Peabody Energy Corporation · NYSE:BTU
Peabody Energy — B. Riley Investor Conference 2025
34 slides from Peabody Energy's conference presentation, May 2025
Slide 1: B. Riley Investor Conference
B. Riley Investor Conference May 2025 1
Slide 2: Important Information
Important Information 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 as "exp
Slide 3: Key Investment Themes
Key Investment Themes 1 Managing Safe, Efficient and Environmentally Sound Operations 2 Positioned to Benefit from Megatrends with Diverse Portfolio 3 Increased Focus on Steelmaking Coal Asset Base 4 Thermal Platform Provides Stable Baseload Cash Flows 5 Disciplined Approach to Capital Allocation Th
Slide 4: Managing Safe, Efficient and Environmentally Sound Operations
Managing Safe, Efficient and Environmentally Sound Operations
Slide 5: 2024 a Record Year for Safety and Environmental Performance
2024 a Record Year for Safety and Environmental Performance Peabody incident rate below industry and even service sectors • Both U.S. and Australian 5.3 operations had record years 4.5 4.5 in 2024 with combined incident 4.3 rate of 0.81 Incident Rate 3.4 2.9 3.1 3.1 3.1 o Lowest incident rate in 140
Slide 6: Peabody Quick Facts
Peabody Quick Facts1 1 All statistics are for the year ended December 31, 2024. 2 Total Recordable Incident Frequency Rate (‘TRIFR’) equals recordable incidents per 200,000 hours worked. 3 Adjusted EBITDA is a non-GAAP financial measure. Refer to the definitions and reconciliations to the nearest GA
Slide 7: Positioned to Benefit from Megatrends with Diverse Portfolio
Positioned to Benefit from Megatrends with Diverse Portfolio
Slide 8: Peabody Capitalizing on Favorable Megatrends
Peabody Capitalizing on Favorable Megatrends Growing Metallurgical Coal • Peabody is expected to grow its steelmaking Demand for Steel Production, coal Adjusted EBITDA(1) from 25% in 2024 to Driven by SE Asia 50%(2) in 2026 PLV HCC is Becoming • Peabody increasing PLV HCC production with Increasingl
Slide 9: Increased Focus on Steelmaking Coal Asset Base
Increased Focus on Steelmaking Coal Asset Base
Slide 10: Seaborne Met Coal Markets: Seaborne Asia Drives Demand
Seaborne Met Coal Markets: Seaborne Asia Drives Demand Asia Constitutes >100% of Growth in Long-Term Seaborne Met Coal Near-Term Coal Pricing Global Steel Demand in Past Decade Demand Expected to Grow Rebounding from Recent Lows • Asia steel use increases 225 New Supply of HCC Required • Pricing reb
Slide 11: Centurion Transforms Peabody's Seaborne Metallurgical Coal Segment
Centurion Transforms Peabody’s Seaborne Metallurgical Coal Segment Metallurgical Coal Sales Metallurgical Sales Volume By Grade Short Tons in Millions 2024 11% 12 Premium LV HCC PCI 21% 47% High Vol A +64% 4.7 AUS Low Vol HCC Other 19% +38% 2024PF(1) Premium LV HCC 7.3 7.3 7% 13% Premium LV HCC 39%
Slide 12: World-Class Centurion Mine on Pace for Q1 2026 Longwall Startup
World-Class Centurion Mine on Pace for Q1 2026 Longwall Startup • Tier one premium hard coking coal mine complex located in the heart of Bowen Basin • Expecting 500,000 tons in 2025 and 3.5 million tons in 2026 • Mine life of 25+ years with ~140 million ton integrated mine plan • Projecting an avera
Slide 13: Thermal Coal Platform Provides Stable Baseload Cash Flows
Thermal Coal Platform Provides Stable Baseload Cash Flows
Slide 14: Seaborne Thermal Markets: Fueling Growing Asian Generation
Seaborne Thermal Markets: Fueling Growing Asian Generation Upcoming Summer Demand Projected IEA Notes Global Coal Demand Continued Shift in Seaborne Thermal to Support Near-Term Thermal Reached Record Levels in 2024 Demand to Asia-Pacific Region Supply/Demand Balance • World used 8.77 billion tonnes
Slide 15: High Margin Seaborne Thermal Business with Low Costs
High Margin Seaborne Thermal Business with Low Costs • Platform delivers high margins throughout the cycle driven by Seaborne Thermal Adjusted EBITDA(1) efficient operations, delivering high levels of free cash flow Outpaced Investment by 9-1 Margin • Wilpinjong Mine is one of Australia’s most produ
Slide 16: U.S. Markets: Policy and Electricity Demand Landscape Creates Tailwinds
U.S. Markets: Policy and Electricity Demand Landscape Creates Tailwinds for Domestic Coal Analysts Project Strong Need for Generation Creating Major Near-Term U.S. Coal Growth in U.S. Power Demand Pause in Coal Plant Retirements Demand Tightening • After 15 years of flat load • President Trump autho
Slide 17: Highly Cash Flowing U.S. Thermal Business Well Positioned
Highly Cash Flowing U.S. Thermal Business Well Positioned • U.S. Thermal platform generates substantial free cash flow with low investments and strong margins U.S. Thermal Adjusted EBITDA(1) • Platform consists of 9 mines serving U.S. customers in 25 states Outpaced Investment by 4-1 Margin • 2025 P
Slide 18: Disciplined Approach to Capital Allocation Through the Cycle
Disciplined Approach to Capital Allocation Through the Cycle
Slide 19: Strategic Capital Allocation Track Record
Strategic Capital Allocation Track Record Capital Allocation (2020-Present) Go-Forward Capital Allocation Strategy US$ in Millions • Maintain Strong Liquidity: $700(3) million cash on $710 Liquidity hand together with an unfunded $320 million Management Revolver enables Peabody to weather a variety
Slide 20: We Believe BTU Offers an Attractive Investment Opportunity
We Believe BTU Offers an Attractive Investment Opportunity BTU Share Price at Relative Valuations(1) $71 • Peabody is committed to $61 increasing long-term cash flow per $55 share • Focus on expanding shareholder value proposition with long-term earnings growth, shareholder $32 returns and a favorab
Slide 21: Appendix
Appendix
Slide 22: Anglo American Acquisition Update
Anglo American Acquisition Update • On May 5, 2025, Peabody announced that it notified Anglo American Plc of a Material Adverse Change (MAC) impacting Peabody’s planned Centurion acquisition of steelmaking coal assets from Anglo Coppabella Moranbah North Moorvale • The MAC relates to issues involvin
Slide 23: 2025 Guidance Table
2025 Guidance Table Guidance Targets (Excluding Contributions from Planned Acquisition) Segment Performance Second Quarter 2025 Outlook 2025 Full Year Priced Seaborne Thermal Total Volume Priced Volume Volume • Volume is expected to be 4.0 million tons, including 2.5 million (millions of (millions o
Slide 24: Operations Overview: Seaborne Metallurgical Segment
Operations Overview: Seaborne Metallurgical Segment Strategic Advantage: Multiple locations and products, positioned to serve Asia Pacific and Atlantic market Centurion Mine Metropolitan Mine Production: 0.2 million tons Production: 1.8 million tons Reserves: 191 million tons Reserves: 11 million to
Slide 25: Operations Overview: Seaborne Thermal Segment
Operations Overview: Seaborne Thermal Segment Strategic Advantage: High margin operations positioned to serve Asia Pacific market Wilpinjong Mine Wambo Underground Production: 12.6 million tons (export and domestic) Production: 1.4 million tons Reserves: 46 million tons Reserves: 1 million tons Type
Slide 26: Operations Overview: PRB Segment
Operations Overview: PRB Segment Strategic Advantage: Low-cost operations, largest producer, significant reserves, shared resources, technologies North Antelope Rochelle Mine (NARM) Rawhide Mine Production: 59.7 million tons Production: 9.1 million tons Reserves: 1,300 million tons Reserves: 80 mill
Slide 27: Operations Overview: Other U.S. Thermal Segment
Operations Overview: Other U.S. Thermal Segment Strategic Advantage: Located to serve regional customers in high coal utilization regions with competitive cost operations and ample reserves / resources Bear Run Mine Gateway North Mine Production: 5.0 million tons Production: 2.1 million tons Reserve
Slide 28: Peabody's Business Segments
Peabody’s Business Segments (1) Mines Full Year 2024 • Tons Sold (millions) 7.3 • Centurion • Revenue per Ton $144.97 Seaborne • Shoal Creek • Costs per Ton $122.77 • Metropolitan Metallurgical • Adjusted EBITDA Margin per Ton $22.20 • Coppabella / Moorvale (CMJV) • Adjusted EBITDA (millions) $242.5
Slide 29: Existing Assets Offer Additional Opportunities to Create Value
Existing Assets Offer Additional Opportunities to Create Value • Centurion Mine in Queensland, Australia is in pre-development to construct a 5 MW power station that will utilize gas removed from the mine. This is a next step in reducing our emissions and will also help lower our energy Peabody has
Slide 30: Defined Sustainability Targets
Defined Sustainability Targets “We believe that the investments and partnerships we make today will shape the energy economy of the future and create new opportunities for our operations and our products.” Source: Peabody 2025 Sustainability Report 30
Slide 31: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Year Ended Dec. 31, 2024 Tons Sold (In Millions) Seaborne Thermal 16.4 Seaborne Metallurgical 7.3 Powder River Basin 79.6 Other U.S. Thermal 14.6 Total U.S. Thermal 94.2 Corporate and Other 0.1 Total 118.0 Revenue Summary (In Millions) Seaborne Thermal $ 1,213.9 S
Slide 32: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Year Ended Year Ended Year Ended Years Ended Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2022 - Dec. 31 2024 Adjusted EBITDA (In Millions) (2) Seaborne Thermal $ 647.6 $ 576.8 $ 430.0 $ 1,654.4 Seaborne Metallurgical, Excluding Shoal Creek Insurance Recover
Slide 33: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Year Ended Year Ended Year Ended Year Ended Year Ended Years Ended Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2022 - Dec. 31 2024 Reconciliation of Non-GAAP Financial Measures (In Millions) (Loss) Income from Continuing Operatio
Slide 34: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Note: Management believes that non-GAAP 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 measures presen