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Stock Markets February 18, 2026

Whitehaven posts H1 underlying loss as coal prices weigh; shares fall

Underlying net loss of A$19 million and a 28% revenue decline reflect weaker realised coal prices; company keeps FY26 guidance and announces dividend and buyback

By Avery Klein
Whitehaven posts H1 underlying loss as coal prices weigh; shares fall

Whitehaven Coal reported an underlying net loss after tax of A$19 million for the six months ended Dec. 31, driven by a 19% drop in average achieved coal price to A$189 per tonne and a 28% fall in revenue to A$2.48 billion. Despite steady production and solid cash generation, the Sydney-listed miner saw its shares fall 6% to A$7.92 by 23:51 GMT. On a statutory basis, Whitehaven recorded net profit after tax of A$69 million, supported by A$88 million of non-recurring gains related to the acquisition of Daunia and Blackwater assets and a partial sell-down of Blackwater. The company declared a fully franked interim dividend of 4 Australian cents per share and will buy back up to A$32 million of shares over six months, while maintaining its FY26 production and cost guidance amid early signs of coal price recovery.

Key Points

  • Whitehaven swung to an underlying net loss of A$19 million for the six months to Dec. 31, from an underlying profit of A$350 million a year earlier.
  • Revenue fell 28% to A$2.48 billion as the average achieved coal price dropped 19% to A$189 per tonne, while production remained steady and cash generation was described as solid.
  • The company declared a fully franked interim dividend of 4 Australian cents per share and announced a buyback program of up to A$32 million over six months; it kept FY26 production and cost guidance citing early signs of coal price recovery.

Whitehaven Coal's shares retreated on Thursday after the company reported an underlying net loss for the first half of the financial year, a result the miner attributed to weaker coal prices despite steady operational output and robust cash generation.

For the six months ended Dec. 31, the company posted an underlying net loss after tax of A$19 million, compared with an underlying profit of A$350 million in the prior corresponding period. Revenue for the period fell 28% to A$2.48 billion as the average achieved coal price declined 19% to A$189 per tonne.

Sydney-listed Whitehaven shares were down 6% at A$7.92 by 23:51 GMT on the day of the update.

On a statutory basis, Whitehaven recorded net profit after tax of A$69 million. That statutory result was aided by A$88 million of non-recurring gains linked to the acquisition of the Daunia and Blackwater assets and a partial sell-down of Blackwater.

The company announced a fully franked interim dividend of 4 Australian cents per share. In addition, Whitehaven said it intends to repurchase up to A$32 million of its shares over a six-month period.

Despite the underlying loss, management maintained its FY26 production and cost guidance, pointing to early signs of recovery in coal prices as a supporting factor for that outlook. The company also highlighted that production remained steady and that cash generation during the period was solid.

The results underscore the sensitivity of Whitehaven's near-term earnings to realised coal prices and leave the company balancing shareholder returns via dividends and buybacks while navigating a softer commodity price environment.

Key financial figures

  • Underlying net loss after tax: A$19 million for the six months ended Dec. 31.
  • Prior-year underlying profit: A$350 million.
  • Revenue: A$2.48 billion, down 28% year-on-year.
  • Average achieved coal price: A$189 per tonne, down 19%.
  • Statutory net profit after tax: A$69 million, including A$88 million of non-recurring gains.
  • Interim dividend: 4 Australian cents per share, fully franked.
  • Share buyback authorization: up to A$32 million over six months.

Risks

  • Near-term earnings are sensitive to realised coal price movements - weaker coal prices materially reduced revenue and led to an underlying loss.
  • Reliance on non-recurring gains to bolster statutory profit - A$88 million of one-off gains supported the statutory net profit, highlighting variability between underlying and statutory results.
  • Market reaction to weaker commodity prices can depress the share price - the stock fell 6% to A$7.92 by 23:51 GMT following the results.

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