Financial Data and Key Metrics Changes - In Q4 2025, the company recorded net income attributable to common stockholders of $10.4 million or $0.09 per diluted share, with adjusted EBITDA of $118 million, a 19% increase from the prior quarter [26] - Operating cash flow from continuing operations was $69 million for the quarter and $336 million for the full year, ending the year with $575 million in cash and total liquidity above $900 million [26][34] - The company met or exceeded original guidance for seven of eight volume and cost metrics for the full year [27] Business Line Data and Key Metrics Changes - Seaborne thermal coal delivered 3.3 million tons, exceeding expectations, with realized export pricing averaging $81.80 per ton, up 7% from Q3 [27] - Seaborne metallurgical coal shipped 2.5 million tons, up 400,000 from Q3, with realized pricing improving to $113 per ton [28] - U.S. Thermal platform contributed $63 million of adjusted EBITDA in Q4, with nearly $250 million for the full year [29] Market Data and Key Metrics Changes - The benchmark pricing for seaborne metallurgical coal rose to its highest mark in 18 months, increasing 15% from $190 per ton at the beginning of Q4 [17] - Coal fuel generation in the U.S. was up an estimated 13% year-over-year in 2025, while coal production increased by only 4% [21] - Asian countries continue to add coal generation capacity, with China adding 80 gigawatts in 2025 and India projected to increase coal-fired capacity by 87% by 2047 [20] Company Strategy and Development Direction - The Centurion Mine is positioned as a cornerstone asset to maximize long-term shareholder value, expected to ship an average of 4.7 million tons per year of premium hard coking coal [5][7] - The company aims to reweight its portfolio toward higher-margin metallurgical coal and is focused on asset optimization activities to maximize long-term earnings [8] - The company is also exploring opportunities in renewable projects and critical minerals, with ongoing assessments and partnerships [9][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving market fundamentals and highlighted the importance of safety and environmental excellence in operations [3][4] - The company anticipates continued strength in both domestic thermal and seaborne metallurgical coal markets, driven by structural changes in supply and demand dynamics [16][18] - Management emphasized the importance of shareholder returns as the top priority for capital allocation moving forward [36][60] Other Important Information - The company has invested approximately $750 million in the development of the Centurion Mine, significantly enhancing its leverage to premium hard coking coal markets [34] - The company is actively engaged in discussions with government officials regarding the siting of power plants and increasing U.S. coal exports [9][10] Q&A Session Summary Question: What do you assume for the Australian dollar in the cost guide? - The company is looking at $0.70 for the Australian dollar and using a $225 benchmark pricing [40] Question: How much CapEx is potentially still left for Centurion development? - Approximately $100 million a year in development for the north for the next three years, plus $25 million a year in sustaining capital in the south [41] Question: How should we think about pricing in 2027 and beyond? - The company expects favorable pricing conditions due to ongoing contracting and market dynamics [45] Question: What are the drivers for the increase in seaborne thermal costs? - The increase is primarily due to lower production volumes, particularly at Wilpinjong [49] Question: How should we think about the cadence of shipments as the year progresses? - The first quarter is expected to be weaker, with improvements anticipated in Q2 and Q3 as production ramps up [54]