Alpha Metallurgical Resources, Inc. · NYSE:AMR
Alpha Metallurgical Resources — Investor Presentation (February 2025)
32 slides from Alpha Metallurgical Resources's investor presentation, Feb 28, 2025
Slide 1: Investor Presentation February 2025
1A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r I NVESTOR P R ES ENTAT I ON F E B R U A R Y 2 0 2 5
Slide 2: Forward Looking Statements
2A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r F O R WA R D LO O K I N G S TAT E M E N T S This presentation includes statements of our expectations, intentions, plans and beliefs that constitute “forward-looking statements.” These state
Slide 3: Business Overview
3A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r BUSINESS OVERVIEW
Slide 4: Alpha at a Glance
4A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r A L P H A AT A G L A N C E Note: Metrics as of 12/31/24 unless otherwise noted. 1 For full-year 2024 shipments, by tonnage. 2 65% ownership in DTA Export Terminal. 3 Adjusted EBITDA is a non
Slide 5: Safety, Environmental Awareness and Commitment to Continuous Improvement
5A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r S A F E T Y, E N V I R O N M E N TA L AWA R E N E S S A N D A C O M M I T M E N T T O C O N T I N U O U S I M P R O V E M E N T – E S S E N T I A L C O M P O N E N T S O F B U S I N E S S E
Slide 6: Overview of Alpha's Mining Complexes
6A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r OV E RV I E W O F A L P H A’ S M I N I N G CO M P L E X E S Mining Complex Location Rail Marfork West Virginia Black Eagle Panther Eagle Horse Creek Eagle Glen Alum Workman Creek N
Slide 7: Key Investment Highlights
7A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r KEY INVESTMENT HIGHLIGHTS
Slide 8: Key Investment Highlights
8A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r K E Y I N V E S T M E N T H I G H L I G H T S Strategically Located Assets With Ability to Serve Both Domestic and Export Markets Experienced Management Team With Deep Industry Expertise and
Slide 9: Outlook for Metallurgical Coal Remains Robust
9A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r 223 232 237 234 231 228 224 217 207 204 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 1,337 1,506 1,508 1,525 1,539 1,552 1,566 1,606 2015A 2024 2025 2026 2027 2028 2029 2034 Source: Woo
Slide 10: Largest and Most Diversified Domestic Metallurgical Coal Supplier in the United States
1 0A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r Metallurgical Coal Sold (2024A, Million tons) Number of Coal Operating Complexes (Global) 6 3 4 1 4 Steel-Making Coal Types Sold Low Vol Mid Vol High Vol-A/B Low Vol Mid Vol Hi
Slide 11: Strategically Located Assets Serving Domestic and Export Markets
1 1A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r S T R AT E G I C A L LY LO C AT E D AS S E T S W I T H A B I L I T Y TO S E RV E B OT H D O M E S T I C A N D E X P O R T M A R K E T S 3 Note: Metrics as of year-end 2024. 1 Represents No
Slide 12: Flexible Cost Structure Enables Resilience Through the Commodity Price Cycle
1 2A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r Source: 1 Represents Non-GAAP coal margin per ton. Refer to Appendix for a reconciliation of this non-GAAP financial measure. 2 Excludes discontinued operations. 3 Represents Non-GAAP coal
Slide 13: Disciplined Capital Return Policy
1 3A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r D I S C I P L I N E D C A P I TA L R E T U R N P O L I C Y W I T H P R OV E N A B I L I T Y TO A DJ U S T TO M A R K E T DY N A M I C S 5 1 Represents Free Cash Flow. Refer to Appendix for
Slide 14: Strong Culture of Commitment to Safety, Environmental Stewardship
1 4A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r S T R O N G C U LT U R E O F C O M M I T M E N T T O S A F E T Y, E N V I R O N M E N TA L S T E WA R D S H I P, A N D C O N T I N U O U S I M P R O V E M E N T6 Environmental • Environmen
Slide 15: Experienced Management Team
1 5A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r E X P E R I E N C E D M A N AG E M E N T T E A M W I T H D E E P I N D U S T RY E X P E R T I S E A N D FA M I L I A R I T Y W I T H A L P H A’ S AS S E T B AS E 7 Seasoned management team
Slide 16: Financial Summary
1 6A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r FINANCIAL SUMMARY
Slide 17: Capital Allocation Priorities
1 7A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r Capital Allocation Priorities • Strong balance sheet with conservative pro forma leverage • Flexible operations enable strong free cash flow generation • Target minimum liquidity of $250-$
Slide 18: Strong Cash Flow Generation Through Volatile Markets
1 8A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r S T R O N G C AS H F LOW G E N E R AT I O N T H R O U G H VO L AT I L E M A R K E T S Net Leverage and Gross Leverage Over Time 1 Represents the last twelve months of Free Cash Flow. Refer
Slide 19: Historical Financial Summary
1 9A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r H I S TO R I C A L F I N A N C I A L S U M M A RY Tons Sold (Million Tons) Revenue (US$bn) Adj. EBITDA (US$mm)2 Free Cash Flow (US$mm)4 Avg. Realized Price (US$/ton)1 Note: 2019 excludes d
Slide 20: Disciplined Capital Expenditures
2 0A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r D I S C I P L I N E D C A P I TA L E X P E N D I T U R E S W I T H A B I L I T Y TO A DJ U S T TO M A R K E T N E E D S Alpha’s Capital Expenditures (US$mm) Alpha Capex Overview Alpha ha
Slide 21: Appendix A: Supplemental Materials
2 1A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b rAppendix A: Supplemental Materials
Slide 22: Safety Drives Our Culture and Continuous Improvement
2 2A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r 3.09 3.04 3.02 2.37 2.21 2.22 2022 2023* 2024 YTD(1) Coal Industry Average Total Reportable Incident Rate (TRIR) 2.20 2.23 2.22 1.05 1.30 1.35 2022* 2023 2024 YTD(1) Non-Fatal Days Lost (N
Slide 23: Projected Future Cash Outflows
2 3A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r P R OJ E C T E D F U T U R E C AS H O U T F LOWS Note: Obligations presented are as of December 31, 2024, unless otherwise noted, and represent long-term liabilities related to asset retir
Slide 24: Committed and Priced Coal Shipments Guidance
2 4A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r (1) Based on committed and priced coal shipments as of February 20, 2025. Committed percentage based on the midpoint of shipment guidance range. (2) Actual average per-ton realizations on
Slide 25: Appendix B: Non-GAAP Financial Measures & Reconciliations
2 5A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b rAppendix B: Non-GAAP Financial Measures & Reconciliations
Slide 26: Non-GAAP Financial Measures
2 6A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r 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 i
Slide 27: Adjusted EBITDA Reconciliation
2 7A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r Adjusted EBITDA Reconciliation (amounts in thousands) 1 The 2019 and 2020 periods only include continuing operations. 2019 2020 2021 2022 2023 2024 Net (loss) income 1 (219,618)$ (241,470)
Slide 28: Adjusted EBITDA, Margin, Net Leverage, and Gross Leverage Reconciliations
2 8A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r Adjusted EBITDA, Margin, Net Leverage, and Gross Leverage Reconciliations (amounts in thousands, except for percentages and leverage ratios) 2019 2020 2021 2022 2023 2024 Adjusted EBITDA 2
Slide 29: Non-GAAP Revenue and Cost of Coal Sales Reconciliations (1/2)
2 9A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r Non-GAAP Revenue and Cost of Coal Sales Reconciliations (1/2) 1 2021 period was recast to reclassify discontinued operations and present the related amounts within continuing operations as
Slide 30: Non-GAAP Revenue and Cost of Coal Sales Reconciliations (2/2)
3 0A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r Non-GAAP Revenue and Cost of Coal Sales Reconciliations (2/2) (in thousands, except per ton data) Year Ended December 31, 2024 Coal revenues - Export 2,309,777$ Coal revenues - Domestic 63
Slide 31: Free Cash Flow (FCF) Reconciliation
3 1A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r Free Cash Flow (FCF) Reconciliation (amounts in thousands) 2019 2020 2021 2022 2023 2024 Cash flow from operations 131,880$ 129,236$ 174,943$ 1,484,005$ 851,159$ 579,919$ Capital expenditu
Slide 32: Total Distributions & Shareholder Return as a % of Excess Liquidity Reconciliations
3 2A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I n v e s t o r F e b r Total Distributions & Shareholder Return as a % of Excess Liquidity Reconciliations (amounts in thousands, except for percentages) 2021 2022 2023 2024 Dividend and dividend equivalents pai
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