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 ...

Core Insights - Core Natural Resources reported a net loss of $79.0 million, or ($1.54) per diluted share, in Q4 2025, despite generating revenues of $1.042 billion [1][3] - The company generated net cash provided by operating activities of $107.3 million and free cash flow of $27.0 million during the same quarter [1][2] - Core returned $26.8 million to stockholders in Q4 2025, totaling $245.1 million for the year [1][2] Operational Performance - The high calorific value thermal coal segment sold 7.8 million tons in Q4 2025, a 9% increase from Q3, with realized coal revenue per ton sold at $58.11 [1][2] - In the metallurgical segment, coking coal sales were 2.0 million tons, with realized coal revenue per ton sold at $114.25 [1][2] - The Powder River Basin segment reported sales volumes of 12.6 million tons, with realized coal revenue per ton sold increasing to $14.21 [1][2] Financial and Liquidity Update - As of December 31, 2025, Core had total liquidity of $948.9 million, including $432.2 million in cash [2][3] - The company announced a capital return framework targeting the return of around 75% of free cash flow to stockholders, primarily through share repurchases and a quarterly dividend of $0.10 per share [1][2] - Core has invested a total of $224.3 million to repurchase 3.1 million shares, representing approximately 6% of total shares outstanding [1][2] Market Dynamics - U.S. utility coal consumption increased by an estimated 45 million tons, or around 12%, in 2025, driven by robust power demand growth [2][3] - Global metallurgical coal markets are stabilizing, with premium low-vol coal prices in Queensland rising by approximately 25% to $250 per metric ton [2][3] - Core anticipates continued demand growth for thermal coal in the U.S. and a favorable long-term outlook for high-quality coking coals due to infrastructure investments in Southeast Asia [2][3] 2026 Guidance - Core expects to sell between 85.6 million to 91.4 million tons of coal in 2026, with specific targets for coking, high calorific value thermal, and Powder River Basin segments [2][3] - The company projects cash costs of coal sold per ton for metallurgical coal to be between $88.00 and $94.00, and for high calorific value thermal coal between $38.00 and $39.50 [2][3] - Capital expenditures for 2026 are estimated to be between $325 million and $375 million [2][3]

Financial Performance - Core Natural Resources, Inc. reported net income of $31.6 million, or $0.61 per diluted share, for Q3 2025, with adjusted EBITDA of $141.2 million [1][2] - The company generated net cash provided by operating activities of $87.9 million and free cash flow of $38.9 million during the quarter [8][29] - Revenues for the third quarter totaled $1,002.5 million [1] Operational Highlights - The transition to a more advantageous reserve area at the West Elk mine is expected to enhance performance due to the B-Seam's greater thickness and higher coal quality [2][3] - The metallurgical segment sold 1.9 million tons of coal, achieving realized coal revenue per ton sold for coking coal of $112.94 [4] - In the Powder River Basin segment, sales volumes reached 13.0 million tons, with realized coal revenue per ton sold at $14.09 [5] Capital Return and Shareholder Returns - Core returned $24.6 million to stockholders through share buybacks and dividends, totaling $218.3 million since the capital return program's launch in February [1][8] - The company has committed to returning approximately 75% of free cash flow to stockholders, primarily through share repurchases and a quarterly dividend of $0.10 per share [7][9] Future Outlook - The company anticipates continued robust free cash flow generation supported by cost control efforts and the expected restart of the Leer South longwall [10] - Core is preparing for a significant performance improvement in 2026, leveraging its diverse asset base and favorable market conditions [18] Rare Earth Elements and Critical Minerals - Core has identified elevated concentrations of rare earth elements and critical minerals at its Black Thunder and Coal Creek mines, indicating potential future opportunities [15][16] - The company is initiating an expanded drilling program to further evaluate these resources and is engaging with technology providers for potential future projects [17]

Core Financial Performance - Core Natural Resources reported a net loss of $36.6 million, or $0.70 per diluted share, for Q2 2025, with revenues totaling $1,102.4 million [1][2] - The company generated net cash provided by operating activities of $220.2 million and free cash flow of $131.1 million during the same period [8][11] - Core returned $87.1 million to stockholders through share buybacks and dividends [2][10] Operational Highlights - The high c.v. thermal coal segment saw an 18% increase in sales volumes compared to Q1 2025, achieving realized coal revenue per ton sold of $60.50 [3][4] - The metallurgical segment's coking coal sales remained stable at 1.9 million tons, with realized coal revenue per ton sold of $114.71 [4] - The Powder River Basin segment reported sales volumes of 12.6 million tons, with realized coal revenue per ton sold of $14.69 [5] Synergy and Cost Management - Core increased its annual synergy target to between $150 million and $170 million, representing a 30% increase at the midpoint compared to initial guidance [6][7] - The company is focused on capturing identified synergies and reducing average operating costs to enhance operating margins [7] Capital Return Strategy - Core's capital return framework aims to return approximately 75% of free cash flow to stockholders, primarily through share repurchases and a quarterly dividend of $0.10 per share [7][10] - As of June 30, 2025, Core had $816.8 million remaining under its $1.0 billion share repurchase program [9] Leer South Mine Update - The Leer South mine is currently not in production due to a longwall outage, with expected costs of $20 million to $30 million for fire extinguishment and idle mine costs in Q3 2025 [15][14] - Core anticipates insurance recoveries exceeding $100 million related to the developments at Leer South [15] Market and Policy Developments - The company is capitalizing on a strong book of committed thermal business amid a gradual recovery in domestic thermal coal demand [16][17] - Recent policy developments under the Trump Administration aim to reduce regulatory burdens on coal power plants and enhance the competitiveness of U.S. coal [19][21]