Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $28.5 million, down from $41.7 million in Q3 2025 [8] - Total tons shipped in Q4 2025 were 3.8 million, a decrease from 3.9 million tons in Q3 2025 [8] - Cash provided by operating activities was $19 million in Q4, down from $50.6 million in Q3 [11] - Total liquidity at the end of Q4 was $524.3 million, down from $568.5 million at the end of Q3 [11] Business Line Data and Key Metrics Changes - Metallurgical segment realizations increased to an average of $115.31 per ton in Q4, up from $114.94 in Q3 [8] - Realizations for metallurgical sales in Q4 were a total weighted average of $118.10 per ton, up from $117.62 per ton in Q3 [9] - Incidental thermal portion realizations decreased to $77.80 per ton in Q4, down from $81.64 per ton in Q3 [9] Market Data and Key Metrics Changes - The Australian Premium Low-Vol Index increased by 14.6% from $190.20 per metric ton on October 1 to $218 per metric ton on December 31 [17] - The U.S. East Coast low-vol index rose from $177 to $185 per metric ton, an increase of 4.5% [18] - The U.S. East Coast High-Vol A index dropped slightly to $150.50 per metric ton by the end of the year [19] Company Strategy and Development Direction - The company aims to maintain a strong balance sheet and focus on safe, efficient operations amid persistent market weakness [6] - Development at the Kingston Wildcat Low-Vol Mine is ongoing, with expectations to produce roughly 500,000 tons in the current calendar year [14] - The company is exploring opportunities for share buybacks and potential M&A activities while ensuring minimal risk [36] Management's Comments on Operating Environment and Future Outlook - Management noted that the recent upward movement in coal markets is largely temporary and concentrated within the Australian Premium Low-Vol Index [4] - There is a focus on durable improvements in global steel demand as a catalyst for improving metallurgical markets [5] - The steel market remains weak globally, with some optimism in Europe and South America, but competition in Asia is challenging [30] Other Important Information - The company has committed 37% of its metallurgical tonnage for 2026 at an average price of $134.02, with 53% committed but not yet priced [12] - CapEx for Q4 was $29 million, up from $25.1 million in Q3 [11] Q&A Session Summary Question: Clarification on domestic vs. seaborne tonnage mix - Management indicated that approximately half of domestic volume is high-vol, with the other half being low and medium-vol [24] Question: Cost cadence over the year - Management noted that Q1 typically sees elevated costs due to lower productivity, while Q2 and Q3 are usually stronger [27] Question: Broader market conditions in Europe and South America - Management expressed cautious optimism for recovery in Europe and South America, but noted that Asia remains competitive [30] Question: Best uses for cash at this stage - Management emphasized maintaining liquidity for balance sheet strength and potential share buybacks, while exploring M&A opportunities [36] Question: Pricing guidance and impact of the 45X tax credit - Management stated that guidance is based on the forward curve, with an estimated benefit of around $2 per ton from the 45X tax credit [40] Question: U.S. supply perspective and potential impacts - Management noted that some smaller operations are going offline, but it may not significantly impact the overall market [50] Question: Transparency in pricing indices - Management discussed the challenges of pricing coal based on various indices and the need for better clarity in how prices are derived [62]

Core Viewpoint - The market for thermal coal in the Bohai Rim is experiencing a slight upward trend in prices due to reduced port coal inventory pressure, increased upstream pricing intentions, and tightening of imported coal supply [1][2]. Group 1: Market Price Trends - The Bohai Rim thermal coal price index has risen to 686 yuan per ton, an increase of 1 yuan per ton compared to the previous period [1]. - The overall market sentiment is being positively influenced by factors such as the easing of port coal inventory pressure and support from the cost side of the supply chain [1]. Group 2: Supply and Demand Dynamics - Coal mines in major production areas are maintaining normal production and sales, resulting in a relatively loose overall supply [1]. - There has been an increase in demand from downstream sectors, particularly in chemicals, leading to improved sales conditions in certain cost-effective mining areas [1]. - However, limited procurement increases from surrounding power plants and cautious replenishment actions from traders are leading to a stable pricing strategy from miners [1]. Group 3: Import Coal Market - Indonesian coal supply constraints have persisted since the end of last year, keeping prices firm and driving domestic import market prices upward [2]. - The price advantage of low-calorie imported coal from Indonesia compared to domestic coal has diminished, while the price advantage of high-calorie coal from Australia has also narrowed, resulting in a slowdown in procurement activity [2]. - Overall, while the coastal coal market is in a recovery phase after previous declines, limited consumer demand continues to suppress significant price increases, with expectations of a stalemate in the short term [2].

Group 1 - The core viewpoint of the articles indicates a bearish sentiment in the coastal coal market, with prices continuing to decline and a significant increase in inventory levels across various segments [1][2] Group 2 - The Qinhuangdao coal price index reported a decrease to 703 RMB/ton, down 3 RMB/ton from the previous period, reflecting a broader downtrend in coal prices [1] - Coal supply has increased significantly, with port inventories surpassing 28 million tons, approaching 29 million tons, matching levels from the previous year [1] - Despite the arrival of winter, demand has not surged as expected, with coal stockpiles at coastal power plants remaining adequate, leading to a slowdown in purchasing activity [1] Group 3 - In November, coal imports decreased by 19.9% year-on-year to 44.05 million tons, but showed a month-on-month increase of 5.5%, indicating a potential rise in imports in December due to price advantages [2] - The overall sentiment in the market remains bearish, with buyers gaining more bargaining power, suggesting a continued downward trend in coal prices [2]

澳洲證券交易所、香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Yancoal Australia Ltd ACN 111 859 119 兗煤澳大利亞有限公司* （於澳大利亞維多利亞州註冊成立的有限公司） （香港股份代號：3668） （澳洲股份代號：YAL） 季度報告 截至2025年9月30日止季度 2025年10月20日刊發 * 仅供识别 本季度兗煤澳洲的可記錄總工傷頻率降至 5.71，仍然低於可比較行業加權基準。1 儘管本季度受到降雨因素干擾，但原煤總產 量與公司預測一致。商品煤總產量為1,230萬 噸（100%基準），與前一季度持平。如預期， 由於彌補了第二季度末因天氣因素導致船運 延遲而產生的銷售缺口，本季度的權益銷量 高於權益產量。 2025年第三季度整體煤炭銷售價格為140澳 元/噸，其中動力煤銷售價格保持穩定，冶金 煤銷售價格環比下降1%，銷售價格綜合反映 了煤炭價格指數、匯率和銷售合約結構的滯 後效應。 2025年運營指引（保持不變） ...

Core Viewpoint - The market for thermal coal in the Bohai Rim is experiencing a slight stabilization in prices, with the index reported at 663 yuan per ton, down 6 yuan from the previous period, indicating a temporary easing of the supply-demand imbalance [1][2]. Group 1: Market Dynamics - The Bohai Rim thermal coal price index has decreased due to a drop in long-term contract prices, despite some positive factors emerging in the market [1]. - The reduction in production from major coal-producing regions has led to a slight increase in prices for certain high-quality coal types [1]. - Coal imports in May were reported at 36.04 million tons, a year-on-year decrease of 7.776 million tons and a month-on-month decrease of 1.785 million tons, indicating ongoing uncertainty in the import market [1]. Group 2: Inventory and Demand - As of June 11, coal inventories at the nine ports in the Bohai Rim have fallen below 29 million tons, a decrease of 13% from previous highs, suggesting improved port operations [1]. - The number of available days of coal for coastal provinces has dropped to below 20 days, indicating a potential increase in demand as the peak electricity consumption season approaches [1]. - Despite some recovery in market sentiment, overall coal inventory levels remain historically high, which continues to suppress price increases [2]. Group 3: External Factors - The implementation of freight rate reductions by some railway bureaus has lowered coal circulation costs in certain regions [2]. - The onset of the rainy season in southern regions is expected to increase hydropower output, putting additional pressure on thermal power generation [2]. - The non-electricity sector continues to exert downward pressure on raw material prices due to low profit margins, limiting the potential for price rebounds in the coal market [2].