Alpha Metallurgical Resources, Inc. · NYSE:AMR
Alpha Metallurgical Resources — Investor Presentation (August 2026)
26 slides from Alpha Metallurgical Resources's investor presentation, Aug 7, 2026
Slide 1: Investor Presentation August 2026
1 INVESTOR PRESENTATION AUGUST 2026
Slide 2: Forward-Looking Statements
2 FORWARD-LOOKING STATEMENTS This presentation includes statements of our expectations, intentions, plans and beliefs that constitute “forward-looking statements.” These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future
Slide 3: Business Overview
BUSINESS OVERVIEW LPHA
Slide 4: Alpha at a Glance
4 21 Mines 8 Preparation Plants 2 Standalone Loadouts 1 Dock 1 Export Terminal2 WV VA DTA Export Terminal2 Company Mines Processing and Shipping Facilities 75% Export 25% Domestic ALPHA AT A GLANCE Note: Metrics as of 12/31/25 unless otherwise noted. Employee, mine and plant data as of 6/3
Slide 5: Safety, Environmental Awareness and Commitment to Continuous Improvement
5 SAFETY, ENVIRONMENTAL AWARENESS AND A COMMITMENT TO CONTINUOUS IMPROVEMENT – ESSENTIAL COMPONENTS OF BUSINESS EXCELLENCE Note: 1 2025 Data. See Appendix for additional detail on Alpha’s key safety statistics vs. the coal industry average. 2 Trees planted since 2016. ~17% Lower Total Reportable Inc
Slide 6: Overview of Alpha's Mining Complexes
6 Marfork 28% McClure / Toms Creek 22% Aracoma 18% Kingston / Mammoth 15% Kepler 11% Power Mountain 6% OVERVIEW OF ALPHA’S MINING COMPLEXES Mining Complex Location Rail Marfork West Virginia Black Eagle Panther Eagle Horse Creek Eagle Glen Alum Workman Creek North Workman Creek South M
Slide 7: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS METALLURGICAL RESOURCES
Slide 8: Key Investment Highlights
8 Accounts for 1/5 of total U.S. met coal production, essential to the steelmaking process that enables global infrastructure growth.1 A diverse portfolio of coal qualities to serve customers across the world. Majority ownership of DTA export facility in Newport News, VA allows for global reac
Slide 9: Outlook for Metallurgical Coal Remains Robust
9 ’30E – ’36E: ~45Mt or ~2.9% Source: 1 Wood Mackenzie, 2024 data. 2 Wood Mackenzie, 2026 data. Robust Growth in Steel Demand Global Finished Steel Demand (Metric Tonnes)1 Met Coal Supply Expected to Decline After 2031 Global Met Coal Production (Metric Tonnes)2 OUTLOOK FOR METALLURGICAL COAL REMAIN
Slide 10: India Steel Demand Growth Expected to Continue
1 0Source: Wood Mackenzie, 2026 data. Projected Crude Steel Production in India through 2050 INDIA STEEL DEMAND GROWTH EXPECTED TO CONTINUE 50 100 150 200 250 300 350 400 450 500 20 26 20 28 20 30 20 32 20 34 20 36 20 38 20 40 20 42 20 44 20 46 20 48 20 50 +4.4% CAGR India has accounted for ~39% of
Slide 11: Largest and Most Diverse U.S. Metallurgical Coal Producer
1 1 Metallurgical Coal Sold (2025, Million tons) Number of Coal Operating Complexes (Global) 6 3 3 4 4 Steel-Making Coal Types Sold Low Vol Mid Vol High Vol-A/B Low Vol Mid Vol High Vol-A/B SCC PCI Low Vol High Vol-A Low Vol Mid Vol High Vol-A/B High Vol-A PCI PHCC
Slide 12: Strategically Located Assets Serving Domestic and Export Markets
1 2 STRATEGICALLY LOCATED ASSETS WITH ABILITY TO SERVE BOTH DOMESTIC AND EXPORT MARKETS Note: Metrics as of year-end 2025. 1 Represents Non-GAAP coal sales realization per ton. Refer to Appendix for a reconciliation of this non-GAAP financial measure. Dominion Terminal Associates (DTA) Coal Export T
Slide 13: Disciplined Capital Return Policy
1 3 DISCIPLINED CAPITAL RETURN POLICY WITH PROVEN ABILITY TO ADJUST TO MARKET DYNAMICS 18,580,143 12,679,045 615,833 524,616 7,041,547 0 5,000,000 10,000,000 15,000,000 20,000,000 Beginning 3/9/22 Warrant shares Equity Awards(1) Repurchases Ending 7/31/26 *Does not include potential dilutive effect
Slide 14: Financial Summary
FINANCIAL SUMMARY /AALPHA METALLURGICAL RESOURCES
Slide 15: Capital Allocation Priorities and Strong Balance Sheet
1 5 Capital Allocation Priorities • Strong balance sheet with conservative leverage ratios • Flexible operations enable strong cash flow generation potential across the cycle • Target minimum liquidity of $250-$300mm • Annual capex predominantly allocated to maintenance with smaller amounts of growt
Slide 16: Historical Financial Summary
1 6 $85 $1,300 $575 $349 $(20) 2021 2022 2023 2024 2025 $534 $1,741 $1,033 $408 $122 2021 2022 2023 2024 2025 16.8 16.4 17.1 17.1 15.3 2021 2022 2023 2024 2025 HISTORICAL FINANCIAL SUMMARY Tons Sold (Million Tons) Revenue (US$bn) Adj. EBITDA (US$mm)2 Free Cash Flow (US$mm)4 Avg. Realized Price (US$/
Slide 17: Disciplined Capital Expenditures
1 7 $154.0 $83.3 $164.3 $245.4 $198.8 $127.2 $158.0 $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 2020A 2021A 2022A 2023A 2024A 2025A 2026E Carryover 2 $11.5 Million – 2026E 1 Maintenance Capex $137 Million – 2026E 1 Development Projects $9.5 Million – 2026E 1 In m ill io ns DISCIPLINED CAP
Slide 18: Appendix A: Supplemental Materials
1 8 APPENDIX A: SUPPLEMENTAL MATERIALS
Slide 19: Safety Drives Our Culture and Continuous Improvement
1 9 3.02 3.09 2.69 2.15 2.56 1.41 2024 2025 2026 YTD1* Coal Industry Average Total Reportable Incident Rate (TRIR) 2.21 2.30 1.98 1.21 1.36 0.53 2024 2025 2026 YTD1* Non-Fatal Days Lost (NFDL) SAFETY DRIVES OUR CULTURE AND CONTINUOUS IMPROVEMENT Alpha *AMR record 1 2026 YTD data represents January –
Slide 20: Projected Future Cash Outflows
2 0 PROJECTED FUTURE CASH OUTFLOWS Note: Obligations presented are as of June 30, 2026, unless otherwise noted, and represent long-term liabilities related to asset retirement obligations and pension obligations. The amounts estimated above may be affected by future obligations that we cannot curren
Slide 21: Committed and Priced Coal Shipments
2 1 1 Based on committed and priced coal shipments as of July 30, 2026. Committed percentage based on the midpoint of shipment guidance range. 2 Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods re
Slide 22: Appendix B: Non-GAAP Financial Measures & Reconciliations
2 2 APPENDIX B: NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS
Slide 23: Non-GAAP Financial Measures
2 3 NON-GAAP FINANCIAL MEASURES The Investor Presentation contains “non-GAAP financial measures.” These are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accep
Slide 24: Adjusted EBITDA and Margin Reconciliations
2 4 ADJUSTED EBITDA AND MARGIN RECONCILIATIONS 1 Non-recurring mine recovery and idle costs due to the water inundation at the Rolling Thunder mine in November 2025. (Amounts in thousands, except for percentages) 2021 2022 2023 2024 2025 Net income (loss) 288,790$ 1,448,545$ 721,956$ 187,579$ (61,68
Slide 25: Non-GAAP Revenue Reconciliations
2 5 NON-GAAP REVENUE RECONCILIATIONS (Amounts in thousands, except per ton data) 2021 2022 2023 2024 2025 Coal revenues 2,252,624$ 4,092,987$ 3,456,630$ 2,946,579$ 2,122,605$ Less: freight and handling fulfillment revenues (380,977) (529,063) (439,010) (503,306) (333,691) Non-GAAP coal revenues 1,87
Slide 26: Free Cash Flow (FCF) Reconciliation
2 6 FREE CASH FLOW (FCF) RECONCILIATION (Amounts in thousands) 2021 2022 2023 2024 2025 Cash flow from operations 174,943$ 1,484,005$ 851,159$ 579,919$ 144,926$ Capital expenditures (83,300) (164,309) (245,373) (198,848) (127,153) Capital contributions to equity affiliates (6,677) (19,556) (30,812)
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