v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Information [Abstract]  
Reportable Segment Results
(US$ thousands)
Australia
United States
Other and
Corporate
Total
Year ended December 31,
2025
Total
revenues
$
1,185,298
$
764,489
$
—
$
1,949,787
Less:
Mining costs
(1)
(932,030)
(585,509)
—
(1,517,539)
Other operating costs
(1)
(412,869)
(126,465)
—
(539,334)
Total
operating costs
(1,344,899)
(711,974)
—
(2,056,873)
Other and unallocated items
(2)
2,215
(39)
(39,257)
(37,081)
Segment adjusted EBITDA
(157,386)
52,476
(39,257)
(144,167)
Total
assets
1,354,590
1,075,270
195,695
2,625,555
Capital expenditures
148,842
136,620
5,342
290,804
Year ended December 31,
2024
Total
revenues
$
1,594,981
$
912,732
$
—
$
2,507,713
Less:
Mining costs
(1)
(1,054,066)
(629,242)
—
(1,683,308)
Other operating costs
(1)
(538,365)
(141,239)
—
(679,604)
Total
operating costs
(1,592,431)
(770,481)
—
(2,362,912)
Other and unallocated items
(2)
851
4,982
(35,494)
(29,661)
Segment adjusted EBITDA
3,401
147,233
(35,494)
115,140
Total
assets
1,213,903
1,048,117
255,732
2,517,752
Capital expenditures
89,343
156,401
4,127
249,871
Year ended December 31,
2023
Total
revenues
$
1,681,522
$
1,209,081
$
—
$
2,890,603
Less:
Mining costs
(1)
(1,058,598)
(610,925)
—
(1,669,523)
Other operating costs
(1)
(621,356)
(182,866)
—
(804,222)
Total
operating costs
(1,679,954)
(793,791)
—
(2,473,745)
Other and unallocated items
(2)
680
5,803
(41,629)
(35,146)
Segment adjusted EBITDA
2,249
421,093
(41,629)
381,713
Total
assets
1,322,610
1,010,199
345,229
2,678,038
Capital expenditures
55,412
171,686
660
227,758
(1)
The
significant
expense category
and
amount aligns
with the
segment-level information
that
is regularly
provided to
the
CODM and
excludes Depreciation, Depletion and Amortization
.
(2)
Other and unallocated items for Other and Corporate includes
selling, general and administrative expenses.
Reconciliation of EBITDA to Net Income
Year Ended December 31,
(US$ thousands)
2025
2024
2023
Consolidated Adjusted EBITDA
$
(144,167)
$
115,140
$
381,713
Depreciation, depletion and amortization
(185,350)
(187,400)
(160,711)
Interest expense, net
(1)
(99,291)
(58,856)
(56,751)
Loss on debt extinguishment
(19,258)
(14,732)
(1,385)
Other foreign exchange gains
(2)
585
12,339
2,899
Uncertain stamp duty position
(3)
—
—
(41,321)
Impairment of assets
—
(10,585)
—
Restructuring costs
(4)
—
(729)
—
Gains (losses) on sale of assets
(5)
8,817
(4,574)
(4,846)
(Increase) decrease in provision for discounting
and credit losses
(4,758)
207
4,216
Other
(993)
—
—
Net (loss) income before tax
$
(444,415)
$
(149,190)
$
123,814
Income tax benefit
12,359
40,309
32,251
Net (loss) income
$
(432,056)
$
(108,881)
$
156,065
(1)
Includes interest income of $
9.4
million, $
15.4
million, and $
7.6
million for the years ended December 31,
2025, 2024, 2023 respectively.
(2)
Refer to Note 4. “Other, net” for further discussion.
(3)
Relates to stamp duty on Curragh’s acquisition.
(4)
During the year ended December 31, 2024, a restructuring and cost transformation initiative commenced at the Australian Operations to focus on
repositioning the Company’s efforts to align its cost
structures and optimize its operations.
(5)
During the year ended
December 31, 2025,
the Company recognized
an $
11.0
million gain on disposal
of the Russell County
development property
and a $
2.2
million loss on disposal
of the Greenbrier
idle asset, both
of which previously
part of its U.S.
Operations. During the
years ended December
31, 2024 and 2023, it included care and
maintenance costs of the idled non-core asset
Greenbrier that was sold on January 14,
2025.
Reconciliation of Capital Expenditures
Year Ended December 31,
(US$ thousands)
2025
2024
2023
Capital expenditures per Consolidated Statement of
Cash Flows
$
244,784
$
248,142
$
237,205
Net movement in accruals for capital expenditures
(10,173)
12,497
(453)
Capital acquired through finance leases
29,072
—
—
Net movement in deposits to acquire long lead capital
27,121
(10,768)
(8,994)
Capital expenditures per segment detail
$
290,804
$
249,871
$
227,758
Disaggregation of Revenue
Year Ended December 31, 2025
(US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
1,024,828
$
734,277
$
1,759,105
Thermal coal
131,901
29,410
161,311
Total
coal revenue
1,156,729
763,687
1,920,416
Other
(1)
28,569
802
29,371
Total
$
1,185,298
$
764,489
$
1,949,787
Year Ended December 31, 2024
(US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
1,472,477
$
854,587
$
2,327,064
Thermal coal
87,798
30,000
117,798
Total
coal revenue
1,560,275
884,587
2,444,862
Other
(1)(2)
34,706
28,145
62,851
Total
$
1,594,981
$
912,732
$
2,507,713
Year Ended December 31, 2023
(US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
1,557,471
$
1,031,012
$
2,588,483
Thermal coal
88,281
153,925
242,206
Total
coal revenue
1,645,752
1,184,937
2,830,689
Other
(1)(2)
35,770
24,144
59,914
Total
$
1,681,522
$
1,209,081
$
2,890,603
(1)
Included
in
Other
revenue
for
Australian
Operation
is
the
amortization
of
Stanwell
non-market coal
supply
agreement
liability
recognized on
acquisition of Curragh. See further discussion
in Note 14 “Contract Obligations.”
(2)
Other revenue for the U.S.
segment includes $
25.0
million and $
17.5
for the years ended
December 31, 2024 and
2023, respectively, relating to
termination fee revenue from coal sales
contracts cancelled at the U.S. Operations.