Peabody Energy Corporation · NYSE:BTU
Peabody Energy — BMO Global Metals, Mining and Critical Minerals Conference 2026
37 slides from Peabody Energy's conference presentation, February 2026
Slide 1: BMO Global Metals, Mining and Critical Minerals Conference
BMO Global Metals, Mining and Critical Minerals Conference February 23 – 25, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as
Slide 3: Peabody (NYSE: BTU) Key Investment Highlights
Peabody (NYSE: BTU) Key Investment Highlights 1 Centurion Unlocks Met Coal Earnings Power 2 Low-Cost Seaborne Thermal Business Serves Growing Asia Market 3 U.S. Thermal Business Accelerating as Grid Load Surges 4 Peabody Development Activities Target New Value from Assets 5 Strong Balance Sheet + Ex
Slide 4: Company Snapshot – 2025 Overview
Company Snapshot – 2025 Overview 2025 Adjusted EBITDA (2,3) Seaborne Metallurgical: 8.6 MT $3.9B Seaborne Powder • Centurion $56 REVENUE Metallurgical River Basin • Shoal Creek $176 • Metropolitan $455M • Coppabella / Moorvale (CMJV) ADJUSTED Seaborne Thermal: 15.4 MT $222 EBITDA(2) • Wilpinjong $71
Slide 5: 2025: Record Year for Safety and Environmental Performance
2025: Record Year for Safety and Environmental Performance Peabody’s global incidence rate of 0.71 better than coal industry and most other sectors Environmental Excellence 12% decrease from 5.1 2024 record low Continues in 2025 4.4 4.4 4.1 • Reclaimed twice as many 3.9 acres as disturbed Incidence
Slide 6: Peabody at Center of Multiple Favorable Macro Trends
Peabody at Center of Multiple Favorable Macro Trends World Shifts U.S. Coal Demand From Energy Strongly Rebounds Transition to from 2024 Lows Addition Global Coal Use Power Demand Metallurgical Continuing to Set Boosted by Coal Essential for All-Time Records Global AI/Data Original Steel Center Grow
Slide 7: Seaborne Metallurgical Coal: India, Southeast Asia Drive Growth
Seaborne Metallurgical Coal: India, Southeast Asia Drive Growth Seaborne Met Coal Demand • India overtakes seaborne met coal import lead from China in 2025 • By 2035, India seaborne met coal imports expected to dwarf those of China • Southeast Asia met coal imports expected to double by 2035 • Europ
Slide 8: Centurion Mine Longwall Started February 2026 – 2 Months Ahead of Schedule
Centurion Mine Longwall Started February 2026 – 2 Months Ahead of Schedule Seaborne Metallurgical Segment targeted to grow in quantity and quality Centurion Targets 3 Million Ton Increase in 2026 Tons Sold (Short Tons in Millions) 4.7 3.8 3.5 Segment realizations Low-cost NPV expected to increase (1
Slide 9: Seaborne Thermal: Generation Continues Major Buildout in Asia
Seaborne Thermal: Generation Continues Major Buildout in Asia • Global coal use sets another record in 2025 at 8.8 billion tonnes • Near-term seaborne thermal coal pricing in relatively tight band • New generation building out across developed and emerging Asia • Indonesia policies bear scrutiny; go
Slide 10: Seaborne Thermal Segment: Low Costs and Strong Margins
Seaborne Thermal Segment: Low Costs and Strong Margins • Surface operations deliver high margins throughout the cycle • Generating high levels of free cash flow: Wilpinjong Profile & Outlook o Five-year Adjusted EBITDA exceeds capex by $1.9 billion • Wambo Open-Cut JV operations leverage Glencore’s
Slide 11: American Coal: World’s #1 Energy Reserve
American Coal: World’s #1 Energy Reserve Energy in U.S. coal reserves greater than Russian oil, Saudi gas or other leading energy forms U.S. Coal 4,990 While China has 30% fewer coal reserves China Coal 3,462 than the U.S., it produces ~10 Russia Natural Gas 1,749 times as much coal as America Saudi
Slide 12: U.S. Coal Generation Surges in 2025, Tightening Fundamentals
U.S. Coal Generation Surges in 2025, Tightening Fundamentals Change in Electricity Generation 2024-2025 (TWh) • U.S. coal burn up an Coal 80.7 estimated 13% in 2025 Solar 68.3 • Production up just 4% Wind 9.7 • Power plants reduced inventories ~15% Nuclear 4.3 • Natural gas generation Oil 1.9 off sh
Slide 13: U.S. Coal Plants: Substantial Incremental Generation Source
U.S. Coal Plants: Substantial Incremental Generation Source Answering the Question: How to Meet the Growing U.S. Generation Needs Through 2030? • Renewable buildout doesn’t solve need for reliable 24/7 non-intermittent generation • Many gas plants ordered today unlikely to be placed in service befor
Slide 14: Sharp Cost Advantages of Existing Coal vs. New Renewables
Sharp Cost Advantages of Existing Coal vs. New Renewables Average Annual Costs – Existing Retiring Coal Fleet Vs. New Renewable Energy • New study by Energy Ventures Analysis demonstrates major advantage from $59.6 existing coal-fueled power plants Annual Costs (real $ in billions) • Replacing these
Slide 15: Peabody PRB Coal Production: Far Above All Others
Peabody PRB Coal Production: Far Above All Others 2025 Full Year Production 85 Peabody is 41% of PRB production, PRB Coal Production (Short Tons in Millions) up ~5M tons YoY 51 31 North Antelope Rochelle: #1 Coal Mine 25 7 5 3 0 Peabody Core NTEC Eagle Specialty Kiewit Western Fuels Wyodak Ramaco Po
Slide 16: U.S. Thermal Business: New Contract Momentum
U.S. Thermal Business: New Contract Momentum Strong Demonstration that U.S. Utilities Recognize Longer-Term Value of Coal Generation • Major Midwestern Utility (2026) • More than 20 million tons of Illinois Basin coal over five years • Contract exceeds $1 billion in total sales over time • Sourcing
Slide 17: Peabody Advancing Rare Earth/Critical Mineral Initiative
Peabody Advancing Rare Earth/Critical Mineral Initiative Rare earth/critical minerals initiative in early stages; Company encouraged by progress to date and expanding scope of activities Targeted PRB feedstocks indicate critical mineral oxide concentrations ranging from 428 – 1,669 ppm on a dry-ash
Slide 18: Peabody Development Targets New Value from Vast Holdings
Peabody Development Targets New Value from Vast Holdings Multiple Projects Being Advanced Leveraging Peabody’s Substantial Coal and Land Assets RESOURCE R3 MINE SITE WEST COAST MINE MOUTH MANAGEMENT RENEWABLES POWER PORT COAL-FIRED GENERATION GENERATION • 2.0 billion tons of • Partnership with • Exp
Slide 19: Disciplined Capital Allocation Framework Maximizes Returns
Disciplined Capital Allocation Framework Maximizes Returns Foundational Balance Sheet • “Fortress” balance sheet sustains company through lower price cycle • Zero Net Debt • Fully Funded Final Reclamation • Company positioned to generate • Over $900M in Liquidity substantial cash flows during mid an
Slide 20: Peabody (NYSE: BTU) Offers Compelling Investment
Peabody (NYSE: BTU) Offers Compelling Investment Favorable Macro Trends • AI/data centers drive growing power demand • Higher natural gas prices incentivize coal use • U.S. policy framework highly supportive for coal • Benchmark met coal prices rise sharply from 2025 lows Operational Excellence • Re
Slide 21: Thank You!
Thank You! BUILDING BRIGHTER FUTURES
Slide 22: Appendix
Appendix Peabody BRIGHTER 22
Slide 23: U.S. Power Demand: Soaring After Years of Stability
U.S. Power Demand: Soaring After Years of Stability Electricity is one of the main barriers to hyperscalers’ AI buildout.” – WSJ Jan. 18, 2026“ Source: WSJ Jan. 17, 2026: As Tech Giants Get More Hands-On With Energy, Their Risks Rise.” 23
Slide 24: 2026 Guidance
2026 Guidance Segment Performance 2026 Full Year Total Volume Priced Volume Priced Volume First Quarter 2026 Outlook (millions of (millions of short Pricing per Average Cost per short tons) tons) Short Ton Short Ton Seaborne Thermal Seaborne Thermal 12.0 - 13.0 4.7 $35.18 $47.50 - $52.50 Seaborne Th
Slide 25: Average Market Pricing by Quarter
Average Market Pricing by Quarter 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 Premium low vol hard coking (1) $200.13 $183.51 $184.22 $185.08 $202.82 coal (Premium HCC) Premium low-vol pulverized coal injection (Premium PCI) $140.07 $143.24 $137.77 $141.08 $157.59 (1) coal Newcastle index
Slide 26: Centurion Royalties
Centurion Royalties Centurion Royalties Queensland Government Royalty Rates • Centurion is subject to the Queensland Government Royalty Average price per tonne for period (A$) Rate charged on total revenue. Queensland Government royalties Up to and including $100 7% are based on coal prices per tonn
Slide 27: Additional Mine Life-Extension Projects
Additional Mine Life-Extension Projects Coppabella Continuation Project The Coppabella Continuation Project is progressing through key regulatory approvals, with EA amendment approval, EPBC assessment advancing toward 2028 approval, and Water Act licensing well underway in coordination with state ag
Slide 28: Operations Overview: Seaborne Metallurgical Segment
Operations Overview: Seaborne Metallurgical Segment Strategic Advantage: Multiple locations and products, positioned to serve Asia Pacific and Atlantic market Centurion Mine Metropolitan Mine Production: 0.6 million tons Production: 1.7 million tons Reserves: 192 million tons Reserves: 9 million ton
Slide 29: Operations Overview: Seaborne Thermal Segment
Operations Overview: Seaborne Thermal Segment Strategic Advantage: High margin operations positioned to serve Asia Pacific market Wilpinjong Mine Wambo Underground (Closed 2025) Production: 10.5 million tons (export and Production: 0.8 million tons domestic) Type: Underground - Longwall Reserves: 79
Slide 30: Operations Overview: PRB Segment
Operations Overview: PRB Segment Strategic Advantage: Low-cost operations, largest producer, significant reserves, shared resources, technologies North Antelope Rochelle Mine (NARM) Rawhide Mine Production: 65.0 million tons Production: 7.8 million tons Reserves: 1,234 million tons Reserves: 69 mill
Slide 31: Operations Overview: Other U.S. Thermal Segment
Operations Overview: Other U.S. Thermal Segment Strategic Advantage: Located to serve regional customers in high coal utilization regions with competitive cost operations and ample reserves / resources Bear Run Mine Gateway North Mine Production: 4.7 million tons Production: 2.0 million tons Reserve
Slide 32: Business Segments
Business Segments (1) Mines Full Year 2025 • Tons Sold (millions) 8.6 • Centurion • Revenue per Ton $120.88 Seaborne • Shoal Creek • Costs per Ton $114.31 Metallurgical • Metropolitan • Adjusted EBITDA Margin per Ton $6.57 • Coppabella / Moorvale (CMJV) • Adjusted EBITDA (millions) $56.4 • Tons Sold
Slide 33: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Year Ended Dec. 31, 2025 Tons Sold (In Millions) Seaborne Thermal 15.4 Seaborne Metallurgical 8.6 Powder River Basin 84.5 Other U.S. Thermal 13.4 Total U.S. Thermal 97.9 Corporate and Other 0.1 Total 122.0 Revenue Summary (In Millions) Seaborne Thermal $ 908.5 Sea
Slide 34: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Year Ended Year Ended Year Ended Year Ended Year Ended Years Ended Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2021 - Dec. 31 2025 Adjusted EBITDA (In Millions) (2) Seaborne Thermal $ 353.1 $ 647.6 $ 576.8 $ 430.0 $ 222.2 $ 2,229
Slide 35: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Year Ended Year Ended Year Ended Year Ended Year Ended Years Ended Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2021 - Dec. 31 2025 Reconciliation of Non-GAAP Financial Measures (In Millions) Income (Loss) from Continuing Operatio
Slide 36: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Note: Management believes that non-GAAP financial measures are used by investors to measure our operating performance. These measures are not intended to serve as alternatives to U.S. GAAP measures of performance and may not be comparable to similarly-titled measu
Slide 37: Investor Relations
Contact: Vic Svec / Kala Finklang Investor Relations ir@peabodyenergy.com 2 37
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