Whitehaven Coal reported an underlying net profit after tax of $227 million for FY26, with underlying EBITDA of $1.3 billion, demonstrating resilient operational performance despite cyclical commodity price weakness and adverse foreign exchange movements. The result underscores the company’s focus on controllable factors, with strong production and cost performance delivering solid profitability across both its Queensland and New South Wales operations.
Production metrics painted a positive picture across the portfolio. Managed ROM production reached 40.3 million tonnes, up 3 percent year-on-year and at the top end of FY26 guidance, while managed coal sales rose 8 percent to 32.7 million tonnes following the 30 percent Blackwater divestment in March 2025. Unit costs improved materially, declining to $132 per tonne from $139 per tonne in the prior year. Beyond production and cost metrics, Whitehaven recorded a total recordable injury frequency rate of 3.3, a record for the expanded business, alongside zero environmental enforcement actions during the year.
Revenue declined 7 percent to $5.4 billion as the commodity price cycle weighed on top-line results, with the product mix shifting to 57 percent metallurgical and 43 percent thermal coal sales at an average achieved price of $202 per tonne. Operating cash flow reached $1.1 billion, demonstrating solid conversion of EBITDA into cash during the period. The statutory net profit after tax of $385 million, which exceeds the underlying figure, reflects gains from remeasurement of contingent payments to BMA and favourable foreign exchange movements on net debt.
On the balance sheet, Whitehaven strengthened its position through debt refinancing that diversified funding sources and extended the maturity profile. Net debt stands at $1.3 billion as of June 30, 2026, with available liquidity of $959 million. The company will return approximately $159 million to shareholders through a fully franked final dividend of 6.0 cents per share, bringing the full-year dividend to 10 cents, complemented by an equivalent amount deployed in an on-market share buy-back program. This dual approach to capital allocation signals management confidence while maintaining financial flexibility.
The completion of BMA acquisition obligations in April 2027 represents a key milestone, with only a final $100 million deferred payment and one contingent payment remaining. Investors should monitor Whitehaven’s ability to sustain operational discipline and cost control as commodity cycles turn and global coal demand dynamics evolve. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About Whitehaven Coal Limited (ASX: WHC)
Whitehaven Coal Limited develops and operates coal mines in Queensland and New South Wales, producing both metallurgical and thermal coal from mines located in the Gunnedah Coal Basin and Bowen Basin. The company sells its coal to customers in Japan, China, Korea, Taiwan, Malaysia, Vietnam, Indonesia, India, Europe, and internationally.
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