Merger and Acquisition - The Company completed a merger with Arch on January 14, 2025, with Arch becoming a wholly-owned subsidiary [346]. - The Company expanded its metallurgical coal market presence through a Merger, acquiring two longwall mines and two continuous miner mines in West Virginia [362]. - The Company completed a Merger with Arch on January 14, 2025, increasing its Revolving Credit Facility from $355 million to $600 million and extending the maturity date to April 30, 2029 [398]. Financial Performance - Revenues for the year ended December 31, 2025, totaled $4,164.775 million, with realized coal revenue of $3,476.341 million [355]. - In comparison, revenues for the year ended December 31, 2024, were $2,164.406 million, with realized coal revenue of $1,786.926 million [357]. - Consolidated revenues for the year ended December 31, 2025, were $2.0 billion greater than the previous year, with legacy Arch operations contributing $2,048 million primarily from coal sales [363]. - Adjusted EBITDA for the year ended December 31, 2025, was $512,066 thousand, compared to $655,488 thousand in 2024, reflecting a decrease due to various adjustments [360]. - The legacy CONSOL's PAMC revenues decreased by $32 million in 2025, primarily due to reduced realization despite higher sales tons [363]. Segment Performance - Following the merger, the Company now consists of four reportable segments: High CV Thermal, Metallurgical, Powder River Basin, and Core Marine Terminal [347]. - The realized coal revenue per ton sold for the High CV Thermal segment was $60.34, while for the Metallurgical segment it was $102.36 [355]. - The Company reported a total of 30,558 tons sold in the High CV Thermal segment and 9,038 tons sold in the Metallurgical segment for the year ended December 31, 2025 [355]. - Adjusted EBITDA for the High CV Thermal segment decreased by $130 million, with realized coal revenue per ton sold dropping by $5.20 [378]. - The Metallurgical segment generated additional sales volumes of 8.4 million tons, resulting in realized coal revenue of $837 million and cash costs of $775 million [379]. - The PRB segment produced and sold 48.9 million tons, achieving an Adjusted EBITDA of $64 million [381]. - Core Marine Terminal segment Adjusted EBITDA was $57 million, with throughput volumes increasing to 18.1 million tons [382]. Costs and Expenses - Cost of sales increased by $2.1 billion in 2025 compared to 2024, with legacy Arch operations incurring $2,025 million in cost of sales [364]. - General and administrative costs rose to $215 million in 2025, up from $115 million in 2024, primarily due to $66 million in non-recurring Merger-related transaction costs [366]. - Depreciation, depletion, and amortization expenses increased to $621 million in 2025 from $224 million in 2024, largely due to assets acquired in the Merger [365]. - The 1974 UMWA Pension Plan litigation expense is $68 million, representing the net present value of payments over five years [370]. Cash Flow and Liquidity - Net cash provided by operating activities decreased by $170 million to $306 million for the year ended December 31, 2025, primarily due to non-recurring Merger-related expenditures [407]. - Net cash provided by investing activities changed by $213 million, mainly due to cash acquired in the Merger and a $75 million liquidation of U.S. Treasury securities [408]. - Total liquidity as of December 31, 2025, was $949 million, comprising $432 million in cash and cash equivalents, $185 million from the Receivables Financing Agreement, and $600 million from the Revolving Credit Facility, after accounting for $268 million in outstanding letters of credit [399]. - The Company expects to maintain adequate liquidity through net cash from operating activities and available credit facilities to meet short-term and long-term capital needs [397]. Debt and Equity - The Company has total long-term debt and finance lease obligations of $459 million as of December 31, 2025, including a current portion of $98 million [428]. - The Company's first lien gross leverage ratio was 0.28 to 1.00, and the total net leverage ratio was 0.03 to 1.00 as of December 31, 2025, indicating strong financial health [416]. - Total equity attributable to the Company increased to $3,678 million at December 31, 2025, up from $1,568 million at December 31, 2024 [431]. - The Company repurchased 3,088,520 shares of common stock at an average price of $72.61 per share during the year ended December 31, 2025 [430]. Regulatory and Risk Management - The Company is subject to new regulations requiring self-insured coal mine operators to post additional security for Black Lung benefit liabilities, which could impact future cash flows [405]. - The Company has established risk management policies to mitigate exposure to commodity price fluctuations in coal sales [437]. - The Company has experienced rising insurance premiums and reduced coverage, but recent stabilization in the insurance market may alleviate some cost burdens [403]. Future Obligations and Projections - The Company expects to satisfy material cash requirements of $122 million for long-term debt, $69 million for employee-related liabilities, and $97 million for environmental obligations in the next 12 months [427]. - The Company has a $132 million fund for future reclamation costs and a $17 million Global Water Treatment Trust Fund for water treatment obligations [404]. Currency and Market Impact - Currency fluctuations may adversely affect the competitiveness of the Company's coal in international markets [439]. - International competitors may gain a competitive advantage if their currencies decline against the U.S. dollar [439]. - A significant decline in the value of overseas customers' currencies could lead them to demand lower prices for coal [439].

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss of $79 million, or $1.54 per dilutive share, and adjusted EBITDA of $103 million, which includes $25 million of fire and idle costs from Leer South and $11 million from West Elk [13][14] - For the full year 2025, the net loss was $153 million, or $2.98 per dilutive share, with adjusted EBITDA of $512 million, impacted by $101 million related to Leer South fire and idle costs and $11 million from West Elk idle costs [15][16] - The company returned a total of $245 million to stockholders in 2025, constituting nearly 100% of free cash flow generation [8][9] Business Line Data and Key Metrics Changes - The Leer South mine resumed longwall mining in mid-December 2025 after a combustion event in early 2025, achieving its production target in January 2026 [5][6] - The West Elk mine transitioned to the B seam, which has shown significantly improved mining conditions, and is expected to run at high productivity levels in 2026 [7][8] Market Data and Key Metrics Changes - U.S. utility coal consumption increased by 12% in 2025 compared to 2024, with coal-fired generation in the PJM and MISO areas rising over 19% and 15%, respectively [16][17] - Global coal demand rose by approximately 0.5% to 8.9 billion metric tons in 2025, indicating a multi-year growth pattern [18] Company Strategy and Development Direction - The company is focused on capturing synergies from the merger, operational excellence across its segments, and establishing a safety-driven culture [4][5] - The company plans to return approximately 75% of free cash flow to shareholders, with a significant portion directed to share repurchases and a quarterly dividend of $0.10 per share [8][9] - The company is also advancing efforts in rare earth elements and critical materials, with ongoing projects in the PRB and Northern Appalachia [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance for 2026, expecting strong results from both Leer South and West Elk mines [27][28] - The company anticipates a reduction in idling costs and an increase in insurance recovery compared to 2025, contributing to improved financial performance [24][28] Other Important Information - The company is benefiting from supportive coal policies under the current administration, including a production tax credit for coal and delayed retirements of coal-fired generation units [10][11] - The company is optimistic about the growth in demand for coal driven by the expansion of data centers, particularly in the Americas [17][18] Q&A Session Summary Question: Can you break out the high CV committed and priced for the PAMC portion? - The company has approximately 20.5 million tons committed for high CV, with 12 million domestic and 8.5 million for export, linked to API2 pricing [33][34] Question: What is the outlook for the order book in outer years? - The company contracted over 38 million tons last quarter, with pricing in contango for forward years [38][39] Question: What does the 45X credit mean for shareholder returns? - The company expects higher insurance proceeds and a reduction in idling costs, which will positively impact cash flow and shareholder returns [40][44] Question: How are synergies showing up in the P&L? - Synergies are primarily seen in headcount reductions and improved marketing and logistics, but overall market conditions have impacted their full realization [51][52] Question: What tangible steps have been taken to improve operational delivery for 2026? - The company has all assets running and has implemented schedule changes and production strategies to enhance efficiency [90][91]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss of $79 million, or $1.54 per dilutive share, and adjusted EBITDA of $103 million, which includes $25 million of fire and idle costs from Leer South and $11 million from West Elk [13][14] - For the full year 2025, the net loss was $153 million, or $2.98 per dilutive share, with adjusted EBITDA of $512 million, impacted by $101 million related to Leer South fire and idle costs and $11 million from West Elk idle costs [15][16] - The company returned a total of $245 million to stockholders in 2025, constituting nearly 100% of free cash flow generation [8][9] Business Line Data and Key Metrics Changes - The Leer South mine resumed longwall mining in mid-December 2025 after a combustion event in early 2025, achieving its production target in January 2026 [5][6] - The transition to the B seam at West Elk has been completed, with the mine now running at high productivity levels after overcoming initial challenges [7][8] Market Data and Key Metrics Changes - U.S. utility coal consumption increased by 12% in 2025 compared to 2024, with coal-fired generation in the PJM and MISO areas rising over 19% and 15%, respectively [16][17] - Global coal demand rose by approximately 0.5% to 8.9 billion metric tons in 2025, continuing a multi-year growth trend [18] Company Strategy and Development Direction - The company is focused on capturing synergies from the merger, achieving operational excellence, and establishing a safety-driven culture [4][5] - The company plans to return approximately 75% of free cash flow to shareholders, with a significant portion directed to share repurchases and a quarterly dividend of $0.10 per share [8][9] - The company is also advancing efforts in rare earth elements and critical materials, with ongoing projects in the PRB and Northern Appalachia [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational outlook for 2026, expecting strong performance from both Leer South and West Elk mines [27][28] - The company anticipates a reduction in idling costs and an increase in insurance recovery compared to 2025, contributing to improved financial performance [24][28] Other Important Information - The company is benefiting from supportive public policy initiatives for coal, including a production tax credit and delayed retirements of coal-fired generation units [10][11] - The company is optimistic about the growth in demand for coal driven by data centers and AI, with significant increases in global data center capacity expected [17][18] Q&A Session Summary Question: Can you break out the high CV committed and priced for the PAMC portion? - The company has approximately 20.5 million tons committed for high CV, with 12 million domestic and 8.5 million for export, linked to API2 pricing [34][35] Question: What is the outlook for the order book in outer years? - The company contracted over 38 million tons last quarter, with pricing in contango for future years [39] Question: What does the 45X credit mean for shareholder returns? - The company expects higher insurance proceeds and a reduction in idling costs, which will positively impact cash flow and shareholder returns [43][44] Question: How are synergies showing up in the P&L? - Synergies are primarily seen in headcount reductions and improved marketing and logistics, although market conditions have impacted their full realization [52][54] Question: What tangible steps have been taken to improve operational delivery for 2026? - The company has all assets running and has implemented schedule changes and production strategies to enhance efficiency [90][91]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss of $79 million, or $1.54 per dilutive share, with adjusted EBITDA of $103 million, which includes $25 million of fire and idle costs from Leer South and $11 million from West Elk [12] - For the full year 2025, the net loss was $153 million, or $2.98 per dilutive share, with adjusted EBITDA of $512 million, impacted by $101 million related to Leer South fire and idle costs and $11 million from West Elk idle costs [13] - The company returned a total of $245 million to stockholders in 2025, constituting nearly 100% of free cash flow generation [7][8] Business Line Data and Key Metrics Changes - The Leer South mine resumed longwall mining in mid-December 2025 after a combustion event in early 2025, achieving its production target in January 2026 [5] - West Elk transitioned to the B seam, which has significantly better mining conditions, and is now running at high productivity levels [6] Market Data and Key Metrics Changes - U.S. utility coal consumption increased by 12% in 2025 compared to 2024, with coal-fired generation in the PJM and MISO areas rising over 19% and 15%, respectively [14] - Global coal demand rose by approximately 0.5% to 8.9 billion metric tons in 2025, continuing a multi-year growth trend [16] Company Strategy and Development Direction - The company is focused on operational excellence, capturing synergies from the merger, and expanding its customer base for high-quality coal [4][5] - The company supports the Trump administration's initiatives to preserve and upgrade the U.S. coal fleet and expand coal exports [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance for 2026, expecting strong results from both Leer South and West Elk mines [24] - The company anticipates a significant reduction in merger-related expenses and an increase in insurance recovery compared to 2025 [21] Other Important Information - The company is advancing efforts in rare earth elements and critical materials, with ongoing projects in the PRB and Northern Appalachia [22][23] - Capital expenditures for 2026 are expected to be between $325 million and $375 million, with a focus on maintenance and growth initiatives [20] Q&A Session Summary Question: Can you break out the high CV committed and priced for PAMC coal? - The company has approximately 20.5 million tons committed for high CV, with 12 million domestic and 8.5 million for export, linked to API2 pricing [30] Question: What is the outlook for shareholder returns? - The company plans to continue returning 75% of free cash flow to shareholders, with expectations for increased returns in 2026 [40] Question: What are the expectations for unit costs in 2026? - The company expects unit costs to improve in 2026 compared to 2025, with a focus on operational efficiency and cost management [57][58] Question: How is the market for high-volume coal with Leer South ramping up? - The company is seeing increased appetite in Asian markets and anticipates contracting significant volumes, particularly linked to PLV prices [62]

Fourth Quarter 2025 Earnings Supplement February 12, 2026 FORWARD-LOOKING STATEMENTS This communication contains certain "forward-looking statements" within the meaning of federal securities laws. Forward-looking statements may be identified by words such as "years ahead," "look forward" and similar expressions. Forward-looking statements are not statements of historical fact and reflect Core's current views about future events. No assurances can be given that the forward-looking statements contained in thi ...

Exhibit 99.1 CANONSBURG, Pa., Feb. 12, 2026 /PRNewswire/ -- Today, Core Natural Resources, Inc. (NYSE: CNR) ("Core" or the "company") reported a net loss of $79.0 million, or ($1.54) per diluted share, in the fourth quarter of 2025. Additionally, Core reported adjusted EBITDA of $103.1 million in the quarter, which included fire extinguishment costs at Leer South and idle mine cash costs at Leer South and West Elk totaling $36.4 million, as well as a portion of the total insurance proceeds related to the Ba ...

Core Insights - Charlie Munger, vice chairman of Berkshire Hathaway, made a surprising investment in coal in 2023, resulting in over $50 million in paper gains [1][4]. Investment Strategy - Munger had avoided coal for six decades but decided to invest in Consol Energy and Alpha Metallurgical Resources, believing that many coal producers were undervalued, particularly those producing metallurgical coal essential for steelmaking [3][4]. - His investment in Consol Energy saw its stock double, while Alpha Metallurgical Resources also experienced significant gains by the time of Munger's death in late November 2023 [4]. Personal Context - Munger continued to engage in investment discussions with Warren Buffett, maintaining an active role despite not being involved in day-to-day operations at Berkshire Hathaway [5].

Core Insights - Charlie Munger's later years were marked by active investment decisions and new challenges rather than a quiet retirement [2][3] Investment Strategies - Munger made a significant investment in the coal industry, an area he had avoided for 60 years, resulting in over $50 million in paper gains [3][5] - He purchased shares in Consol Energy and Alpha Metallurgical Resources, both of which saw substantial stock price increases, with Consol's price doubling by the time of his passing [6][5] Real Estate Ventures - Munger collaborated with a young neighbor, Avi Mayer, to invest in real estate, leading to the establishment of Afton Properties, which now holds assets valued at approximately $3 billion [7][9] - The trio acquired nearly 10,000 low-rise apartments in Southern California, with Munger actively involved in various operational aspects [7][9] Personal Challenges and Social Engagement - Munger faced health challenges, including vision problems, but maintained a humorous outlook and engaged in social activities to combat loneliness [10] - He emphasized the importance of forming new friendships in his later years, participating in weekly breakfast meetings with business associates [10] Relationship with Warren Buffett - Munger maintained a close friendship and collaboration with Warren Buffett, communicating regularly despite challenges due to hearing issues [11][12] - Their final conversation occurred shortly before Munger's passing, highlighting the enduring bond between the two investment legends [12]

Core Insights - Charlie Munger's later years were marked by active investment decisions and new challenges, rather than a quiet retirement [2][3] - Munger made significant investments in the coal industry, an area he had avoided for 60 years, resulting in over $50 million in paper gains [5][6] - He also collaborated with a young neighbor to build a real estate empire valued at approximately $3 billion [8][9] Investment in Coal Industry - Munger's unexpected investment in coal stocks came as many investors were bearish on the sector due to declining usage [5] - He believed that global energy demand would keep coal necessary, and many producers remained profitable with undervalued stock prices [5] - In May 2023, he purchased shares of Consol Energy and later Alpha Metallurgical Resources, both of which saw significant stock price increases [6] Real Estate Ventures - Munger's real estate investment began with a mentorship of his young neighbor, Avi Mayer, who sought guidance in his career [8] - Together with Mayer and Reuven Gradon, they acquired nearly 10,000 low-rise apartments in Southern California starting around 2017 [8] - Afton Properties, the company they formed, now holds assets valued at about $3 billion, with Munger actively involved in decision-making [9] Health Challenges and Social Engagement - Munger faced significant health challenges, including vision loss, but maintained a humorous outlook and engaged socially to combat loneliness [10][11] - He adapted his lifestyle, including dietary changes, and emphasized the importance of forming new friendships in his later years [11] - Munger continued to communicate regularly with Warren Buffett, maintaining their long-standing partnership despite health issues [12][13]

Core Insights - Charlie Munger, Warren Buffett's long-time partner, made significant investments in the coal industry, an area he had previously avoided for 60 years, resulting in over $50 million in profits before his passing [2][5][6] - Munger also increased his investments in real estate, collaborating with a young neighbor to acquire nearly 10,000 garden-style apartments in Southern California, making them one of the largest low-rise apartment owners in the state [7][9] Investment in Coal Industry - Munger, who had historically overlooked coal stocks, began investing in coal companies in 2023, believing that despite a long-term decline in coal usage, the industry remains essential due to global energy demands [5][6] - He purchased shares in Consol Energy and Alpha Metallurgical Resources, with Consol's stock price doubling by the time of his death [5][6] Real Estate Investments - Munger supported a young neighbor, Avi Mayer, in real estate investments, leading to the establishment of Afton Properties, which has assets valued at approximately $3 billion [8][9] - Munger was actively involved in the business decisions of Afton Properties, emphasizing long-term financing strategies over short-term gains [8][9] Personal Insights and Legacy - Munger maintained a close relationship with Buffett, communicating regularly despite health challenges, and continued to engage in discussions about investments and life principles [5][11] - His final years were marked by a commitment to learning and sharing knowledge, providing valuable lessons for investors on aging gracefully and purposefully [11][12]