Alpha Metallurgical Resources, Inc. · NYSE:AMR
Alpha Metallurgical Resources — Q4 2025 Earnings Presentation
27 slides from Alpha Metallurgical Resources's earnings presentation, Feb 27, 2026
Slide 1: Investor Presentation
DRAFT A INVESTOR PRESENTATION FEBRUARY 2026 1
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS 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.” These statements, whi
Slide 3: Business Overview
BUSINESS OVERVIEW LPHA METALLURGICAL RESOURCES
Slide 4: Alpha at a Glance
ALPHA AT A GLANCE Asset Footprint Current Sales Mix 19 Mines Sales by Shipment Mix1 Met Sales by Type1 8 Preparation Plants 2 Standalone Loadouts 14% 1 Dock 25% Low Vol 1 Export Terminal2 Domestic 34% High Vol-A 21% Mid Vol WV 75% Export 31% High Vol-B VA DTA Export Terminal2 Company Mines
Slide 5: Safety, Environmental Awareness and Commitment to Continuous Improvement
SAFETY, ENVIRONMENTAL AWARENESS AND A COMMITMENT TO CONTINUOUS IMPROVEMENT – ESSENTIAL COMPONENTS OF BUSINESS EXCELLENCE SAFE ENVIRONMENTAL PRODUCTION STEWARDSHIP We believe in operating safely and We conduct our mining business with a ethically. Every employee is empowered focus on environmental st
Slide 6: Overview of Alpha's Mining Complexes
OVERVIEW OF ALPHA’S MINING COMPLEXES Mining Complex Location Mines Primary Products Rail Historical Tons Produced (Million Tons) Black Eagle Panther Eagle 16.2 16.7 Mid Vol 16.1 Horse Creek Eagle 15.7 Marfork West Virginia High Vol-A CSX Glen Alum 15.0 Thermal Workman Creek North
Slide 7: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS £ METALLURGICAL RESOURCES
Slide 8: Investment Thesis: Alpha Is an Industry Leader Focused on Long-Term Value
INVESTMENT THESIS: ALPHA IS AN INDUSTRY LEADER FOCUSED ON LONG-TERM VALUE Environmental, Social Largest U.S. Met Producer Financial Strength & Leadership Shareholder Value & Governance Accounts for 1/5 of total U.S. met Committed to maintaining a Returning capital to investors Strong culture
Slide 9: Outlook for Metallurgical Coal Remains Robust with Strong Long-Term Demand and Limited New Supply
OUTLOOK FOR METALLURGICAL COAL REMAINS ROBUST WITH STRONG LONG-TERM DEMAND AND LIMITED NEW SUPPLY Robust Growth in Steel Demand Met Coal Supply Expected to Decline After 2029 Global Finished Steel Demand (Metric Tonnes)1 Global Met Coal Production (Metric Tonnes)2 ’30E – ’36E: ~45Mt or ~2.9% 1,619 2
Slide 10: India Steel Demand Growth Expected to Continue
INDIA STEEL DEMAND GROWTH EXPECTED TO CONTINUE Projected Crude Steel Production in India through 2050 India has accounted for ~39% of Alpha’s export sales over the past 5 years. 500 450 400 +4.4% CAGR In 000s of metric tons 350 300 250 200 150 100 50 2028 2038 2040 2026 2032 2034 2048 2036 2042 2044
Slide 11: Largest and Most Diverse U.S. Metallurgical Coal Producer
LARGEST AND MOST DIVERSE U.S. METALLURGICAL COAL PRODUCER Metallurgical Coal Sold 14.1 13.8 1 (2025, 9.3 9.0 8.6 Million tons) Number of Coal Operating 6 3 3 4 4 Complexes (Global) Low Vol High Vol-A Low Vol Mid Vol Low Vol Steel-Making Coal Low Vol PCI Mid Vol High Vol-A/B Mid V
Slide 12: Strategically Located Assets with Ability to Serve Both Domestic and Export Markets
STRATEGICALLY LOCATED ASSETS WITH ABILITY TO SERVE BOTH 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 Terminal Export Domestic Newport News, V
Slide 13: Disciplined Capital Return Policy with Proven Ability to Adjust to Market Dynamics
DISCIPLINED CAPITAL RETURN POLICY WITH PROVEN ABILITY TO ADJUST TO MARKET DYNAMICS Share Repurchase Program AMR Basic Share Count Key Takeaways (Growth in Board Authorizations) (March 9, 2022 – February 20, 2026)* Alpha has focused its shareholder returns on 6,925,829 share repurchases and calibra
Slide 14: Financial Summary
FINANCIAL SUMMARY AALPHA METALLURGICAL RESOURCES
Slide 15: Strong Balance Sheet Supported by Disciplined Capital Management Framework
STRONG BALANCE SHEET SUPPORTED BY DISCIPLINED CAPITAL MANAGEMENT FRAMEWORK Capital Allocation Priorities Capital • Strong balance sheet with conservative leverage ratios Structure • Flexible operations enable strong cash flow generation potential across the cycle Liquidity • Target minimum liquidity
Slide 16: Historical Financial Summary
HISTORICAL FINANCIAL SUMMARY Tons Sold (Million Tons) Revenue (US$bn) Avg. Realized Price $77 $111 $218 $177 $143 $117 (US$/ton)1 4.1 16.8 16.4 17.1 17.1 3.5 15.5 15.3 2.9 2.3 2.1 1.4 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Adj. EBITDA (US$mm) 2 Free Cash Flow (US$mm) 4 Margin FC
Slide 17: Disciplined Capital Expenditures with Ability to Adjust to Market Needs
DISCIPLINED CAPITAL EXPENDITURES WITH ABILITY TO ADJUST TO MARKET NEEDS 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 outlays in a downside pricing environment $198.8 $2
Slide 18: Appendix A: Supplemental Materials
APPENDIX A: SUPPLEMENTAL MATERIALS 18
Slide 19: Safety Drives Our Culture and Continuous Improvement
SAFETY DRIVES OUR CULTURE AND CONTINUOUS IMPROVEMENT Total Reportable Incident Rate (TRIR) Non-Fatal Days Lost (NFDL) 3.04 3.02 2.93 2.23 2.21 2.19 2.21 2.15 2.23 1.30 1.21 1.11 Alpha Coal Industry Average 2023 2024* 2025 YTD1 2023 2024 2025 YTD1* *AMR record 1 YTD data represents the most recent av
Slide 20: Projected Future Cash Outflows
PROJECTED FUTURE CASH OUTFLOWS Cash Outflows (US$ millions) 2026E 2027E 2028E 2029E Asset Retirement Obligations 1 $21.6 $33.7 $24.8 $21.1 Pension Obligations 2 23.1 18.1 * * Total Cash Outflows $44.7 $51.8 $24.8 $21.1 Note: Obligations presented are as of December 31, 2025, unless otherwise noted,
Slide 21: Guidance as of February 27, 2026
GUIDANCE AS OF FEBRUARY 27, 2026 Shipments (in millions of tons) Low High Metallurgical 14.4 15.4 Non-Metallurgical Byproduct 0.7 1.1 Met Segment - Total Shipments 15.1 16.5 Volume (in Average Price Committed / Priced Volumes 1, 2, 3 % Committed millions of tons) ($/ton) Metallurgical - Domestic 4.1
Slide 22: Appendix B: Non-GAAP Financial Measures & Reconciliations
APPENDIX B: NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS 22
Slide 23: 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 24: Adjusted EBITDA and Margin Reconciliations
ADJUSTED EBITDA AND MARGIN RECONCILIATIONS (Amounts in thousands, except for percentages) Year Ended December 31, 2020 2021 2022 2023 2024 2025 1 Net (loss) income $ (241,470) $ 288,790 $ 1,448,545 $ 721,956 $ 187,579 $ (61,687) Interest expense 74,528 69,654 21,802 6,923 3,811 3,019 Interest income
Slide 25: Non-GAAP Revenue Reconciliations (1/2)
NON-GAAP REVENUE RECONCILIATIONS (1/2) (Amounts in thousands, except per ton data) Year Ended December 31, 1 2020 2021 2022 2023 2024 2025 Coal revenues $ 1,413,124 $ 2,252,624 $ 4,092,987 $ 3,456,630 $ 2,946,579 $ 2,122,605 Less: Freight and handling fulfillment revenues (219,449) (380,977) (529,06
Slide 26: Non-GAAP Revenue Reconciliations (2/2)
NON-GAAP REVENUE RECONCILIATIONS (2/2) (Amounts in thousands, except per ton data) Year Ended December 31, 2025 Coal revenues - export $ 1,557,086 Coal revenues - domestic 565,519 Coal revenues $ 2,122,605 Coal revenues - export $ 1,557,086 Less: Freight and handling fulfillment revenues - export (3
Slide 27: Free Cash Flow (FCF) Reconciliation
FREE CASH FLOW (FCF) RECONCILIATION (Amounts in thousands) Year Ended December 31, 2020 2021 2022 2023 2024 2025 Cash flow from operations $ 129,236 $ 174,943 $ 1,484,005 $ 851,159 $ 579,919 $ 144,926 Capital expenditures (153,990) (83,300) (164,309) (245,373) (198,848) (127,153) Capital contributio
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