Alpha Metallurgical Resources, Inc. · NYSE:AMR
Alpha Metallurgical Resources — Investor Presentation (May 2025)
32 slides from Alpha Metallurgical Resources's investor presentation, May 9, 2025
Slide 1: Investor Presentation May 2025
1A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y I NVESTOR P R ES ENTAT I ON M AY 2 0 2 5
Slide 2: Forward Looking Statements
2A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y F O R WA R D LO O K I N G S TAT E M E N T S This presentation includes statements of our expectations, intentions, plans and beliefs that constitute “forward-looking st
Slide 3: Business Overview
3A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y BUSINESS OVERVIEW
Slide 4: Alpha at a Glance
4A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y 19 Mines 8 Preparation Plants 2 Standalone Loadouts 1 Dock 1 Export Terminal2 WV VA DTA Export Terminal2 Company Mines Processing and Shipping Facilities 76%
Slide 5: Safety, Environmental Awareness and Commitment to Continuous Improvement
5A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y S A F E T Y, E N V I R O N M E N TA L AWA R E N E S S A N D A C O M M I T M E N T T O C O N T I N U O U S I M P R O V E M E N T – E S S E N T I A L C O M P O N E N T S
Slide 6: Overview of Alpha's Mining Complexes
6A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y OV E RV I E W O F A L P H A’ S M I N I N G CO M P L E X E S Mining Complex Location Rail Marfork West Virginia Black Eagle Panther Eagle Horse Creek Eagle Glen
Slide 7: Key Investment Highlights
7A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y KEY INVESTMENT HIGHLIGHTS
Slide 8: Key Investment Highlights
8A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y K E Y I N V E S T M E N T H I G H L I G H T S Strategically Located Assets With Ability to Serve Both Domestic and Export Markets Experienced Management Team With Deep
Slide 9: Outlook for Metallurgical Coal Remains Robust
9A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y 1,337 1,506 1,508 1,525 1,539 1,552 1,566 1,606 2015A 2024 2025 2026 2027 2028 2029 2034 223 232 237 234 231 228 224 217 207 204 2025 2026 2027 2028 2029 2030 2031 2032
Slide 10: Largest and Most Diverse Domestic Metallurgical Coal Supplier in the US
1 0A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y Metallurgical Coal Sold (2024A, Million tons) Number of Coal Operating Complexes (Global) 6 3 4 1 4 Steel-Making Coal Types Sold Low Vol Mid Vol High Vol-A/B
Slide 11: Strategically Located Assets Serving Domestic and Export Markets
1 1A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y S T R AT E G I C A L LY LO C AT E D AS S E T S W I T H A B I L I T Y TO S E RV E B OT H D O M E S T I C A N D E X P O R T M A R K E T S 3 Note: Metrics as of year-end
Slide 12: Flexible Cost Structure Enables Resilience Through the Commodity Price Cycle
1 2A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y Source: 1 Represents Non-GAAP coal margin per ton. Refer to Appendix for a reconciliation of this non-GAAP financial measure. 2 Excludes discontinued operations. 3 Re
Slide 13: Disciplined Capital Return Policy
1 3A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y $85 $1,300 $575 $349 $1 $535 $653 $125 2021A 2022A 2023A 2024A (U S$ in M ill io ns ) Free Cash Flow Distributions D I S C I P L I N E D C A P I TA L R E T U R N P O
Slide 14: Strong Culture of Commitment to Safety, Environmental Stewardship
1 4A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y S T R O N G C U LT U R E O F C O M M I T M E N T T O S A F E T Y, E N V I R O N M E N TA L S T E WA R D S H I P, A N D C O N T I N U O U S I M P R O V E M E N T6 Envi
Slide 15: Experienced Management Team
1 5A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y E X P E R I E N C E D M A N AG E M E N T T E A M W I T H D E E P I N D U S T RY E X P E R T I S E A N D FA M I L I A R I T Y W I T H A L P H A’ S AS S E T B AS E 7 Se
Slide 16: Financial Summary
1 6A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y FINANCIAL SUMMARY
Slide 17: Capital Allocation Priorities
1 7A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y Capital Allocation Priorities • Strong balance sheet with conservative pro forma leverage • Flexible operations enable strong free cash flow generation • Target minim
Slide 18: Strong Cash Flow Generation Through Volatile Markets
1 8A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Net Leverage3 0.7x 0.1x (0.1)x (0.2)x (0.2)x (0.1)x (0.3)x (0.3)x (0.2)x (0.3)x (0
Slide 19: Historical Financial Summary
1 9A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y $(71) $(28) $85 $1,300 $575 $349 2019 2020 2021 2022 2023 2024 $264 $83 $534 $1,741 $1,033 $408 2019 2020 2021 2022 2023 2024 17.2 15.5 16.8 16.4 17.1 17.1 2019 2020
Slide 20: Disciplined Capital Expenditures
2 0A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y $192.4 $154.0 $83.3 $164.3 $245.4 $198.8 $140.0 $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 2019A 2020A 2021A 2022A 2023A 2024A 2025E Carryover 2 $10 Milli
Slide 21: Appendix A: Supplemental Materials
2 1A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A YAP P ENDIX A : SUP P LEMENTAL MAT ER I ALS
Slide 22: Safety Drives Our Culture and Continuous Improvement
2 2A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y 3.09 3.04 3.02 2.37 2.21 2.22 2022 2023* 2024 YTD1 Coal Industry Average Total Reportable Incident Rate (TRIR) 2.20 2.23 2.22 1.05 1.30 1.35 2022* 2023 2024 YTD1 Non-
Slide 23: Projected Future Cash Outflows
2 3A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y Cash Outflows (US$ millions) 2025E 2026E 2027E 2028E Asset Retirement Obligations 1 $19.9 $37.9 $27.5 $31.8 Pension Obligations 2 16.5 25.2 * * Total Cash Outflows $3
Slide 24: M R I N V E S T O R P R E S
2 4A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y 1 Based on committed and priced coal shipments as of May 1, 2025. Committed percentage based on the midpoint of shipment guidance range. 2 Actual average per-ton real
Slide 25: Appendix B: Non-GAAP Financial Measures & Reconciliations
2 5A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A YAP P ENDIX B : NON- GAAP F INANCIAL MEASUR ES & R ECONCI L I AT I ONS
Slide 26: Non-GAAP Financial Measures
2 6A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y N O N - G AA P F I N A N C I A L M E AS U R E S The Investor Presentation contains “non-GAAP financial measures.” These are financial measures that either exclude or
Slide 27: Adjusted EBITDA Reconciliation
2 7A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y A DJ U S T E D E B I T DA R E CO N C I L I AT I O N 1 The 2019 and 2020 periods only include continuing operations. (Amounts in thousands) 2019 2020 2021 2022 2023 20
Slide 28: Adjusted EBITDA, Margin, Net Leverage and Gross Leverage Reconciliations
2 8A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y A DJ U S T E D E B I T DA , M A R G I N , N E T L E V E R AG E , A N D G R O S S L E V E R AG E R E CO N C I L I AT I O N S 2019 2020 2021 2022 2023 2024 Adjusted EBI
Slide 29: Non-GAAP Revenue and Cost of Coal Sales Reconciliations (1/2)
2 9A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y N O N - G AA P R E V E N U E A N D CO S T O F COA L S A L E S R E CO N C I L I AT I O N S ( 1 /2 ) 1 2021 period was recast to reclassify discontinued operations and
Slide 30: Non-GAAP Revenue and Cost of Coal Sales Reconciliations (2/2)
3 0A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y N O N - G AA P R E V E N U E A N D CO S T O F COA L S A L E S R E CO N C I L I AT I O N S ( 2 /2 ) (Amounts in thousands, except per ton data) Year Ended December 31,
Slide 31: Free Cash Flow (FCF) Reconciliation
3 1A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y F R E E C AS H F LOW ( F C F ) R E CO N C I L I AT I O N (Amounts in thousands) 2019 2020 2021 2022 2023 2024 Cash flow from operations 131,880$ 129,236$ 174,943$ 1,4
Slide 32: Total Distributions & Shareholder Return as a % of Excess Liquidity Reconciliations
3 2A M R R a t i n g s A g e n c y P r e s e n t a t i o n J a n u a r y 2 0 2 5 |A M R I N V E S T O R P R E S E N T A T I O N M A Y TOTA L D I S T R I B U T I O N S & S H A R E H O L D E R R E T U R N AS A % O F E XC E S S L I Q U I D I T Y R E CO N C I L I AT I O N S (Amounts in thousands, except
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