Alpha Metallurgical Resources, Inc. · NYSE:AMR
Alpha Metallurgical Resources — Q2 2025 Earnings Presentation
32 slides from Alpha Metallurgical Resources's earnings presentation, Aug 8, 2025
Slide 1: Investor Presentation
I N V E S T O R P R E S E N TAT I O N A M RA R M aRt iI nNgVsE A S Tg O e nR c Py RPErSA eEsU N eGnT tAU aTtS I iOoTN n 2| 01 2 5 JA aUnGuUa Sr T y 2025
Slide 2: Forward Looking Statements
F O R WA R D L O 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 • failures in performance, or non-performance, of services by third-party contractors, including contract mining and statements.” The
Slide 3: Business Overview
BUSINESS OVERVIEW A M RA R M aRt iI nNgVsE A S Tg O e nR c Py RPErSeEs N e nT tAaTtI iOo N n | 3 JA aUnGuUa Sr T y 2025
Slide 4: Alpha at a Glance
A L P H A AT A G L A N C E Asset Footprint Current Sales Mix 19 Mines Sales by Shipment Mix1 Sales by Type1 8 Preparation Plants 2 Standalone Loadouts 13% 1 Dock 24% Low Vol 1 Export Terminal2 Domestic 37% 19% High Vol-A Mid Vol WV 76% Export 31% High Vol-B VA DTA Export Terminal2 Company
Slide 5: Safety, Environmental Awareness and Continuous Improvement
S A F E T Y, E N V I R O N M E N T A L A W A 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 OV E M EN T – E SS E N T I A L CO M P O N E N TS O F B U S I N E SS E XC E L L E N C E SAFE ENVIRONMENTAL PRODUCTION STEWARDSHIP We believe in operating safely and We conduct our mini
Slide 6: Overview of Alpha's Mining Complexes
O V E R V I E W O F A L P H A’ S M I N I N G C O M P L E X E S Mining Complex Location Mines Primary Products Rail Historical Tons Produced (Million Tons) Black Eagle Panther Eagle Low Vol 16.2 16.7 16.1 Horse Creek Eagle Mid Vol 15.7 Marfork West Virginia CSX Glen Alum High Vol-A
Slide 7: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS A M RA R M aRt iI nNgVsE A S Tg O e nR c Py RPErSeEs N e nT tAaTtI iOo N n | 7 JA aUnGuUa Sr T y 2025
Slide 8: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS 1 Outlook for Metallurgical Coal Remains Robust With Strong Long-Term Demand and Limited New Supply 2 Largest and Most Diverse Domestic Metallurgical Coal Supplier in the United States 3 Strategically Located Assets With Ability to Serve Both Domestic and Export Markets 4 F
Slide 9: Outlook for Metallurgical Coal Remains Robust
1 O U T L O O K F O R M E TA L L U R G I C A L C O A L R E M A I N S R O B U S T W I T H S T R O N G L O N G -T E R M D E M A N D A N D L I M I T E D N E W S U P P LY Robust Growth in Steel Demand Met Coal Supply Expected to Decline After 2028 Global Finished Steel Demand (Metric Tonnes) Global Met
Slide 10: Largest and Most Diverse Domestic Metallurgical Coal Supplier
2 L A R G E S T A N D M O S T D I V E R S E D O M E S T I C M E TA L L U R G I C A L C O A L S U P P L I E R I N T H E U N I T E D S TAT E S 17.1 13.8 Metallurgical Coal Sold 12.0 1 8.2 7.3 (2024A, Million tons) Number of Coal Operating 6 3 4 1 4 Complexes (Global) Low Vol Low Vol Mid Vol Hi
Slide 11: Strategically Located Assets With Ability to Serve Both Markets
3 S T R AT E G I C A L LY L O C AT E D A S S E T S W I T H A B I L I T Y T O S E R V E B O T H DOMESTIC AND EXPORT MARKETS Alpha owns 65% interest in DTA coal export terminal, enhancing access to key export markets and diversifying its customer base Dominion Terminal Associates (DTA) Coal Export Ter
Slide 12: Flexible Cost Structure Enables Resilience Through the Commodity Cycle
4 FLEXIBLE COST STRUCTURE ENABLES RESILIENCE THROUGH T H E C O M M O D I T Y P R I C E C YC L E Resilience Across Commodity Cycle Levers to Reduce Cash Burn COVID Average Adjust production levels and optimize shift Realized $100 2 $77 $111 $218 $177 $143 schedules to align output with demand, Pric
Slide 13: Disciplined Capital Return Policy
5 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 O V E N A B I L I T Y T O A D J U S T T O M A R K E T DY N A M I C S Capital Return Aligned to Free Cash Flow Generation Key Takeaways NM 280% 581% 36% Alpha has focused its shareholder returns on share repurchases, which has
Slide 14: Strong Culture of Commitment to Safety, Environmental Stewardship, and Continuous Improvement
6 S T R O N G C U L T 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 T A 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 T Environmental Social Governance • Environmental Management Systems • Safety and Health • Rigorous reporting and documentation standards
Slide 15: Experienced Management Team
7 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 A S S E T B A S E Seasoned management team brings 100+ years of industry experience, strategic vision, and a track record of success Andy Eidson Todd Mu
Slide 16: Financial Summary
FINANCIAL SUMMARY A M RA R M aRt iI nNgVsE A S Tg O e nR c Py RPErSeEs N e nT tAaTtI iOo N n | 16 JA aUnGuUa Sr T y 2025
Slide 17: Strong Balance Sheet Supported by Disciplined Capital Management
S T R O N G B A L A N C E S H E E T S U P P O R T E D B Y D I S C I P L I N E D C A P I TA L M A N AG E M E N T F R A M E WO R K Capital Allocation Priorities Capital • Strong balance sheet with conservative pro forma leverage Structure • Flexible operations enable strong free cash flow generation L
Slide 18: Strong Cash Flow Generation Through Volatile Markets
S T R O N G C A S H F L O W G E N E R AT I O N T H R O U G H V O L AT I L E M A R K E T S Consistently delivered strong operating and financial performance while maintaining a conservative balance sheet throughout market cycles LTM FCF 1 Historical HCC Spot Price 2 $1,500 $700 $1,261 $1,300 $600 His
Slide 19: Historical Financial Summary
HISTORICAL FINANCIAL SUMMARY Tons Sold (Million Tons) Revenue (US$bn) Avg. Realized Price $100 $77 $111 $218 $177 $143 (US$/ton)1 $4.1 17.2 16.8 16.4 17.1 17.1 $3.5 15.5 $2.9 $2.3 $2.0 $1.4 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Adj. EBITDA (US$mm) 2 Free Cash Flow (US$mm) 4 Mar
Slide 20: Disciplined Capital Expenditures With Ability to Adjust to Market Needs
D I S C I P L I N E D C A P I TA L E X P E N D I T U R E S W I T H A B I L I T Y T O A DJ U S T TO M A R K E T N E E D S Alpha’s Capital Expenditures (US$mm) Alpha Capex Overview $275 $250 $245.4 Alpha has shown the ability to adjust its capex spend based on market $225 dynamics and reduce cash ou
Slide 21: Appendix A: Supplemental Information
A P P E N D I X A : S U P P L E M E N TA LA MM AT RA R E R IS A M aRt iI nNgVsE A Tg O L S JA aUnGueUanTSr tATy aT2tI0iOo2Nn5 | 2 1 e nR c Py RPErSeEs N
Slide 22: Safety Drives Our Culture and Continuous Improvement
S A F E T Y D R I V E S O U R C U LT U R E A N D C O N T I N U O U S I M P R O V E M E N T Total Reportable Incident Rate (TRIR) Non-Fatal Days Lost (NFDL) 3.04 3.02 3.04 2.23 2.28 2.22 2.21 2.22 1.98 1.35 Alpha 1.30 Coal Industry Average 0.69 2023 2024 YTD1 2025 YTD1* 2023 2024 YTD1 2025 YTD1* *AMR
Slide 23: Projected Future Cash Outflows
P R OJ E C T E D F U T U R E C AS H O U T F LOWS Cash Outflows (US$ millions) 2025E 2026E 2027E 2028E Asset Retirement Obligations 1 $19.9 $37.9 $27.5 $31.8 Pension Obligations 2 17.0 25.2 * * Total Cash Outflows $36.9 $63.1 $27.5 $31.8 Note: Obligations presented are as of June 30, 2025, unless oth
Slide 24: Guidance as of August
G U I DA N C E AS O F AU G U S T 8 , 2 0 2 5 Shipments (million tons) Low High Metallurgical 13.8 14.8 Non-Metallurgical Byproduct 0.8 1.2 Met Segment - Total Shipments 14.6 16.0 Committed / Priced Volumes 1, 2, 3 % Committed Average Price ($/ton) Metallurgical - Domestic $152.21 Metallurgical - Exp
Slide 25: Appendix B: Non-GAAP Financial Measures
A P P E N D I X B : N O N - G A A P F I N A N C I A L M E A S AUMR E RA R S & R M aRt iI nNgVsE A Ee nRCc PyORPEN S Tg O JA aUnC GuUaISrL rSeEs N y I2 AT 025 IONS e nT tAaTtI iOo N T n | 25
Slide 26: Non-GAAP Financial Measures
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 accepted
Slide 27: Adjusted EBITDA Reconciliation
A D J U S T E D E B I T D A R E C O N C I L I AT I O N (Amounts in thousands) Year Ended December 31, 2019 2020 2021 2022 2023 2024 1 Net (loss) income $ (219,618) $ (241,470) $ 288,790 $ 1,448,545 $ 721,956 $ 187,579 Interest expense 67,521 74,528 69,654 21,802 6,923 3,811 Interest income (7,247) (
Slide 28: Adjusted EBITDA, Margin, Net Leverage, and Gross Leverage Reconciliations
A DJ U S T E D E B I T DA , M A R G I N , N E T L E V E R AG E , A N D G R O S S L E V E R A G E R E C O N C I L I AT I O N S (Amounts in thousands, except for percentages and leverage ratios) Year Ended December 31, 2019 2020 2021 2022 2023 2024 Adjusted EBITDA $ 264,104 $ 83,401 $ 534,481 $ 1,740,
Slide 29: Non-GAAP Revenue and Cost of Coal Sales Reconciliations
N O N - G AA P R E V E N U E A N D CO S T O F COA L S A L E S R E C O N C I L I AT I O N S ( 1 / 2 ) (Amounts in thousands, except per ton data) Year Ended December 31, 2019 2020 2021 1 2022 2023 2024 Coal revenues $ 1,995,934 $ 1,413,124 $ 2,252,624 $ 4,092,987 $ 3,456,630 $ 2,946,579 Less: Freight
Slide 30: Non-GAAP Revenue and Cost of Coal Sales Reconciliations
N O N - G AA P R E V E N U E A N D CO S T O F COA L S A L E S R E C O N C I L I AT I O N S ( 2 / 2 ) (Amounts in thousands, except per ton data) Year Ended December 31, 2024 Coal revenues - export $ 2,309,777 Coal revenues - domestic 636,802 Coal revenues $ 2,946,579 Coal revenues - export $ 2,309,7
Slide 31: Free Cash Flow Reconciliation
F R E E C A S H F L O W ( F C F ) R E C O N C I L I AT I O N (Amounts in thousands) Year Ended December 31, 2019 2020 2021 2022 2023 2024 Cash flow from operations $ 131,880 $ 129,236 $ 174,943 $ 1,484,005 $ 851,159 $ 579,919 Capital expenditures (192,411) (153,990) (83,300) (164,309) (245,373) (198
Slide 32: Total Distributions and Shareholder Return Reconciliations
T O TA L D I S T R I B U T I O N S & S H A R E H O L D E R R E T U R N A S A % O F E X C E S S L I Q U I D I T Y R E C O N C I L I AT I O N S (Amounts in thousands, except for percentages) Year Ended December 31, 2021 2022 2023 2024 Dividend and dividend equivalents paid $ - $ 13,360 $ 113,013 $ 3,0
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