WHC +3.9%: delivered a solid March-quarter operational update, with production and sales trending higher and the company tracking toward the upper end of FY26 guidance.
- Managed ROM coal production: 9.5Mt, +3.4% y/y
- Managed coal sales: 8.8Mt, +25% y/y
- Equity coal sales: 6.9Mt, +26% y/y
- FY26 ROM production guidance: 37–41Mt
- FY26 capex guidance: $340–440m
Production was broadly in line with plan, with strong performance from NSW open-cut operations offsetting weather disruptions in Queensland. Sales volumes were particularly strong during the quarter, reflecting improved logistics and demand.
Management noted the company has produced 29.5Mt of ROM coal year-to-date, leaving it firmly on track to land in the upper half of FY26 guidance.
MM remains long & bullish WHC ~$8
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