Whitehaven Coal reported underlying earnings before interest, tax, depreciation and amortisation of A$1.25 billion for the fiscal year ended June 30, 2026, as record production and lower costs partly offset a 6% decline in average achieved prices to A$202 per tonne.
The miner produced 40.3 million tonnes of raw coal on a managed basis, the first time exceeding 40 million tonnes, with Queensland and New South Wales each contributing roughly half. Queensland output reached 20.1 million tonnes, including 13.9 million tonnes from Blackwater and 6.2 million tonnes from Daunia. New South Wales output totalled 20.2 million tonnes, led by Maules Creek at 11.7 million tonnes and Narrabri at 4.7 million tonnes. Unit costs improved to A$132 per tonne from A$139 in the prior year, driven by savings in labor, repairs and maintenance, diesel, and drill-and-blast operations.
Revenue for the year fell to A$5.4 billion from A$5.7 billion, reflecting the price decline and a stronger Australian dollar, which averaged 0.68 against the U.S. dollar compared with 0.65 previously. Metallurgical coal accounted for 57% of sales volumes, while thermal coal made up the remaining 43%. Underlying net profit after tax before non-recurring items was A$227 million, with statutory net profit rising to A$385 million after A$158 million in post-tax gains from remeasuring contingent consideration related to the BMA joint venture.
The company refinanced its capital structure with a US$1.5 billion package comprising US$600 million in bank funding and US$900 million in senior secured notes, lowering its average interest rate to about 6.3% and generating annual savings of A$50–55 million. Net debt stood at A$1.327 billion, with gearing at 18% within the target range of 10–20%. Available liquidity totalled A$959 million, including A$778 million in cash.
Shareholder returns for the year amounted to approximately A$159 million, split evenly between fully franked dividends and buybacks. The final dividend was set at 6.0 cents per share, bringing total dividends for the year to 10.0 cents per share, a payout ratio of about 70% of underlying net profit. The stock fell 3.87% to close at A$7.46 following the results.
For the fiscal year ending June 30, 2027, Whitehaven guided to managed raw coal output of 38.0–41.0 million tonnes, equity coal sales of 23.9–26.0 million tonnes, and unit costs of A$132–147 per tonne. Capital expenditure is expected to rise to A$390–490 million, funding operational sustaining capital, environmental compliance upgrades in Queensland, and expansions at Vickery and Narrabri Stage 3.
