Core Natural Resources, Inc. · NYSE:CNR
Core Natural Resources — Q3 2026 Earnings Presentation
26 slides from Core Natural Resources's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026 Earnings Supplement
Third Quarter 2026 Earnings Supplement November 5, 2026
Slide 2: Forward-Looking Statements
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 statement
Slide 3: Third Quarter 2026 Highlights
THIRD QUARTER 2026 HIGHLIGHTS • Demonstrates consistency and resilience of its highly cash-generative operating portfolio • Reports Q3 2026 net income of $9.0 million and Adjusted EBITDA1 of $165.2 million • Generates net cash provided by operating activities of $174.6 million and free cash flow1 of
Slide 4: The Premier Pure-Play Global Coal Producer
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 Safety-Based Culture Innovation Leader Logistical Excel
Slide 5: Leading Metallurgical and High CV Thermal Portfolios Supported by Logistical Network
LEADING METALLURGICAL AND HIGH CV THERMAL PORTFOLIOS SUPPORTED BY STRATEGIC LOGISTICAL NETWORK Vancouver KEY STATISTICS 11 PRB mines anchored by eight longwalls Black Thunder Coal Creek High CV Thermal High CV Thermal West Elk CMT (100% owned) Bailey Enlow Fork Harvey 89 mm 2025 total tons sold DTA
Slide 6: Core Continues to Deliver Substantial Adjusted EBITDA and Free Cash Flow
FINANCIAL RESULTS CORE CONTINUES TO DELIVER SUBSTANTIAL AMOUNTS OF ADJUSTED EBITDA AND FREE CASH FLOW Adjusted EBITDA1 Free Cash Flow1 (in millions of $US) (in millions of $US) $323.6 $148.0 $141.2 $165.2 $80.3 $38.9 Q3 2025 Q2 2026 Q3 2026 Q3 2025 Q2 2026 Q3 2026 • Core delivered increases in year-
Slide 7: Core Returned $89.6 Million to Stockholders in Q3
CAPITAL RETURN PROGRAM DURING Q3, CORE RETURNED $89.6 MILLION TO STOCKHOLDERS, BRINGING TOTAL TO $449.7 MILLION SINCE THE PROGRAM’S LAUNCH Reduction in Shares Outstanding Since February 20, 2025 Capital Returned Since February 20, 2025, By Method (in millions of shares outstanding, at quarter-end) (
Slide 8: 2026 Contracted Position for Core's Three Mining Segments
COMMITTED VOLUMES 2026 CONTRACTED POSITION FOR CORE’S THREE MINING SEGMENTS High Calorific Value Thermal Segment Metallurgical Segment Powder River Basin Segment (projected volumes and committed and priced position, (projected coking coal volumes and committed and priced position, (projected volumes
Slide 9: 2026 Cash Cost Guidance, by Operating Segment
COST GUIDANCE 2026 CASH COST GUIDANCE, BY OPERATING SEGMENT Segment Cash Cost1 High Calorific Value Thermal $40.00 - $41.00 Metallurgical $88.00 - $90.00 Powder River Basin $13.75 - $14.00 • Core continues to guide to first quartile cost performances in its marquee operating segments, despite inflat
Slide 10: The Trump Administration Has Made Coal a Cornerstone of Energy Policy
THE TRUMP ADMINISTRATION HAS MADE COAL A CORNERSTONE OF ITS NATIONAL ENERGY POLICY • The President has made a strong U.S. coal industry and the preservation of the coal fleet key tenets of his national energy policy ✓ The President has prioritized reducing the regulatory burden on – and inducing inv
Slide 11: U.S. Power Demand Projected to Grow Dramatically on AI Data Centers
U.S. POWER DEMAND IS PROJECTED TO GROW DRAMATICALLY, SPURRED BY THE AI-DRIVEN DATA CENTER BUILD-OUT Five-Year Growth Forecast Demand growth forecasts have increased more (CAGR) than four-fold since 2022, according to Grid Strategies, driven principally by the projected data 10% center build-out 8% •
Slide 12: U.S. Power Demand Is Climbing After Years of Stagnation
U.S. POWER DEMAND IS CLIMBING AFTER YEARS OF STAGNATION U.S. Power Demand (five-year averages in TWH) • U.S. power generation increased only modestly during the period from 2004 through 2023 • U.S. power generation increased 3.0% in 2024 and 2.7% in 2025, and is up an incremental 2.7% in 2026 year-t
Slide 13: Average Capacity Factor of the U.S. Coal Fleet Rebounded in 2025
THE AVERAGE CAPACITY FACTOR OF THE U.S. COAL FLEET REBOUNDED IN 2025 – AND HAS SUBSTANTIAL ROOM FOR GROWTH U.S. Coal Fleet Average Capacity Factor (% capacity factor) 80% 73% 75% 70% 65% 60% 55% 49% 50% 45% 40% 41% 43% 35% 30% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201
Slide 14: Global Cement Production Projected to Climb Through 2050
GLOBAL CEMENT PRODUCTION IN THE WORLD EXCLUDING CHINA IS PROJECTED TO CLIMB MARKEDLY THROUGH 2050 The vast majority of the world’s cement production relies on coal as a feedstock – with each ton of cement requiring 0.1 to 0.2 tons of coal on average Global Cement Production (in millions of metric to
Slide 15: Global Seaborne Demand for Metallurgical Coal Expected to Grow
GLOBAL SEABORNE DEMAND FOR METALLURGICAL COAL IS EXPECTED TO GROW STEADILY THROUGH MID-CENTURY Projected Global Seaborne Metallurgical Coal Imports • Global seaborne metallurgical coal (in millions of metric tons) demand is expected to climb through 2050, buoyed by continued economic 400 development
Slide 16: Steel Capacity Growth in India and Southeast Asia
STEEL PRODUCTION CAPACITY GROWTH IN INDIA AND SOUTHEAST ASIA COULD APPROACH 185 MILLION TONS BY ~2030 Planned Steel Capacity Additions In India Planned Steel Capacity Additions In Southeast Asia (in millions of metric tons) (in millions of metric tons) CAPACITY BLAST FURNACE 78 ADDITIONS IN MT SHARE
Slide 17: Global Coking Coal Production Remains Well Below Peak Levels
GLOBAL COKING COAL PRODUCTION IN THE PRIMARY, HIGH-QUALITY SUPPLY REGIONS REMAINS WELL BELOW PEAK LEVELS Peak Exports 2024 Exports 2025 Exports 2025 Change 2025 Change Producer Peak Year (mt) (mt) (mt) from Peak (mt) from Peak (%) Australia 2016 189.2 153.0 146.6 (42.6) (22.5%) United States 2012 63
Slide 18: Potential Future Optionality in Rare Earth Elements and Critical Minerals
POTENTIAL FUTURE OPTIONALITY IN RARE EARTH ELEMENTS AND CRITICAL MINERALS ARENA • Core has demonstrated elevated ash-basis concentrations of certain rare earth elements (REEs) and critical minerals (CMs) at its large-scale mining operations in the eastern and western United States • The large flow r
Slide 19: Innovations Business Unit Developing New Applications for Coal
CORE’S INNOVATIONS BUSINESS UNIT IS MOVING AHEAD RAPIDLY WITH THE DEVELOPMENT OF PROMISING NEW APPLICATIONS FOR COAL • Core’s Touchstone Advanced Composites business unit is rapidly becoming a critical supplier of composite tooling and parts to the nation’s aerospace and defense industries ✓ Touchst
Slide 20: Maintaining a Strong Balance Sheet Supporting Financial Flexibility
MAINTAINING A STRONG BALANCE SHEET THAT SUPPORTS SUBSTANTIAL FINANCIAL FLEXIBILITY Equipment Core Has a Strong LeasesSheet and Targets a Balance • At 9/30/26, Core had $1.0 billion of total Roughly Net Debt1 Neutral Cash Position liquidity, including $443.9 million in cash (in millions of $US) and c
Slide 21: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS We define adjusted EBITDA as (i) net income (loss) plus income taxes, net interest expense and depreciation, depletion and amortization, as adjusted for (ii) certain non-cash items, such as loss on debt extinguishment and (iii) other adjustments, such as stock-based compensa
Slide 22: Non-GAAP Reconciliations - Continued
NON-GAAP RECONCILIATIONS - CONTINUED The following table presents a reconciliation by reportable segment of adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure for the three months ended June 30, 2026 (in thousands). Three Months Ended June 30, 2026 Core Marine
Slide 23: Non-GAAP Reconciliations - Continued
NON-GAAP RECONCILIATIONS - CONTINUED The following table presents a reconciliation by reportable segment of adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure for the three months ended September 30, 2025 (in thousands). Three Months Ended September 30, 2025 Co
Slide 24: Non-GAAP Reconciliations - Continued
NON-GAAP RECONCILIATIONS - CONTINUED Free cash flow is a non-GAAP financial measure, defined as net cash provided by operating activities plus proceeds from sales of assets and unrestricted cash proceeds from the Merger with Arch Resources, Inc., less capital expenditures and investments in mining-r
Slide 25: Non-GAAP Reconciliations - Continued
NON-GAAP RECONCILIATIONS - CONTINUED Net debt/(cash) is defined as total consolidated indebtedness minus cash on hand. The following table presents a reconciliation of net debt/(cash) to the most directly comparable GAAP financial measure as of September 30, 2026 and June 30, 2026 (in thousands). Se
Slide 26: Non-GAAP Reconciliations - Continued
NON-GAAP RECONCILIATIONS - CONTINUED The following table presents a reconciliation of cash basis general and administrative costs to the most directly comparable GAAP financial measure for the three and nine months ended September 30, 2026 and for the year ended December 31, 2025 (in thousands). Thr
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