Yancoal Australia Ltd. · ASX:YAL
Yancoal Australia — H1 2026 Earnings Presentation
40 slides from Yancoal Australia's earnings presentation, Aug 19, 2026
Slide 1: Yancoal Australia 1H 2026 Financial Results
Yancoal Australia 1H 2026 Financial Results 19 August 2026
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer Acceptance - This presentation is issued by Yancoal Australia Limited ABN 82 111 859 119 (“Yancoal”). By accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out in this Important Notice and Disclaimer. Summary of information
Slide 3: Important Notice and Disclaimer
Important Notice and Disclaimer Reserves and Resources Reporting - In this presentation, references to mineral resources (“Resources”) and ore reserves (“Reserves”) for Yancoal are compliant with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (“JO
Slide 4: Safety Performance
Safety Performance Yancoal 12mth rolling TRIFR and LTIFR 10 8 ◦ The 12-month rolling TRIFR was 6.64, a deterioration from 6.14 at the end 2025. 6 ◦ While the TRIFR remains below the comparable industry weighted average of 9.16, there is a 4 need to refocus on improving our safety 2 performance throu
Slide 5: Sustainability
Sustainability ◦ Our 2025 Sustainability Report was published in February 2026 as part of the Financial Statements and formed part of the Annual Report to meet the Australian Accounting Standards Board (AASB) S2 Climate-related disclosure requirements. ◦ The Company has commenced work on developing
Slide 6: 1H 2026 Highlights
1H 2026 Highlights $3.02 billion Revenue, up 13%, 6.64 TRIFR rate, $767 million Operating EBITDA, up 29%, below weighted industry average. with 24% Operating EBITDA margin. 32.5Mt ROM production (100%), $328 million Operating Profit, up 42% 25.7Mt Saleable production (100%), $17 million Profit after
Slide 7: Profit and Non-Operating Items
Profit and Non-Operating Items Profit ◦ $328 million Operating Profit, (A$ Million) up 42% from $231 million in 1H 2025. 3 ◦ Non-operating items with a combined net 328 18 20 loss before tax of $272 million reduced 49 Profit Before Tax to $56 million. 231 239 ◦ Other than the $20 million Contingent
Slide 8: Operational Performance
Operational Performance Operating factors 1H 2026 1H 2025 Change Observations ROM coal production, (Mt) 32.5 32.2 1% 1H 2026 performance improved on Saleable coal production, (Mt) 25.7 24.8 4% 1H 2025, and was a 1H record for attributable saleable production. Attributable saleable coal production, (
Slide 9: ROM Coal Production
ROM Coal Production ROM Production by Asset (100% basis), million tonnes 34.2 34.8 34.7 32.2 32.5 ◦ 1H 2026 total ROM mined (100% basis) was 26.0 27.9 32.5Mt, an increase of 1% from 1H 2025. ◦ During 1Q 2026 overburden removal was prioritised to facilitate optimal coal mining activity over the remai
Slide 10: Saleable Coal Production
Saleable Coal Production Attributable Saleable Production by Asset*, million tonnes ◦ 19.8Mt of attributable saleable coal in 1H 26.2 25.9 25.7 25.0 24.8 2026, was 5% more than 1H 2025, and just 21.6 ahead of 2H 2025. 18.6 19.0 19.9 18.9 19.7 19.8 ◦ Consistently delivering toward the upper end 17.0
Slide 11: World Class Productivity
World Class Productivity ◦ In 2025, our Liebherr R9800 excavators set world records; at Moolarben 17.62 million bank cubic metres (bcm) moved over 12 months, and at MTW 1.75 million bcm moved in 1 month. ◦ In 1H 2026, HVO’s R9800 delivered an outstanding result; it could potentially move ~17.9m bcm
Slide 12: Australian Thermal Coal Mines
Australian Thermal Coal Mines (energy adjusted) December 2024 data May 2026 data 200 200 175 175 Low cost mines Low cost mines 150 150 Total cash costs, US$/t Total cash costs, US$/t 125 125 100 100 Industry Average MTW Industry Average MTW HVO 75 HVO 75 Moolarben Moolarben 50 50 Large scale mines L
Slide 13: Cash Operating Costs
Cash Operating Costs Cash operating costs (per product tonne)*, A$/tonne 94 96 96 ◦ 1H 2026 cash operating costs per saleable 93 92 16 16 14 production tonne increased by 3% 16 14 67 compared to FY 2025. Higher diesel price 20 21 20 11 20 21 was the primary driver of the increase. 21 17 22 22 21 21
Slide 14: Operating Cash Margin
Operating Cash Margin Operating cash margin (per product tonne)*, A$/tonne ◦ Implied cash operating margin of $42/t. ◦ Yancoal’s cash operating margins have compressed and expanded in past coal price 251 cycles. 115 ◦ Cash operating costs across the coal sector 66 39 42 are higher than recent years.
Slide 15: Product Mix
Product Mix Attributable sales volume* ◦ 1H 2026 attributable sales had fewer (million tonnes) temporary weather interruptions compared 21.5 20.8 19.8 to 1H 2025. 18.7 3.3 16.9 3.2 16.6 3.1 ◦ Yancoal optimises its product mix based on 2.3 14.4 2.0 2.8 the mine geology and available coal, yet the 2.4
Slide 16: Sales and Revenue Splits
Sales and Revenue Splits 100% 4% 3% 6% 5% 2% 3% 4% 4% 3% 3% 3% 3% ◦ ~80% of revenue generated from four 7% 7% 80% 11% 7% main destinations, consistent with 1H 13% 16% 11% 15% 2025. 60% 12% 10% 9% Balance ◦ Japan typically takes Yancoal’s higher 12% S.E.Asia India energy thermal coal and metallurgica
Slide 17: Thermal Coal Market Pricing
Thermal Coal Market Pricing Thermal coal indices & ◦ Volatile energy markets causing end-users, Yancoal's average thermal coal sale price* traders and speculators to weigh geopolitical 175 risk factors against supply and demand 150 fundamentals. Security of energy supply 125 increasingly taking prec
Slide 18: Metallurgical Coal Market Pricing
Metallurgical Coal Market Pricing Metallurgical coal indices & Yancoal's average met. coal sale price* 250 ◦ In recent months, we observed a strengthening 200 steel market and stable demand for 150 metallurgical coal. 100 ◦ An apparent shift from demand-driven pricing to cost-based pricing looks to
Slide 19: Thermal Coal Market Demand
Thermal Coal Market Demand WoodMackenzie coal generation capacity forecasts across historical base cases 1H 2021 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 ◦ Analyst forecasts for global coal-fired 2,250 power capacity generation continue to be revised in response to strong electricity 2,200 demand. 2,
Slide 20: Thermal Coal Market Supply
Thermal Coal Market Supply Thermal Coal - Total Seaborne Exports (Mt) 1200 1000 ◦ Generation capacity peak continues to be revised, and this aligns with a potential 800 forecast supply decline in early 2030s. 600 ◦ New mine development challenges and finance restrictions accelerate reserve 400 exhau
Slide 21: Metallurgical Coal Market Demand
Metallurgical Coal Market Demand Metallurgical Coal - Total Seaborne Imports (Mt) 400 ◦ Diverging profiles in global seaborne demand - as emerging 300 economies grow consumption, their imports represent a greater share of the market. 200 ◦ Growing demand from India and Southeast Asia to outpace the
Slide 22: Metallurgical Coal Market Supply
Metallurgical Coal Market Supply Metallurgical Coal - Total Seaborne Exports (Mt) 400 350 ◦ Total global seaborne 300 metallurgical coal supply needs to increase through 2030’s to 250 keep pace with projected 200 demand from emerging 150 economies reliant on imported 100 metallurgical coal. 50 ◦ Aus
Slide 23: Financial Performance
Financial Performance Income Statement ($ million) 1H 2026 1H 2025 Change Observations Revenue 3,024 2,675 13% Combination of higher sales volumes Operating EBITDA 767 595 29% and realised prices lift revenue Operating EBIT 325 212 53% compared to 1H 2025. Operating EBIT and Operating Profit Operati
Slide 24: Price, Revenue and Operating EBITDA
Price, Revenue and Operating EBITDA Revenue and Average realised price Operating EBITDA and Margin (A$ Million) | (A$/tonne) (A$ Million) | (%) 278 44% 42% 196 32% 32% 176 176 154 26% 144 24% 149 3,976 3,802 3,722 23% 1,821 3,138 3,274 1,668 1,589 3,024 2,675 990 842 767 595 1H 2023 2H 2023 1H 2024
Slide 25: Operating EBITDA and Operating cash flow
Operating EBITDA and Operating cash flow Operating EBITDA and Margin Operating cash flow (A$ Million) | (%) (A$ Million) 44% 42% 32% 32% 26% 24% 1,821 23% 1,668 1,589 1,172 1,282 990 842 767 851 784 595 473 462 89 1H 2023 2H 2023 1H 2024 2H 2024 1H 2025 2H 2025 1H 2026 1H 2023 2H2023 1H 2024 2H 2024
Slide 26: Net Debt and Gearing
Net Debt and Gearing Annual Net Debt and Gearing Ratio* (A$ Million) | (%) ◦ Over US$3.0 billion in early loan repayments 24% from late 2021 to early 2023. ◦ Net cash position and effectively nil gearing since the end of 2022. 1,940 ◦ At 30 June 2026, $60 million of lease (2,026) (1,251) (2,349) (2,
Slide 27: Dividend
Dividend Dividend and Payout Ratio ◦ 2026 Interim dividend of $92.4 (A$ per share) | (%) million fully franked, $0.07 per share; 118% the payment date is 18 September 2026. $0.70 ◦ The interim dividend reflects 56% 55% 45% 50% confidence in underlying earnings, $0.20 $0.33 cash generation, liquidity
Slide 28: 2026 Operational Expectations
2026 Operational Expectations 2025 Operating component 2026 Guidance and outlook Actual After record 2025 production, aims to consolidate the prior year performance in 2026. Operations performing strongly and output likely to 38.6 Attributable saleable million coal production be in the upper half of
Slide 29: Looking to 2026 and beyond
Looking to 2026 and beyond Experienced Yancoal aiming to exceed the annual production record set last Executive Committee year, and potentially set another world record performance and workforce with a R9800 Excavator, this time at HVO. Large-scale, low-cost Our scale and competitive cash costs driv
Slide 30: Appendices and Additional Information
Appendices and Additional Information 30
Slide 31: Yancoal Market Capitalisation and Daily Turnover
Yancoal Market Capitalisation and Daily Turnover ASX - A$/sh ADT, mn shares (rhs) ◦ 1.32 billion shares for an approximate market 10.00 10.0 capitalisation of A$7.8 billion (at time of publication). 7.50 7.5 ◦ Shares are fully fungible between the two 5.00 5.0 exchanges. ◦ Hang Seng Composite Index
Slide 32: Dual listed on ASX and HKEX - Shares fully fungible
Dual listed on ASX and HKEX - Shares fully fungible Summary share register (30 June 2026) ◦ 50% of shares held on ASX, and Yankuang Energy 822,157,715 62.26% 50% of shares held on HKEx. Cinda * 92,343,745 6.99% ◦ Average daily turnover 1H 2026: Management & YAL Trust 4,152,871 0.32% Freefloat ^ 401,
Slide 33: Yancoal Overview
Yancoal Overview Milestones in Yancoal’s growth 2026 - Acquiring 80% interest in Kestrel Coal Mine. 2025 - Delivered record production. Acquired additional 3.75% of Moolarben, taking interest to 98.75%. 2024 - Celebrated 20th Anniversary. Included in the S&P/ASX 200 index from September 2024. 2023 –
Slide 34: Yancoal Operations Summary
Yancoal Operations Summary • Interest in 6 producing coal mines and operates 2 mines on management contracts. • Total annual production across the 8 mines is ~70 million tonnes of ROM coal and ~55 million tonnes of saleable coal. Nearly all saleable coal enters the export market. Mount Thorley Hunte
Slide 35: Yancoal Reserves and Resources
Yancoal Reserves and Resources • Mining depletion was primary driver of changes in Coal Resources and Coal Reserve from 31 December 2024 to 31 December 2025. • Other than production activity, changes to Ashton mine plans was the only notable change in Coal Reserves. • Across Coal Resources, coal ste
Slide 36: Yancoal potential extensions, expansions and projects
Yancoal potential extensions, expansions and projects 2026 Commentary MTW underground mine is subject to further feasibility assessment. Should the development Further studies MTW Underground proceed, this project could significantly extend the mine’s future production profile (without commence chan
Slide 37: Yancoal closures and impairments
Yancoal closures and impairments Ashton ◦ In late June, Yancoal made the decision to cease operations early at Ashton due to technical, geotechnical and economic challenges. Longwall mining will cease in early 2028. ◦ A comprehensive study into the closure and rehabilitation activities at Ashton wil
Slide 38: Capital expenditure
Capital expenditure Capex and Capex intensity* (A$ Million) | (A$/t) ◦ Multi-year fleet replacement cycle at 1,000 50 MTW and HVO commenced in 2022. 800 750 40 ◦ Similar to cash operating costs, 702 621 inflation factors also present in capital 600 548 30 expenditure activities. 400 20 ◦ While plann
Slide 39: State Royalties
State Royalties Queensland After 1 July 2022 Before 1 July 2022 Coal price, A$/t Royalty rate Royalty rate < 100 7% 7% 100 - 150 12.5% 12.5% > 150 _ 15% 150 - 175 15% _ 175 - 225 20% _ 225 - 300 30% _ > 300 40% _ New South Wales After 1 July 2024 Before 1 July 2024 Royalty rate Royalty rate Open-cut
Slide 40: Investor Relations Contact
Investor Relations Contact: Brendan Fitzpatrick, GM Investor Relations - Brendan.Fitzpatrick@yancoal.com.au Media Relations Contact: Matthew Gerber, GM Corporate Affairs - Matthew.Gerber@yancoal.com.au Additional information - www.yancoal.com.au Yancoal Australia Ltd Level 18, Tower 2, 201 Sussex St