Yancoal Australia Stock Earnings Reports

Yancoal delivered a solid operational and financial first half 2025 despite weak coal prices. Attributable saleable production was 18.9 Mt (ROM 32.2 Mt), tracking ahead of the guidance midpoint and potentially towards the upper end of the 35–39 Mt full-year range. Cash operating costs were A$93/t (flat vs prior year full-year) and implied cash operating margin was about A$40/t. Revenue was A$2.68bn and operating EBITDA A$595m (23% margin); profit after tax was A$163m. The Board declared a fully franked interim dividend of A$0.062/share (A$82m, 50% payout ratio). The balance sheet remains strong with no external debt and A$1.8bn cash at 30 June. Management reiterated FY25 guidance: saleable production 35–39 Mt, cash costs A$89–97/t and capex A$750–900m (H1 capex A$407m). Operationally, H1 production was ahead YoY but H1 shipments were delayed by rail/port/weather disruptions; management expects to recover much of the shortfall in Q3. Market commentary highlighted weaker near-term thermal and metallurgical coal prices (realised thermal ~A$138/t; met ~A$207/t) but flagged structural supply-side constraints and potential future tightness, supporting longer-term price upside. Management remains open to disciplined M&A, prioritises sustaining capex and fleet replacement to protect low-cost positions, and emphasized rigorous capital and dividend decision-making given competing uses of cash (capex, M&A, shareholder returns).