Yancoal Australia Ltd. · ASX:YAL
Yancoal Australia — FY2025 Earnings Presentation
38 slides from Yancoal Australia's earnings presentation, Feb 26, 2026
Slide 1: Yancoal Australia 2025 Financial Results
Yancoal Australia 2025 Financial Results 25 February 2026
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer Acceptance - This presentation is issued by Yancoal Australia Limited ABN 82 111 859 119 (“Yancoal”). By accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out in this Important Notice and Disclaimer. Summary of information
Slide 3: Important Notice and Disclaimer
Important Notice and Disclaimer Reserves and Resources Reporting - In this presentation, references to mineral resources (“Resources”) and ore reserves (“Reserves”) for Yancoal are compliant with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (“JO
Slide 4: Financial Results Highlights
Financial Results Highlights $5.95 billion Revenue, 6.14 TRIFR rate $1,437 million Operating EBITDA (remains below weighted industry average) (24% Operating EBITDA margin). 67.0Mt ROM production (100%), $440 million Profit after Tax, 50.8Mt Saleable production (100%), $0.33 earnings per share. 38.6M
Slide 5: Safety Performance
Safety Performance Yancoal 12mth rolling TRIFR and LTIFR 10.0 ◦ The 12-month rolling TRIFR was 6.14 8.0 (improvement from 6.73 at the end-2024) ◦ This is below the comparable industry 6.0 weighted average of 7.45 4.0 ◦ Relatively stable LTIFR ◦ Remain committed to improving performance 2.0 through f
Slide 6: Sustainability
Sustainability ◦ As part of the 2025 Financial Results, reported under the Australian Accounting Standards Board (AASB) S2 Climate-related Disclosure. ◦ In 2025, identified and assessed its climate-related risks and opportunities to meet AASB S2 reporting requirements. Intend to develop a Climate Tr
Slide 7: Operational Performance
Operational Performance Operating factors 2025 2024 Change Observations ROM coal production, (Mt) 67.0 62.7 7% 2025 Production record reached top Saleable coal production, (Mt) 50.8 47.8 6% quartile of the guidance range. Attributable saleable coal production, (Mt) * 38.6 36.9 5% Thermal coal sales,
Slide 8: ROM Coal Production
ROM Coal Production ROM Production by Asset (100% basis)*, million tonnes 63.2 62.7 67.0 ◦ 67.0Mt of ROM coal production was best 60.2 performance in the past five years. 50.5 ◦ 2025 total ROM mined (100% basis) increased 7% from 2024. ◦ ROM volumes increased at all mines compared to 2024, other tha
Slide 9: Saleable Coal Production
Saleable Coal Production Attributable Saleable Production by Asset*, million tonnes 50.8 ◦ 38.6Mt of attributable saleable coal in 2025; 48.5 47.8 43.6 a 5% increase over 2024, toward top end of 36.7 38.9 36.9 38.6 guidance, and a Company record. 33.4 29.4 ◦ All our mines contributed to performance
Slide 10: World Class Productivity
World Class Productivity ◦ Moolarben’s EX104, a Liebherr R9800, set a world record for total material movement in 2025 of 17.62 million bank cubic metres (bcm). ◦ Another Liebherr R9800 operating at MTW, set a world record for total material movement in a month during the year, 1.752 million bcm. ◦
Slide 11: Cash Operating Costs
Cash Operating Costs Cash operating costs (per product tonne), A$/tonne ◦ Cash operating costs of $92 per saleable 94 96 product tonne decreased by 1% compared 93 92 16 to 2024. This was below mid-point of 16 16 14 67 guidance range. 20 21 21 20 11 ◦ Production volume increases, mine plan 17 22 22 2
Slide 12: Operating Cash Margin
Operating Cash Margin Operating cash margin (per product tonne), A$/tonne ◦ Implied cash operating margin of $39/t. ◦ Cash operating margins have compressed 251 and expanded in past coal price cycles. ◦ Cash operating costs have increased across 115 the coal sector in recent years. 66 39 63 33 21 17
Slide 13: Australian Thermal Coal Mines (energy adjusted)
Australian Thermal Coal Mines (energy adjusted) December 2024 data December 2025 data 200 200 175 175 Low cost mines Low cost mines 150 150 Total cash costs, US$/t Total cash costs, US$/t 125 125 100 100 Average MTW HVO 75 HVO 75 Average MCO MCO MTW 50 50 Large scale mines Large scale mines 25 25 0
Slide 14: Product Mix
Product Mix Attributable sales volume* (million tonnes) ◦ Optimise product mix based on the mine 85% 84% 86% 86% 84% geology and available coal. 37.5 37.7 38.1 ◦ Thermal coal products range from medium- 5.8 33.1 5.2 6.1 CV to high-CV specification. 29.3 4.7 4.7 ◦ Metallurgical coals predominantly Lo
Slide 15: Sales Revenue Split
Sales Revenue Split 100% 3% 3% 7% 7% 3% 3% 6% 3% 6% 3% ◦ Revenue to China decreased to 24% mostly 7% 7% 80% 15% 11% due to lower import demand as increased 13% 12% Chinese domestic supply was utilised. 11% 14% 12% 11% Balance ◦ Revenue to Japan increased to 32% mostly 60% Australia 23% India due to
Slide 16: Thermal Coal Market
Thermal Coal Market Thermal coal indices & Yancoal's average thermal coal sale price* ◦ Strong supply and benign demand conditions 200 persisted in international thermal coal markets through most of 2025. 150 ◦ Geopolitical events, port disruptions at Newcastle, economic initiatives in China, and 10
Slide 17: Metallurgical Coal Market
Metallurgical Coal Market Metallurgical coal indices & Yancoal's average met. coal sale price* ◦ Australian metallurgical coal exports fell 9% in 200 2025 due to mine and port disruptions and weather impacts; contributing to a 7% decrease 150 in global metallurgical coal exports.^ 100 ◦ However, dem
Slide 18: Thermal Coal Market Demand Profile
Thermal Coal Market Demand Profile WoodMackenzie coal generation capacity forecasts across historical base ◦ Revisions to analyst forecasts for global cases 1H 2021 1H 2022 1H 2023 1H 2024 1H 2025 2H 2025 coal-fired power capacity generation 2,250 continue in response to electricity demand 2,200 and
Slide 19: Thermal Coal Market Supply Elements
Thermal Coal Market Supply Elements Thermal Coal - Total Seaborne Exports (Mt) 1200 ◦ 10-year supply profile projection decline 1000 less abrupt post 2030, but less supply now forecast over next five years. ◦ New mine development challenges and 800 600 finance restrictions accelerate reserve exhaust
Slide 20: Metallurgical Coal Market Demand
Metallurgical Coal Market Demand Metallurgical Coal - Total Seaborne Imports (Mt) 400 ◦ Diverging profiles in global seaborne demand - as emerging 300 economies grow consumption, their imports represent a greater share of the market. 200 ◦ Growing demand from India and Southeast Asia to outpace the
Slide 21: Metallurgical Coal Market Supply
Metallurgical Coal Market Supply Metallurgical Coal - Total Seaborne Exports (Mt) 400 ◦ Total global seaborne 350 metallurgical coal supply needs 300 to increase through 2030’s to 250 keep pace with projected 200 demand from emerging economies reliant on imported 150 metallurgical coal. 100 ◦ Austra
Slide 22: Financial Performance
Financial Performance Income Statement ($ million) 2025 2024 Change Observations Revenue 5,949 6,860 (13)% Operating EBITDA 1,437 2,579 (44)% Coal market and lower realised prices influence started at Operating EBIT 659 1,829 (64)% revenue line and flowed on to Profit Before Tax 623 1,689 (63)% EBIT
Slide 23: Price, Revenue and Operating EBITDA
Price, Revenue and Operating EBITDA Revenue and Average realised price Operating EBITDA and Margin (A$ Million) | (A$/tonne) (A$ Million) | (%) 378 65% 45% 46% 45% 232 36% 37% 176 141 10,548 146 24% 132 21% 111 6,959 7,778 82 6,860 5,404 5,949 4,850 4,459 3,489 3,473 2180 2,531 2,579 1654 1,437 748
Slide 24: Profit and Operating cash flow
Profit and Operating cash flow Profit after tax Operating cash flow (A$ Million) (A$ Million) 3,586 6,528 1,819 1,216 1,900 2,133 791 1,261 1,257 440 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Profit / (Loss) after tax Net cash inflow from operating activities One-off events can influence pro
Slide 25: Debt and Gearing
Debt and Gearing Annual Net Debt and Gearing Ratio* (A$ Million) | (%) 24% ◦ Over US$3.0 billion in early loan repayments from late 2021 to early 2023. 1,940 —% —% —% —% ◦ Net cash position and nil net gearing since (2,026) (1,251) (2,349) (2,043) end 2022. ◦ At 31 December 2025, $2.1 billion of cas
Slide 26: Dividend
Dividend Dividend and Payout Ratio (A$ per share) | (%) ◦ 2025 Final dividend of A$0.1220 per share ($161 million) fully franked 118% with 15 April 2026 payment date. ◦ Total dividend for 2025 is 55% of $0.70 60% 58% 56% 55% full-year Profit after Tax. 50% $0.20 45% ◦ Franking credits exceed $2.0 bi
Slide 27: 2026 Operational Expectations
2026 Operational Expectations 2025 2025 Operating component 2026 Guidance and outlook Guidance Actual After record 2025 production, a higher 2026 guidance seeks 35-39 38.6 Attributable saleable to consolidate the prior year performance. million million coal production tonnes tonnes Attributable sale
Slide 28: Looking to 2026 and beyond
Looking to 2026 and beyond Experienced Yancoal’s annual production record, and world record Executive Committee performances by R9800 Excavators at Moolarben and MTW and workforce demonstrate technical and operational capabilities. Large-scale, low-cost Our scale and competitive cash costs drive per
Slide 29: Appendices and Additional Information
Appendices and Additional Information 29
Slide 30: Yancoal Overview
Yancoal Overview Milestones in Yancoal’s growth 2025 - Delivered record production. Acquired additional 3.75% of Moolarben, taking interest to 98.75%. 2024 - Celebrated 20th Anniversary. Included in the S&P/ASX 200 index from September 2024. 2023 – Repaid the last external loans. Included in the Han
Slide 31: Yancoal Operations Summary
Yancoal Operations Summary • Interest in 6 producing coal mines and operates 2 mines on management contracts. • Total annual production across the 8 mines is ~70 million tonnes of ROM coal and ~55 million tonnes of saleable coal. Nearly all saleable coal enters the export market. Mount Thorley Hunte
Slide 32: State Royalties
State Royalties Queensland After 1 July 2022 Before 1 July 2022 Coal price, A$/t Royalty rate Royalty rate < 100 7% 7% 100 - 150 12.5% 12.5% > 150 _ 15% 150 - 175 15% _ 175 - 225 20% _ 225 - 300 30% _ > 300 40% _ New South Wales After 1 July 2024 Before 1 July 2024 Royalty rate Royalty rate Open-cut
Slide 33: Capital expenditure
Capital expenditure Capex and Capex intensity* (A$ Million) | (A$/t) 1,000 50 ◦ Multi-year fleet replacement cycle at MTW and HVO commenced in 2022. 800 750 40 702 ◦ Similar to cash operating costs, 621 600 548 30 inflation factors also present in capital expenditure activities. 400 282 278 269 19 2
Slide 34: Yancoal Reserves and Resources
Yancoal Reserves and Resources • Mining depletion was primary driver of changes in Coal Resources and Coal Reserve from 31 December 2024 to 31 December 2025. • Other than production activity, changes to Ashton mine plans was the only notable change in Coal Reserves. • Across Coal Resources, coal ste
Slide 35: Yancoal potential extensions, expansions and projects
Yancoal potential extensions, expansions and projects 2026 Commentary The MTW underground mine has progressed from pre-feasibility to the feasibility study phase, which is Further studies MTW Underground scheduled to commence in 1Q 2026. Should the development proceed, this project could significant
Slide 36: Yancoal Market Capitalisation and Daily Turnover
Yancoal Market Capitalisation and Daily Turnover ASX - A$/sh ADT ◦ 1.32 billion shares for an approximate market 7.00 10.00 capitalisation of A$8.0 billion (at time of preparation). 6.00 7.50 ◦ Shares are fully fungible between the two 5.00 exchanges. 5.00 ◦ Hang Seng Composite Index and Stock Conne
Slide 37: Dual listed on ASX and HKEX - Shares fully fungible
Dual listed on ASX and HKEX - Shares fully fungible Summary share register (31 December 2025) ◦ 50% of shares held on ASX, and Yankuang Energy 822,157,715 62.26% 50% of shares held on HKEx. Cinda * 101,601,082 7.69% ◦ Average daily turnover 2025: Management & YAL Trust 4,152,871 0.32% Freefloat ^ 39
Slide 38: Investor Relations Contact
Investor Relations Contact: Brendan Fitzpatrick, GM Investor Relations - Brendan.Fitzpatrick@yancoal.com.au Media Relations Contact: Matthew Gerber, GM Corporate Affairs - Matthew.Gerber@yancoal.com.au Additional information - www.yancoal.com.au Yancoal Australia Ltd Level 18, Tower 2, 201 Sussex St