Peabody Energy Corporation · NYSE:BTU
Peabody Energy — B. Riley Securities Institutional Investor Conference 2026
39 slides from Peabody Energy's conference presentation, May 21, 2026
Slide 1: B. Riley Institutional Investor Conference
B. Riley Institutional Investor Conference May 21, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as
Slide 3: Peabody (NYSE: BTU) Key Investment Highlights
Peabody (NYSE: BTU) Key Investment Highlights 1 Met Coal Earnings Power Increasing 2 Low-Cost Seaborne Thermal Assets Feed Growing Asian Demand 3 U.S. Thermal Business Cash Flows Extended as Load Growth Surges 4 Peabody Development Targets Additional Value from Assets Robust Balance Sheet + Strong L
Slide 4: Company Snapshot – 2025 Overview
Company Snapshot – 2025 Overview 2025 Adjusted EBITDA (2,3) $3.9B Seaborne Powder Seaborne Metallurgical: 8.6 MT • Centurion REVENUE Metallurgical $56 River Basin • Shoal Creek $176 • Metropolitan $455M • Coppabella / Moorvale (CMJV) ADJUSTED Seaborne Thermal: 15.4 MT $222 EBITDA(2) • Wilpinjong Sea
Slide 5: 2025: Record Year for Safety and Environmental Performance
2025: Record Year for Safety and Environmental Performance Peabody’s global incidence rate of 0.71 better than coal industry and most other sectors Environmental Excellence 57% improvement from 2020 5.1 Continues in 2025 4.4 4.4 4.1 • Reclaimed twice as many 3.9 acres as disturbed Incidence Rate 3.1
Slide 6: Peabody at Center of Multiple Favorable Macro Trends
Peabody at Center of Multiple Favorable Macro Trends World Shifts U.S. Coal Demand From Energy Strongly Rebounds Transition to from 2024 Lows Addition Global Coal Use Power Demand Metallurgical Continuing to Set Boosted by US Coal Essential for All-Time Records AI/Data Center Growing Indian Growth S
Slide 7: Peabody Provides Investors with Coal Sector Leading Diversification
Peabody Provides Investors with Coal Sector Leading Diversification Seaborne Met Seaborne Thermal U.S. Thermal ● Higher-beta prices can result ● Blend of market upside and ● “Fixed income” type base in outsized margins during up strong cash flows through from longer-term contracts cycles (e.g. 56% A
Slide 8: Seaborne Metallurgical Coal: Primarily Serving Asian Steelmaking
Seaborne Metallurgical Coal: Primarily Serving Asian Steelmaking Largest Seaborne Met Coal Importers India 78 China 60 2025 Tonnes in Millions J/K/T 89 Europe 36 Southeast Asia 26 Asia comprised 86% of metallurgical coal demand Tata Steel commissions India’s largest blast furnace. India in 2025; Res
Slide 9: Australia: Supplying Nearly Half of World’s Seaborne Met Coal
Australia: Supplying Nearly Half of World’s Seaborne Met Coal Australia 147 Russia 67 USA 43 Canada 31 Indonesia 10 Rest of World 16 0 20 40 60 80 100 120 140 160 2025 Seaborne Met Exports (Tonnes in Millions) Australia Met Coal Serves Steelmakers in 29 Countries Source: Wood Mackenzie; Peabody Anal
Slide 10: Seaborne Met Segment Increasing Volume and Coal Quality
Seaborne Met Segment Increasing Volume and Coal Quality Centurion Mine Update ● Expected Q2 sales volume of approximately 300,000 tons as we ramp up production and inventories ● Second half sales volume is targeted at nearly 2 million tons 80% of $2.1B (1) benchmark $105 per ton (2) ● Cost guidance
Slide 11: Seaborne Thermal: Asian Generation Continues Major Buildout
Seaborne Thermal: Asian Generation Continues Major Buildout Coal generation buildout at fast pace globally Pre-Permit 231 GW More than 1,200 GW of coal-fueled generating units in Announced development or construction 265 GW Permitted 252 GW Located in world’s fastest-growing manufacturing and popula
Slide 12: Seaborne Thermal Segment: Low Costs and Strong Margins
Seaborne Thermal Segment: Low Costs and Strong Margins • Surface operations deliver high margins throughout the cycle Wilpinjong Profile & Outlook • Generated Cash Flow of $1.9 billion over past five years 1 • Wambo Open-Cut JV operations leverage Glencore’s • Export shipments are expected to more e
Slide 13: American Coal: World’s #1 Energy Reserve
American Coal: World’s #1 Energy Reserve Energy in U.S. coal reserves greater than Russian gas, Saudi oil or other leading energy forms U.S. Coal 4,990 While China has 30% fewer coal reserves China Coal 3,462 than the U.S., it produces ~10 Russia Natural Gas 1,749 times as much coal as America Saudi
Slide 14: U.S. Power Demand: Soaring After Years of Stability
U.S. Power Demand: Soaring After Years of Stability “Electricity is one of the main barriers to hyperscalers’ AI buildout.” – WSJ Jan. 16, 2026 Projected 27% increase from 2020 to 2035 Source: WSJ Jan. 16, 2026: As Tech Giants Get More Hands-On With Energy, Their Risks Rise.” 14
Slide 15: U.S. Coal Generation Surges in 2025, Tightening Fundamentals
U.S. Coal Generation Surges in 2025, Tightening Fundamentals Change in Electricity Generation 2024-2025 (TWh) Coal 80.7 • U.S. coal burn up 13% in 2025 Solar 68.3 • Coal production up just Wind 9.7 4% Nuclear 4.3 • Power plants reduced Oil 1.9 inventories ~15% -2.6 Hydro • Natural gas generation -7.
Slide 16: Sharp Cost Advantages of Existing Coal Fleet vs. New Renewables
Sharp Cost Advantages of Existing Coal Fleet vs. New Renewables Average Annual Costs – Existing Coal Fleet Vs. New Renewable Energy • Study by Energy Ventures Analysis demonstrates major advantage from $59.6 existing coal-fueled power plants Annual Costs (real $ in billions) • Replacing these coal u
Slide 17: Peabody’s U.S. Thermal Platform: Leading Position & Contract Momentum
Peabody’s U.S. Thermal Platform: Leading Position & Contract Momentum Strong Demonstration that U.S. Utilities Recognize Longer-Term Value of Coal Generation 2025 PRB Production (Short Tons, Millions) Major Midwestern Utility (2026) 90 85 ● More than 20 million tons of Illinois Basin coal over 80 Pe
Slide 18: Peabody Advancing Rare Earth/Critical Mineral Initiative
Peabody Advancing Rare Earth/Critical Mineral Initiative Rare earth/critical minerals initiative in early stages; Company encouraged by progress to date and expanding scope of activities 1 2 3 Mineral Concentrations Heavy Rare Earths Critical Minerals Targeted feedstocks indicate critical Heavy rare
Slide 19: West Coast Thermal Coal Exports
West Coast Thermal Coal Exports • Initiating test shipment of PRB coal from North Antelope Rochelle Mine to Vietnam via Union Pacific rail and Mexico’s Port of Guaymas • This test run reflects close coordination with U.S. and Mexican governments, port authorities, and logistics partners • Demonstrat
Slide 20: Peabody Development Targets Additional Value from Vast Holdings
Peabody Development Targets Additional Value from Vast Holdings Multiple Projects Being Advanced Leveraging Peabody’s Substantial Coal and Land Assets RESOURCE R3 MINE SITE MANAGEMENT RENEWABLES GENERATION • 2.0 billion tons of • Partnership with leading • Planned expansion of proven/probable coal r
Slide 21: Significant Improvement in Key Financial Metrics
Significant Improvement in Key Financial Metrics Financial Metric March 2020 → March 2026 Change Cash, Restricted Cash, and Collateral $682.5M → $1,303.8M +91% Debt $1,306.9M → $335.2M -74% Legacy Liabilities Net1 $1,389.8M → $74.0M -95% Share Price $2.90 → $32.95 +1,036% Market Value $283.3M → $4,0
Slide 22: Peabody’s Straightforward Financial Policy
Peabody’s Straightforward Financial Policy Fortress Balance Sheet Provides ample liquidity through cycle Low Debt Level Emphasis on low operating leverage Well-Funded Reclamation Avoids leading coal sector financial concern Strong Capital Discipline Generating higher returns from organic projects Sh
Slide 23: Peabody (NYSE: BTU) Offers Compelling Investment
Peabody (NYSE: BTU) Offers Compelling Investment Favorable Macro Trends ● AI/data centers drive growing US power demand ● Existing US coal fleet generation has sharp cost advantages over alternatives ● U.S. policy framework highly supportive for coal ● Benchmark seaborne coal prices rise sharply fro
Slide 24: Thank You!
Thank You! BUILDING BRIGHTER FUTURES
Slide 25: Appendix
Appendix Peabody BRIGHTER 25
Slide 26: 2026 Guidance
2026 Guidance Segment Performance 2026 Full Year Second Quarter 2026 Outlook Total Volume Priced Volume Priced Volume (millions of (millions of Pricing per Average Cost per short tons) short tons) Short Ton Short Ton Seaborne Thermal Seaborne Thermal 12.0 - 13.0 6.7 $48.93 $49.50 - $54.50 • Volume i
Slide 27: Average Market Pricing by Quarter
Average Market Pricing by Quarter 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Premium low vol hard coking coal (Premium HCC) (1) $234.67 $200.13 $183.51 $184.22 $185.08 Premium low-vol pulverized coal injection (Premium PCI) coal (1) $161.15 $140.07 $143.24 $137.77 $141.08 Newcastle index
Slide 28: Operations Overview: Seaborne Metallurgical Segment
Operations Overview: Seaborne Metallurgical Segment Strategic Advantage: Multiple locations and products, positioned to serve Asia Pacific and Atlantic market Centurion Mine Metropolitan Mine Production: 0.6 million tons Production: 1.7 million tons Reserves: 192 million tons Reserves: 9 million ton
Slide 29: Operations Overview: Seaborne Thermal Segment
Operations Overview: Seaborne Thermal Segment Strategic Advantage: High margin operations positioned to serve Asia Pacific market Wilpinjong Mine Wambo Underground (Closed 2025) Production: 10.5 million tons (export and Production: 0.8 million tons domestic) Type: Underground - Longwall Reserves: 79
Slide 30: Operations Overview: PRB Segment
Operations Overview: PRB Segment Strategic Advantage: Low-cost operations, largest producer, significant reserves, shared resources, technologies North Antelope Rochelle Mine (NARM) Rawhide Mine Production: 65.0 million tons Production: 7.8 million tons Reserves: 1,234 million tons Reserves: 69 mill
Slide 31: Operations Overview: Other U.S. Thermal Segment
Operations Overview: Other U.S. Thermal Segment Strategic Advantage: Located to serve regional customers in high coal utilization regions with competitive cost operations and ample reserves / resources Bear Run Mine Gateway North Mine Production: 4.7 million tons Production: 2.0 million tons Reserve
Slide 32: Business Segments
Business Segments (1) Mines Full Year 2025 • Tons Sold (millions) 8.6 • Centurion • Revenue per Ton $120.88 Seaborne • Shoal Creek • Costs per Ton $114.31 Metallurgical • Metropolitan • Adjusted EBITDA per Ton $6.57 • Coppabella / Moorvale (CMJV) • Adjusted EBITDA (millions) $56.4 • Tons Sold (milli
Slide 33: Centurion Royalties
Centurion Royalties Centurion Royalties Queensland Government Royalty Rates • Centurion is subject to the Queensland Government Royalty Average price per tonne for period (A$) Rate charged on total revenue. Queensland Government royalties Up to and including $100 7% are based on coal prices per tonn
Slide 34: Additional Mine Life-Extension Projects
Additional Mine Life-Extension Projects Coppabella Continuation Project The Coppabella Continuation Project is progressing through key regulatory approvals, with EA amendment approval, EPBC assessment advancing toward 2028 approval, and Water Act licensing well underway in coordination with state ag
Slide 35: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Quarter Ended Year Ended Mar. 31, 2022 Dec. 31, 2025 Tons Sold (In Millions) Seaborne Thermal 15.4 Seaborne Metallurgical 8.6 Powder River Basin 84.5 Other U.S. Thermal 13.4 Total U.S. Thermal 97.9 Corporate and Other 0.1 Total 122.0 Revenue Summary (In Millions)
Slide 36: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Quarter Ended Year Ended Year Ended Year Ended Year Ended Year Ended Years Ended Mar. 31, 2022 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2021 - Dec. 31 2025 Adjusted EBITDA (In Millions) (2) Seaborne Thermal $ 90.5 $ 353.1 $ 64
Slide 37: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Quarter Ended Year Ended Year Ended Year Ended Year Ended Year Ended Years Ended Mar. 31, 2022 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2021 - Dec. 31 2025 Reconciliation of Non-GAAP Financial Measures (In Millions) (Loss) Inc
Slide 38: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Note: Management believes that non-GAAP financial measures are used by investors to measure our operating performance. These measures are not intended to serve as alternatives to U.S. GAAP measures of performance and may not be comparable to similarly-titled measu
Slide 39: Investor Relations
Contact: Investor Relations Kala Finklang ir@peabodyenergy.com 2 39
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