Slide 1: FY26 Financial Results
FY26 Financial Results 19 August 2026 Authorised for release by the Board of Whitehaven Coal Limited Whitehaven Coal Limited ABN 68 124 425 396 P +61 2 8222 1100 F +61 2 8222 1101 Level 28, 259 George Street, Sydney NSW 2000 PO Box R1113, Royal Exchange
Slide 2: Contents and Disclaimer
Contents 1. FY26 highlights Disclaimer • Safety & environmental • Operational & financial This presentation contains information in a summary form and does not purport to be complete. It is COMPETENT PERSONS STATEMENT This document contains estimates of Whitehaven Coal's Coal qualified by any other
Slide 3: 1. FY26 highlights
1. FY26 highlights 3
Slide 4: Strong safety and environmental performance
Strong safety and environmental performance TRIFR of 3.3 in FY26 was a record for Whitehaven’s expanded business Total Recordable Injury Frequency Rate (TRIFR) - employees and contractors 3.3 Combined data for Whitehaven operations and BMA owned Daunia and Blackwater operations Whitehaven inclusive
Slide 5: Solid operational performance supported FY26 results
Solid operational performance supported FY26 results Operational results 40.3Mt 26.0Mt A$202/t $132/t Managed ROM production Equity sales of produced coal Whitehaven achieved price Unit cost of coal including 20.1Mt from QLD and down 2% on FY25 reflecting the down 6% from FY25 due to down from $139/
Slide 6: 2. Whitehaven's markets
2. Whitehaven’s markets 6
Slide 7: Underlying demand remains strong as coal prices recover from cyclical lows
Underlying demand for Whitehaven’s products remains strong as coal prices are recovering from cyclical lows Supply and demand Pricing • Strong demand for Whitehaven’s met coal • Whitehaven average price achieved of A$202/t, down 6% due to lower USD pricing products continues and adverse FX movements
Slide 8: Product and market diversification
Whitehaven benefits from product and market diversification ~90% of revenue generated in Asia, where energy security and economic growth are critically important 33.6Mt of managed sales2 in FY26 FY26 Revenue contribution % by type1 M Metallurgical T Thermal 5% 2% Japan Metallurgical 5% M T India M T
Slide 9: Structural supply shortfalls expected to grow for met coal and high CV thermal coal
Structural supply shortfalls expected to grow for metallurgical coal and high CV thermal coal Global supply & demand: Global supply & demand: seaborne metallurgical coal1 seaborne high CV thermal coal (>5850 NCV)1 M tonnes M tonnes 400 400 350 350 300 162Mt 300 250 250 118Mt 200 200 150 150 100 100
Slide 10: 3. FY26 operational results
3. FY26 operational results 10
Slide 11: ROM coal production and sales
ROM coal production and sales Strong results in FY26, with both QLD and NSW at top end of ROM and managed sales guidance Managed ROM coal production (Mt) Managed sales of produced coal (Mt) 39.1 40.3 32.7 13.9 30.2 14.2 24.5 11.4 One quarter 11.1 3.5 6.2 QLD 5.8 19.5 contribution 1.3 3.7 One quarter
Slide 12: QLD operations – ROM coal production
QLD operations – ROM coal production A solid operational outcome in FY26 from QLD operations Managed ROM coal production1 (Mt) • FY26 QLD ROM production 20.1Mt 20.0 20.1 o 13.9Mt from Blackwater 17.6 17.4 o 6.2Mt from Daunia • Delivered at the top of FY26 guidance range of 18.3 – 20.1Mt 3.6 • QLD de
Slide 13: NSW operations – ROM coal production
NSW operations – ROM coal production NSW operations delivered a strong operational result in FY26 Managed ROM coal production (Mt) • FY26 NSW ROM production 20.2Mt • Delivered at the top end of FY26 guidance range of 18.7 - 20.9Mt 19.7 20.2 19.1 18.2 • Maules Creek 11.7Mt ROM was a solid result refl
Slide 14: 4. FY26 financial results
4. FY26 financial results 14
Slide 15: EBITDA FY26 vs FY25 (before significant items)
EBITDA FY26 vs FY25 (before significant items) Lower EBITDA reflects softer pricing in FY26 and an appreciating AUD:USD exchange rate $m ($281m) (59) 18 (222) (24) 182 Achieved price FY26 FY25 Group (US$/t) 137 140 1,355 1,250 Achieved price FY26 FY25 (net of royalties) Group (A$/t) 180 190 FX: AUD:
Slide 16: FY26 financial results
FY26 financial results Underlying NPAT of $227 million with significant non-recurring items totalling $158 million of post-tax gains resulting in a statutory NPAT of $385 million Underlying EBITDA $1,250 million Non-recurring items include Depreciation ($534) million EBITDA adjustments • Gains of +$
Slide 17: Cost management focus to maintain margins during cyclical low
Cost management focus to maintain margins during cyclical low FY26 FOB unit costs vs average achieved price (A$/t) • Average FY26 achieved coal prices3 reflect a period of softer pricing and an appreciating AUD:USD exchange rate 48 202 o A$202/t from Group (A$215/t in FY25) 132 22 Average Margin o A
Slide 18: FY26 cost of coal improved A$7/t on FY25
FY26 cost of coal improved A$7/t on FY25 Group FY26 FY25 FY26 cost improvements reflect: $m $/t $m $/t • full year benefit of FY25 cost reduction initiatives Mining and processing expenses 2,493 96 2,672 101 Selling & distribution expenses 782 30 812 31 • delivery of ~$65m of operational annualised
Slide 19: FY26 segment financial results
FY26 segment financial results FY26 revenues and earnings impacted by cyclical pricing softness and adverse FX movements $ million QLD NSW Group1 • Underlying FY26 EBITDA of $1,250m compares Revenue 2,853 2,414 5,401 with $1,355m in FY25, driven by lower average prices including unfavorable foreign
Slide 20: Net debt of $1.3b at 30 June 2026
Net debt of $1.3b at 30 June 2026 Suitable gearing ratio for through the cycle financing following an acquisition $m 0 (634) (1,372) (349) (1,327) 857 (119) (738) (156) 26 (94) (120) Net debt at Daunia & Adjusted net Net cash from Capital Leases Returns to Foreign Other investing 1 Other 2 Net debt
Slide 21: Capital structure and debt maturity profile
Whitehaven’s capital structure and debt maturity profile Successfully refinanced debt to lower the cost of debt, diversify sources of funding and extend tenor Capital structure (US$1.5 billion) Debt maturity profile (drawn and undrawn)1 • US$600m bank funding • US$900m of Senior Secured Notes US$125
Slide 22: Liquidity
Liquidity Whitehaven has a strong balance sheet and maintains substantial liquidity A$ million 30 Jun 2026 30 Jun 2025 Maintaining a strong balance sheet Cash on hand 778 1,206 • Substantial available liquidity of A$959m at Senior secured notes (1,305) - 30 June 2026 comprised of: o cash on hand of
Slide 23: Capital allocation framework
Capital allocation framework Whitehaven's capital allocation framework is designed to deliver shareholder value Operating cashflows 1 2 3 Deliver returns to shareholders Maintain and optimise operations Maintain balance sheet strength Dividends Buy-backs Prudently allocate capital to: • Retain cash
Slide 24: ~$159m of capital returned in respect of FY26
~$159m of capital returned in respect of FY26, split broadly evenly between fully franked dividends and share buy-back A strong balance sheet, improving outlook and majority completion of deferred acquisition payments support future capital returns Capital allocated to shareholders from FY NPAT1 $m
Slide 25: 5. FY27 guidance
5. FY27 guidance 25
Slide 26: FY27 guidance
FY27 guidance FY26 actual FY27 guidance Focus areas Managed ROM Coal Production, Mt • Continuous improvement in safety & environmental GROUP 40.3 38.0 – 41.0 • Maintain a disciplined cost management focus QLD 20.1 18.8 – 20.3 across all areas of the business NSW 20.2 19.2 – 20.7 • Strengthen reliabi
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27
Slide 28: 6. Appendix
6. Appendix 28
Slide 29: Financial results supporting slides
Financial results supporting slides 29
Slide 30: Disciplined capital expenditure in FY26
Disciplined capital expenditure in FY26 FY26 FY27 ($m) Includes actual guidance • Open cuts fleet overhauls, sustaining capex • Environmental compliance upgrades QLD Operational Assets 302 335 – 405 • Narrabri sustaining capex – 200 Series panels NSW ~65%, QLD ~35% • Vickery – extension project • Na
Slide 31: Net finance expense
Net finance expense $m FY26 FY27 Comments estimates1 Cash interest expense includes interest on the US$1.1b acquisition facility Interest expense (net of income) 196 ~155 to Apr-26 followed by the refinanced debt structure, fees on undrawn facilities & bank guarantees and leasing expenses; less inte
Slide 32: Depreciation & Amortisation
Depreciation & Amortisation FY27 FY26 estimates1 GROUP Depreciation $534m Amortisation $148m Depreciation per tonne (sales of own coal) $21/t ~$22-24/t • Depreciation: Amortisation per tonne (sales of own coal) $6/t ~$6-7/t Average depreciation in FY26 was $17/t2 in NSW and $24/t2 in QLD, both in li
Slide 33: Significantly improved shareholder value per share
Significantly improved shareholder value per share Whitehaven’s sales tonnes per share have grown 2.5x and EBITDA per share has grown substantially even at cyclical lows Equity sales (tonnes) / share1 EBITDA3 ($) / share Post acquisition Post acquisition Pre-acquisition (higher margin tonnes) Pre-ac
Slide 34: About Whitehaven and Sustainability
About Whitehaven and Sustainability 34
Slide 35: Portfolio of operations in QLD & NSW
Whitehaven’s portfolio of operations in QLD & NSW Whitehaven is a leading Australian metallurgical coal producer and supplier of high-CV thermal coal NSW QLD Operating Assets Maules Creek Narrabri Blackwater Daunia (75%) (77.5%) (70%) (100%) Gunnedah Open Cuts (GOC) Vickery Tarrawonga (100%) (100%)
Slide 36: Narrabri mine schematic
Narrabri mine schematic LW307 LW209 LW111 LW306 LW208 LW110B LW110A 201 MAINS LW305 LW207 LW109 100 MAINS LW304 LW206 LW108 LW303 LW205 LW107 LW302 LW204 LW106 LW105 LW301 LW203 LW104 200 MAINS LW103 CF204 CF205 CF201 CF202 CF203 LW308 LONGWALL (LW) CUT & FLIT (CF) LW102 FY26 FY26 LW101 FY25 FY25 In
Slide 37: Contributing to our communities – FY26 overview
Contributing to our communities – FY26 overview 10% 21.1% 4:1 414 ha of employees identify female employees in our business ratio of land managed of land rehabilitated across as Indigenous compared to 21.7% in FY25 for biodiversity compared with NSW and QLD in FY26 land disturbed for mining1 $1.6m $
Slide 38: NSW operations produce some of the highest quality seaborne thermal coal
Whitehaven’s NSW operations produce some of the highest quality seaborne thermal coal Average energy content of Whitehaven’s NSW thermal coal was ~6200 kcal/kg NAR Whitehaven percentage of thermal coal exports by quality1 – FY26 100% 90% FY26 NSW operations thermal 80% kcal/kg NAR2 quality outcomes
Slide 39: Our coal is lower in emissions
Our coal is lower in emissions Demand for high quality, high CV, low ash coal is supportive Coal-fired power plants – GHG emissions per MWh sent out2 • Whitehaven’s thermal coal is used in high- efficiency, low emissions (HELE) electricity generation including Ultrasupercritical 42% 1.30 (USC) power
Slide 40: Scope and emissions
Scope 1 and 2 emissions Greenhouse gas emissions1 FY26 Scope 1 emissions primarily from Narrabri fugitive emissions, Maules Creek (k tonnes CO2e) diesel consumption, and Blackwater fugitive emissions and diesel consumption • Ongoing investigation of early-stage, fugitive emissions abatement projects
Slide 41: Providing energy security for our customers
Providing energy security for our customers Our coal provides a meaningful contribution to electrify our customer countries with ~44 TWh provided in FY26 Contribution to baseload electricity from Whitehaven managed coal supplied into Japan, South Korea & Taiwan (JKT) and Malaysia1 Japan Taiwan South
Slide 42: Market charts
Market charts 42
Slide 43: Metallurgical and thermal coal prices (US$/t)
Metallurgical and thermal coal prices (US$/t)1 PLV HCC increased ~35% and gC NEWC improved by ~30% during FY26 Index1 US$/tonne gC NEWC (US$/t) Platts PLV HCC (US$/t) • FY26 QLD metallurgical coal sales realised 700 price represented 74% of PLV HCC; and NSW thermal coal sales realised price was 600
Slide 44: Metallurgical coal price relativities
Metallurgical coal price relativities Price relativities fluctuate over short time periods for multiple reasons, including index relativities to PLV HCC Platts PLV HCC price relativities – monthly index LV HCC %PLV LV PCI %PLV SSCC %PLV 1000 100% 900 90% 800 80% 700 70% 600 60% US$/tonne 500 50% 400
Slide 45: Metallurgical coking coal demand forecast to continue to grow
Metallurgical coking coal demand forecast to continue to grow – supporting developing economies in India and SE Asia Asia seaborne demand for metallurgical coal1 M tonnes 400 Wood Mackenzie forecasts indicate: 350 o Metallurgical coal trade flows continue to diversify towards emerging Indian and SE
Slide 46: BF Whitehaven
BF Whitehaven