Core Natural Resources, Inc. · NYSE:CNR
Core Natural Resources — Q2 2026 Earnings Presentation
26 slides from Core Natural Resources's earnings presentation, Aug 6, 2026
Slide 1: Second Quarter 2026 Earnings Supplement
Second Quarter 2026 Earnings Supplement August 6, 2026
Slide 2: Forward-Looking Statements
2 FORWARD-LOOKING STATEMENTS This communication contains certain “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “years ahead,” “look forward” and similar expressions. Forward-looking statements are not stateme
Slide 3: Second Quarter 2026 Highlights
3 SECOND QUARTER 2026 HIGHLIGHTS • Reports Q2 2026 net income of $126.5 million and Adjusted EBITDA1 of $323.6 million • Operations execute at a high level, led by strong performances at the company’s four cornerstone longwall operations – the PAMC, West Elk, Leer and Leer South • Achieves significa
Slide 4: The Premier Pure-Play Global Coal Producer
4 THE PREMIER PURE-PLAY GLOBAL COAL PRODUCER, STRATEGICALLY POSITIONED TO SUPPLY THE WORLD’S GROWING STEEL, INDUSTRIAL, AND ENERGY NEEDS WHILE MANAGING BY OUR CORE VALUES OF SAFETY AND COMPLIANCE, CONTINUOUS IMPROVEMENT, AND FINANCIAL PERFORMANCE 4 Safety-Based Culture Highly skilled workforce with
Slide 5: Leading Metallurgical and High C.V. Thermal Portfolios
5 11 mines anchored by eight longwalls 89 mm 2025 total tons sold 27 Mtpa export capacity via ownership interests in CMT and DTA KEY STATISTICS Core Marine Terminal (“CMT”) Accessible terminal capacity Core Natural Resources headquarters Vancouver Long Beach Houston New Orleans Dominion Terminal Ass
Slide 6: Financial Results
6 FINANCIAL RESULTS CORE ACHIEVES A SIGNIFICANT STEP-UP IN FINANCIAL RESULTS AND FREE CASH FLOW GENERATION IN Q2 $144.3 $179.9 $323.6 Q2 2025 Q1 2026 Q2 2026 Adjusted EBITDA1 (in millions of $US) • Core delivered a significant step-up in Adjusted EBITDA1 in Q2, powered by strong operational executio
Slide 7: Capital Return Program
7 CAPITAL RETURN PROGRAM DURING Q2, CORE RETURNED $68.0 MILLION TO STOCKHOLDERS, BRINGING TOTAL TO $360.1 MILLION SINCE PROGRAM’S LAUNCH 54.0 52.6 51.5 51.2 51.0 50.6 49.8 2/20/2025 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Reduction in Shares Outstanding Since February 20, 2025 (
Slide 8: Committed Volumes
8 COMMITTED VOLUMES 2026 CONTRACTED POSITION FOR CORE’S THREE MINING SEGMENTS High Calorific Value Thermal Segment (projected volumes and committed and priced position, in short tons, and realized coal revenue per ton sold1) Metallurgical Segment (projected coking coal volumes and committed and pric
Slide 9: 2026 Cash Cost Guidance, by Operating Segment
9 2026 CASH COST GUIDANCE, BY OPERATING SEGMENT Segment Cash Cost1 High Calorific Value Thermal $39.00 - $40.50 Metallurgical $86.00 - $91.00 Powder River Basin $13.25 - $13.75 • Core has slightly increased its 2026 per-ton cost target in the high calorific value thermal segment but continues to exp
Slide 10: U.S. Administration Support for Coal Industry
10 • The President has made a strong U.S. coal industry and the preservation of the coal fleet central tenets of his national energy policy ✓ The Administration has employed Section 202(c) of the Federal Power Act to delay – perhaps indefinitely – the planned retirements of coal-fired generating uni
Slide 11: U.S. Power Demand Projected to Grow Dramatically
11 U.S. POWER DEMAND IS PROJECTED TO GROW DRAMATICALLY, SPURRED BY THE AI-DRIVEN DATA CENTER BUILD-OUT 10.1% 7.2% 3.6% 2.8% 2.5% 2.3% 2.3% 2.1% 0.9% 0.6% 0% 2% 4% 6% 8% 10% ER C O T SP P P JM C A IS O N o rt h w es t So u th w es t M IS O So u th ea st N YI SO IS O -N E Source: Grid Strategies, Inte
Slide 12: U.S. Power Demand Is Climbing After Years of Stagnation
12 U.S. POWER DEMAND IS CLIMBING AFTER YEARS OF STAGNATION • U.S. power generation increased only modestly during the period from 2004 through 2023 • U.S. power generation increased 3.0% in 2024 and was up an additional 2.8% in 2025 • The AI-driven data center build-out is still in its early stages,
Slide 13: Average Capacity Factor of the U.S. Coal Fleet Rebounded
13 THE AVERAGE CAPACITY FACTOR OF THE U.S. COAL FLEET REBOUNDED IN 2025 – AND HAS SUBSTANTIAL ROOM FOR GROWTH Source: EIA, Internal 73% 41% 43% 49% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 U.S
Slide 14: Global Cement Production Projected to Climb Through 2050
14 GLOBAL CEMENT PRODUCTION IN THE WORLD EXCLUDING CHINA IS PROJECTED TO CLIMB MARKEDLY THROUGH 2050 Global Cement Production (in millions of metric tons) Source: Wood Mackenzie, Internal 0 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 3,000 3,250 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0
Slide 15: Global Seaborne Demand for Metallurgical Coal
15 GLOBAL SEABORNE DEMAND FOR METALLURGICAL COAL IS EXPECTED TO GROW STEADILY THROUGH MID-CENTURY 100 200 300 400 • Global seaborne metallurgical coal demand is expected to climb through 2050, buoyed by continued economic development and urbanization in India and the rest of Southeast Asia • Based o
Slide 16: Steel Production Capacity Growth in India and Southeast Asia
16 STEEL PRODUCTION CAPACITY GROWTH IN INDIA AND THE REST OF SOUTHEAST ASIA COULD APPROACH 185 MILLION TONS BY ~2030 8 9 10 21 20 34 8 40 16 40 35 78 RINL AM/NS JSPL TATA SAIL JSW Planned Steel Capacity Additions In India (in millions of metric tons) Planned Steel Capacity Additions In Southeast Asi
Slide 17: Global Coking Coal Production Below Peak Levels
17 GLOBAL COKING COAL PRODUCTION IN THE PRIMARY, HIGH-QUALITY SUPPLY REGIONS REMAINS WELL BELOW PEAK LEVELS Producer Peak Year Peak Exports (mt) 2024 Exports (mt) 2025 Exports (mt) 2025 Change from Peak (mt) 2025 Change from Peak (%) Australia 2016 189.2 153.0 146.6 (42.6) (22.5%) United States 2012
Slide 18: Rare Earth Elements and Critical Minerals from Coal
18 • Core has demonstrated elevated ash-basis concentrations of certain rare earth elements (REEs) and critical minerals (CMs) at its large-scale mining operations in the eastern and western United States • The large flow rates and readily accessible nature of byproduct streams at the Pennsylvania M
Slide 19: Touchstone Advanced Composites
19 • Core’s Touchstone Advanced Composites business unit is rapidly becoming a critical supplier of composite tooling and parts to the nation’s aerospace and defense industries ✓ Touchstone manufactures high-performance tooling and parts using its proprietary CFOAM® technology and other carbon and a
Slide 20: Maintaining a Strong Balance Sheet
20 $413 $474 $489 $491 $33 $52 $307 $307 $143 $135 Liquidity Sources at 3/31/26 Liquidity Sources at 6/30/26 Total Debt at 3/31/26 Total Debt at 6/30/26 Total Liquidity = $1.016 Billion as of 6/30/26 vs. $935 Million at 3/31/26 Cash and Cash Equivalents and Short-Term Investments Revolving Credit Fa
Slide 21: Non-GAAP Reconciliations
21 NON-GAAP RECONCILIATIONS High CV Thermal Metallurgical PRB Core Marine Terminal Other and Corporate Consolidated Net Income (Loss) 103,563$ 123,410$ (14,002)$ 16,270$ (102,774)$ 126,467$ Income Tax Expense — — — — 16,503 16,503 Interest Expense, net — — — — 7,129 7,129 Depreciation, Depletion and
Slide 22: Non-GAAP Reconciliations - Continued
22 NON-GAAP RECONCILIATIONS - CONTINUED High CV Thermal Metallurgical PRB Core Marine Terminal Other and Corporate Consolidated Net Income (Loss) 72,958$ (12,895)$ 577$ 14,503$ (54,099)$ 21,044$ Income Tax Benefit — — — — (427) (427) Interest Expense, net — — — — 6,444 6,444 Depreciation, Depletion
Slide 23: Non-GAAP Reconciliations - Continued
23 NON-GAAP RECONCILIATIONS - CONTINUED High CV Thermal Metallurgical PRB Baltimore Marine Terminal Other and Corporate Consolidated Net Income (Loss) 124,337$ (78,019)$ 10,500$ 13,600$ (106,974)$ (36,556)$ Income Tax Expense — — — — 7,116 7,116 Interest Expense, net — — — — 3,650 3,650 Depreciation
Slide 24: Non-GAAP Reconciliations - Continued
24 NON-GAAP RECONCILIATIONS - CONTINUED Three Months Ended Three Months Ended Three Months Ended June 30, 2026 March 31, 2026 June 30, 2025 Net Cash Provided by Operating Activities $ 250,447 $ 119,400 $ 220,161 Capital Expenditures (101,901) (73,097) (89,185) Proceeds from Sales of Assets 175 9,211
Slide 25: Non-GAAP Reconciliations - Continued
25 NON-GAAP RECONCILIATIONS - CONTINUED June 30, 2026 March 31, 2026 Total Long-Term Debt $ 405,181 $ 411,630 Current Portion of Long-Term Debt 42,468 43,418 Add: Unamortized Debt Issuance Costs 6,185 6,362 Less: Advance Royalty Commitments (11,407) (11,407) Total Consolidated Indebtedness $ 442,427
Slide 26: Non-GAAP Reconciliations - Continued
26 NON-GAAP RECONCILIATIONS - CONTINUED Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Year Ended December 31, 2025 General and Administrative Costs $ 26,669 $ 62,748 $ 214,856 Less: Merger-Related Expenses (2,419) (5,709) (65,845) Less: Stock-Based Compensation (2,459) (8,635) (32,
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