Core Natural Resources, Inc. · NYSE:CNR
Core Natural Resources — Q4 2025 Earnings Presentation
24 slides from Core Natural Resources's earnings presentation, Feb 12, 2026
Slide 1: Fourth Quarter 2025 Earnings Supplement
Fourth Quarter 2025 Earnings Supplement February 12, 2026
Slide 2: Forward-Looking Statements
2 FORWARD-LOOKING STATEMENTS This communication contains certain “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “years ahead,” “look forward” and similar expressions. Forward-looking statements are not stateme
Slide 3: Fourth Quarter 2025 Highlights
3 FOURTH QUARTER 2025 HIGHLIGHTS • Sets stage for step-change in operational execution in 2026 • Resumes longwall mining at Leer South metallurgical mine, entering 2026 at targeted production rates • Completes transition to new, thicker coal seam at the West Elk high calorific value thermal mine, en
Slide 4: The Premier Pure-Play Global Coal Producer
4 THE PREMIER PURE-PLAY GLOBAL COAL PRODUCER, STRATEGICALLY POSITIONED TO SUPPLY THE WORLD’S GROWING STEEL, INDUSTRIAL, AND ENERGY NEEDS WHILE MANAGING BY OUR CORE VALUES OF SAFETY AND COMPLIANCE, CONTINUOUS IMPROVEMENT, AND FINANCIAL PERFORMANCE 4 Logistical Excellence Industry-leading logistical n
Slide 5: Leading Metallurgical and High C.V. Thermal Portfolios Supported by Strategic Logistical Network
5 11 mines anchored by eight longwalls 89 mm 2025 total tons sold 27 Mtpa export capacity via ownership interests in CMT and DTA KEY STATISTICS Core Marine Terminal (“CMT”) Accessible terminal capacity Core Natural Resources headquarters Vancouver Long Beach Houston New Orleans Dominion Terminal Ass
Slide 6: Financial Results
6 FINANCIAL RESULTS DESPITE TWO MAJOR OPERATING TRANSITIONS AND A MIXED MARKET ENVIRONMENT, CORE GENERATED POSITIVE FREE CASH FLOW IN Q4 $141.2 $103.1 Q3 Q4 Adjusted EBITDA1 (in millions of $US) • Core generated significant Adjusted EBITDA1 in Q4 despite the absence of longwall operations at Leer So
Slide 7: Capital Return Program
7 CAPITAL RETURN PROGRAM DURING Q4, CORE RETURNED $26.8 MILLION TO STOCKHOLDERS, BRINGING TOTAL TO $245.1 MILLION SINCE PROGRAM’S LAUNCH 54.0 52.6 51.5 51.2 51.0 2/20/2025 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Reduction In Shares Outstanding Since February 20, 2025 (in millions of shares outstand
Slide 8: Committed Volumes: 2026 Contracted Position
8 COMMITTED VOLUMES 2026 CONTRACTED POSITION FOR CORE’S THREE MINING SEGMENTS 12/31/25 High Calorific Value Thermal Segment (projected volumes and committed and priced position, in short tons, and realized coal revenue per ton sold1) Metallurgical Segment (projected coking coal volumes and committed
Slide 9: 2026 Cash Cost Guidance, by Operating Segment
9 2026 CASH COST GUIDANCE, BY OPERATING SEGMENT Cash Cost1Segment $38.00 - $39.50High Calorific Value Thermal $88.00 - $94.00Metallurgical $13.00 - $13.50Powder River Basin • The cost performance of the high calorific value thermal segment should benefit from increased volumes and lower costs at the
Slide 10: U.S. Policy Support for Coal
10 • During the first year of his current term, President Trump has issued a series of executive orders intended to reduce the regulatory burden on America’s coal-based power plants and to ensure the long-term preservation of the U.S. coal fleet • On July 4th, the President signed into law the “One
Slide 11: Data Center Build-Out Could Have Profound Implications for U.S. Power Demand
11 DATA CENTER BUILD-OUT COULD HAVE PROFOUND IMPLICATIONS FOR U.S. POWER DEMAND • Goldman Sachs estimates that data centers now account for 8% of total U.S. power demand and are a prime mover in forecasted future power demand growth • Data center growth is taking place in many key coal-consuming pow
Slide 12: U.S. Power Demand Is Climbing After Years of Stagnation
12 U.S. POWER DEMAND IS CLIMBING AFTER YEARS OF STAGNATION • U.S. power demand increased only modestly during the period from 2004 through 2023 • U.S. power demand increased 2.6% in 2024 and was up an additional 2.0% through November 2025 • The AI-driven data center build-out is still in its early s
Slide 13: Average Capacity Factor of the U.S. Coal Fleet Is Starting to Rebound
13 THE AVERAGE CAPACITY FACTOR OF THE U.S. COAL FLEET IS STARTING TO REBOUND – AND HAS SUBSTANTIAL ROOM FOR GROWTH Source: EIA, Internal 73% 41% 43% 49% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 202
Slide 14: Global Cement Production Excluding China Projected to Climb Through 2050
14 GLOBAL CEMENT PRODUCTION IN THE WORLD EXCLUDING CHINA IS PROJECTED TO CLIMB MARKEDLY THROUGH 2050 Global Cement Production (in millions of metric tons) Source: Wood Mackenzie, Internal 0 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 3,000 3,250 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0
Slide 15: Global Seaborne Demand for Metallurgical Coal Expected to Grow Steadily
15 GLOBAL SEABORNE DEMAND FOR METALLURGICAL COAL IS EXPECTED TO GROW STEADILY THROUGH MID-CENTURY 100 200 300 400 • Global seaborne metallurgical coal demand is expected to climb through 2050, buoyed by continued economic development and urbanization in India and the rest of Southeast Asia • Based o
Slide 16: Steel Production Capacity Growth in India and Southeast Asia
16 STEEL PRODUCTION CAPACITY GROWTH IN INDIA AND THE REST OF SOUTHEAST ASIA IS PROJECTED TO EXCEED 160 MILLION TONS BY ~2030 8 9 9 21 20 28 8 40 16 40 35 50 RINL AM/NS JSPL TATA SAIL JSW Planned Steel Capacity Additions In India (in millions of metric tons) Planned Steel Capacity Additions In Southe
Slide 17: Global Coking Coal Production Remains Well Below Peak Levels
17 GLOBAL COKING COAL PRODUCTION IN THE PRIMARY, HIGH-QUALITY SUPPLY REGIONS REMAINS WELL BELOW PEAK LEVELS 2025 Change from Peak (%) 2025 Change from Peak (mt) 2025 Exports (mt) 2024 Exports (mt) Peak Exports (mt) Peak YearProducer (22.4%)(42.3)146.9153.0189.22016Australia (28.8%)(18.2)45.151.563.3
Slide 18: REE and CM Opportunities at Core's Western Operations
18 • REE and CM Opportunities at Core’s Large-Scale Western Operations Core recently completed a sampling and analysis program at its Powder River Basin mines in collaboration with the University of Wyoming that demonstrated elevated ash-basis concentrations of certain rare earth elements (REEs) a
Slide 19: Next Phase of REE and CM Evaluation and Core Innovations
19 • The U.S. Department of Energy announced in August that it intends to issue nearly $1 billion of funding focused on securing the American critical minerals and materials supply chain, with some of this funding directed specifically toward critical minerals recovery from coal industry-based feeds
Slide 20: Maintaining a Strong Balance Sheet That Supports Substantial Financial Flexibility
20 $432 $307 Tax Exempt Bonds $490 $140 $27 Liquidity Sources at 12/31/25 Total Debt at 12/31/25 Total Liquidity = $949 MillionRevolving Credit Facility Availability Cash and Cash Equivalents Equipment Leases and Other Debt MAINTAINING A STRONG BALANCE SHEET THAT SUPPORTS SUBSTANTIAL FINANCIAL FLEXI
Slide 21: Non-GAAP Reconciliations
21 NON-GAAP RECONCILIATIONS High CV Thermal Metallurgical PRB Baltimore Marine Terminal Other and Corporate Consolidated Net Income (Loss) 68,045$ (87,137)$ (519)$ 14,842$ (74,212)$ (78,981)$ Income Tax Benefit — — — — (30,389) (30,389) Interest Expense, net — — — — 5,855 5,855 Depreciation, Depleti
Slide 22: Non-GAAP Reconciliations - Continued
22 NON-GAAP RECONCILIATIONS - CONTINUED High CV Thermal Metallurgical PRB Baltimore Marine Terminal Other and Corporate Consolidated Net Income (Loss) 86,327$ (47,909)$ 4,796$ 10,754$ (22,370)$ 31,598$ Income Tax Benefit — — — — (52,998) (52,998) Interest Expense, net — — — — 3,028 3,028 Depreciatio
Slide 23: Non-GAAP Reconciliations - Continued
23 NON-GAAP RECONCILIATIONS - CONTINUED Three Months Ended Three Months Ended December 31, 2025 September 30, 2025 Net Cash Provided by Operating Activities $ 107,310 $ 87,919 Capital Expenditures (81,277) (49,297) Proceeds from Sales of Assets 1,000 295 Investments in Mining-Related Activities (77)
Slide 24: Non-GAAP Reconciliations - Continued
24 NON-GAAP RECONCILIATIONS - CONTINUED December 31, 2025 Total Long-Term Debt $ 317,267 Finance Lease Obligations 36,893 Current Portion of Long-Term Debt 98,328 Add: Debt Issuance Costs 6,539 Less: Advance Royalty Commitments (11,407) Total Consolidated Indebtedness $ 447,620 Less: Cash on Hand (4
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