Whitehaven coal
21 August 2025
Full Year Results FY25
FY25 Results ASX announcement
FY25 Results CEO video message
FY25 Results presentation
Appendix 4E and Annual Financial Report
Strong operational performance together with diversification and scale benefits delivered in FY25
Whitehaven (ASX:WHC) reports an underlying net profit after tax (NPAT) of $319 million for the year ended 30 June 2025.
Underlying earnings before interest, tax, depreciation and amortisation (underlying EBITDA) of $1.4 billion reflects a strong first half result of $1.0 billion and a softer second half result of $0.4 billion reflecting the cyclical downturn. The full year result was in line with underlying EBITDA of $1.4 billion reported in FY24.
Whitehaven’s FY25 results include:
- A total recordable injury frequency rate (TRIFR) of 4.6 for the expanded business and zero environmental enforcement actions1
- Run-of-mine (ROM) managed production of 39.1M tonnes (QLD 20.0Mt and NSW 19.1Mt), 60% higher than FY24 and at the top end of FY25 guidance range
- Revenue of $5.8 billion for FY25, 53% higher than FY24, split by 64% metallurgical coal sales and 36% thermal, and underpinned by an average coal price of A$215/t2
- Cash generated from operations of $1.3 billion, in line with FY24
- Statutory NPAT of $649 million after $330 million (post-tax) of non-recurring items associated with the acquisition including gains on sale of 30% of Blackwater and remeasurement of the contingent payment to BMA, an unwinding of the discount of the deferred and contingent considerations, transaction & transition costs, and unrealised FX losses.
After receiving US$1.08 billion of proceeds from the Blackwater sell down and paying the first US$500 million deferred payment to BMA, Whitehaven held a balance of A$1.2 billion of cash at 30 June 2025 – comfortably covering the second US$500 million payment due in April 2026. Whitehaven’s net debt at 30 June 2025 was A$0.6 billion.
A fully franked final dividend of 6.0 cents per share ($48 million) will be paid on 16 September 2025. In addition, Whitehaven intends to spend up to an equal amount of $48 million over six months to buy back shares through its share buy-back program.
Commenting on Whitehaven’s results, Paul Flynn, CEO & Managing Director said:
“FY25 marked our first full year of owning the Queensland operations at Daunia and Blackwater, and it was a year of strong execution. The sites were successfully integrated, with production, sales, and costs meeting or exceeding guidance.
“Scale and diversification benefits proved particularly valuable through the cyclically weaker second half, as we focused on controllables – managing costs, productivity and cashflows – including removing $100 million in annualised costs from Queensland by 30 June 2025.
“Underlying EBITDA for FY25 was $1.4 billion with $1 billion in the first half and $0.4 billion in the second half reflecting the softer pricing environment. The Queensland business contributed $0.9 billion of EBITDA in FY25.
“Our balance sheet remains strong, with $0.6 billion of net debt after the first US$500 million deferred payment to BMA and cash reserved for the second US$500 million deferred payment in April 2026.
“Whitehaven will return up to $191 million of capital to shareholders in respect of FY25 – including dividends of 15.0 cents fully franked and share buy-backs, representing a payout ratio of ~60% of underlying FY25 Group NPAT. This is in line with our refreshed Capital Allocation Framework, which is targeting a payout ratio of 40-60% of Underlying NPAT split between dividends and buy-backs. We are well placed to grow shareholder returns as coal prices improve.
“Thermal coal prices have been recovering since June, and metallurgical coal markets have stabilised.
“FY26 will be another exciting year as we continue to optimise operations and deliver on our goals. We no longer refer to Queensland as the ‘new business’ – we are one Whitehaven, working together to grow and diversify the company.”
1 EEAs include penalty infringement notices, enforceable undertakings, suspensions, prevention notices and prosecutions
2 Sales of produced coal
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