Whitehaven Coal has reported a resilient performance in the 2025-26 financial year (FY26), with stronger production and disciplined cost management helping offset weaker coal prices and a stronger Australian dollar.
The company reported underlying net profit after tax (NPAT) of $227 million for the year ended 30 June 2026, while underlying earnings before interest, tax, depreciation and amortisation (EBITDA) reached $1.3 billion.
Managed run-of-mine production increased three per cent to a record 40.3 million tonnes (Mt), comprising 20.1Mt from Queensland and 20.2Mt from New South Wales.
Managed sales of produced coal rose eight per cent to 32.7Mt.
Whitehaven’s revenue fell seven per cent to $5.4 billion, reflecting cyclical price weakness, despite higher production and sales. The company achieved an average coal price of $202 per tonne, with sales split 57 per cent metallurgical coal and 43 per cent thermal coal.
Coal unit costs improved to $132/t, down from $139/t in FY25, while cash generated from operations reached $1.1 billion.
Whitehaven chief executive officer and managing director Paul Flynn said the result demonstrated the strength of the company’s operations despite challenging market conditions.
“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,” Flynn said.
Safety performance also improved, with the total recordable injury frequency rate (TRIFR) falling to 3.3 from 4.6 in FY25, a record for the expanded business.
Whitehaven ended FY26 with net debt of $1.3 billion and available liquidity of $959 million after making its second $US500 million deferred acquisition payment to BMA in April.
The company will return up to $159 million to shareholders, comprising a fully franked final dividend of six cents per share and an equivalent amount through its on-market share buy-back program.
The outlook for FY27 has also strengthened, with metallurgical coal prices trading around $US215–235/t at the start of the financial year, compared with approximately $US180–190/t at the beginning of FY26.
Thermal coal prices have also improved, with the GlobalCOAL Newcastle thermal coal benchmark (gC NEWC) averaging around $US130/t in July 2026, compared with $US110/t in July 2025.
Whitehaven said new rail contracts, cost reduction initiatives and debt refinancing are expected to support margins, with refinancing forecast to deliver annualised interest savings of approximately $50–55 million.
The company expects to make its final $US100 million deferred payment to BMA in April 2027, with the final coal-price contingent payment due in July 2027.