Peabody Energy Corporation · NYSE:BTU
Peabody Energy — Jefferies Global Industrials Conference 2026
39 slides from Peabody Energy's conference presentation, Sep 9, 2026
Slide 1: Jefferies Global Industrials Conference September 10, 2026
Jefferies Global Industrials Conference September 10, 2026
Slide 2: Forward Looking Statements
2 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
Slide 3: Business Overview
Business Overview BRIGHTER 3
Slide 4: Company Snapshot – 2025 Overview
4 $3.9B REVENUE $455M ADJUSTED EBITDA ~5,400 EMPLOYEES ~3,330 ACRES RESTORED 0.71 TRIFR $176 $71 $222 $56 2025 Adjusted EBITDA Powder River Basin Other U.S. Thermal Seaborne Thermal Seaborne Metallurgical Company Snapshot – 2025 Overview Note: All statistics are for the year ended December 31, 2025.
Slide 5: 1H26: Maintaining Record Safety Performance
5 1H26: Maintaining Record Safety Performance Peabody’s global incidence rate of 0.71 better than coal industry and most other sectors Peabody global reportable incidence rate per 200,000 hours worked as of 1H26. Other sectors are U.S. for latest reportable year (2024) per U.S. Bureau of Labor Stati
Slide 6: Peabody Provides Leading Coal Sector Diversification
6 • “Fixed income” base from longer-term contracts with good revenue visibility. • $1.1 Billion Cash Flow2 in past five years. • Strong margins from low- cost tons, with excellent longevity and growth outlook. • $1.9 Billion Cash Flow2 in past five years. • Higher-beta prices can result in outsized
Slide 7: The Peabody Platform: Strength, Growth, Returns
7 The Peabody Platform: Strength, Growth, Returns ASSETS + MACRO TAILWINDS • Record global coal demand, surging US power load, rising Indian steel production. • Centurion: $2.1B NPV 1 , 1st quartile cost structure, 25+ year mine life. • Unlocking additional value from our vast reserves and land. FIN
Slide 8: Key Macro Tailwinds and Assets
2 8 Key Macro Tailwinds and Assets
Slide 9: Peabody Sits at the Intersection of Powerful Macro Trends
9 Peabody Sits at the Intersection of Powerful Macro Trends Record Global Coal Demand Global coal use keeps setting all-time records — more than 1,200 GW of new coal capacity is in development or construction, led by Asia. U.S. Power Load Surging AI and data centers are driving the first sustained U
Slide 10: Coal anchors energy security
10 Coal anchors energy security NO WARS ARE FOUGHT OVER COAL Abundant and widely distributed across many suppliers and insulated from the chokepoints that disrupt oil and gas. CONFLICT RENEWS THE RELIABILITY CASE Coal dispatches on command and stockpiles on site. The exact margin reliability-focused
Slide 11: Seaborne Met: Growing Demand for Centurion Product
11 Seaborne Met: Growing Demand for Centurion Product Source: Peabody Analysis; Platts (PLV HCC pricing), WoodMac (Indian met coal imports) 1) For committed volumes only. 2) Cost/Ton is a non-GAAP operating/statistical measure. Refer to the definitions and reconciliations to the nearest GAAP measure
Slide 12: Centurion: From Commissioning to Free Cash Flow
12 117 222 200+ Q3 Sales Guidance 500-700 - 100 200 300 400 500 600 700 TRACKING TO Q3 SALES GUIDANCE Plant Production (tons in thousands) Sept Fcst August July Centurion: From Commissioning to Free Cash Flow LONGWALL STATUS Approaching full run rate Q4 2026 GUIDANCE 1M+ tons AUGUST UPDATE: • LW cyc
Slide 13: Seaborne Thermal: Supply Constraints Build Upside
13 Seaborne Thermal: Supply Constraints Build Upside • Post-summer Asian demand and constrained supply remain supportive of seaborne thermal coal markets. • Higher LNG prices maximizing coal's role in regional generation stacks. Source: Peabody Analysis; Platts (Newcastle pricing), OPIS (Chinese the
Slide 14: Growing Low-Cost Export Tons into Asian Demand
14 Growing Low-Cost Export Tons into Asian Demand Wilpinjong export-priced volumes expected to more than double by 2030 PLANNED WILPINJONG EXPORT VOLUMES • Wilpinjong export priced tons are expected to more than double by 2030. • Pits 9 & 10 extend mine life to 2038; environmental studies and approv
Slide 15: U.S. Thermal: Load Growth Anchors Coal Demand
15 U.S. Thermal: Load Growth Anchors Coal Demand Tons (millions) Priced Volume/Ton3 Avg. Cost/Ton4 PRB 82-88 $13.65 $12.00 - $12.50 Other U.S. 13.2-14.2 $56.70 $45 - $49 • PRB serves nearly one of every two tons of U.S. thermal demand; Peabody sold ~41% of total PRB output in 2025. Source: Peabody A
Slide 16: Near-Term Factors = Crosscurrents for Summer U.S. Coal Burn
16 Near-Term Factors = Crosscurrents for Summer U.S. Coal Burn Gas Prices Below Henry Hub in Coal-Heavy Regions Most coal-plant-heavy regions see localized natural gas prices well below Henry Hub levels, leading to some coal-to-gas switching. PRB Regional Train Loadings Down ~12% Industry-wide daily
Slide 17: Coal Fuel Supply: Predictable Long-Term Pricing
17 Coal Fuel Supply: Predictable Long-Term Pricing Stable PRB Coal Pricing vs. Volatile Natural Gas $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 Ja n -1 6 Ju n -1 6 N o v- 1 6 A p r- 1 7 Se p -1 7 Fe b -1 8 Ju l
Slide 18: New Opportunities for Peabody
2 18 New Opportunities for Peabody
Slide 19: Opening New West Coast Export Channels for PRB Coal
19 Opening New West Coast Export Channels for PRB Coal Peabody successfully completed an initial test shipment through Mexico’s Port of Guaymas, loading a Panamax-sized vessel for delivery to an Asian customer. Port of Guaymas in Mexico and Port of Oakland in California PROVEN EXECUTION Loaded early
Slide 20: Unlocking Additional Value from Our Vast Reserves and Land
20 Unlocking Additional Value from Our Vast Reserves and Land Opportunistic capital-light approach to further enhance shareholder value METHANE-TO-POWER AT CENTURION Capturing methane that would otherwise be flared and converting to onsite power. Generating ~25% of Centurion’s power needs. R3 RENEWA
Slide 21: The Investment Case
The Investment Case Peabody BUILDING BRIGHTER FUTURES
Slide 22: A Disciplined Shareholder-Return Framework
22 A Disciplined Shareholder-Return Framework REINVEST IN THE BUSINESS Sustaining capital plus high-return organic growth. BALANCE SHEET PROTECTION Net-cash position and maintain sufficient liquidity to execute strategy throughout price cycles. RETURN EXCESS CASH 65-100% of Available FCF 1 returned
Slide 23: Recent Financial Actions Further Strengthen Capital Structure
23 $811 $460 1Q 2Q Restricted Cash and Collateral Recent Financial Actions Further Strengthen Capital Structure CONVERTIBLE NOTE REFINANCE • Issued $250 million of 0.50% notes due 2031; repurchased $241.2 million of the 3.25% 2028 notes. • Reduced net potential share dilution by 6.2 million shares.
Slide 24: The Peabody Platform: The Diversified Choice + Material Upside
24 $20.82 $39.50 $28.85 $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 2026 Low 2026 High Latest Close The Peabody Platform: The Diversified Choice + Material Upside Diversified exposure, Tier 1 growth and 65–100% of Available Free Cash Flow returned to owners Two Continents, Two Products Metallurgical and t
Slide 25: Investor Relations Contact
25 Investor Relations Contact: Kala Finklang ir@peabodyenergy.com
Slide 26: Appendix
Appendix BRIGHTER 26
Slide 27: NARM Investor Site Visit & Presentation
27 NARM Investor Site Visit & Presentation 2026 mine tour on September 23rd • Our investor and analyst community is invited to our 2026 Investor Site Visit at our North Antelope Rochelle Mine in Wyoming. • Following the tour, we will have a presentation and Q&A with Peabody executive leadership. • S
Slide 28: 2026 Guidance
28 2026 Guidance Certain forward-looking measures and metrics presented are non-GAAP financial and operating/statistical measures. Due to the volatility and variability of certain items needed to reconcile these measures to their nearest GAAP measure, no reconciliation can be provided without unreas
Slide 29: Average Market Pricing by Quarter
29 Average Market Pricing by Quarter 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 Premium low vol hard coking coal (Premium HCC)(1) $238.27 $234.67 $200.13 $183.51 $184.22 Premium low vol pulverized coal injection (Premium PCI) coal(1) $161.49 $161.15 $140.07 $143.24 $137.77 Newcastle inde
Slide 30: Operations Overview: Seaborne Metallurgical Segment
30 Operations Overview: Seaborne Metallurgical Segment Production is for full year 2025 at share. Reserves reflect estimated proven and probable reserves as of December 31, 2025. Strategic Advantage: Multiple locations and products, positioned to serve Asia Pacific and Atlantic market Metropolitan M
Slide 31: Operations Overview: Seaborne Thermal Segment
31 Operations Overview: Seaborne Thermal Segment Production is for full year 2025 at share. Reserves reflect estimated proven and probable reserves as of December 31, 2025. Wilpinjong Mine Production: 10.5 million tons (export and domestic) Reserves: 79 million tons Type: Surface - Dozer/Cast, Truck
Slide 32: Operations Overview: PRB Segment
32 Operations Overview: PRB Segment Production is for full year 2025 at share. Reserves reflect estimated proven and probable reserves as of December 31, 2025. Strategic Advantage: Low-cost operations, largest producer, significant reserves, shared resources, technologies North Antelope Rochelle Min
Slide 33: Operations Overview: Other U.S. Thermal Segment
33 Operations Overview: Other U.S. Thermal Segment Production is for full year 2025 at share. Reserves reflect estimated proven and probable reserves as of December 31, 2025. Strategic Advantage: Located to serve regional customers in high coal utilization regions with competitive cost operations an
Slide 34: Mines Full Year 2025
34 Mines Full Year 2025 Seaborne Metallurgical • Centurion • Shoal Creek • Metropolitan • Coppabella / Moorvale (CMJV) • Tons Sold (millions) • Revenue per Ton • Costs per Ton • Adjusted EBITDA per Ton • Adjusted EBITDA (millions) 8.6 $120.88 $114.31 $6.57 $56.4 Seaborne Thermal • Wilpinjong • Wambo
Slide 35: Reconciliation of Non-GAAP Measures
35 Reconciliation of Non-GAAP Measures Note: Refer to definitions and footnotes on slide 40. 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
Slide 36: Reconciliation of Non-GAAP Measures
36 Reconciliation of Non-GAAP Measures Note: Refer to definitions and footnotes on slide 40. 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 EBI
Slide 37: Reconciliation of Non-GAAP Measures
37 Reconciliation of Non-GAAP Measures Note: Refer to definitions and footnotes on slide 40. 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 Reconciliatio
Slide 38: Reconciliation of Non-GAAP Measures
38 Reconciliation of Non-GAAP Measures Note: Refer to definitions and footnotes on slide 40. Six Months Ended June 30, 2026 Available Free Cash Flow (In Millions) (5) Net Cash Provided By Operating Activities $ 28.6 Net Cash Used In Investing Activities (184.1) Distributions to Noncontrolling Intere
Slide 39: Reconciliation of Non-GAAP Measures
39 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 me
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