20 February 2025

Half Year Results FY25

ASX announcement

 

CEO video message

 

Results presentation

 

Appendix 4D and Interim Financial Report

 

30% Blackwater selldown to complete 31 March 2025

 

A transformed Whitehaven has delivered strong H1 FY25 operational performance and is benefiting from diversification and scale

Whitehaven (ASX:WHC) reports a half year underlying net profit after tax (NPAT) of $328 million for the six months ended 31 December 2024.

H1 FY25 underlying earnings before interest, tax, depreciation and amortisation (underlying EBITDA) of $960 million compares with $632 million in H1 FY24.

Whitehaven’s H1 FY25 results include:

• A total recordable injury frequency rate (TRIFR) of 4.9 for the six months to 31 December 2024 and zero environmental enforcement actions¹
• Run-of-mine (ROM) managed production of 19.4M tonnes, compared with 10.3M tonnes in H1 FY24
• Revenue of $3.4 billion, up from $1.6 billion in H1 FY24, and underpinned by an average coal price of A$232/t²
• Cash generated from operations of $922 million, up from $523 million in H1 FY24
• Total adjustments to underlying earnings of $251 million (post-tax) or $358 million (pre-tax) including $32 million (pre-tax) of acquisition-related transition & transaction costs and $326 million (pre-tax) of non-cash adjustments in relation to unrealised FX losses and discount unwinds on deferred & contingent acquisition considerations
• Statutory NPAT of $77 million after adjustments.

During the half year, the Group entered into binding agreements with Nippon Steel Corporation and JFE Steel Corporation for the sale of a joint venture interest in the Blackwater mine of 20% and 10%, respectively, for an aggregate cash consideration of US$1.08 billion. All required regulatory and competition approvals have now been received to complete the transaction on 31 March 2025, at which time proceeds will be received, further strengthening Whitehaven’s balance sheet.

A fully franked interim dividend of 9.0 cents per share will be paid on 14 March 2025. In addition, Whitehaven will resume its share buy-back allocating up to $72 million of capital to buy back shares over the next six months.

 

 

Commenting on Whitehaven’s results and current priorities, Paul Flynn, CEO & Managing Director said:

“FY25 is the first full financial year of Whitehaven’s ownership of the Queensland operations at Daunia and Blackwater, and I’m delighted to report a strong first half result.

“Operational performance at Daunia and Blackwater – and across our NSW mines – has been in line with or better than plan, and demand for Whitehaven’s metallurgical and thermal coal products continues to prove strong.

“Prices held up well in the half year and margins remain attractive, despite relatively soft market conditions.

“For the half year, we delivered an underlying EBITDA of $960 million compared with $632 million in the first half of FY24. The first half result includes $588 million of EBITDA from the Queensland business.

“Whitehaven is benefiting from increased scale and diversification into metallurgical coal, and the structure of the acquisition including deferred payments, coal-price contingent payments and the sell down of 30% of Blackwater is creating value for Whitehaven’s shareholders.

“Whitehaven will return up to $144 million of capital to shareholders through a 9 cent fully franked interim dividend and a modest share buy-back of equal value over the next six months. This represents a total payout ratio of ~44% of underlying Group NPAT for the half year.

“The Board will be well placed to review Whitehaven’s capital allocation framework at the end of FY25 when we have seen a full year of cashflows from the larger business and received the US$1.08 billion of proceeds from the Blackwater sell down.”

 

¹ EEAs include penalty infringement notices, enforceable undertakings, suspensions, prevention notices and prosecutions

² Sales of produced coal

 

 

 

 

 

 

 

 

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