New Hope Corporation Limited (OD8) Q4 2026 Earnings Report

The call was strongly constructive, with record-level cash generation, higher EBITDA, FY2026 production above guidance, strong Bengalla performance, and continued progress at New Acland. These positives were tempered by the increase in high-potential safety events, rail disruptions affecting New Acland sales, quarterly Bengalla cost volatility, ongoing inflationary impacts, and pending worker contract negotiations.

Management said New Acland is ramping toward its 5 million tonnes per annum target, with access to the Manning Vale West pit scheduled for the second half of the calendar year 2026, first coal beginning of next calendar year and, subsequently, “first quarter calendar year next year”; around $130 million is required to complete the pit, and the target probably hasn’t changed, although the operation is “probably a little bit ahead of schedule.” Bengalla’s strip ratio is expected to remain “in the 4s on average for Bengalla for the life of the mine,” while Acland’s strip ratio is “probably a fair estimate” in “the range of 4.” Bengalla’s FY2026 FOB cash cost was $81.30 per sales tonne, “right at the lower end” of the guidance range of between $81 to $89 per sales tonne.