Warrior Met Coal, Inc. · NYSE:HCC
Warrior Met Coal — Q2 2025 Earnings Presentation
21 slides from Warrior Met Coal's earnings presentation, Aug 6, 2025
Slide 1: Second Quarter 2025 Results
Second Quarter 2025 Results August 6, 2025
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation contains, and of Warrior Met Coal, Inc.’s (the “Company”, “WMC” or “Warrior”) officers and representatives may from time to time make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E
Slide 3: Warrior: Tier One, Low-Cost Assets for the Global Steel Market
Warrior: Tier One, Low-Cost Assets for the Global Steel Market Blue Creek Underground Operation with Single Longwall System(3) Mine 7 Mine 4 Underground Operation with • Premium High Vol A steelmaking Underground Operation with Two Longwall Systems coal product with strong coking Single Longwall Sys
Slide 4: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights Achieved the commercial sales of 239 thousand short tons (“St”)(1) of Blue Creek steelmaking coal ahead of schedule and produced 348 thousand St from three continuous miners. Announced the acceleration of the longwall startup at Blue Creek to early first quarter of
Slide 5: Key Metrics for Three Months Ended June 30, 2025 vs. 2024
Key Metrics for Three Months Ended June 30, 2025 vs. 2024 For the three months ended June 30, 2025 2024 % Change Tons produced (in 000s St) 2,308 2,172 6% Tons sold (in 000s St) 2,219 2,098 6% Average net selling price (per St) $130.01 $186.09 (30%) Revenue (in millions) $297.5 $396.5 (25%) Net inco
Slide 6: Key Metrics for Six Months Ended June 30, 2025 vs. 2024
Key Metrics for Six Months Ended June 30, 2025 vs. 2024 For the six months ended June 30, 2025 2024 % Change Tons produced (in 000s St) 4,562 4,223 8% Tons sold (in 000s St) 4,391 4,227 4% Average net selling price (per St) $132.87 $210.18 (37%) Revenue (in millions) $597.5 $900.0 (34%) Net (loss) i
Slide 7: Customer Volumes by Coal Type and Geography Demonstrates Premium Product Mix and Logistical Cost Advantage
Customer Volumes by Coal Type and Geography Demonstrates Premium Product Mix and Logistical Cost Advantage to the Seaborne Market in the Quarter Customer Volume by Basin Customer Volume by Geography Customer Volume by Coal Type Q2 2025 YTD 2025 Q2 2025 YTD 2025 Q2 2025 YTD 2025 Atlantic Europe PLV P
Slide 8: Leverage and Liquidity Ratio
Leverage and Liquidity Ratio Financial Metrics ($ in millions except ratios) Leverage (trailing twelve months ended June 30, 2025) Adjusted EBITDA* $ 224.8 (1) Consolidated Net Cash* (195.8) (2) Net Leverage Ratio (0.87x) (3) Gross Leverage Ratio 1.05x Liquidity (as of June 30, 2025) Cash and Cash E
Slide 9: Breaking Down Warrior's 2025 Capital Expenditures
Breaking Down Warrior’s 2025 Capital Expenditures 2025 Capex Guidance 2025 Capex Guidance Detail versus Actual ($ in millions) ($ in millions) Capex Low End High End Sustaining Guidance QTD Actuals YTD Actuals Existing Mines $90 $100 High End Q2 2025 Q2 2025 Blue Creek Project $225 $250 Mines $90 $2
Slide 10: 2025 Updated Guidance
2025 Updated Guidance(1) Cash Cost of Capital Blue Creek Coal Sales Coal Production Sales (Free-on- Expenditures for Project Board Port)* Existing Mines 8.8-9.5 Mst 8.3-9.1 Mst $225 - $250mm $110-$120 per St $90 - $100mm Mine Depreciation and Interest Interest S,G&A Development Depletion Expense Inc
Slide 11: Update of Improved Transformational Blue Creek Project
Update of Improved Transformational Blue Creek Project
Slide 12: Project Update: Ahead of Schedule and On Budget
Project Update: Ahead of Schedule and On Budget Total capital expenditure estimate reiterated in a range of: $995M to $1.075B Project to date capital expenditure spend as of 6/30/25: $823.5M Warrior proactively expanded the original project scope by $130M in 2023 Dramatically improves transporta
Slide 13: Hitting All Major Project Milestones On Schedule or Earlier
Hitting All Major Project Milestones On Schedule or Earlier Middle Middle Q3 Q3 Q4 Early Q1 of of Q1 2026 2024 2025 2025 2026 2025 2025 Source: Company information 13
Slide 14: Appendix/Reconciliations
\\ WARRIOR Appendix/Reconciliations
Slide 15: Appendix
Appendix For the three months ended For the three months ended June 30, 2025 (Unaudited) June 30, 2024 (Unaudited) Short Tons Metric Tons Short Tons Metric Tons Tons sold (in 000s) 2,219 2,013 2,098 1,904 Tons produced (in 000s) 2,308 2,094 2,172 1,970 Average net selling price per ton $130.01 $143.
Slide 16: Appendix
Appendix For the six months ended For the six months ended June 30, 2025 (Unaudited) June 30, 2024 (Unaudited) Short Tons Metric Tons Short Tons Metric Tons Tons sold (in 000s) 4,391 3,983 4,227 3,835 Tons produced (in 000s) 4,562 4,139 4,223 3,831 Average net selling price per ton $132.87 $146.48 $
Slide 17: Appendix Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures Reconciliation of Adjusted EBITDA(1) and Adjusted EBITDA margin (2) to Amounts Reported Under U.S. GAAP For the three months ended For the six months ended June 30, (Unaudited) June 30, (Unaudited) (in thousands) 2025 2024 2025 2024 Net income (loss) $ 5,606 $ 70
Slide 18: Appendix Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures Reconciliation of Free Cash Flow(1) and Free Cash Flow Conversion(1) to Amounts Reported Under U.S. GAAP For the three months ended For the six months ended June 30, (Unaudited) June 30, (Unaudited) (in thousands) 2025 2024 2025 2024 Net cash provided by operatin
Slide 19: Appendix Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures Reconciliation of Adjusted Net Income (Loss)(1) to Amounts Reported Under U.S. GAAP For the three months ended For the six months ended June 30, (Unaudited) June 30, (Unaudited) (in thousands) 2025 2024 2025 2024 Net income (loss) $ 5,606 $ 70,711 $ (2,562) $ 207
Slide 20: Appendix Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures Reconciliation of Cash Cost of Sales (Free-on-Board Port)(1) to Cost of Sales Reported Under U.S. GAAP For the three months ended For the six months ended June 30, (Unaudited) June 30, (Unaudited) (in thousands) 2025 2024 2025 2024 Cost of sales $ 226,412 $ 261,3
Slide 21: Source: Company information
Source: Company information