Slide 1: Full Year Results FY25
Full Year Results FY25 21 August 2025 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. FY25 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 other
Slide 3: 1. FY25 highlights
D7 Whitehaven 1. FY25 highlights
Slide 4: Good safety and environmental performance
Good safety and environmental performance QLD and NSW operations consolidated including 5-year historic data Total Recordable Injury Frequency Rate (TRIFR) 4.6 - employees and contractors Combined data for Whitehaven operations and Whitehaven owned / BMA owned Daunia and Blackwater operations manage
Slide 5: Strong operational performance underpinned solid results
Strong operational performance underpinned solid results Operational results 39.1Mt 26.5Mt A$215/t $139/t Managed ROM production Equity sales of produced coal Whitehaven achieved price Unit cost of coal including 20.0Mt from QLD operations up 61% on FY24 reflecting the Resilient pricing in a subdued
Slide 6: Significantly improved shareholder value per share
Significantly improved shareholder value per share Whitehaven’s sales tonnes per share have grown by 2.5x and EBITDA per share has grown >3x Equity sales (tonnes) / share1 EBITDA3 ($) / share Post acquisition Post acquisition Pre-acquisition (higher margin tonnes) Pre-acquisition (higher margin tonn
Slide 7: 2. Whitehaven's markets
D7 Whitehaven 2. Whitehaven’s markets
Slide 8: Whitehaven is resilient through the cycle
Whitehaven is resilient through the cycle In FY25, the major coal indices PLV HCC & gC NEWC declined 32% and 11% year-on-year, respectively Pricing Platts PLV HCC1 gC NEWC2 US$/t US$/t • PLV HCC Index declined 25% from US$237/t in Jul-24 to US$178/t in Jun-25, and averaged US$196/t for FY25 (down 32
Slide 9: Product, market and geographic diversification
Whitehaven is benefiting from product, market and geographic diversification Revenue contribution % by type1 30.8M tonnes of managed sales2 in FY25 Metallurgical M Metallurgical Thermal T Thermal 4% 3% 5% Japan M T 5% India M T 36% China M T 7% 49% Malaysia M T 7% Korea M T Europe M T 64% 9% Taiwan
Slide 10: Structural supply gaps expected for thermal and coking 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 400tonnes M 400tonnes 350 350 300 300 150Mt 250 250 61Mt 200 200 150 150 100 100
Slide 11: 3. FY25 operational results
3. FY25 operational results 11
Slide 12: ROM coal production and sales
ROM coal production and sales Strong FY25 performance from QLD in first full year of ownership and from NSW Managed ROM coal production (Mt) Managed sales of coal produced (Mt) 39.1 14.2 30.2 24.5 One quarter 11.1 3.5 QLD 5.8 19.5 1.3 contribution One quarter 2.3 QLD 3.5 3.3 contribution 0.9 4.7 3.3
Slide 13: QLD Operations – ROM coal production
QLD Operations – ROM coal production First full year of Blackwater and Daunia ownership delivered strong operational results Managed ROM coal production1 (Mt) • FY25 QLD ROM production of 20.0Mt exceeded top end of guidance (17.6 - 19.7Mt) • Successful integration of Blackwater and Daunia into 20.0
Slide 14: NSW Operations – ROM coal production
NSW Operations – ROM coal production NSW mines delivered 19.1Mt for FY25 – in the upper half of guidance Managed ROM coal production (Mt) • FY25 NSW ROM production of 19.1Mt in the upper half of guidance (17.4 – 19.8Mt) 20.6 20.0 19.7 • Maules Creek 11.5Mt ROM with higher volumes in second 1.6 18.2
Slide 15: 4. FY25 financial results
D7 Whitehaven 4. FY25 financial results
Slide 16: Financial history
Financial history Group QLD NSW and unallocated Revenue ($m) Underlying EBITDA1 ($m) Underlying NPAT1 ($m) FY25 2,362 3,470 5,832 FY25 873 1,355 FY25 319 FY24 2,955 869 3,824 FY24 1,127 272 1,399 FY24 740 FY23 6,065 0 FY23 3,967 FY23 2,655 FY22 4,920 0 FY22 3,060 FY22 1,952 FY21 1,557 0 FY21 205 FY2
Slide 17: FY25 financial results
FY25 financial results Underlying NPAT of $319 million with significant non-recurring items resulting in a net gain of $330 million (post-tax) and a statutory NPAT of $649 million Underlying EBITDA $1,355 million EBITDA adjustments Depreciation ($463) million • Gains of $804m (pre-tax) or $563m (pos
Slide 18: FY25 depreciation & amortisation and net finance expense
FY25 depreciation & amortisation and net finance expense reflect finalisation of acquisition accounting FY25 NSW QLD GROUP Comments Depreciation $165m $298m $463m • NSW broadly in line with FY24 • QLD includes depreciation of PP&E and amortisation of mining tenement Amortisation $73m $71m $144m (inc
Slide 19: FY25 segment financial results
FY25 segment financial results $ million NSW QLD Group1 • Underlying FY25 EBITDA of $1,355m Revenue 2,237 3,470 5,832 compares with $1,399m in FY24, reflecting: Underlying EBITDA 539 873 1,355 o QLD underlying EBITDA of $873m Depreciation (165) (298) (463) up from $272m in FY24, which was one quarte
Slide 20: EBITDA margins robust at the bottom of the cycle
EBITDA margins are lower but at 27% are robust at the bottom of the cycle FY25 FOB unit costs vs average achieved price (A$/t) • Average FY25 achieved coal prices2 reflect lower coal prices in FY25 51 215 139 25 Average o A$215/t from Group Margin achieved price o A$232/t from QLD FOB unit costs Roy
Slide 21: EBITDA FY25 vs FY24
EBITDA FY25 vs FY24 (before significant items) ($613m) $m (32) (333) 601 (75) (205) Achieved Price FY25 FY24 1,399 1,355 NSW (A$/t) 193 217 FX AUD:USD 0.65 0.66 FY24 Price (net of Sales Volume Costs QLD Other FY25 royalty) 21
Slide 22: Net debt of $0.6b at year end
Net debt of $0.6b at year end with $2.8b of cash inflows and a net debt reduction of $0.6b in FY25 $m $m Deferred instalment US$500m 797 Completion adjustment received (56) Stamp duty 363 1,104 (151) (448) 0 1,719 (199) (634) (192) (1,278) (45) 1,130 (1,104) (66) Net debt at Net cash from Daunia & S
Slide 23: Net debt and liquidity
Net debt and liquidity A$ million 30 Jun 2025 30 Jun 2024 Maintaining a strong balance sheet Cash on hand (1,206) (405) • Conservatively geared at 10% Financing facilities 1,796 1,690 • Available liquidity of A$1.58b at 30 June 2025 comprised of: Finance leases 94 55 o cash on hand of A$1,206m (incl
Slide 24: Capital allocation framework – Refreshed
Capital allocation framework – Refreshed 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 allo
Slide 25: We aim to return 40% to 60% of underlying group NPAT
We aim to return 40% to 60% of underlying group NPAT1 Returns are expected to be broadly balanced between franked dividends and share buy-backs Capital allocated to shareholders from FY NPAT1 Returns from FY25 Underlying NPAT $m • A 6.0 cent fully franked final dividend for FY25 to Franked dividends
Slide 26: Narrabri stage 3 changes to mine plan delivers savings
Narrabri stage 3 changes to mine plan delivers savings Change to mine plan as a result of approval delays, continuing studies & competing capital demands post QLD acquisition: • Stage 3 mining direction has changed to south to north, using 201 mains for access and coal clearance • Development of 300
Slide 27: Narrabri capital expenditure significantly reduced
Narrabri capital expenditure significantly reduced Stage 3 Extension Project – 300 series panels 200 Series Panels • Narrabri Stage 3 Project approval received Sep-24 – extending LOM to 2044 from 2031 • Commenced LW203 in FY24 with 200 mains completed in FY25 • Revised capital expenditure for Stage
Slide 28: 5. FY26 guidance
D7 Whitehaven 5. FY26 guidance
Slide 29: FY26 guidance and focus areas
FY26 guidance and focus areas FY25 actual FY26 guidance Focus areas Managed ROM Coal Production, Mt • Continuous improvement in safety and environmental GROUP 39.1 37.0 – 41.0 • Deliver FY26 guidance and productivity gains QLD 20.0 18.3 – 20.1 • Deliver cost out programs across the business – NSW 19
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Slide 31: 6. Appendix
D7 Whitehaven 6. Appendix
Slide 32: Financial results supporting slides
Financial results supporting slides 32
Slide 33: FY26 capital expenditure guidance
FY26 capital expenditure guidance reflects a prudent approach at the low point of the cycle FY25 FY26 ($m) Includes actual guidance • Open cuts fleet overhauls, sustaining capex • Continuing legacy environmental compliance QLD Operational Assets 265 280 – 350 • Narrabri sustaining capex – 200 Series
Slide 34: Costs
Costs FY25 FY24 $m $/t $m $/t FY25 Costs Mining and processing 2,690 102 1,487 91 Labour Selling & distribution expenses 812 31 502 31 20% 28% Repairs & maintenance Other operating expenses 175 6 78 4 Diesel Change in inventories (22) (1) (75) (5) Drill & blast Cost of coal 3,655 $138 1,992 $121 14%
Slide 35: Depreciation & Amortisation
Depreciation & Amortisation FY25 FY26 estimates GROUP Depreciation $463m Amortisation $144m Depreciation per tonne (sales of own coal) $17/t Amortisation per tonne (sales of own coal) $5/t ~$6/t NSW Depreciation $165m Amortisation $73m Depreciation per tonne (sales of own coal) $14/t ~$16-18/t Amort
Slide 36: Underlying finance (expense) / income
Underlying finance (expense) / income FY25 GROUP • Debt drawn in April 2024 Underlying net finance income $27m • Includes interest payments on the US$1.1b credit facility (US$124m or A$191m), Underlying net finance expense ($317m) commitment fees on undrawn facilities, amortisation of upfront financ
Slide 37: Sustainability
D7 Whitehaven Sustainability
Slide 38: 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 39: 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 land disturbed for mining2 $2.1m $513m $
Slide 40: Local community sentiment 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 41: 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 ~37 TWh annually Contribution to baseload electricity from Whitehaven managed coal supplied into Japan, South Korea & Taiwan (JKT) and Malaysia1 Japan Taiwan
Slide 42: NSW operations produce high 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 – CY24 100% 90% FY25 NSW operations thermal 80% kcal/kg NAR2 quality outcomes 70% • Avera
Slide 43: Our coal is efficient when combusted
Our coal is efficient when combusted When combusted, more energy per metric tonne is generated than other thermal coals Comparative coal feed rates (%)1 • Required feed rates for all reference coals to deliver the same power output is higher than Whitehaven’s coal • Higher feed rates are required fo
Slide 44: Our coal is lower in emissions
Our coal is lower in emissions Demand for high quality, high CV, low ash coal remains strong 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 pla
Slide 45: Focused on Scope 1 and 2 emissions, TCFD and ASRS
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 46: Market charts
D7 Whitehaven Market charts
Slide 47: Met and thermal coal prices (US$/t)
Met and thermal coal prices (US$/t)1 While the major price indices PLV HCC & gC NEWC declined 32% & 11% year-on-year respectively. Our strong balance sheet and quality customer base allows our business to navigate these conditions. Index1 US$/tonne gC NEWC (US$/t) Platts PLV HCC (US$/t) As markets r
Slide 48: Metallurgical coal price relativities
Metallurgical coal price relativities Price relativities fluctuate over short time periods for multiple reasons, including index relativities to PLV HCC. Recent spreads have been wider than historical averages. Platts PLV HCC price relativities – monthly index LV HCC %PLV LV PCI %PLV SSCC %PLV 1,000
Slide 49: 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 M tonnes 350 China Taiwan Forecasts from Wood Mac indicate: 300 South Korea • Metallurgical coal trade flows Japan continue to diversify as devel
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