Core Natural Resources, Inc. · NYSE:CNR
Core Natural Resources — Q3 2025 Earnings Presentation
28 slides from Core Natural Resources's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter 2025 Earnings Supplement
1 Third Quarter 2025 Earnings Supplement November 6, 2025
Slide 2: Forward-Looking Statements
2 FORWARD-LOOKING STATEMENTS This communication contains certain “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “years ahead,” “look forward” and similar expressions. Forward-looking statements are not stateme
Slide 3: Third Quarter 2025 Highlights
3 THIRD QUARTER 2025 HIGHLIGHTS • Delivers solid results and free cash flow despite a mixed market environment Reports net income of $31.6 million, or $0.61 per diluted share, and adjusted EBITDA1 of $141.2 million Both totals included fire extinguishment and idle mine cash costs of $18.4 millio
Slide 4: The Premier Pure-Play Global Coal Producer
4 THE PREMIER PURE-PLAY GLOBAL COAL PRODUCER, STRATEGICALLY POSITIONED TO SUPPLY THE WORLD’S GROWING STEEL, INDUSTRIAL, AND ENERGY NEEDS WHILE MANAGING BY OUR CORE VALUES OF SAFETY AND COMPLIANCE, CONTINUOUS IMPROVEMENT, AND FINANCIAL PERFORMANCE 4 Safety-Based Culture Highly skilled workforce with
Slide 5: Leading Metallurgical and High C.V. Thermal Portfolios
5 11 mines anchored by eight longwalls 85 mm 2024 total tons sold 27 Mtpa export capacity via ownership interests in two marine terminals KEY STATISTICS Core Marine Terminal (“CMT”) Accessible terminal capacity Core Natural Resources headquarters Vancouver Long Beach Houston New Orleans Dominion Ter
Slide 6: Financial Results
6 FINANCIAL RESULTS CORE GENERATED SUBSTANTIAL ADJUSTED EBITDA IN Q3, WHILE FREE CASH FLOW DECLINED DUE PRINCIPALLY TO WORKING CAPITAL CHANGES $123.5 $144.3 $141.2 Q1 Q2 Q3 Adjusted EBITDA1 (in millions of $US) • Solid execution across most of the platform – counterbalanced by the continued longwall
Slide 7: Capital Return Program
7 CAPITAL RETURN PROGRAM DURING Q3, CORE RETURNED $24.6 MILLION TO STOCKHOLDERS, BRINGING TOTAL TO $218.3 MILLION SINCE PROGRAM’S LAUNCH 54.0 52.6 51.5 51.2 2/20/2025 3/31/2025 6/30/2025 9/30/2025 Reduction In Shares Outstanding Since February 20, 2025 (in millions of shares outstanding) Capital Ret
Slide 8: Committed Volumes
8 COMMITTED VOLUMES 2025 CONTRACTED POSITION FOR CORE’S THREE MINING SEGMENTS 6/30/25 9/30/25 High Calorific Value Thermal Segment (projected volumes and committed and priced position, in short tons and realized coal revenue per ton sold1) Metallurgical Segment (projected coking coal volumes and com
Slide 9: Cost Execution
9 COST EXECUTION CASH COST EXECUTION FOR CORE’S THREE MINING SEGMENTS Segment Q2 Q3 High Calorific Value Thermal $39.47 $40.53 Metallurgical $95.93 $94.18 Powder River Basin $13.40 $13.04 • Core’s high calorific value thermal segment experienced a modest increase in cash cost of coal sold per ton1 p
Slide 10: Leer South Is Ready to Recover, Reposition, and Restart the Longwall
10 LEER SOUTH IS READY TO RECOVER, REPOSITION, AND RESTART THE LONGWALL SYSTEM ONCE MSHA PERSONNEL ARE AVAILABLE • The Leer South longwall has been idled since January 13, 2025, in the wake of a combustion-related event in a mined-out area of the operation • The Core team is prepared to reenter the
Slide 11: Federal Policy Developments Supporting Coal
11 • In April 2025, President Trump issued a series of executive orders intended to reduce the regulatory burden on America’s coal- based power plants and ensure the long-term preservation of the U.S. coal fleet • On July 4th, the President signed into law the “One Big Beautiful Bill Act,” which inc
Slide 12: Data Center Build-Out and U.S. Power Demand
12 DATA CENTER BUILD-OUT COULD HAVE PROFOUND IMPLICATIONS FOR U.S. POWER DEMAND • Goldman Sachs estimates that data centers now account for 8% of total U.S. power demand and are a prime mover in forecasted future power demand growth of 2.5% • Data center growth is taking place in many key coal-consu
Slide 13: U.S. Power Demand Is Climbing After Years of Stagnation
13 OTHER KEY DEVELOPMENTS FOR THE DOMESTIC COAL MARKET: U.S. POWER DEMAND IS CLIMBING AFTER YEARS OF STAGNATION • U.S. power demand was nearly flat between 2004 and 2023 • In 2024, U.S. power demand increased 2.3% and is up 2.6% year-to-date in 2025 • While some of this recent uplift could be weathe
Slide 14: U.S. Coal Fleet Capacity Factor Is Rebounding
14 THE AVERAGE CAPACITY FACTOR OF THE U.S. COAL FLEET IS STARTING TO REBOUND – AND HAS SUBSTANTIAL ROOM FOR GROWTH Source: EIA, Internal 73% 41% 43% 50% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 202
Slide 15: Global Cement Production Projected to Climb Through 2050
15 GLOBAL CEMENT PRODUCTION IN THE WORLD EXCLUDING CHINA IS PROJECTED TO CLIMB MARKEDLY THROUGH 2050 Global Cement Production (in millions of metric tons) Source: Wood Mackenzie, Internal 0 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 3,000 3,250 2 00 0 2 00 1 2 00 2 2 00 3 2 00 4 2 0
Slide 16: Global Seaborne Metallurgical Coal Demand Growth
16 GLOBAL SEABORNE DEMAND FOR METALLURGICAL COAL IS EXPECTED TO GROW STEADILY THROUGH MID-CENTURY 100 200 300 400 500 • Global seaborne metallurgical coal demand is expected to climb through 2050, buoyed by continued economic development and urbanization in India and the rest of Southeast Asia • Bas
Slide 17: Blast Furnace Growth in India and Southeast Asia
17 BLAST FURNACE GROWTH IN INDIA AND THE REST OF SOUTHEAST ASIA IS PROJECTED TO APPROACH 130 MILLION TONS BY ~2030 8 2 7 24 24 26 8 16 16 39 40 49 RINL AM/NS JSPL TATA SAIL JSW Wood Mackenzie estimates that Southeast Asia’s steel production will grow by more than 70% from 2024 to 2030 – from 56 mill
Slide 18: Global Coking Coal Production Below Peak Levels
18 18 GLOBAL COKING COAL PRODUCTION IN THE PRIMARY, HIGH- QUALITY SUPPLY REGIONS REMAINS WELL BELOW PEAK LEVELS Producer Peak Year Peak Exports (mt) 2024 Exports (mt) 2024 Change from Peak (mt) 2024 Change from Peak (%) 2025 Forecast (mt) Australia 2016 189.2 153.0 (36.2) (19.1%) 149.0 United States
Slide 19: REE and CM Opportunities at Western Operations
19 • REE and CM Opportunities at Core’s Large-Scale Western Operations • Core recently completed a sampling and analysis program at its PRB mines in collaboration with the University of Wyoming that demonstrated elevated ash-basis concentrations of certain rare earth elements (REEs) and critical min
Slide 20: Next Phase of REE and CM Evaluation
20 • The U.S. Department of Energy announced in August that it intends to issue nearly $1 billion of funding focused on securing the American critical minerals and materials supply chain, with some of this funding directed specifically toward critical minerals recovery from coal industry-based feeds
Slide 21: Maintaining a Strong Balance Sheet
21 $445 $307 Tax Exempt Bonds $521 $112 $29 Liquidity Sources at 9/30/25 Total Debt at 9/30/25 Total Liquidity = $995 MillionRevolving Credit Facility Availability Cash and Cash Equivalents Equipment Leases and Other Debt MAINTAINING A STRONG BALANCE SHEET THAT SUPPORTS SUBSTANTIAL FINANCIAL FLEXIBI
Slide 22: Non-GAAP Reconciliations
22 NON-GAAP RECONCILIATIONS High CV Thermal Metallurgical PRB Baltimore Marine Terminal Idle and Other Eliminations Consolidated Cost of Sales $ 375,552 $ 275,222 $ 172,775 $ 7,626 $ 10,484 $ (14,187) $ 827,472 Less: Adjustments to Reconcile to Segment Cash Cost of Coal Sold Transportation Costs 69,
Slide 23: Non-GAAP Reconciliations - Continued
23 NON-GAAP RECONCILIATIONS - CONTINUED High CV Thermal Metallurgical PRB Baltimore Marine Terminal Idle and Other Eliminations Consolidated Cost of Sales $ 430,142 $ 302,696 $ 170,706 $ 7,578 $ 19,484 $ (18,032) $ 912,574 Less: Adjustments to Reconcile to Segment Cash Cost of Coal Sold Transportati
Slide 24: Non-GAAP Reconciliations - Continued
24 NON-GAAP RECONCILIATIONS - CONTINUED High CV Thermal Metallurgical PRB Baltimore Marine Terminal Other and Corporate Consolidated Net Income (Loss) 86,327$ (47,909)$ 4,796$ 10,754$ (22,370)$ 31,598$ Income Tax Benefit — — — — (52,998) (52,998) Interest Expense, net — — — — 3,028 3,028 Depreciatio
Slide 25: Non-GAAP Reconciliations - Continued
25 NON-GAAP RECONCILIATIONS - CONTINUED High CV Thermal Metallurgical PRB Baltimore Marine Terminal Other and Corporate Consolidated Net Income (Loss) 124,337$ (78,019)$ 10,500$ 13,600$ (106,974)$ (36,556)$ Income Tax Expense — — — — 7,116 7,116 Interest Expense, net — — — — 3,650 3,650 Depreciation
Slide 26: Non-GAAP Reconciliations - Continued
26 NON-GAAP RECONCILIATIONS - CONTINUED High CV Thermal Metallurgical PRB Baltimore Marine Terminal Other and Corporate Consolidated Net Income (Loss) 93,506$ (65,472)$ 15,911$ 12,022$ (125,244)$ (69,277)$ Income Tax Benefit — — — — (4,216) (4,216) Interest Expense, net — — — — 1,701 1,701 Depreciat
Slide 27: Non-GAAP Reconciliations - Continued
27 NON-GAAP RECONCILIATIONS - CONTINUED Three Months Ended Three Months Ended Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 Net Cash Provided by (Used in) Operating Activities $ 87,919 $ 220,161 $ (109,638) Capital Expenditures (49,297) (89,185) (64,822) Proceeds from Sales of A
Slide 28: Non-GAAP Reconciliations - Continued
28 NON-GAAP RECONCILIATIONS - CONTINUED September 30, 2025 Total Long-Term Debt $ 313,221 Finance Lease Obligations 21,291 Current Portion of Long-Term Debt 83,796 Add: Debt Issuance Costs 6,716 Less: Advance Royalty Commitments (6,148) Total Consolidated Indebtedness $ 418,876 Less: Cash on Hand (4
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