Alpha Metallurgical Resources, Inc. · NYSE:AMR
Alpha Metallurgical Resources — Investor Presentation (November 2025)
32 slides from Alpha Metallurgical Resources's investor presentation, Nov 6, 2025
Slide 1: Investor Presentation November 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 P R E S E N T A T I O N N O V E M B E R I NVESTOR P R ES ENTAT I ON N O V E M B E R 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 P R E S E N T A T I O N N O V E M B E 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-
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 P R E S E N T A T I O N N O V E M B E 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 P R E S E N T A T I O N N O V E M B E R 19 Mines 8 Preparation Plants 2 Standalone Loadouts 1 Dock 1 Export Terminal2 WV VA DTA Export Terminal2 Company Mines Processing and Shipping Facil
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 P R E S E N T A T I O N N O V E M B E 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
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 P R E S E N T A T I O N N O V E M B E 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 Eag
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 P R E S E N T A T I O N N O V E M B E 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 P R E S E N T A T I O N N O V E M B E 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
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 P R E S E N T A T I O N N O V E M B E R ’29E – ’34E: ~40Mt or ~2.6% Source: Wood Mackenzie and Platts | 1 Excludes sustaining capex. 2 Consensus based on quarterly KPMG Coal Price and FX Market Fore
Slide 10: Largest and Most Diverse Domestic Metallurgical Coal Supplier in the US
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 P R E S E N T A T I O N N O V E M B E 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
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 P R E S E N T A T I O N N O V E M B E 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 o
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 P R E S E N T A T I O N N O V E M B E 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 operat
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 P R E S E N T A T I O N N O V E M B E R $85 $1,300 $575 $349 $1 $535 $653 $125 2021A 2022A 2023A 2024A (U S$ in M ill io ns ) Free Cash Flow Distributions D I S C I P L I N E D C A P I TA L R E T
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 P R E S E N T A T I O N N O V E M B E 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
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 P R E S E N T A T I O N N O V E M B E 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
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 P R E S E N T A T I O N N O V E M B E 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 P R E S E N T A T I O N N O V E M B E R Capital Allocation Priorities • Strong balance sheet with conservative pro forma leverage • Flexible operations enable strong free cash flow generation • Ta
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 P R E S E N T A T I O N N O V E M B E R Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Net Leverage3 0.7x 0.1x (0.1)x (0.2)x (0.2)x (0.1)x (0.3)x (
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 P R E S E N T A T I O N N O V E M B E R $(71) $(28) $85 $1,300 $575 $349 2019 2020 2021 2022 2023 2024 $264 $83 $534 $1,741 $1,033 $408 2019 2020 2021 2022 2023 2024 17.2 15.5 16.8 16.4 17.1 17.1
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 P R E S E N T A T I O N N O V E M B E R $192.4 $154.0 $83.3 $164.3 $245.4 $198.8 $140.0 $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 2019A 2020A 2021A 2022A 2023A 2024A 2025E Carryover 2
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 P R E S E N T A T I O N N O V E M B E RAP P ENDIX A : SUP P LEMENTAL MAT ER I ALS
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 P R E S E N T A T I O N N O V E M B E R 3.04 3.02 2.93 2.21 2.22 2.23 2023 2024 YTD1* 2025 YTD1 Coal Industry Average Total Reportable Incident Rate (TRIR) 2.23 2.22 2.19 1.30 1.35 1.11 2023 2024
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 P R E S E N T A T I O N N O V E M B E 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 September 30, 2025, unless otherwise noted, and represent long-term l
Slide 24: Committed and Priced Shipments and 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 P R E S E N T A T I O N N O V E M B E R 1 Based on committed and priced coal shipments as of October 29, 2025. Committed percentage based on the midpoint of shipment guidance range. 2 Actual avera
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 P R E S E N T A T I O N N O V E M B E RAP P ENDIX B : NON- GAAP F INANCIAL MEASUR ES & R ECONCI L I AT I ONS
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 P R E S E N T A T I O N N O V E M B E R N O N - G AA P F I N A N C I A L M E AS U R E S The Investor Presentation contains “non-GAAP financial measures.” These are financial measures that either e
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 P R E S E N T A T I O N N O V E M B E R A DJ U S T E D E B I T DA R E CO N C I L I AT I O N 1 The 2019 and 2020 periods only include continuing operations. (Amounts in thousands) 2019 2020 2021 20
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 P R E S E N T A T I O N N O V E M B E R 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 AG E R E CO N C I L I AT I O N S 2019 2020 2021 2022 2023 2024 Ad
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 P R E S E N T A T I O N N O V E M B E R 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 CO N C I L I AT I O N S ( 1 /2 ) 1 2021 period was recast to reclassify discontinued opera
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 P R E S E N T A T I O N N O V E M B E R 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 CO N C I L I AT I O N S ( 2 /2 ) (Amounts in thousands, except per ton data) Year Ended De
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 P R E S E N T A T I O N N O V E M B E R F R E E C AS H F LOW ( F C F ) R E CO N C I L I AT I O N (Amounts in thousands) 2019 2020 2021 2022 2023 2024 Cash flow from operations 131,880$ 129,236$ 17
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 P R E S E N T A T I O N N O V E M B E R TOTA 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 AS A % O F E XC E S S L I Q U I D I T Y R E CO N C I L I AT I O N S (Amounts in thousan
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