EarningsQ2 2026 Earnings Report
MX:WHCN Q2 2026 EPS Results
Actual EPS$1.10
Consensus EPS$0.73
Beat/MissBeat by +$0.37
One Year Ago EPS$1.22
MX:WHCN Q2 2026 Revenue Results
Actual Revenue$31.77B
Expected Revenue$32.66B
Beat/MissMissed by -$889.06M
YoY Revenue Growth-27.74%
Earnings Announcement Details
QuarterQ2 2026
Date02/18/2026
TimeAfter Close
Conference CallWednesday, February 18, 2026
MX:WHCN Upcoming Earnings
Whitehaven Coal Limited's next earnings date is estimated for February 17, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:WHCN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a cautiously positive outlook. Management highlighted a solid operational platform (20Mt ROM, AUD 2.5bn revenue, AUD 446m underlying EBITDA), strong balance sheet metrics (net debt AUD 710m, AUD 1.5bn liquidity) and active capital returns (dividend and buyback) while outlining a clear program to deliver AUD 60–80m of further cost savings and to refinance high-cost acquisition debt. However, the company faces meaningful near-term headwinds: a ~AUD 35/t price reduction that materially depressed EBITDA year-on-year, an underlying net loss of AUD 19m, elevated depreciation and finance costs from the recent acquisition, and Queensland cost pressures (reset to AUD 140–145/t) driven by inflation, demurrage and some productivity shortfalls (AHS). Management frames many issues as temporary or manageable and expects improved pricing and refinancing benefits in H2. Overall the positives (operational resilience, cash generation, balance sheet strength, active cost-out program and capital returns) slightly outweigh the headwinds, but risks remain until prices firm further and refinancing/cost programs are delivered.Company Guidance
Strong operational volumes and platform for H2
ROM production of ~20.0 million tonnes in H1 FY26 (Queensland ~10.3Mt; New South Wales ~9.7Mt). Sales momentum carried into the new quarter with a Q4 run rate ~11Mt. Managed sales of 6.2Mt and strong site contributions (Blackwater 7.3Mt; Daunia 3.1Mt; Narrabri ~9.74Mt). Group guidance unchanged with managed-level FY26 target ~41Mt.
Healthy revenue and mix
Revenue of AUD 2.5 billion in H1 with a balanced product mix (54% metallurgical coal, 46% thermal). Group average realised price AUD 189/t (Queensland AUD 212/t; New South Wales AUD 168/t); PLV average AUD 192/t and observed recovery in prices since the half.
Solid earnings and capital returns
Underlying EBITDA of AUD 446 million for H1 FY26. Statutory profit after tax AUD 69 million. Board declared an interim dividend of AUD 0.04 per share (fully franked) and committed up to AUD 32 million for a share buyback in the next 6 months (combined ~AUD 64m in H1 shareholder returns including prior actions).
Cost performance and targeted savings
Reported average cash cost of production AUD 135/t in H1 (bottom end of guidance AUD 130–145/t). Management targets AUD 60–80 million of cost savings by year-end and expects further upside in cost performance as port queuing and stockpile dynamics unwind.
Strong balance sheet and liquidity
Net debt at 31 December 2025 was AUD 710 million with ~AUD 1.5 billion liquidity. Gearing ~11% and trailing leverage ~0.8x. Capital allocation actions in H1 included AUD 157m CapEx (sustaining), AUD 93m returned to shareholders and AUD 39m other investing.
Refinancing plan expected to reduce interest cost
Management is targeting refinancing of the AUD 1.1 billion acquisition facility before 30 June; target pricing starting with a '6' handle would be 'delighted', a '7' acceptable — materially cheaper than current cost and could deliver c.300bps lower than current facility, reducing finance expense materially.
Operational resilience and compliance
Good safety outcome: TRIFR 2.9 in the half (and no enforcement actions in the 6 months). Despite a wet start to the year and Queensland weather impacts, operations continued and compliance remained strong.
Diversified Asian customer base and demand
~93% of revenues in Asia with key markets Japan, India, South Korea and Malaysia. Management reports strong customer demand and uptake of option tonnes, supporting confidence in H2 sales.
MX:WHCN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed