Warrior Met Coal, Inc. · NYSE:HCC
Warrior Met Coal — Q3 2026 Earnings Presentation
19 slides from Warrior Met Coal's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Results
Third Quarter 2026 Results November 4, 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: Third Quarter 2026 Highlights
Third Quarter 2026 Highlights Achieved cash provided by operating activities of $166.0 million and generated free cash flow* of $138.9 million as Blue Creek continued to expand our production base and strengthen our cash- generating capacity and our balance sheet. Sold quarterly sales volumes of 3
Slide 5: Key Metrics for Three Months Ended September 30, 2026 vs. 2025
Key Metrics for Three Months Ended September 30, 2026 vs. 2025 For the three months ended September 30, 2026 2025 % Change Tons sold (in 000s St) 3,490 2,355 48% Tons produced (in 000s St) 3,053 2,249 36% Average net selling price (per St) $143.56 $135.87 6% Cash cost of sales*(1) (per St) $104.98 $
Slide 6: 2026 Year to Date Highlights
2026 Year to Date Highlights Completed Blue Creek project ahead of schedule and total project spend within guidance. Final total project spend of $1,028.1 million. Achieved record sales and production volumes of 10.1 million St and 9.9 million St, respectively, representing increases of 50% and
Slide 7: Key Metrics for Nine Months Ended September 30, 2026 vs. 2025
Key Metrics for Nine Months Ended September 30, 2026 vs. 2025 For the nine months ended September 30, 2026 2025 % Change Tons sold (in 000s St) 10,146 6,746 50% Tons produced (in 000s St) 9,898 6,811 45% Average net selling price (per St) $143.22 $133.92 7% Cash cost of sales*(1) (per St) $97.89 $10
Slide 8: Customer Volumes by Coal Type and Geography Demonstrate Premium Product Mix
Customer Volumes by Coal Type and Geography Demonstrate Premium Product Mix and Logistical Cost Advantage to the Seaborne Market Customer Volume by Basin(1) Customer Volume by Geography(1) Customer Volume by Coal Type(1) Q3 2026 YTD 2026 Q3 2026 YTD 2026 Q3 2026 YTD 2026 0% 1% Atlantic Europe PLV Pa
Slide 9: Average Index Pricing by Quarter
Average Index Pricing by Quarter ($ per short ton) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 PLV FOB Australia(1) $166.48 $181.55 $212.89 $216.16 $225.08 LVHCC FOB Australia(1) $136.69 $154.12 $173.16 $170.36 $192.46 Relativity to PLV FOB Australia(3) 82% 85% 81% 79% 86% LVHCC CFR India(1) $151.21 $16
Slide 10: Leverage Ratios and Liquidity
Leverage Ratios and Liquidity Financial Metrics ($ in millions except ratios) Leverage (trailing twelve months ended September 30, 2026) Adjusted EBITDA* $ 517.1 • Robust Balance Sheet with Consolidated Net Cash* (1) $ (204.7) minimal Net Leverage Ratio* (2) (0.40x) leverage Gross Leverage Ratio* (3
Slide 11: 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 Q3 2026 Q3 2026 Blue Creek Project $50 $75 Mi
Slide 12: Reaffirmed Full Year 2026 Volume Guidance
Reaffirmed Full Year 2026 Volume Guidance (As Updated Last Quarter)(1) Due to continued positive reception of Blue Creek volume trials and adoption by customers, the Company raised production and sales volume guidance for 2026 Cash Cost of Capital Blue Creek Coal Sales Coal Production Sales (Free-on
Slide 13: Appendix/Reconciliations
\\ WARRIOR Appendix/Reconciliations
Slide 14: Appendix
Appendix For the three months ended For the three months ended September 30, 2026 (Unaudited) September 30, 2025 (Unaudited) Short Tons Metric Tons Short Tons Metric Tons Tons sold (in 000s) 3,490 3,166 2,355 2,137 Tons produced (in 000s) 3,053 2,770 2,249 2,040 Average net selling price per ton $14
Slide 15: Appendix
Appendix For the nine months ended For the nine months ended September 30, 2026 (Unaudited) September 30, 2025 (Unaudited) Short Tons Metric Tons Short Tons Metric Tons Tons sold (in 000s) 10,146 9,204 6,746 6,120 Tons produced (in 000s) 9,898 8,979 6,811 6,179 Average net selling price per ton $143
Slide 16: 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 For the nine months ended September 30, (Unaudited) September 30, (Unaudited) (in thousands) 2026
Slide 17: 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 For the nine months ended September 30, (Unaudited) September 30, (Unaudited) (in thousands) 2026 2025 2026 2025 Net cash provided
Slide 18: 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 For the nine months ended September 30, (Unaudited) September 30, (Unaudited) (in thousands) 2026 2025 2026 2025 Cost of sales $ 368,
Slide 19: Source: Company information
Source: Company information