19 August 2026

Full Year Results FY26

Full Year FY26 Results ASX announcement

 

Full Year FY26 Results presentation

 

Annual Report

 

Strong operational performance and disciplined cost management underpin robust FY26 result

Whitehaven (ASX:WHC) reports an underlying net profit after tax (NPAT) of $227 million for the year ended 30 June 2026.

Underlying earnings before interest, tax, depreciation and amortisation (underlying EBITDA) of $1.3 billion reflected strong operational performance across QLD and NSW operations and disciplined cost management, offset by cyclical price weakness and the impact of a stronger Australian dollar. Unit cost of coal of $132/t for the year was down from $139/t in FY25.

Whitehaven’s FY26 results include:

• A total recordable injury frequency rate (TRIFR) of 3.3 (4.6 in FY25), which was a record for the expanded business and zero environmental enforcement actions (EEA) and one EEA event attributed to FY25 during FY26.1¹ 
• Managed ROM production of 40.3M tonnes (QLD 20.1Mt and NSW 20.2Mt), 3% higher than FY25 and at the top end of FY26 guidance range
• Managed sales of produced coal of 32.7Mt, 8% higher than FY25; equity sales of produced coal of 26.0Mt following the 30% sell-down of Blackwater completed on 31 March 2025
• Revenue of $5.4 billion, 7% lower than FY25, split 57% metallurgical coal sales and 43% thermal, and underpinned by an average achieved coal price of A$202/t²
• Cash generated from operations of $1.1 billion, reflecting solid conversion of EBITDA into cash for the period
• Statutory NPAT of $385 million after $158 million of total adjustments to net profit, primarily as a result of gains relating to the remeasurement of the contingent payment to BMA and foreign exchange rate gains on net debt and deferred & contingent considerations
• Net debt of $1.3 billion at 30 June 2026 after payment of the second US$500 million deferred acquisition payment to BMA in April 2026; available liquidity of $959 million at year end.

A fully franked final dividend of 6.0 cents per share (~$47 million) will be paid on 15 September 2026. In addition, Whitehaven intends to spend an equal amount of ~$47 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:

“FY26 was another year of strong operational performance for Whitehaven, including safety and environmental outcomes. Total recordable injury frequency rate of 3.3 for employees & contractors was a record for the expanded business. Queensland and New South Wales operations both contributed to higher managed ROM production and increased sales of produced coal, with both production and sales coming in at the top end of guidance for the year.

“We continued to focus on the controllables — productivity, cost discipline, margin optimisation and cash generation — with both unit cost of coal and capital expenditure at the low end of FY26 guidance.

“We delivered a robust result despite cyclical price weakness and foreign exchange headwinds. We recovered strongly from significant wet weather in Queensland in the March quarter and effectively managed higher diesel costs and supply uncertainty in the second half.

“During FY26, we refinanced our debt, which diversified funding sources, extended our maturity profile and lowered our cost of debt significantly. This further strengthens Whitehaven’s capital structure and balance sheet.

“Whitehaven will return up to $159 million of capital to shareholders in respect of FY26, including a fully franked final dividend of 6 cents per share to take the full-year dividend to 10 cents, together with an equivalent amount of capital returned through Whitehaven’s on market share buy-back program. 

“April 2027 marks the completion of the three-year deferred and contingent payment arrangements for the acquisition from BMA. With only a final US$100 million deferred payment and the last contingent payment remaining, the acquired assets will be unencumbered by acquisition-related payments and all cash flows will then be retained by Whitehaven”.

 

¹ EEAs include penalty notices, enforceable undertakings, suspensions, prevention notices or convictions, which are upheld following conclusion of any review or appeal processes. In late September 2025, the NSW EPA issued a Penalty Infringement Notice (PIN) in relation to a dust complaint concerning Maules Creek that was made in February 2025. This EEA is reported retrospectively in FY25 results and was included in the FY26 remuneration outcomes.

² Sales of produced coal

 

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