Whitehaven Coal Ltd. (WHC.AX): 4Q FY26 result: Strong Q on unit cost and coal price beat; FY26 guidance achieved; Neutral

Research evidence excerpt

Whitehaven Coal Ltd. (WHC.AX): 4Q FY26 result: Strong Q on unit cost and coal price beat; FY26 guidance achieved; Neutral

Equity Research

28 July 2026 | 5:52PM AEST

Whitehaven Coal Ltd. (WHC.AX): 4Q FY26 result: Strong Q on unit cost

and coal price beat; FY26 guidance achieved; Neutral

WHC reported a strong finish to the year (see Exhibit 3) with FY26 managed Run of Paul Young

+61(2)9321-8302 |

Mine (ROM) coal production of ~40Mt (up 3% YoY) and equity sales of produced coal paul.young1@gs.com

Goldman Sachs Australia Pty Ltd

of ~26Mt both finishing at the top end of FY26 guidance. June Q managed

Chris Bulgin

Run-of-Mine (ROM) coal production of ~10.7Mt was up ~13% QoQ, driven by a +61(2)9321-8936 | chris.bulgin@gs.com

robust recovery from the two large Qld open cut met coal mines Blackwater (+54% Goldman Sachs Australia Pty Ltd

QoQ) and Daunia (+17% QoQ) following the weather-impacted March Q, partly

offset by lower Narrabri underground production (-38% QoQ) due to ongoing

challenging mining conditions. Saleable coal production of ~8.1Mt was -9%/-5%

below GSe/Visible Alpha Consensus Data estimates. FY27 guidance will be provided

with WHC’s FY26 financial results scheduled for release on 19 August 2026.

Cost performance was impressive, with FY26 unit costs of ~A$132/t at the lower end

of the A$130-145/t guidance range (vs. GSe at A$139/t) despite higher diesel prices

in the period (albeit diesel did reverse), and implies 2H group unit costs of ~A$130/t.

FY26 capex of ~A$350mn was also towards the low end of the A$340-440mn

guidance range (vs. GSe at A$387mn). Contributing to the unit cost beat was the

delivery of the targeted A$60-80mn of annualised cost savings and lower waste

stripping at Blackwater due to wet weather. We continue to model ~A$145/t over