Whitehaven Coal (ASX: WHC) – Files September 2026 Quarterly Report

Whitehaven Coal delivered a strong start to FY27 with September quarter managed ROM production of 11.0 million tonnes, up 22 percent on the prior year period and up 3 percent on the June quarter. The company achieved unit costs at the low end of its FY27 guidance range of $132 to $147 per tonne, demonstrating solid operational execution across both Queensland and NSW operations. The average achieved coal price of A$226 per tonne was up 20 percent year-on-year, supported by strengthening coking and thermal coal markets globally.

Equity sales of produced coal totalled 6.0 million tonnes in the quarter, down 5 percent from June, reflecting disruptions at the RG Tanna and Port Waratah Coal Services terminals that resulted in higher vessel queues. Management expects these disruptions to unwind during the December quarter as terminal throughput normalises. Queensland operations produced 5.5 million tonnes of ROM coal, with Blackwater and Daunia both contributing solidly to the result, while NSW delivered 5.5 million tonnes with Narrabri providing a particularly strong uplift quarter-on-quarter. The elevated coal inventory of 5.3 million tonnes is therefore viewed as a timing issue rather than a structural problem.

The pricing environment remained supportive during the quarter. Whitehaven’s Queensland metallurgical coal realised prices at 74 percent of the Platts PLV HCC index benchmark, while NSW thermal coal sales achieved 103 percent of the gC NEWC index. The company’s exposure to both coking and thermal coal provided diversification as both markets strengthened, with metallurgical coal benefiting from supply constraints in key regions and thermal coal supported by energy security concerns. The sales mix was 57 percent metallurgical and 43 percent thermal by revenue.

On the balance sheet, net debt increased modestly to A$1.4 billion, driven by the timing of the Year 2 contingent payment to BMA of US$84 million and the impact of working capital builds from elevated inventories and receivables. The company is approaching the end of its acquisition payment obligations to BMA, with the final US$100 million deferred payment due in April 2027 and the final contingent payment due in July 2027. This payoff schedule provides management with greater flexibility for future capital allocation as the company continues to return capital through share buy-backs and dividends.

FY27 production guidance remains unchanged at 38 to 41 million tonnes of managed ROM production, with unit costs expected to remain in the $132 to $147 per tonne range. The Vickery Extension Project remains subject to board approval of a final investment decision, while the Winchester South project is progressing through the Commonwealth approval process. Investors should monitor the December quarter report on 28 January 2027 for confirmation that terminal disruptions have unwound and inventory levels have normalised, as well as any updates on capital allocation decisions including timing of final investment decisions on development projects. 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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