Warrior Met Coal, Inc. · NYSE:HCC
Warrior Met Coal — Q4 2025 Earnings Presentation
22 slides from Warrior Met Coal's earnings presentation, Feb 12, 2026
Slide 1: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results February 12, 2026
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: First Quartile Global Cost Curve Position Strengthened
Warrior: First Quartile Global Cost Curve Position Strengthened 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 Sy
Slide 4: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights Commenced the highly anticipated longwall operations at Blue Creek eight months ahead of schedule, on budget and funded entirely from cash from operations. Achieved record quarterly sales volumes of 2.9 million short tons (“St”)(1) of steelmaking coal, representing
Slide 5: Key Metrics for Three Months Ended December 31, 2025 vs. 2024
Key Metrics for Three Months Ended December 31, 2025 vs. 2024 For the three months ended December 31, 2025 2024 % Change Tons sold (in 000s St) 2,883 1,887 53% Tons produced (in 000s St) 3,392 2,108 61% Average net selling price (per St) $129.60 $154.54 (16%) Cash cost of sales*(1) (per St) $93.53 $
Slide 6: Full Year 2025 Highlights
Full Year 2025 Highlights Commenced the highly anticipated longwall operations at Blue Creek eight months ahead of schedule, on budget and funded entirely from cash from operations. Achieved record annual sales volumes of 9.6 million St and record annual production volumes of 10.2 million St of
Slide 7: Key Metrics for Years Ended December 31, 2025 vs. 2024
Key Metrics for Years Ended December 31, 2025 vs. 2024 For the years ended December 31, 2025 2024 % Change Tons sold (in 000s St) 9,629 7,975 21% Tons produced (in 000s St) 10,203 8,247 24% Average net selling price (per St) $132.62 $188.09 (29%) Cash cost of sales*(1) (per St) $101.30 $125.29 19% R
Slide 8: 2025 Full Year Achievements vs. Guidance
2025 Full Year Achievements vs. Guidance Guidance Actual Result Coal sales (million St) 9.2 – 9.6 9.6 Within Coal production (million St) 9.4 – 9.8 10.2 Exceeded Cash cost of sales*(1) (free-on-board port) per St $105 - $110 $101.30 Exceeded Capital expenditures for existing mines ($ in millio
Slide 9: Customer Volumes by Coal Type and Geography Demonstrate Premium Product Mix
Customer Volumes by Coal Type and Geography Demonstrate Premium Product Mix and Logistical Cost Advantage to the Seaborne Market Customer Volume by Basin Customer Volume by Geography Customer Volume by Coal Type Q4 2025 YTD 2025 Q4 2025 YTD 2025 Q4 2025 YTD 2025 Atlantic Europe 1% PLV Pacific 9% 14%
Slide 10: Leverage Ratios and Liquidity
Leverage Ratios and Liquidity Financial Metrics ($ in millions except ratios) Leverage (for the year ended December 31, 2025) Adjusted EBITDA* $ 256.5 (1) Consolidated Net Cash* (104.9) (2) Net Leverage Ratio (0.41x) Gross Leverage Ratio (3) 0.93x Liquidity (as of December 31, 2025) Cash and Cash Eq
Slide 11: 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 Q4 2025 Q4 2025 Blue Creek Project $225 $250 Mines $90 $2
Slide 12: 2026 Guidance Raised Following Early Blue Creek Longwall Startup
2026 Guidance Raised Following Early Blue Creek Longwall Startup(1) Due to the accelerated startup of the Blue Creek Longwall combined with continued operational excellence at Mines No. 4 and 7, the Company is raising production and sales volume guidance for 2026 Coal Sales Coal Production Cash Cost
Slide 13: Update on Now Operational Blue Creek
Update on Now Operational Blue Creek
Slide 14: Project Update: Eight Months Ahead of Schedule and On Budget
Project Update: Eight Months 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 12/31/25: $956.8M Fully funded by cash from operations Warrior proactively expanded the original project scope
Slide 15: Hitting All Major Project Milestones On Schedule or Earlier
Hitting All Major Project Milestones On Schedule or Earlier Middle Middle Q3 Q3 Q4 of of Q4 2025 Q1 2026 2024 2025 2025 2025 2025 Source: Company information 15
Slide 16: Appendix/Reconciliations
\\ WARRIOR Appendix/Reconciliations
Slide 17: Appendix
Appendix For the three months ended For the three months ended December 31, 2025 (Unaudited) December 31, 2024 (Unaudited) Short Tons Metric Tons Short Tons Metric Tons Tons sold (in 000s) 2,883 2,615 1,887 1,712 Tons produced (in 000s) 3,392 3,077 2,108 1,912 Average net selling price per ton $129.
Slide 18: Appendix
Appendix For the year ended For the year ended December 31, 2025 (Unaudited) December 31, 2024 (Unaudited) Short Tons Metric Tons Short Tons Metric Tons Tons sold (in 000s) 9,629 8,735 7,975 7,235 Tons produced (in 000s) 10,203 9,256 8,247 7,482 Average net selling price per ton $132.62 $146.20 $188
Slide 19: Appendix Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures Reconciliation of Adjusted EBITDA(1), Adjusted EBITDA margin (2) and Adjusted EBITDA per short ton (2) to Amounts Reported Under U.S. GAAP For the three months ended For the years ended December 31, (Unaudited) December 31, (in thousands) 2025 2024 2025 2024 Net
Slide 20: 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 years ended December 31, (Unaudited) December 31, (in thousands) 2025 2024 2025 2024 Net cash provided by operating activit
Slide 21: 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 years ended December 31, (Unaudited) December 31, (in thousands) 2025 2024 2025 2024 Cost of sales $ 270,729 $ 228,808 $ 982,
Slide 22: Source
Source: Company information