August 6, 2026 - Warrior Met Coal, Inc. (NYSE: HCC) has announced results for the second quarter of 2026. Warrior is the leading dedicated U.S.-based producer and exporter of high-quality steelmaking coal for the global steel industry. 

Warrior reported net income for the second quarter of 2026 of $87.4 million, or $1.65 per diluted share, an increase from net income of $5.6 million, or $0.11 per diluted share, in the second quarter of 2025. Adjusted EBITDA in the second quarter of 2026 was $156.9 million, a 193% increase from $53.6 million in the second quarter of 2025, reflecting the continued ramp-up in the profitability contribution from the Blue Creek mine and improved steelmaking coal prices.

Second Quarter Highlights

• Achieved record quarterly sales volumes for the fourth consecutive quarter of 3.7 million short tons of steelmaking coal; and
• Cost of sales increased to $340.0 million, or 68% of sales, driven primarily by a 65% increase in sales tons. Despite the higher overall cost of sales, cash cost of sales (free-on-board port) per short ton decreased by 9% to $92.53 from the prior year comparable period, driven primarily by the inherently lower cost structure of Blue Creek and a benefit from the Section 45X Advanced Manufacturing Production Tax Credit (the “45X Credit”).

“We delivered record sales volumes, improved pricing and a lower-cost profile in the second quarter, driving significant margin expansion and generating more than $103 million of free cash flow,” commented Walt Scheller, CEO of Warrior. “Blue Creek continues to be an important contributor to our performance, adding incremental earnings and cash flow as customers respond positively to our offering.”

“Recent market conditions have also highlighted the value of Warrior's premium product portfolio and low-cost operating position, which drive strong results across pricing cycles. While steelmaking coal markets continue to experience regional demand and supply fluctuations, Chinese import demand has provided support to seaborne pricing and long-term steel production growth in India remains a positive demand catalyst.

In summary, with Blue Creek operational and our development spending complete, this second quarter marked the start of the next phase of Warrior's growth, which is focused on free cash flow generation, balance sheet strength and long-term stockholder returns,” Mr. Scheller concluded.

Operating Results

Sales volumes in the second quarter of 2026 were a record 3.7 million short tons compared to 2.2 million short tons in the second quarter of 2025, representing a 65% increase, driven primarily by sales of Blue Creek steelmaking coal.

The Company produced 3.3 million short tons of steelmaking coal in the second quarter of 2026, compared to 2.3 million short tons in the second quarter of 2025, representing a 45% increase. Inventory levels decreased to 1.4 million short tons as of June 30, 2026, compared to 1.9 million short tons as of March 31, 2026.

Additional Financial Results

Total revenues were $509.7 million for the second quarter of 2026, which compares to total revenues of $297.5 million for the second quarter of 2025, reflecting the 65% increase in sales volumes combined with a 6% increase in the average net selling price. The average net selling price of the Company's steelmaking coal increased from $130.01 per short ton in the second quarter of 2025 to $137.82 per short ton in the second quarter of 2026. The average gross selling price realization was approximately 66% of the Platts Premium Low Vol (“PLV”) FOB Australian index price for the second quarter of 2026 compared to 80% for the second quarter of 2025. This result was primarily driven by a 21% higher sales mix of high-vol A steelmaking coal predominantly sold into the Pacific Basin at elevated freight rates and persistently low second tier price relativities compared to the PLV. Despite lower index realization, improved pricing, record volumes and lower operating costs drove significant growth in earnings and cash flow.

Cost of sales for the second quarter of 2026 was $340.0 million compared to $226.4 million for the second quarter of 2025. Cash cost of sales (free-on-board port) for the second quarter of 2026 were $338.1 million, or 67.1% of mining revenues, compared to $224.5 million, or 77.8% of mining revenues in the same period of 2025. Cash cost of sales (free-on-board port) per short ton decreased to $92.53 in the second quarter of 2026 from $101.17 in the second quarter of 2025. This was driven primarily by the sales mix of Blue Creek coal and its inherent lower cost structure and a benefit from the 45X Credit offset partially by higher steelmaking coal prices and their effect on Warrior's variable cost structure, primarily for wages, transportation and royalties.

Depreciation and depletion expenses for the second quarter of 2026 were $58.3 million, or 11.4% of total revenues and were higher than the same period last year of $43.3 million, or 14.5% of total revenues. This was primarily due to depreciation expense recognized on additional assets placed into service at Blue Creek and higher sales volumes.

Selling, general and administrative expenses for the second quarter of 2026 were $9.8 million, or 1.9% of total revenues, and were lower than the same period last year of $11.9 million due to the current period including a gain of $2.4 million related to recoveries received in connection with the Walter Energy bankruptcy proceedings.

Net interest expense for the second quarter of 2026 was $3.4 million, which compares to $2.2 million of net interest income in the prior year.

Income tax expense was $3.7 million in the second quarter of 2026 on pre-tax income of $91.1 million compared to income tax expense of $4.3 million in the second quarter of 2025 on a pre-tax income of $9.9 million.

Cash Flow and Liquidity

Cash provided by operating activities was $132.3 million in the second quarter of 2026, compared to $37.5 million in the second quarter of 2025, driven primarily by higher earnings and improved operating performance. Net working capital, excluding cash, for the second quarter of 2026 increased by $13.7 million from the first quarter of 2026, primarily reflecting higher inventories, prepaid expenses and lower accrued expenses.

Cash used in investing activities for capital expenditures and mine development for the second quarter of 2026 was $18.3 million compared to $94.3 million in the second quarter of 2025. Free cash flow was $103.4 million in the second quarter of 2026 compared to negative free cash flows of $56.7 million in the second quarter of 2025, reflecting improved operating cash flow and lower capital spending following completion of the Blue Creek construction phase.

Cash flows used in financing activities for the second quarter of 2026 was $14.2 million, primarily due to principal repayments of financing lease obligations of $9.9 million and payment of a regular quarterly dividend of $4.2 million.

The Company’s total liquidity as of June 30, 2026 was $452.9 million, consisting of cash and cash equivalents of $302.3 million, short-term investments of $10.1 million, which is net of $10.1 million posted as collateral and available liquidity under its ABL Facility of $140.5 million, net of outstanding letters of credit of $2.5 million.

Conference Call

The Company will hold a conference call to discuss its second quarter 2026 results today, August 5, 2026, at 4:30 p.m. ET. To listen to the event, live or access an archived recording, please visit http://investors.warriormetcoal.com. Analysts and investors who would like to participate in the conference call should dial 1-844-340-9047 (domestic) or 1-412-858-5206 (international) 10 minutes prior to the start time and reference the Warrior Met Coal conference call. Telephone playback will also be available from 6:30 p.m. ET on August 5, 2026, until 6:30 p.m. ET on August 12, 2026. The replay will be available by calling: 1-855-669-9658 (domestic) or 1-412-317-0088 (international) and entering passcode 2020393.

About Warrior

Warrior is a U.S.-based, environmentally and socially minded supplier to the global steel industry. It is dedicated entirely to mining non-thermal metallurgical (met) steelmaking coal used as a critical component of steel production by metal manufacturers in Europe, South America and Asia. Warrior is a large-scale, low-cost producer and exporter of premium quality met coal, also known as hard-coking coal (HCC), operating highly efficient longwall operations in its underground mines based in Alabama. The HCC that Warrior produces from the Blue Creek coal seam contains very low sulfur and has strong coking properties. The premium nature of Warrior’s HCC makes it ideally suited as a base feed coal for steel makers. For more information, please visit www.warriormetcoal.com.

To see the full results with financial figures included, click here.