Whitehaven Coal’s scale and diversification gained through its Queensland acquisitions have underpinned a strong 2024–25 financial year (FY25) result.
The miner reported underlying net profit after tax (NPAT) of $319 million for the 12 months to June 30, alongside underlying EBITDA of $1.4 billion, matching FY24.
Revenue jumped 53 per cent to $5.8 billion, supported by a 60 per cent lift in run-of-mine production to 39.1Mt, with Queensland contributing just over half. This came as the average realised coal price dropped from $217 per tonne to $193 per tonne year on year.
“FY25 marked our first full year of owning the Queensland operations at Daunia and Blackwater, and it was a year of strong execution,” Whitehaven Coal chief executive and managing director Paul Flynn said.
“The sites were successfully integrated, with production, sales, and costs meeting or exceeding guidance.”
Flynn said scale and diversification benefits proved particularly valuable through the cyclically weaker second half, as the company focused on controllables such as managing costs, productivity and cashflows, including removing $100 million in annualised costs from Queensland by June 30.
“Underlying EBITDA for FY25 was $1.4 billion with $1 billion in the first half and $400 million in the second half reflecting the softer pricing environment,” Flynn said. “The Queensland business contributed $900 million of EBITDA in FY25.
“Our balance sheet remains strong, with $600 million of net debt after the first $US500 million deferred payment to BMA and cash reserved for the second $US500 million deferred payment in April 2026.”
Whitehaven also reported statutory NPAT of $649 million, aided by gains linked to the Blackwater sell-down.
The company will return up to $191 million to shareholders through fully franked dividends and buy-backs, representing about 60 per cent of underlying NPAT.
Looking ahead, Whitehaven has set FY26 production guidance at 37–41Mt, with a further $60–80 million in cost savings targeted. Flynn said the business is now positioned to benefit as markets improve.
“Thermal coal prices have been recovering since June, and metallurgical coal markets have stabilised,” Flynn said. “FY26 will be another exciting year as we continue to optimise operations and deliver on our goals.”
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