Warrior Met Coal, Inc. · NYSE:HCC
Warrior Met Coal — Q1 2026 Earnings Presentation
15 slides from Warrior Met Coal's earnings presentation, Apr 30, 2026
Slide 1: First Quarter 2026 Results
First Quarter 2026 Results April 30, 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: First Quarter 2026 Highlights
First Quarter 2026 Highlights Blue Creek construction completed ahead of schedule and total project spend within guidance. Final total project spend of $1,022.9 million. Blue Creek drives record quarterly sales volumes of 3.0 million short tons (“St”)(1) and margin expansion. Blue Creek drives s
Slide 5: Key Metrics for Three Months Ended March 31, 2025 vs. 2026
Key Metrics for Three Months Ended March 31, 2025 vs. 2026 For the three months ended March 31, 2026 2025 % Change Tons sold (in 000s St) 3,002 2,172 38% Tons produced (in 000s St) 3,498 2,254 55% Average net selling price (per St) $149.39 $135.79 10% Cash cost of sales*(1) (per St) $96.17 $112.35 1
Slide 6: Customer Revenue by Coal Type and Geography Demonstrates Premium Product Mix
Customer Revenue by Coal Type and Geography Demonstrates Premium Product Mix to the Seaborne Market in the Quarter Customer Revenue by Basin(1) Customer Revenue by Geography(1) Customer Revenue by Coal Type(1) Q1 2026 Q1 2026 0% Q1 2026 Europe PLV Atlantic 14% Asia 25% HVA Pacific 39% 39% South Amer
Slide 7: Leverage Ratios and Liquidity
Leverage Ratios and Liquidity Financial Metrics ($ in millions except ratios) Leverage (trailing twelve months ended March 31, 2026) Adjusted EBITDA* $ 360.4 • Robust Balance Sheet with Consolidated Net Debt* (1) $ 10.8 minimal Net Leverage Ratio* (2) 0.03x leverage Gross Leverage Ratio* (3) 0.65x •
Slide 8: 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 Q1 2026 Q1 2026 Blue Creek Project $50 $75 Mi
Slide 9: 2026 Guidance Reaffirmed
2026 Guidance Reaffirmed(1) Due to the accelerated startup of the Blue Creek longwall combined with continued operational excellence at Mines No. 4 and 7, the Company raised production and sales volume guidance for 2026 Coal Sales Coal Production Cash Cost of Capital Blue Creek Sales (Free-on- Expen
Slide 10: Appendix/Reconciliations
\\ WARRIOR Appendix/Reconciliations
Slide 11: Appendix
Appendix For the three months ended For the three months ended March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Short Tons Metric Tons Short Tons Metric Tons Tons sold (in 000s) 3,002 2,723 2,172 1,970 Tons produced (in 000s) 3,498 3,173 2,254 2,045 Average net selling price per ton $149.39 $16
Slide 12: 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 March 31, (Unaudited) (in thousands) 2026 2025 Net income (loss) $ 72,341 $ (8,168) Interest inco
Slide 13: 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 March 31, (Unaudited) (in thousands) 2026 2025 Net cash (used in) provided by operating activities $ (11,726) $ 10,917 Purchases of
Slide 14: 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 March 31, (Unaudited) (in thousands) 2026 2025 Cost of sales $ 290,418 $ 245,735 Asset retirement obligation accretion (806) (965) St
Slide 15: Source: Company information
Source: Company information