Whitehaven continues coal expansion 

Whitehaven Coal (ASX: WHC) has delivered strong FY25 results, underpinned by the company’s growth and diversification driven by acquisitions across Queensland. 

The company has reported an underlying net profit (NPAT) of $319m for FY25 and underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of $1.4b, matching the EBITDA reported in FY24.  

Revenue for FY25 was 53% higher than FY24 at $5.8b, of which metallurgical coal sales accounted for 64%, underpinned by an average coal price of $215/t. 

Whitehaven chief executive and managing director Paul Flynn says FY25 marked the company’s first full year of owning the Queensland operations at Daunia and Blackwater. 

“The sites were successfully integrated, with production, sales, and costs meeting or exceeding guidance,” he said. 

“Scale and diversification benefits proved particularly valuable through the cyclically weaker second half, as we focused on controllables — managing costs, productivity and cashflows — including removing $100m in annualised costs from Queensland by June 30, 2025.” 

Whitehaven also reported statutory NPAT of $649m, facilitated by the sale of 30%, 20% to Nippon Steel and 10% to JFE Steel, of Blackwater operations in Queensland’s Bowen Basin.  

“Our balance sheet remains strong, with $600m of net debt after the first $780m [US$500m] deferred payment to BMA and cash reserved for the second $780m [US$500m] deferred payment in April 2026,” Mr Flynn said.  

The company will return up to $191m to shareholders through fully franked dividends and buy-backs, representing about 60% of underlying NPAT. 

Looking ahead, Whitehaven has set FY26 production guidance at 37–41mt, with a further $60–80m in cost savings targeted.  

“Thermal coal prices have been recovering since June, and metallurgical coal markets have stabilised,” Mr Flynn said.  

“FY26 will be another exciting year as we continue to optimise operations and deliver on our goals.”