operational results 20.0Mt 12.8Mt A$189/t $135/t Managed ROM production Equity sales of produced coal Whitehaven achieved price Unit cost of coal including 10.3Mt from QLD operations down 10% on H1 FY25 reflecting the down 19% from H1 FY25 due to H1
Slide 6: Whitehaven's markets
2. Whitehaven’s markets 6
Slide 7: Whitehaven maintains resilience through the cycle
Whitehaven maintains resilience through the cycle Monthly PLV HCC index increased 19% during H1 FY26 (from Jun to Dec-25), while gC NEWC was range-bound Pricing PLV HCC2 gC NEWC2 • Whitehaven average price achieved of A$189/t, down 19% US$/t PLV HCC gC NEWC US$/t 360 180 o QLD average price achieved
Slide 8: Whitehaven is benefiting from product and market diversification
Whitehaven is benefiting from product and market diversification ~93% of Whitehaven’s revenue is generated in Asia, where energy security and economic growth are critically important 16.6M tonnes of managed sales2 in H1 FY26 H1 FY26 Revenue contribution % by type1 M Metallurgical Metallurgical T The
Slide 9: Structural supply gaps expected for high CV thermal and metallurgical coal
Structural supply gaps are expected for both high CV thermal and metallurgical coking coal Global supply & demand: Global supply & demand: seaborne high CV thermal coal (>5850 NCV)1 seaborne metallurgical coking coal2 M tonnes M tonnes 350 350 300 300 126Mt 250 250 53Mt 200 200 150 150 100 100 50 50
Slide 10: H1 FY26 operational results
3. H1 FY26 operational results 10
Slide 11: ROM coal production and sales
ROM coal production and sales Strong H1 FY26 performance from QLD and NSW operations Managed ROM coal production (Mt) Managed sales of produced coal (Mt) 19.4 19.8 20.0 16.2 7.4 7.3 15.8 6.8 14.4 5.7 5.7 3.1 5.4 3.1 2.8 2.1 1.4 1.9 1.8 2.6 2.1 1.5 1.0 1.3 5.1 4.8 6.4 3.4 4.4 4.4 3.0 3.1 3.1 2.6 1.3
Slide 12: QLD operations – ROM coal production
QLD operations – ROM coal production A solid operational outcome in H1 FY26 from QLD operations Managed ROM coal production1 (Mt) • H1 FY26 QLD ROM production 10.3Mt 20.0 o 7.3Mt from Blackwater 17.6 17.4 o 3.1Mt from Daunia 3.6 • H1 FY26 operational performance supported by good weather and mining
Slide 13: NSW operations – ROM coal production
NSW operations – ROM coal production NSW operations delivered a strong operating result in H1 FY26 Managed ROM coal production (Mt) • H1 FY26 NSW ROM production 9.7Mt • Maules Creek 4.8Mt ROM reflecting a second half weighted 19.7 18.2 19.1 mine plan 1.2 1.4 2.3 3.3 • Gunnedah Open Cuts (GOC) 1.8Mt
Slide 14: H1 FY26 financial results
4. H1 FY26 financial results 14
Slide 15: EBITDA H1 FY26 vs H1 FY25 (before significant items)
EBITDA H1 FY26 vs H1 FY25 (before significant items) Lower EBITDA reflects softer pricing in H1 FY26 $m Achieved price H1 FY26 H1 FY25 (net of royalties) Group (A$/t) 169 204 FX AUD:USD 0.66 0.66 (505) 960 (47) 36 2 446 395 H1 FY25 Price (net of royalty) Sales Volume Costs Other H1 FY26 H2 FY25 15
Slide 16: H1 FY26 segment financial results
H1 FY26 segment financial results H1 results reflect cyclical pricing conditions $ million QLD NSW Group1 Revenue 1,282 1,149 2,477 • Underlying H1 FY26 EBITDA of $446m compares Underlying EBITDA 248 215 446 with $960m in H1 FY25, due to softer price indices in H1 FY26: Depreciation (147) (106) (253
Slide 17: Cost management has helped to support margins
Cost management has helped to support margins H1 FY26 FOB unit costs vs average achieved price (A$/t) • Average H1 FY26 achieved coal prices3 reflect a period of softer pricing 34 189 o A$189/t from Group 135 20 Average Margin o A$212/t from QLD achieved price o A$168/t from NSW FOB unit costs Royal
Slide 18: H1 FY26 financial results
H1 FY26 financial results Underlying NLAT of ($19) million with significant non-recurring items totalling $88 million of post-tax gains resulting in a statutory NPAT of $69 million Underlying EBITDA $446 million Non-recurring items include Depreciation ($253) million EBITDA adjustments • Gains of +$
Slide 19: Net debt of $0.7b at December 2025
Net debt of $0.7b at 31 December 2025 Lightly levered and lowly geared $m 0 (634) (710) (157) 291 (63) (14) (93) 18 (39) (19) Net debt at Net cash from Capital Leases Contingent Returns to Foreign Other Other Net debt at 30 Jun 2025 operating expenditure consideration shareholders exchange investing
Slide 20: Liquidity
Liquidity Whitehaven has a strong balance sheet and maintains liquidity A$ million 31 Dec 2025 30 Jun 2025 Maintaining a strong balance sheet Cash on hand 1,088 1,206 • Available liquidity of A$1.5b at 31 December 2025 Financing facilities (1,749) (1,796) comprised of: o cash on hand of A$1.1b (incl
Slide 21: On track to deliver $60-$80 million of annualised cost savings
We are on track to deliver $60-$80 million of annualised cost savings by 30 June 2026 Approximate split of targeted $60-$80 million cost savings Savings will be delivered by All areas of the business are QLD, NSW and corporate contributing to targeted cost savings ~5% - Examples of cost-out initiati
Slide 22: QLD 5-year FOB cost estimates adjusted for inflation
QLD 5-year FOB cost estimates adjusted for inflation FY24-FY28F average FOB costs (A$/t)1 • Since acquisition, QLD operations performance has demonstrated lower cost, increased productivity and better safety. Refinement to acquisition cost assumptions have been made with Current 5Y estimate ~140-145
Slide 23: Capital allocation framework
Capital allocation framework Whitehaven's capital allocation framework has been refreshed to continue to deliver shareholder value Operating cashflows 1 2 3 Deliver returns to shareholders Maintain and optimise operations Maintain balance sheet strength Dividends Buy-backs Prudently allocate capital
Slide 24: FY26 guidance
5. H1 FY26 guidance 24
Slide 25: FY26 guidance
FY26 guidance ROM production and sales are currently on track to be firmly in the upper half of FY26 guidance H1 FY26 actual FY26 guidance Comments Managed ROM Coal Production, Mt GROUP 20.0 37.0 – 41.0 QLD 10.3 18.3 – 20.1 NSW 9.7 18.7 – 20.9 Managed Coal Sales1, Mt GROUP 16.2 29.5 – 33.0 GROUP ROM
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Slide 27: Appendix
6. Appendix 27
Slide 28: Financial results supporting slides
Financial results supporting slides 28
Slide 29: Significantly improved shareholder value per share
Significantly improved shareholder value per share Whitehaven’s sales tonnes per share have grown 2.5x and EBITDA per share has grown substantially even at cyclical lows Equity sales (tonnes) / share1 EBITDA3 ($) / share Post acquisition Post acquisition Pre-acquisition (higher margin tonnes) Pre-ac
Slide 30: $32m fully franked dividend and up to $32m in buy-back
$32m fully franked dividend and up to $32m in buy-back A strong balance sheet and improving outlook support capital returns Capital allocated to shareholders from FY NPAT1 $m • A 4.0 cent fully franked final dividend for H1 FY26 to be paid on 13 March Payout ratio Franked dividends Share buy-backs •
Slide 31: H1 FY26 costs improved A$2/t on H1 FY25
H1 FY26 costs improved A$2/t on H1 FY25 Driven by NSW equity sales volumes and the impact of 30% sell down of Blackwater partially offset by high vessel queues during the half and low cost stocks in QLD at 31 December 2025 Group H1 FY26 H1 FY25 $m $/t $m $/t Labour Mining and processing expenses 1,2
Slide 32: H1 FY26 depreciation & amortisation and net finance expense
H1 FY26 depreciation & amortisation and net finance expense H1 FY26 NSW QLD GROUP Comments Depreciation $106m $147m $253m For FY26, estimated depreciation for NSW of ~$16-18/t1 and QLD ~$23-28/t1, and Group amortisation of ~$6/t1 Amortisation $47m $36m $83m Total D&A $153m $183m $336m Cash interest
Slide 33: Depreciation & Amortisation
Depreciation & Amortisation FY26 H1 FY26 H1 FY25 estimates GROUP Depreciation $253m $234m Amortisation $83m $79m Depreciation per tonne (sales of own coal) $20/t $16/t Amortisation per tonne (sales of own coal) $6/t $6/t ~$6/t NSW Depreciation $106m $73m Amortisation $48m $34m Depreciation per tonne
Slide 34: Disciplined capital expenditure in H1 FY26
Disciplined capital expenditure in H1 FY26 H1 FY26 FY26 ($m) Includes actual guidance • Open cuts fleet overhauls, sustaining capex • Continuing legacy environmental compliance QLD • Narrabri sustaining capex – 200 Series panels Operational Assets 126 280 – 350 • Narrabri Mains NSW ~50%, QLD ~50% •
Slide 35: Narrabri mine plan and stage 3 capital expenditure
Narrabri mine plan and stage 3 capital expenditure Stage 3 Extension Project – 300 series panels • Narrabri Stage 3 Project approval received Sep-24 – extending LOM to 2044 from 2031 • Annual production capacity at Narrabri expected to be ~6-7Mtpa • As previously released (21 Aug-25) capital expendi
Slide 36: Sustainability
Sustainability 36
Slide 37: Whitehaven's portfolio of operations in QLD & NSW
Whitehaven’s portfolio of operations in QLD & NSW Whitehaven is a leading Australian metallurgical coal producer and supplier of high-CV thermal coal NSW QLD Operating Assets Maules Creek Narrabri Blackwater Daunia (75%) (77.5%) (70%) (100%) Gunnedah Open Cuts (GOC) Vickery Tarrawonga (100%) (100%)
Slide 38: Contributing to our communities – FY25 overview
Contributing to our communities – FY25 overview1 10.4% 21.7% 5:1 336ha of workforce identify female employees in our business ratio of land managed of land rehabilitated across as Indigenous compared to 22.7% in FY24 for biodiversity compared with NSW and QLD in FY25 land disturbed for mining2 $2.1m
Slide 39: Whitehaven sentiment in the local community continues to improve
Whitehaven sentiment in the local community continues to improve Positive sentiment has increased over the past decade. Around half of those aware of Whitehaven were positive (56%) in 2025. Negative opinion is decreasing steadily (12%) Local community sentiment toward Whitehaven 60% 50% 40% 30% 20%
Slide 40: Providing energy security for our customers
Providing energy security for our customers Our coal provides a significant proportion of electricity to our key customer countries totalling ~44 TWh annually Contribution to baseload electricity from Whitehaven managed coal supplied into Japan, South Korea & Taiwan (JKT) and Malaysia1 Japan Taiwan
Slide 41: NSW operations produce some of the highest quality seaborne thermal coal
Whitehaven’s NSW operations produce some of the highest quality seaborne thermal coal Average energy content of Whitehaven’s NSW thermal coal was ~6200 kcal/kg NAR Percentage of thermal coal exports by quality1 – CY25 100% 90% CY25 NSW operations thermal 80% kcal/kg NAR2 quality outcomes 70% • Avera
Slide 42: Our coal is lower in emissions
Our coal is lower in emissions Demand for high quality, high CV, low ash coal is supportive Coal-fired power plants – GHG emissions per MWh sent out1 • Whitehaven’s thermal coal is used in high- efficiency, low emissions (HELE) electricity generation including Ultrasupercritical 42% (USC) power plan
Slide 43: Focused on Scope 1 and 2 emissions, TCFD reporting and ASRS standards
Focused on Scope 1 and 2 emissions, TCFD reporting and ASRS standards1 FY25 Scope 1 emissions primarily from Narrabri fugitive emissions, Maules Creek diesel Greenhouse gas emissions2 consumption, and Blackwater fugitive emissions and diesel consumption (k tonnes CO2e) • Multiple, early-stage, fugit
Slide 44: Market charts
Market charts 44
Slide 45: Met and thermal coal prices (US$/t)
Met and thermal coal prices (US$/t)1 During H1 FY26, PLV HCC increased 19% while gC NEWC was steady to June 25 Index1 US$/tonne gC NEWC (US$/t) Platts PLV HCC (US$/t) • In H1 FY26 QLD metallurgical coal 700 sales realised price at 75% PLV HCC; and NSW thermal coal sales realised 600 price of 101% of
Slide 46: Metallurgical coal price relativities
Metallurgical coal price relativities Price relativities fluctuate over short time periods for multiple reasons, including index relativities to PLV HCC. Platts PLV HCC price relativities – monthly index LV HCC %PLV LV PCI %PLV SSCC %PLV 1000 100% 900 90% 800 80% 700 70% 600 60% US$/tonne 500 50% 40
Slide 47: Metallurgical coking coal demand will continue to grow
Metallurgical coking coal demand will continue to grow – supporting developing economies in India and SE Asia Asia seaborne demand for metallurgical coal1 450 400 M tonnes Wood Mackenzie forecasts indicate o Metallurgical coal trade flows continue 350 Vietnam to diversify towards emerging Indian and
Slide 48: Whitehaven
VF Whitehaven