Whitehaven coal
19 February 2026
Half Year Results FY26
H1 FY26 Results ASX announcement
H1 FY26 Results presentation
Appendix 4D and Half Year Financial Report
Strong operational performance and solid operating cash flows in H1 FY26, reflecting strength and resilience through the cycle
Whitehaven (ASX:WHC) reports solid results for the six months ended 31 December 2025, reflecting strong performance and a resilient operating model. Whitehaven’s H1 FY26 results include:
- A total recordable injury frequency rate (TRIFR) of 2.9 for the six months to 31 December 2025 improving from 4.6 in FY25, and zero environmental enforcement action events1
- Run-of-mine (ROM) managed coal production of 20Mt, compared with 19.4Mt in H1 FY25
- Revenue of $2.5 billion, down from $3.4 billion in H1 FY25, with an average achieved price of A$189/t2, compared with A$232/t2 in H1 FY25
- Underlying earnings before interest, tax, depreciation and amortisation (underlying EBITDA3) of $446 million, compared with $960 million in H1 FY25
- Cash generated from operations of $387 million, down from $922 million in H1 FY25
- Underlying net loss after tax (NLAT) of $19 million for the six months ended 31 December 2025
- Statutory net profit after tax (NPAT) of $69 million after $88 million of non-recurring items primarily associated with the acquisition of Daunia and Blackwater from BMA and subsequent 30% sell down of Blackwater, including remeasurement of the contingent consideration to BMA and an unwinding of the discount of the deferred & contingent considerations.
Whitehaven had A$710 million of net debt on its balance sheet at 31 December 2025, including US$500 million of cash reserved to meet the second deferred acquisition payment to BMA due in April 2026.
A fully franked interim dividend of 4.0 cents per share ($32million) will be paid on 13 March 2026. In addition, Whitehaven intends to spend up to an equal amount of $32million over six months to buy back shares through the share buy-back program, subject to share price and valuations.
Commenting on Whitehaven’s results, Paul Flynn, CEO & Managing Director said:
“Performance across Whitehaven’s QLD and NSW operations in the first half of FY26 was in line with or better than plan.
“Although prices were relatively soft in H1 FY26, Whitehaven’s scale and diversification into metallurgical coal is delivering value through the cycle, allowing us to benefit from the dynamics of both metallurgical and high-CV thermal coal markets.”
“For the half year, average prices were down 19% year on year to A$189/tonne and costs were lower at A$135/tonne relative to A$137/tonne in H1 FY25.
“Whitehaven delivered an underlying EBITDA for the half year of $446 million and cash from operations of $387 million, which is a positive outcome at the low point in the cycle.
“Whitehaven will return up to $64 million of capital to shareholders through a 4 cent fully franked interim dividend and a modest share buy-back of equal value over the next six months. While Whitehaven’s payout ratio is calculated on full year earnings, capital returns to shareholders for the half year exceed our 40-60% target of underlying Group NPAT. This reflects the company’s robust balance sheet and early signs of recovery in the cycle, evidenced by strengthening coal prices.
“We are on a good trajectory to deliver well within our FY26 guidance ranges for production, sales and costs. And we are on track to deliver further value from our strong cost management focus – including our current $60 to $80 million cost out program – and grow returns for our shareholders as coal prices strengthen.”
1 Events resulting in penalty notices, enforceable undertakings, suspensions, prevention notices or convictions which are upheld following conclusion of any appeal processes. There are pending EEAs in relation to events in FY21, FY22 and FY25. If enforcement outcomes are upheld following legal proceedings (including appeal processes), these will be reported as EEAs
2 Sales of produced coal
3 Underlying EBITDA is a non-IFRS measure. Refer to note 2.2(a) of the interim financial report for a reconciliation of underlying earnings to net profit after tax (NPAT) per statement of comprehensive income
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