Warrior Met Coal Inc (HCC) 2025 Q4 法說會逐字稿

Good afternoon. My name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to the Warrior fourth-quarter and full year 2025 financial results conference call.

午安.我叫克里斯，今天我將擔任你們的會議接線生。此時此刻，我謹代表勇士隊歡迎各位參加 2025 年第四季及全年財務業績電話會議。

(Operator Instructions)

（操作說明）

This call today is being recorded and will be available for replay once the call is over on the company's website. I would now like to turn the call over to Brian Chopin, Chief Accounting Officer and Controller. Please go ahead, sir.

本次電話會議將進行錄音，會議結束後可在公司網站回放。現在我將把電話交給首席會計官兼財務總監布萊恩·蕭邦。請繼續，先生。

Good afternoon, and welcome, everyone, to Warrior's fourth-quarter and full year 2025 earnings conference call. Before we begin, let me remind you that certain statements made during this call, including statements relating to our expected future business and financial performance, may be considered forward-looking statements according to the Private Securities Litigation Reform Act. Forward-looking statements, by their nature, address matters that are to different degrees, uncertain.

下午好，歡迎各位參加 Warrior 2025 年第四季及全年財報電話會議。在開始之前，請允許我提醒各位，根據《私人證券訴訟改革法案》，本次電話會議中作出的某些陳述，包括與我們預期未來業務和財務業績相關的陳述，可能被視為前瞻性陳述。前瞻性陳述本質上涉及不同程度的不確定性事項。

These uncertainties, which are described in more detail in the company's annual and quarterly reports filed with the SEC, may cause our actual future results to be materially different from those expected in our forward-looking statements. We do not undertake to update our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

這些不確定因素在公司向美國證券交易委員會提交的年度和季度報告中有更詳細的描述，這些不確定因素可能導致我們未來的實際業績與我們在前瞻性聲明中預期的業績存在重大差異。除法律另有規定外，我們不承諾更新我們的前瞻性聲明，無論是由於新資訊、未來事件或其他原因。

For more information regarding forward-looking statements, please refer to the company's press releases and SEC filings. We will also be discussing certain non-GAAP financial measures, which are defined and reconciled to comparable GAAP financial measures in our fourth-quarter press release furnished to the SEC on Form 8-K, which is also posted on our website.

有關前瞻性聲明的更多信息，請參閱本公司的新聞稿和向美國證券交易委員會提交的文件。我們還將討論一些非GAAP財務指標，這些指標的定義以及與可比較GAAP財務指標的調節表已在提交給美國證券交易委員會的8-K表格第四季度新聞稿中列出，該新聞稿也已發佈在我們的網站上。

Additionally, we will be filing our Form 10-K for the year-ended December 31, 2025, with the SEC this afternoon. You can find additional information regarding the company on our website at www.warriormetcoal.com, which also includes a fourth-quarter supplemental slide deck that was posted this afternoon. Today on the call with me are Mr. Walt Scheller, Chief Executive Officer; and Mr. Dale Boyles,, Chief Financial Officer. After our formal remarks, we will be happy to answer any questions. With that, I will now turn the call over to Walt.

此外，我們將於今天下午向美國證券交易委員會提交截至 2025 年 12 月 31 日的年度 10-K 表格。您可以在我們的網站 www.warriormetcoal.com 上找到有關公司的更多信息，其中還包括今天下午發布的第四季度補充幻燈片。今天和我一起參加電話會議的有執行長沃爾特·謝勒先生和財務長戴爾·博伊爾斯先生。正式發言結束後，我們將樂意回答任何問題。接下來，我將把電話交給沃特。

Thanks, Brian. Hello, everyone, and thank you for taking the time to join us today to discuss our fourth-quarter and full year 2025 results. I'll start by providing an overview of the quarter before Dale reviews our results in additional detail. 2025 was a transformative year for Warrior as Blue Creek began reshaping our production profile, cost structure, and long-term earnings potential. This performance was exemplified by our fourth-quarter operational and financial results, which exceeded our expectations.

謝謝你，布萊恩。大家好，感謝各位今天抽出時間與我們一起討論我們2025年第四季和全年業績。在戴爾詳細分析我們的業績之前，我將首先概述本季的情況。 2025年對Warrior來說是具有變革意義的一年，因為Blue Creek開始重塑我們的生產模式、成本結構和長期獲利潛力。我們的第四季營運和財務表現就充分體現了這一點，業績超出了我們的預期。

As we previously communicated, the longwall operations at Blue Creek began production during the fourth-quarter, eight months ahead of schedule, on budget and funded by cash flows from operations. In continuing our trend of operational excellence throughout the entire Blue Creek project, the ramp-up of the Blue Creek longwall was remarkably smooth, especially for a project of this scale and delivered a strong operating performance during the fourth-quarter.

正如我們之前所溝通的那樣，Blue Creek 的長壁採煤作業在第四季度開始投產，比原計劃提前了八個月，按預算完成，資金來自營運現金流。為了延續我們在整個 Blue Creek 專案中追求卓越營運的趨勢，Blue Creek 長壁採煤廠的產能提升非常順利，尤其對於如此規模的專案而言，並在第四季度取得了強勁的營運業績。

We achieved an annualized run rate of production during the quarter that well supports our increased volume guidance for 2026. I'll discuss our 2026 guidance later in my comments. Our strong performance in the fourth-quarter, including a record high quarterly sales volume wrapped up a remarkably successful year despite weak market conditions for steelmaking coal.

本季我們實現了年化生產力，這很好地支持了我們對 2026 年產量的提高預期。我稍後會在評論中討論我們2026年的指導方針。儘管煉鋼煤市場狀況疲軟，但我們第四季度的強勁表現，包括創紀錄的季度銷量，為這一年畫上了圓滿的句號，也標誌著我們取得了巨大的成功。

We achieved double-digit volume growth in both sales and production volumes for the full year 2025, which were also record high levels of output for the company. This performance continued to reduce our first quartile cash costs, leveraging the inherently lower cost structure of the Blue Creek mine. In addition to the Blue Creek ramp-up, both Mine 7 and Mine 4 continued their high standards of strong performance, which is particularly important to the overall success of the company. Mine 4 set a new record high output for both sales and production volume.

2025 年全年，我們的銷售額和產量均實現了兩位數的成長，同時也創下了公司產量的歷史新高。這項業績持續降低了我們第一季的現金成本，充分利用了藍溪礦本身較低的成本結構。除了 Blue Creek 礦的產能提升之外，7 號礦和 4 號礦也持續保持了強勁的業績，這對公司的整體成功尤其重要。4 號礦井的銷售量和產量均創歷史新高。

Total sales volume for 2025 was 9.6 million short tons, a record high and a 21% increase over the prior year. Production volume was 10.2 million short tons, also a record high and a 24% increase over 2024. Now let me turn to more specifics on the market conditions during the fourth-quarter before I share more detail on our operational and financial performance.

2025 年總銷售量為 960 萬短噸，創歷史新高，比前一年增長 21%。產量為 1,020 萬短噸，也創歷史新高，比 2024 年增加 24%。現在，在分享我們營運和財務表現的更多細節之前，讓我更具體地談談第四季度的市場狀況。

The primary underlying drivers of the weak steelmaking coal markets for the fourth-quarter were a continuation of the same factors we've been discussing each quarter for the past two years. In fact, Chinese steel export volumes for 2025 set a new record high of 119 million metric tons, a 7.2% increase year-over-year. Chinese crude steel production decreased by 4.4% during the same period, prompting the country to contemplate production control and implement export licenses.

第四季煉鋼煤市場疲軟的主要根本原因，與我們過去兩年每季討論的因素相同。事實上，2025年中國鋼鐵出口量將創下1.19億公噸的新紀錄，年增7.2%。同期中國粗鋼產量下降了4.4%，促使中國考慮實施生產控制和出口許可證制度。

Beyond the sustained strength in key markets such as India, which grew its pig iron production by over 6% in 2025, global steel fundamentals have not shown significant improvement in the last couple of years. While global steelmak.ing coal markets remain challenged, a continuation of trends we've navigated successfully for the past two years, Warrior's disciplined execution and early contributions from Blue Creek allowed us to outperform despite the environment.

除了印度等主要市場持續強勁成長（印度2025年生鐵產量成長超過6%）之外，全球鋼鐵基本面在過去幾年並未顯著改善。儘管全球鋼鐵煤炭市場仍然面臨挑戰，延續了我們過去兩年成功應對的趨勢，但 Warrior 的嚴謹執行和 Blue Creek 的早期貢獻使我們能夠在這樣的環境下取得優異成績。

Our primary index, the PLV FOB Australia performed above our expectations for the fourth-quarter and averaged $182 per short ton, which was the highest quarterly average in 2025 and marked the first time at that level since December 2024. The index average was 9% or $15 per ton higher than the third-quarter 2025 and was 1% lower than the fourth-quarter 2024. As for the main second-tier indices, the Australian LV HCC index price continued its recovery from its low point in the second-quarter and averaged $154 per short ton for the fourth-quarter.

我們的主要指數—澳洲離岸價 (PLV FOB Australia) 在第四季度表現超出預期，平均價格為每短噸 182 美元，這是 2025 年最高的季度平均價格，也是自 2024 年 12 月以來首次達到該水準。該指數平均值比 2025 年第三季高出 9% 或每噸 15 美元，比 2024 年第四季低 1%。至於主要的二線指數，澳洲低壓HCC指數價格從第二季的低點繼續復甦，第四季平均價格為每短噸154美元。

This was $17 per ton or 13% higher than the third-quarter 2025 and 1% higher than the fourth-quarter 2024. As a result, the relativity of Australian LV HCC index price to the Australian PLV index price improved from 82% for the third-quarter to 85% for the fourth-quarter 2025.

這比 2025 年第三季高出每噸 17 美元，漲幅達 13%，比 2024 年第四季高出 1%。因此，澳洲 LV HCC 指數價格與澳洲 PLV 指數價格的相對關係從 2025 年第三季的 82% 提高到 2025 年第四季的 85%。

In contrast to the Australian LV HCC index price, the average East Coast HVA index price decreased $6 per ton or 4% in the fourth-quarter from the third-quarter and averaged $135 per short ton. As a result, the relativity decreased from 85% for the third-quarter to 75% for the fourth-quarter 2025. We achieved a gross price realization of 75% for the fourth-quarter 2025 compared to 83% in the third-quarter of 2025.

與澳洲低揮發性有機化合物指數價格相比，東海岸高揮發性有機化合物指數價格在第四季度比第三季度下降了每噸 6 美元，下降 4%，平均價格為每短噸 135 美元。因此，相對性從 2025 年第三季的 85% 下降到 2025 年第四季的 75%。2025 年第四季度，我們的毛價實現率為 75%，而 2025 年第三季為 83%。

While the average of both main pricing indices increased in the fourth-quarter compared to the third-quarter 2025, our lower gross price realization was primarily driven by a combination of four factors.

雖然第四季兩大主要價格指數的平均值均較 2025 年第三季有所上升，但我們較低的毛價格實現主要受以下四個因素的影響。

First, our sales mix of High-Vol A quality was 8% higher. Second, the higher sales mix of High-Vol A quality was primarily sold into the Pacific Basin. We sold 18% more volume into the Pacific Basin in the fourth-quarter than the third-quarter 2025. Third, demurrage costs were temporarily higher in the fourth-quarter due to longer vessel loading queues that were attributed to modernization work on a ship loader as a terminal. And fourth, we continue to experience elevated freight rates into the Pacific Basin.

首先，我們高銷售量 A 級產品的銷售佔比提高了 8%。其次，高容量 A 級產品的較高銷售比例主要銷往太平洋盆地。2025 年第四季度，我們向太平洋盆地銷售的石油量比 2025 年第三季增加了 18%。第三，由於碼頭裝船機的現代化改造工程導致船舶裝載排隊時間延長，第四季滯期費暫時較高。第四，我們繼續面臨太平洋盆地貨運費率高企的問題。

As we continue to ramp up Blue Creek production and sales volume, our quarterly gross price realization may be volatile depending upon the relative index price, product mix, geography, tariffs and freight rates to the Pacific Basin.

隨著我們不斷提高 Blue Creek 的產量和銷量，我們的季度毛價格實現可能會受到相對指數價格、產品組合、地理位置、關稅和運往太平洋盆地的運費的影響而波動。

However, on a long-term basis, including Blue Creek, we expect our annual gross price realization to be approximately 80% to 85%, assuming the relativities of the Australian LV HCC index price and US East Coast HVA index price to the Australian PLV index price historical averages. However, this may not be achievable in 2026 and not until the overall market fundamentals of supply and demand become more balanced across the regions of the world.

然而，從長遠來看，包括 Blue Creek 在內，我們預計我們的年度毛價實現率約為 80% 至 85%，假設澳洲 LV HCC 指數價格和美國東海岸 HVA 指數價格與澳洲 PLV 指數價格的歷史平均值相對應。然而，這在 2026 年可能無法實現，只有當世界各地區的供需基本面更加平衡時才能實現。

While Blue Creek products mix will influence our long-term average net selling price, Blue Creek's significantly lower cost structure is expected to more than offset this and drive substantial margin expansion for the company. Strong contractual demand, combined with excellent performance from our legacy mines and the additional contribution from Blue Creek enabled Warrior to achieve a record high quarterly sales volume in the fourth-quarter of 2.9 million short tons.

雖然 Blue Creek 的產品組合會影響我們的長期平均淨售價，但 Blue Creek 顯著較低的成本結構預計將足以抵消這一影響，並推動公司利潤率大幅成長。強勁的合約需求，加上我們傳統礦山的出色表現以及 Blue Creek 的額外貢獻，使得 Warrior 在第四季度實現了創紀錄的季度銷售量，達到 290 萬短噸。

This result compares to 1.9 million tons in the same quarter of 2024, representing a 53% increase. We sold 881,000 tons of Blue Creek steelmaking coal during the fourth-quarter 2025, which were contractual volumes sold primarily into Asia. Our sales by geography for the fourth-quarter break down as follows. 57% into Asia, 34% into Europe and 9% into South America.

與 2024 年同期 190 萬噸相比，這一結果代表增加了 53%。2025 年第四季度，我們售出了 881,000 噸藍溪煉鋼煤，這些是合約約定的數量，主要銷往亞洲。我們第四季的銷售額按地域劃分如下：亞洲佔 57%，歐洲佔 34%，南美洲佔 9%。

Our spot volume was 6% for the fourth-quarter 2025 and was 9% for the full year. Production volume in the fourth-quarter 2025 was a record high 3.4 million short tons compared to 2.1 million in the same quarter of last year, representing a 61% increase. Production from our Blue Creek mine was 1.3 million tons during the fourth-quarter and exceeded our expectations.

2025 年第四季現貨交易量佔 6%，全年佔 9%。2025 年第四季產量創歷史新高，達 340 萬短噸，去年同期為 210 萬短噸，增幅達 61%。我們藍溪礦第四季的產量為 130 萬噸，超出了我們的預期。

Our coal inventory levels increased to 1.6 million short tons at the end of December compared to 1.1 million tons at the end of September 2025. The increase in inventory reflects the early start-up of Blue Creek's longwall production.

截至 2025 年 12 月底，我們的煤炭庫存水準已增至 160 萬短噸，而 2025 年 9 月底為 110 萬短噸。庫存增加反映了藍溪長壁採煤廠提前投產。

The early start-up of the Blue Creek longwall was a major contributor to the higher volumes and profitability in the fourth-quarter and for the full year 2025. As I noted earlier, the ramp-up of production went smoothly and has already achieved a quarterly run rate of 1.5 million short tons. However, given the expected weak market conditions for steelmaking coal in 2026, we will start the year with an expected production level of 4.5 million short tons from Blue Creek.

Blue Creek 長壁採煤廠的提前投產是第四季和 2025 年全年產量和獲利能力提高的主要貢獻因素。正如我之前提到的，產能提升進展順利，目前已達到每季150萬短噸的運作率。然而，鑑於預計 2026 年煉鋼煤市場狀況疲軟，我們預計 Blue Creek 煤礦今年的產量將達到 450 萬短噸。

We plan to sell the excess inventory that was built up in the fourth-quarter before we ramp to a higher production level. We plan to ramp production in line with increases in contractual volumes to ensure we support pricing discipline while maximizing long-term value.

我們計劃在提高產量之前，先將第四季累積的過剩庫存售出。我們計劃根據合約訂單量的成長情況提高產量，以確保在維持價格紀律的同時，最大限度地提高長期價值。

Financially, we dedicated another $69 million of capital expenditures in the fourth-quarter and $240 million for the full year 2025 to the Blue Creek project. That brings the total project capital expenditures to date to $957 million. As a reminder, this is on budget and fully paid out of cash flow without any funded debt. Our total project estimate remains unchanged, ranging from $995 million to $1.075 billion. The remaining capital to be spent on the Blue Creek project is expected to occur by the end of the first-quarter 2026.

在財務方面，我們在第四季度又投入了 6,900 萬美元的資本支出，並在 2025 年全年投入了 2.4 億美元用於 Blue Creek 專案。這使得該項目迄今為止的總資本支出達到 9.57 億美元。再次提醒，該項目在預算範圍內，全部由現金流支付，沒有舉債。我們對整個專案的估算保持不變，範圍在 9.95 億美元至 10.75 億美元之間。預計到 2026 年第一季末，Blue Creek 計畫剩餘的資金將全部到位。

The remaining work is primarily related to finishing the barge load out, finishing a third storage silo with the rail load out, paving loads, completing storage and shop buildings and other final project details. None of this final work should have any impact on production from the new mine. Let me take a moment to step back and summarize a few key highlights for the year 2025.

剩餘的工作主要與完成駁船裝載、完成第三個儲料倉的鐵路裝載、鋪路裝載、完成倉庫和車間建築以及其他最終項目細節有關。所有這些收尾工作都不會對新礦的生產造成任何影響。讓我花點時間回顧一下，總結一下 2025 年的一些關鍵亮點。

First, we were able to start the Blue Creek longwall eight months ahead of schedule, remain on budget and fund the entire project out of cash flow from operations. Second, adding Blue Creek to our production profile adds significant scale to our operations and significantly further improves the company's first quartile cost curve position, which is expected to drive margin expansion in the future.

首先，我們提前八個月啟動了藍溪長壁採煤工程，控制在預算範圍內，並利用營運現金流為整個專案提供資金。其次，將 Blue Creek 納入我們的生產體系，顯著擴大了我們的營運規模，並顯著改善了公司在成本曲線第一四分位的位置，預計這將在未來推動利潤率的擴張。

Third, we were successful in strategically expanding our total reserve base by finalizing two federal coal leases to obtain 53 million short tons of additional reserves. It's also created access to other additional privately owned reserves. Fourth, while we made significant investments in Blue Creek, we managed our costs and spending to meet or exceed all of our guidance targets for 2025. I'll now ask Dale to address our fourth-quarter results in greater detail.

第三，我們透過最終敲定兩項聯邦煤炭租賃協議，成功地從戰略上擴大了我們的總儲量基礎，獲得了 5,300 萬短噸的額外儲量。它也為進入其他私人擁有的保護區創造了條件。第四，雖然我們對 Blue Creek 進行了大量投資，但我們控制了成本和支出，以達到或超過我們 2025 年的所有指導目標。現在我將請戴爾更詳細地談談我們第四季的業績。

Thanks, Walt. Our fourth-quarter results continued the sequential improvement quarter after quarter throughout 2025. As Walt discussed earlier, the steelmaking coal market continue to be pressured in the fourth-quarter by the same factors that we have discussed over the last two years.

謝謝你，沃特。我們的第四季業績延續了2025年全年每季持續改善的勢頭。正如沃爾特之前討論的那樣，第四季度煉鋼煤市場繼續受到過去兩年我們討論過的相同因素的壓力。

Despite these market conditions, we continue to outperform expectations for 2025 as we met or exceeded our full year 2025 guidance targets on the back of a strong fourth-quarter, both operationally and financially. Let me first highlight our fourth-quarter financial results compared to the third-quarter of 2025.

儘管市場環境如此，但由於第四季營運和財務狀況強勁，我們仍實現了或超過了 2025 年全年業績預期，繼續超越 2025 年的預期目標。首先，讓我先重點介紹一下我們第四季的財務表現與 2025 年第三季的財務表現比較。

Our fourth-quarter adjusted EBITDA of $93 million was 31% higher than the third-quarter of 2025, primarily due to the following factors. First, our sales volumes were 22% higher in the fourth-quarter, including an increase of tons sold from Blue Creek.

我們在第四季調整後的 EBITDA 為 9,300 萬美元，比 2025 年第三季成長了 31%，主要原因是以下因素。首先，我們第四季的銷量成長了 22%，其中包括 Blue Creek 的銷量成長。

Second, our average net selling price was $6 per ton lower in the fourth-quarter, primarily due to higher mix of High-Vol A volumes sold and that volume was sold into the Pacific Basin on a CFR basis at elevated freight rates. In addition, demurrage was temporarily higher in the fourth-quarter, as Walt noted earlier. This result was offset by the increase in the average price indices quarter-over-quarter.

其次，第四季我們的平均淨售價每噸下降了 6 美元，這主要是由於高體積 A 類貨物的銷售量佔比增加，而這些貨物以 CFR 方式銷往太平洋盆地，運費較高。此外，正如沃爾特之前提到的那樣，第四季度的滯期費暫時較高。這一結果被季度平均價格指數的環比增長所抵消。

Third, cash costs per ton were $7 lower in the fourth-quarter and were primarily attributed to Blue Creek's inherently low cost structure, which increased our cash margin per ton. And finally, operating cash flows of $76 million were $29 million lower than the third-quarter of 2025. This result is attributed to the increase in working capital primarily for accounts receivable and inventory as we ramped up the Blue Creek longwall in the fourth-quarter. Our spending for capital expenditures and mine development were a combined $20 million lower in the fourth-quarter compared to the third-quarter of 2025, primarily due to lower investments in Blue Creek. Free cash flow was about $9 million lower in the fourth-quarter.

第三，第四季每噸現金成本降低了 7 美元，這主要歸功於 Blue Creek 本身較低的成本結構，從而提高了我們每噸的現金利潤率。最後，經營現金流為 7,600 萬美元，比 2025 年第三季減少了 2,900 萬美元。這一結果主要歸因於營運資金的增加，特別是應收帳款和庫存的增加，因為我們在第四季度增加了 Blue Creek 長壁採煤的投資。與 2025 年第三季相比，我們第四季的資本支出和礦場開發支出總計減少了 2,000 萬美元，這主要是由於對 Blue Creek 的投資減少。第四季自由現金流減少了約900萬美元。

Now let me compare the fourth-quarter 2025 to the prior year fourth-quarter results. Warrior recorded net income of $23 million or $0.44 per diluted share compared to net income of $1 million or $0.02 per diluted share in the same quarter of 2024. We reported adjusted EBITDA of $93 million in the fourth-quarter of 2025 compared to $53 million in the same quarter of 2024, an increase of 75%.

現在讓我將 2025 年第四季與去年同期業績進行比較。Warrior 錄得淨收入 2,300 萬美元，即每股攤薄收益 0.44 美元，而 2024 年同期淨收入為 100 萬美元，即每股攤薄收益 0.02 美元。我們公佈 2025 年第四季調整後 EBITDA 為 9,300 萬美元，而 2024 年同期為 5,300 萬美元，成長了 75%。

Our adjusted EBITDA margin grew to 24% in the fourth-quarter of 2025 compared to 18% in the same quarter of last year, despite the PLV index being 1.3% lower in the fourth-quarter of 2025. On a per ton basis, our adjusted EBITDA margin grew to $32 per short ton in the fourth-quarter of 2025 compared to $28 in last year's fourth-quarter.

儘管 2025 年第四季 PLV 指數下降了 1.3%，但我們 2025 年第四季的調整後 EBITDA 利潤率仍成長至 24%，而去年同期為 18%。以噸計算，我們 2025 年第四季的調整後 EBITDA 利潤率成長至每短噸 32 美元，而去年第四季為每短噸 28 美元。

The primary drivers of these improvements came from 53% higher sales volumes, lower cash cost, including the low-cost Blue Creek tons sold, lower variable transportation and royalty costs and tightly managing and controlling all other production costs. These improvements were partially offset by a 16% lower average net selling price. Total revenues were $384 million in the fourth-quarter of this year compared to $297 million in the same quarter of last year.

這些改進的主要驅動因素是銷售量成長了 53%，現金成本降低（包括低成本的 Blue Creek 噸位的銷售），可變運輸和特許權使用費成本降低，以及對所有其他生產成本的嚴格管理和控制。這些改進被平均淨售價下降 16% 的部分抵消了。今年第四季總營收為 3.84 億美元，去年同期為 2.97 億美元。

The total increase of $87 million was primarily due to the 53% higher sales volumes impact of $154 million, offset by the impact of a decrease in average gross selling prices of $52 million and a higher mix of High-Vol A tons sold of $13 million. In addition, demurrage and other charges were $6 million higher compared to last year's fourth-quarter.

總計成長 8,700 萬美元，主要是由於銷量成長 53% 帶來 1.54 億美元的成長，但被平均毛售價下降 5,200 萬美元以及高銷量 A 噸產品銷量增加 1,300 萬美元所抵消。此外，滯期費和其他費用比去年第四季增加了 600 萬美元。

This resulted in an average net selling price of $130 per short ton in the fourth-quarter of 2025 compared to $155 per ton in the fourth-quarter of last year. Cash cost of sales were $270 million or 72% of mining revenues in the fourth-quarter of this year compared to $226 million or 77% of mining revenues in the fourth-quarter of last year. Of the $44 million net increase in cash cost of sales, there was an $119 million increase in costs, which were attributed to the 53% increase in sales volumes.

因此，2025 年第四季平均淨售價為每短噸 130 美元，而去年第四季為每噸 155 美元。今年第四季度，銷售現金成本為 2.7 億美元，佔採礦收入的 72%，去年第四季為 2.26 億美元，佔採礦收入的 77%。銷售現金成本淨增加 4,400 萬美元，其中 1.19 億美元的成本是由於銷售量增加 53% 造成的。

These higher costs were offset partially by $75 million of lower costs that were driven by leverage of lower cost Blue Creek tons sold and lower variable transportation and royalty costs on lower average steelmaking coal price indices. In addition, we continue to rationalize and tightly manage our spending on supplies, repairs, and maintenance expenses throughout the operations to maintain our low-cost profile. Cash cost of sales per short ton, FOB port, was approximately $94 in the fourth-quarter of 2025 compared to $120 in the same quarter last year.

這些較高的成本部分被 7,500 萬美元的成本降低所抵消，這些成本降低是由於 Blue Creek 噸煤炭銷售成本降低以及煉鋼煤平均價格指數下降導致可變運輸和特許權使用費降低所致。此外，我們繼續合理化並嚴格控制營運過程中的物資、維修和維護費用，以保持低成本優勢。2025 年第四季每短噸的現金銷售成本（FOB 港口）約為 94 美元，而去年同期為 120 美元。

The 22% decrease was primarily related to lower overall spending at the legacy mines of $11 per ton due to tightly managing our overall spending, lower variable transportation and royalty cost of $5 per ton on lower steel coal prices and $10 per ton from the incremental sales of low-cost Blue Creek tons. These lower costs resulted in higher cash margins per ton.

下降 22% 主要與以下因素有關：由於嚴格控制整體支出，傳統礦山的總支出減少了 11 美元/噸；由於鋼煤價格下降，可變運輸和特許權使用費成本減少了 5 美元/噸；以及由於低成本的 Blue Creek 煤礦增量銷售，每噸減少了 10 美元/噸。成本降低帶來了每噸更高的現金利潤。

Our fourth-quarter 2025 SG&A expenses were $18 million and were less than $1 million higher than the same quarter of the prior year, primarily due to higher employee-related expenses. Depreciation and depletion expenses were $56 million, which was higher than the fourth-quarter of 2024, primarily due to the additional assets placed into service at Blue Creek and the higher sales volumes in 2025.

我們 2025 年第四季的銷售、一般及行政費用為 1,800 萬美元，比去年同期高出不到 100 萬美元，主要原因是員工相關費用增加。折舊和損耗費用為 5,600 萬美元，高於 2024 年第四季度，主要是由於 Blue Creek 投入使用的額外資產以及 2025 年更高的銷售量。

We reported income tax expense of approximately $13 million on pretax income of $36 million in the fourth-quarter of 2025. Our full year 2025 effective income tax rate varied from the statutory federal income tax rate of 21%, primarily due to tax benefits recognized for depletion expense, marginal gas well credits and a foreign-derived intangible income deduction, which exceeded pretax book income, resulting in an effective income tax rate of a negative 5% for the full year.

2025 年第四季度，我們報告的所得稅支出約為 1,300 萬美元，稅前收入為 3,600 萬美元。由於確認的折耗費用、邊際天然氣井抵免和外國衍生無形收入扣除的稅收優惠超過了稅前帳面收入，導致我們 2025 年全年的實際所得稅率與 21% 的法定聯邦所得稅率有所不同，因此全年的實際所得稅率為負 5%。

Now let's turn to cash flows from the fourth-quarter of 2025. Cash flows from operating activities were $76 million in the fourth-quarter of 2025 and were $22 million higher than the previous year's fourth-quarter despite Blue Creek's negative impact on working capital. Working capital increased by $8 million during the fourth-quarter as the company ramped up production and sales volumes at Blue Creek.

現在讓我們來看看 2025 年第四季的現金流。儘管 Blue Creek 對營運資金產生了負面影響，但 2025 年第四季經營活動產生的現金流量仍為 7,600 萬美元，比去年同期高出 2,200 萬美元。第四季度，由於公司提高了 Blue Creek 的生產和銷售量，營運資金增加了 800 萬美元。

Free cash flow was a negative $28 million due to $76 million in operating cash flows, less cash used for capital expenditures and mine development of $104 million. Capital spending totalled $94 million, which included $69 million spent on Blue Creek as previously noted. Mine development cost for Blue Creek in the fourth-quarter were $10 million.

由於營運現金流為 7,600 萬美元，減去用於資本支出和礦山開發的 1.04 億美元現金，自由現金流為負 2,800 萬美元。資本支出總額為 9,400 萬美元，其中包括先前提到的 Blue Creek 的 6,900 萬美元。Blue Creek礦山第四季的開發成本為1000萬美元。

Now that Blue Creek longwall has started production, we do not expect to incur any mine development cost in 2026. While investments in Blue Creek and other development projects drove higher capital spending in 2025, the company continued to maintain strong liquidity and delivered year-over-year improvements in cost efficiency, positioning Warrior for enhanced profitability as Blue Creek ramps towards full production.

現在藍溪長壁採煤廠已經投產，我們預計2026年不會產生任何礦場開發成本。雖然對 Blue Creek 和其他開發項目的投資推動了 2025 年更高的資本支出，但該公司繼續保持強勁的流動性，並在成本效益方面實現了逐年提高，隨著 Blue Creek 逐步實現全面投產，Warrior 的盈利能力也隨之增強。

Our total available liquidity at the end of the fourth-quarter of this year was $484 million and consisted of cash and cash equivalents of $300 million, short-term investments of $43 million and $141 million available under our ABL facility. And finally, let me turn to our current outlook and guidance for the full year 2026 as detailed in our earnings release. We expect steelmaking coal markets to remain generally consistent with 2025 levels.

截至今年第四季末，我們的可用流動資金總額為 4.84 億美元，其中包括 3 億美元的現金及現金等價物、4,300 萬美元的短期投資以及根據我們的 ABL 融資安排可用的 1.41 億美元。最後，我想談談我們在獲利報告中詳細闡述的 2026 年全年的展望和指導。我們預計煉鋼煤市場將與 2025 年的水準基本保持一致。

However, we entered 2026 from a position of significant strength with higher contracted volumes, record production capacity and a structurally lower cost base driven by Blue Creek. While the assumption that prices will remain consistent with 2025 may seem conservative given the recent rally in index pricing, we believe the recent global mining production disruption and inclement weather events may be temporary.

然而，進入 2026 年，我們憑藉更高的合約量、創紀錄的產能以及由 Blue Creek 推動的更低的結構性成本基礎，處於非常有利的地位。儘管考慮到近期指數價格的上漲，假設價格將與 2025 年保持一致可能顯得保守，但我們認為近期全球礦業生產中斷和惡劣天氣事件可能是暫時的。

And we expect PLV prices may revert downward following the remediation of these disruptions. We anticipate total sales and production volumes to be significantly higher in 2026 than 2025 as a result of starting the Blue Creek longwall eight months early and reaching new record high output levels.

我們預計，隨著這些幹擾的消除，PLV 價格可能會回落。由於藍溪長壁採煤工作面提前八個月開工，並達到創紀錄的高產量水平，我們預計 2026 年的總銷售額和產量將比 2025 年大幅增長。

Overall, company contracted volume for 2026 is approximately 90% of total sales volume. Our sales volume guidance is approximately 0.5 million tons higher than our production volume to reduce our inventory levels to our optimal target level of just below 1 million short tons. And lastly, we expect to spend the remaining construction CapEx of $50 million to $75 million on the Blue Creek project in the first-quarter of 2026.

整體而言，該公司 2026 年的合約銷量約佔總銷量的 90%。為了將庫存水準降低到略低於 100 萬短噸的最佳目標水平，我們的銷售量預期比生產量高出約 50 萬噸。最後，我們預計將在 2026 年第一季將剩餘的 5,000 萬至 7,500 萬美元建設資本支出用於 Blue Creek 專案。

From a free cash flow perspective, we expect the first half of 2026 to be free cash flow negative due to the ramp-up of sales and production at Blue Creek, increasing our working capital and spending the remaining project capital expenditures in the first-quarter. We expect to be free cash flow positive in the second half of the year. Obviously, these expectations are highly dependent upon the steel making coal markets and actual pricing indices. I will now turn it back to Walt for his final comments.

從自由現金流的角度來看，我們預計 2026 年上半年自由現金流為負，這是由於 Blue Creek 的銷售和生產逐步增加，導致我們的營運資金增加，並且在第一季將剩餘的專案資本支出支出完畢。我們預計下半年自由現金流將為正值。顯然，這些預期很大程度取決於煉鋼煤市場和實際物價指數。現在我將把話題交還給沃特，請他做最後的總結發言。

Thanks, Dale. Warrior is exceptionally well positioned to deliver higher free cash flow and long-term value creation. We expect 2026 sales volumes to be more than 30% higher than 2025 and production volumes to be more than 20% higher than 2025, driven by the contribution of the new Blue Creek mine over the entire year. We expect to reduce our coal inventory levels to just below 1 million tons, which has been reflected in our sales volume guidance.

謝謝你，戴爾。Warrior 擁有得天獨厚的優勢，能夠帶來更高的自由現金流和長期價值創造。我們預計 2026 年的銷售量將比 2025 年成長 30% 以上，產量將比 2025 年成長 20% 以上，這主要得益於新藍溪礦場全年的貢獻。我們預計將煤炭庫存水準降低至略低於 100 萬噸，這已反映在我們的銷售量預期中。

In addition, we've included approximately 4.5 million tons of production from our Blue Creek mine, which could potentially be higher if we continue to be successful with the trial shipments and engage in more long-term contracts with customers.

此外，我們還計入了藍溪礦約 450 萬噸的產量，如果我們繼續成功進行試發貨並與客戶簽訂更多長期合同，產量可能會更高。

Currently, we have 90% of our 2026 midpoint sales volume under contract, including 85% of the Blue Creek volume. As we look at the current steelmaking coal market conditions, pricing levels remain notably strong and well above our original expectations. We believe this elevated pricing environment is primarily due to tightness in the premium quality segment as a result of recent supply constraints stemming from Australian weather disruptions and mine production-related challenges in Australia. While it's difficult to predict how quickly supply chains will normalize, we anticipate that prices will remain supported through most of the first-quarter.

目前，我們 2026 年中期銷售額的 90% 已簽訂合同，其中包括 Blue Creek 銷售額的 85%。從目前的煉鋼煤市場狀況來看，物價水準依然非常強勁，遠高於我們最初的預期。我們認為，這種高價環境主要是由於澳洲近期天氣幹擾和礦場生產相關挑戰導致的供應限制，造成優質產品供應緊張。雖然很難預測供應鏈何時才能恢復正常，但我們預計在第一季的大部分時間裡，價格將保持穩定。

However, we believe these disruptions are temporary and unless global steel fundamentals significantly improve, PLV prices should retreat and continue to be impacted by the same market factors that we've seen over the last two years.

然而，我們認為這些幹擾是暫時的，除非全球鋼鐵基本面顯著改善，否則PLV價格應該會回落，並繼續受到過去兩年我們所看到的相同市場因素的影響。

As a result of the recent increase in PLV price, the East Coast High-Vol A price has become disconnected from the Pacific Basin indices and may weigh down overall gross price realization due to the abundant supply of that quality of coal. While we have loss of cautious optimism, we run our company to prepare for the downside risk of weak steelmaking coal markets and hope we're conservative on our price assumptions as Dale just noted in his comments. In conclusion, 2025 marked a transformational year for Warrior.

由於 PLV 價格近期上漲，東海岸高揮發分 A 煤價格與太平洋盆地指數脫鉤，並且由於該品質煤炭供應充足，可能會拖累整體毛價實現。雖然我們失去了謹慎樂觀的態度，但我們仍在努力應對煉鋼煤市場疲軟帶來的下行風險，並希望我們對價格的假設是保守的，正如戴爾剛才在他的評論中指出的那樣。總之，2025 年是 Warrior 具有變革意義的一年。

The early start-up of Blue Creek and the strategic expansion of our reserve base has strengthened the foundation of our long-term growth strategy and significantly enhanced our ability to meet sustained global demand for premium steelmaking coal. With Blue Creek now contributing meaningfully to our scale and cost structure, we entered 2026 from a position of exceptional strength, supported by expected record volumes, a stronger first quartile cost platform, disciplined capital allocation and a clear pathway to higher free cash flow generation.

Blue Creek 的早期投產和我們儲備基地的策略擴張，鞏固了我們長期成長策略的基礎，並顯著增強了我們滿足全球對優質煉鋼煤持續需求的能力。隨著 Blue Creek 對我們的規模和成本結構做出重大貢獻，我們以異常強大的實力進入了 2026 年，這得益於預期的創紀錄銷量、更強大的第一季度成本平台、嚴格的資本配置以及實現更高自由現金流的明確途徑。

Our world-class assets, operational excellence and commitment to long-term value creation positions Warrior to deliver stronger financial results and increased stockholder returns as we move forward. We appreciate your continued support and look forward to updating you on our progress throughout the year. With that, we'd like to open the call for questions.

我們世界一流的資產、卓越的營運以及對長期價值創造的承諾，使 Warrior 能夠在前進的過程中取得更強勁的財務業績和更高的股東回報。感謝您一直以來的支持，我們將在今年持續向您報告我們的進度。接下來，我們想接受大家的提問。

Operator?

操作員？

(Operator Instructions)

（操作說明）

Nick Giles, B. Riley.

尼克·吉爾斯，B·萊利。

Congrats on the continued progress. You've come out with some really robust guidance here in 2026. And costs are being guided to a range of $95 to $110, fairly wide. But just my first question was what's the PLV price assumption you're using? And then given the costs in the fourth-quarter came in below the low end of this range, I mean, what would prevent that level of cost being repeated in the first half year?

恭喜你們持續進步。你們在2026年提出了一些非常有力的指導。價格預計在 95 美元到 110 美元之間，範圍相當寬泛。但我首先想問的是，你們使用的PLV價格假設是什麼？鑑於第四季度的成本低於該範圍的下限，我的意思是，有什麼能阻止上半年成本再次達到這種水平？

Thanks, Nick. Good question. The PLV assumption there is a range of $185 to $215. So it's a little wider, just thinking about the potential increases related to transportation and royalties. With the elevated pricing here early in the year, uncertain as to how long that will continue throughout '26, but we do expect the PLV prices to come back down.

謝謝你，尼克。問得好。此處的 PLV 假設範圍為 185 美元至 215 美元。所以範圍要廣泛一些，僅僅考慮到運輸和特許權使用費可能帶來的增長。今年年初價格較高，目前尚不確定這種情況會持續到 2026 年，但我們預計 PLV 價格會回落。

On the cost side, good question there. Strong cost performance from the existing mines in Blue Creek. What's going to keep it that low would be prices staying this low, right? Because if we have elevated pricing, which we will have in the first-quarter it appears, then obviously, our transportation royalty costs go up. So the cash cost of production should be fairly steady, but transportation and royalties would be higher.

成本方面，這確實是個好問題。藍溪現有礦場具有良好的成本效益。要維持這麼低的利率，唯一的辦法就是讓價格一直維持低位，對吧？因為如果我們提高價格（看起來第一季就會如此），那麼很顯然，我們的運輸特許權使用費也會上漲。因此，生產的現金成本應該相當穩定，但運輸和特許權使用費會更高。

Got it. No, I appreciate that detail, Dale. Just to confirm, you said $185 to $215, that's on a short-term basis, correct?

知道了。不，我很欣賞這個細節，戴爾。我確認一下，您說的是185美元到215美元，這是短期價格，對嗎？

Correct.

正確的。

Okay. Great. Second one was, I think you alluded to some of this in your prepared remarks, but how should we be thinking about working capital over the course of 2026? Is it fair to assume you'll build kind of early in the year here? And then same thing on the tax side. I think you had a tax benefit in 2025, but what should we be pencilling in for cash taxes in 2026?

好的。偉大的。第二個問題是，我認為您在準備好的演講稿中已經提到了一些，那麼我們應該如何看待 2026 年的營運資金呢？我可以合理推測你們會在今年初就開始建設嗎？稅務方面也是如此。我認為您在 2025 年享受了稅收優惠，但是我們應該如何估算 2026 年的現金稅額呢？

On the working capital, it's definitely, the ramp-up of accounts receivable and inventory because we'll be selling more of the Blue Creek tons this year. So expect that. But as we said in our prepared remarks, too, we're going to try to take our overall inventories down 0.5 million tons. That's probably going to come more evenly over the year. So the first half -- the first-quarter will weigh heavily on working capital.

就營運資金而言，肯定是應收帳款和庫存的增加，因為我們今年將銷售更多的藍溪啤酒。所以要做好心理準備。但正如我們在準備好的演講稿中所說，我們將努力將總庫存減少 50 萬噸。這可能會在一年中比較均勻地發生。因此，上半年——也就是第一季度，營運資金將面臨沉重壓力。

And we should get a little relief in the second-quarter, definitely in the second half of the year. From a tax standpoint, that really depends on pricing. And you know that the 45 times credit kicks in, in 2026. And we've said that's about a $40 million benefit to Warrior. So with these price assumptions, I would say we might not be a cash taxpayer in '26. If prices stay at a higher level, we will be, but just not a large amount, I don't think.

我們應該會在第二季得到一些緩解，下半年肯定會有所改善。從稅收角度來看，這實際上取決於定價。你知道，45倍的稅收抵免政策將於2026年生效。我們說過，這將為 Warrior 公司帶來約 4,000 萬美元的收益。所以根據這些價格假設，我認為我們在 2026 年可能不會成為現金納稅人。如果價格持續走高，我們也會受到影響，但我認為影響不會很大。

Got it. Really helpful. One last one, if I could. You've been really successful in adding some federal leases here in the recent months. I think you made -- there was one more tranche since we last spoke. And so I was just wondering if you could remind us what those payments look like? I think they're spread out over a number of years.

知道了。真的很有幫助。如果可以的話，我想再說最後一個問題。最近幾個月，你們在增加一些聯邦租約方面取得了巨大的成功。我想你已經完成了——自從我們上次談話以來，又完成了一批。所以我想請您提醒一下，這些付款方式具體是什麼樣的呢？我認為它們跨越了好幾年。

Yes, that's right. Total, it's four years, and they're about $9 million a year. So it's -- there's the four payments left.

是的，沒錯。總共需要四年時間，每年花費約 900 萬美元。所以——還剩下四筆款項。

And that would be reflected in the guide or outside the scope of the guidance?

那這會在指南中體現出來，還是會在指南範圍之外體現？

That's all in there.

裡面就這些了。

Got it. Okay. Well, guys, I really appreciate all the detail. I'll turn it over for now but continued best of luck.

知道了。好的。各位，我真的很感謝你們提供的所有細節。我先把它轉過來，祝你好運。

George Eadie, UBS.

喬治伊迪，瑞銀集團。

Can I just go back to guidance again? I mean you came in 600,000 tons above original production or sales for '25 and $20 a ton above the original midpoint on costs. These cash cost numbers, even on my estimates and putting in that PLV range, you said still seem very conservative. I mean can you talk through maybe how you came there still year-on-year? Like I struggle to see even running 195 PLV at short ton. How you can sort of not be looking to beat guidance again?

我可以再回到之前的指導階段嗎？我的意思是，你們的產量或銷售量比 2025 年的原始產量或銷售量高出 60 萬噸，成本比原始中點高出每噸 20 美元。即使按照我的估算，並考慮到您所說的PLV範圍，這些現金成本數字仍然顯得非常保守。我的意思是，您能談談您是如何年復一年地走到這一步的嗎？我甚至很難想像在短噸位下運行 195 PLV。你怎麼能不想再次戰勝指導意見呢？

Okay, George. Yes, I mean, we built into the guidance, just some conservatism that we said in our comments here. And hope you're wrong on the price assumptions. So specifically, I'm not really sure what you're targeting other than we tried to match the cost guidance with kind of where prices might be for the year in that range, but you may have some of that early in the year. And if they do that downward, you would have some impact.

好的，喬治。是的，我的意思是，我們在指導方針中融入了一些保守主義，正如我們在這裡的評論中所說。希望你對價格的判斷是錯的。所以具體來說，我不太清楚你們的目標是什麼，我們只是想讓成本指導與該範圍內的年價格大致相匹配，但你們可能在年初就會遇到一些問題。如果他們這樣做，就會產生一定的影響。

Now one of the things you have to remember, that was a PLV assumption. And if you looked at the relativities of the Low-Vol HCC to the PLV, that was about 85%. And here in the fourth -- first-quarter, it's been running about 80%. So very similar to what we've seen in '25.

你要記住的一點是，那隻是 PLV 假設。如果你看一下低揮發性 HCC 與 PLV 的相對關係，那大約是 85%。而到了第四季——也就是第一季度，它的運行速度已經達到了 80% 左右。這和我們在2025年看到的情況非常相似。

On the flip side, though, the US East Coast index is running at about 65% relativity. So anything we sell into the Atlantic Basin is going to have some margin offset there because of that. So those are some of the factors that we just try to consider here and be conservative on because we don't know why the trend on the East Coast High-Vol A index is so disconnected from the other indexes. So I'm just trying to think about how that might trend the rest of this year.

但另一方面，美國東岸指數的相對漲幅約為 65%。因此，我們在大西洋盆地銷售的任何產品都會因此而產生一定的利潤抵銷。所以，這些是我們在這裡試圖考慮的一些因素，我們會採取保守的做法，因為我們不知道為什麼東海岸高波動率 A 指數的趨勢與其他指數如此脫節。所以我正在思考今年剩下的時間裡，這種趨勢可能會如何發展。

Yes. Okay. And then just your comment earlier about being free cash flow positive in the second half, I mean, sort of comment from working capital before. If I assume a sort of net neutral working cap position in second-quarter, it's hard to not see your free cash flow positive in the second-quarter. Obviously, it depends on prices as well. But is there quite a good chance even at sort of prices trending a bit lower, we could see a lot of free cash in the second half -- second-quarter, sorry?

是的。好的。還有你之前提到的下半年自由現金流為正的問題，我的意思是，之前關於營運資本的評論。如果我假設第二季淨營運資本處於中性水平，那麼很難想像第二季的自由現金流會是正的。當然，這也取決於價格。但即便價格略有走低，我們很有可能在下半年（抱歉，是第二季）看到大量自由現金流？

Yes, I think we could, given where the prices have been recently. If they stay that way in the first-quarter, we could see the second-quarter breakeven, but still too early to tell there. But I do think the second half, we will be generating a lot of cash.

是的，鑑於最近的價格走勢，我認為我們可以做到。如果他們第一季保持這種勢頭，我們可能會在第二季度看到盈虧平衡，但現在下結論還為時過早。但我認為下半年我們會創造很多現金流。

Yes. And just on that, Dale, so cash, $300 million, is that still a nice minimum buffer? And should we start thinking from second half all that cash growth gets given back to shareholders? And can you remind us how to think about returns from the second half? Should all of it come back out the door? Or if not, why not?

是的。戴爾，關於這一點，現金3億美元，這仍然是一個不錯的最低緩衝額度嗎？我們是否應該考慮從下半年開始，將所有現金成長都回饋給股東？您能提醒我們一下下半年的收益狀況該如何考慮嗎？難道所有東西都要退回去嗎？如果沒有，為什麼不行？

Well, I think our cash level right now at $300 million is -- plus the investments, I guess, it's about $342 million. So that's about where we want to see it on a long-term basis, maybe slightly higher. So we might build some cash just a little bit there. But I do expect us to start returning cash to shareholders in the near future. Now is that this year in the second half?

嗯，我認為我們目前的現金儲備為 3 億美元——加上投資，我想，大約是 3.42 億美元。所以，從長遠來看，我們希望它保持在這樣的水平，或許略高一些。所以我們可以稍微存點現金。但我預計我們會在不久的將來開始向股東返還現金。那是今年下半年的事嗎？

It's dependent on pricing. But I would expect that we would start returning that cash. Now in what forms? I think what we've said and been pretty consistent about, we think that will be through a higher fixed quarterly dividend because we're going to be a significantly larger company with all the volume increases, and then we would supplement that with some special cash dividends and maybe some selective stock buybacks to take advantage of opportunities there. So I think we would see a combination of those forms.

這取決於定價。但我認為我們會開始退還這筆款項。現在以何種形式呈現？我認為我們一直以來所說的，也是我們一直堅持的，就是透過提高固定季度股息來實現這一目標，因為隨著銷量的增長，公司規模將會顯著擴大，然後我們會輔以一些特別現金股息，或許還會進行一些選擇性的股票回購，以抓住其中的機會。所以我認為我們會看到這些形式的結合。

Right. So just on that, Dale, the share price is below $86 today, like I think you and I both think that's cheap. Why not start going now with the buyback and getting ahead of that before the stock gets more expensive? I mean, I think you think also shares that you're probably going to get higher, why not go early on the buyback?

正確的。所以，戴爾，就這一點而言，今天的股價低於 86 美元，我想你我都認為這很便宜。為什麼不現在就開始回購股票，搶先在股價上漲前買買呢？我的意思是，我認為你也認為股票價格可能會上漲，為什麼不提前回購呢？

Well, it's a possibility. I'm not going to commit to a particular stock price. We'll just have to look at what are the cash needs of the business at the time and what's the best distribution or the best way to distribute that cash to shareholders.

嗯，這倒是有可能。我不會承諾具體的股價。我們只需要看看公司當時的現金需求是什麼，以及將這些現金分配給股東的最佳方法是什麼。

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO資本市場。

You mentioned earlier that there's a big disconnect right between High-Vol A and the PLV market. With more High-Vol A volume coming to the market over next year, is there a risk that this disconnect could actually at least stay or even potentially wider -- become wider?

您之前提到過，高波動率 A 類股和 PLV 市場之間存在很大的脫節。明年隨著更多高波動率 A 類股票進入市場，這種脫節現像是否有可能至少持續存在，甚至可能進一步擴大？

I think you're right. I think it will stay for a while. When we look at the tons that have been brought into the market with Metinvest bringing their mine back online, Leer South coming back online and Blue Creek coming online, that's quite a few tons that need to be absorbed. That's going to take some time. So I think that we're probably looking at a market that's fully supplied for the time being.

我覺得你說得對。我認為它會持續一段時間。當我們看到隨著 Metinvest 礦山恢復生產、Leer South 礦山恢復生產以及 Blue Creek 礦山恢復生產而進入市場的噸數時，就會發現有相當多的噸數需要被消化。這需要一些時間。所以我認為，目前我們可能看到的是一個供應充足的市場。

I think that will get absorbed and just over what time it takes for that to happen, I'm not quite sure. But I think given some of the things that are -- where growth is occurring, I think those tons will get absorbed, and we'll get back to a more balanced market.

我認為這件事會被消化吸收，只是需要多長時間才能發生，我不太確定。但我認為，考慮到目前成長發生的一些因素，這些噸位將會被吸收，我們將回到一個更平衡的市場。

And then maybe I missed this, but Dale, you talked about working capital build in the first half. How much of a build could we see?

然後，也許我錯過了，但戴爾，你在上半場談到了營運資金的累積。我們能看到多大的建築規模？

Well, really, it depends on the prices, Katja, because right, that influences our receivables quite a bit and how quickly can we bring down our inventories. But it could be upwards of $50 million or better in the first half.

嗯，這其實取決於價格，卡佳，因為價格會對我們的應收帳款產生相當大的影響，也會影響我們降低庫存的速度。但上半年票房可能達到 5,000 萬美元甚至更高。

Chris LaFemina, Jefferies.

克里斯拉菲米納，傑富瑞集團。

Most of my questions have been answered, but I just have maybe one or two follow-ups. So the first is back on the point of capital returns, you comment on maintaining that level of cash on the balance sheet, but you also have a net cash position. So you have financial capacity to use some debt. And I understand in mining, and particularly in coal mining, balance sheet is sacred, but you'll be a low-cost producer. And if prices fall, you'll be an even lower cost producer, and you can weather the storm pretty much no matter how bad it gets.

我的大部分問題都已得到解答，但可能還有一兩個後續問題。所以第一個問題回到資本回報上來，您提到要維持資產負債表上的現金水平，但您也有淨現金部位。所以你有能力藉貸。我知道在採礦業，特別是煤礦開採業，資產負債表至關重要，但你會成為低成本生產商。如果價格下跌，你的生產成本會更低，無論情況變得多糟糕，你都能挺過難關。

So the question is, would you consider using balance sheet for buybacks in the environment where prices were a lot lower? I know there's a lot of hypothetical situations there, but could you use balance sheet? And if not, why wouldn't you? That's my first question.

所以問題是，在價格低得多的環境下，你會考慮使用資產負債表進行股票回購嗎？我知道這裡有很多假設情況，但你能用資產負債表嗎？如果不是，你為什麼不呢？這是我的第一個問題。

Yes. No, good question, Chris. I mean, I think -- we've kind of done things a little differently than the rest of the industry, right, in the past. So if prices were to decrease quite significantly, to me, if we have that cash on the balance sheet, that would be an opportunity -- a real opportunity for us to take advantage of a buyback. So I think that would be a good situation that we'll look to do that.

是的。不，問得好，克里斯。我的意思是，我認為——在過去，我們做事的方式與業內其他公司有點不同，對吧。所以，如果價格大幅下降，對我來說，如果我們的資產負債表上有現金，那將是一個機會——一個我們利用回購進行股票回購的真正機會。所以我認為那會是一個值得我們考慮的好情況。

Nick Giles, B. Riley.

尼克·吉爾斯，B·萊利。

There's been a lot of questions around the realizations. But just for the avoidance of any doubt, can you just remind us what you said on what you're assuming for the relativity as it relates to your guidance? Like obviously, there's a relativity assumption attached to that cost guidance. So just curious what those are.

關於這些發現，人們提出了許多問題。為了避免任何誤解，您能否提醒我們一下，您之前是如何假設相對論與您的指導相關的？很顯然，這種成本指導是基於相對性的假設。我只是好奇那些是什麼。

Yes. And just overall gross price realizations, we're looking at about 75% for the year. So hopefully, we're conservative there. But if you look at the East Coast index, it's 65% today. And so that has a big significant impact. And like I say, it's been decreasing. It decreased in the fourth-quarter, $6 a ton. So that went from 85% to 75%. So a big swing during the third-quarter to the fourth-quarter.

是的。總體而言，毛價格實現率預計今年將達到 75% 左右。所以，希望我們在這方面採取保守的做法。但如果你看一下東海岸指數，今天已經達到 65% 了。因此，這會產生重大影響。正如我所說，它一直在減少。第四季下降了每噸 6 美元。所以比例從 85% 降到了 75%。所以第三節到第四節之間出現了很大的轉變。

I do think we need to be careful about how we look at relativities. And remember that right now, our assumption is High-Vol A is pretty well supplied. And for relativities to improve, that means the Low-Vol price has to come down to it. So I prefer to see the relativity stay apart if the High-Vol price isn't going to increase.

我認為我們需要謹慎看待相對論。請記住，目前我們的假設是高波動率 A 類資產供應充足。而要改善相對性，就意味著低波動率價格必須下降到那個水準。所以，如果高波動率價格不會上漲，我更希望看到相對價格維持分離狀態。

Understood. I appreciate that perspective, Walt. And maybe just one more, if I could. It looks like sustaining CapEx ticked up by maybe $20 million or so. Not a huge step change, just given you do have a new mine coming online. What should we be assuming in kind of 2027 and beyond for sustaining capital?

明白了。沃爾特，我很欣賞你的觀點。如果可以的話，也許還能再來一個。看來維持性資本支出可能增加了2,000萬美元左右。這不算什麼巨大的變革，只是考慮到你們確實有一座新礦即將投產。我們應該對2027年及以後的永續資本做出哪些假設？

Well, I think -- all right. I think our -- while we're looking at CapEx for this year, that's going to be pretty normal for where we are right now. I think we'll see an uptick of $20 million to $30 million a year. I don't know how quickly that will occur. But as we continue to run Blue Creek and have replacement capital for continuous miners and longwalls and things like that, we'll see an uptick of $20 million to $30 million.

嗯，我想——好吧。我認為，就我們目前的狀況而言，今年的資本支出應該會相當正常。我認為每年將增加 2,000 萬至 3,000 萬美元。我不知道這會以多快的速度發生。但隨著我們繼續經營 Blue Creek，並有資金更換連續採煤機、長壁採煤機等設備，我們將看到 2,000 萬至 3,000 萬美元的成長。

Yes, that's right, Nick. So sorry, I was going to add some to that. So if you factor in Blue Creek of $20 million to $30 million, you're probably looking at $110 million to $140 million somewhere roughly on a run rate basis.

是的，沒錯，尼克。非常抱歉，我本來還想補充一些內容。因此，如果將 Blue Creek 的 2,000 萬至 3,000 萬美元投資考慮在內，以年率計算，總投資額可能在 1.1 億美元至 1.4 億美元之間。

Okay. Understood.

好的。明白了。

For years, we can pull that down depending on the price environment, but you're going to be -- each year is going to increase for a while because of Blue Creek as more and more things need to be replaced, et cetera, going forward.

多年來，我們可以根據價格環境降低成本，但隨著越來越多的東西需要更換等等，由於 Blue Creek 的影響，成本將逐年增加一段時間。

Okay. Okay. And I promise this will be my last question. But just anything more to add on the contracting activity? I think you spoke to it, but kind of where do things stand from a contracting perspective for Blue Creek? Could any incremental contracting activity limit the volatility in your realizations? Or are you really at the mercy of the market, if you will?

好的。好的。我保證這是我最後一個問題。關於承包活動，還有其他補充嗎？我想你已經談到了這一點，但從承包的角度來看，Blue Creek 目前的狀況如何？任何新增的合約活動能否限制您實際收益的波動性？或者說，你真的只能任由市場擺佈嗎？

I don't think it's going to limit the volatility any more than we see the High-Vol A price. Its volatility is going to be the only limit on the Blue Creek price volatility. And in terms of volumes and percentage of contracted, right now, we're, I think, about 80% -- 80%, 85%. And as we see that number increase and we see that inventory level come down, that's where we'll start to see the opportunity to start to increase production levels because what we've seen, we can clearly do that.

我不認為它能比高波動率 A 類價格更能限制波動性。藍溪價格波動的唯一限制因素將是其自身的波動性。就數量和合約完成率而言，目前我認為我們大約完成了 80%——80%，85%。隨著我們看到這個數字增加，庫存水準下降，那時我們就有機會開始提高產量，因為我們已經看到，我們顯然可以做到這一點。

Okay. Well, Kudos to Charles and his team on that front. And guys, congrats again on all the progress.

好的。在這方面，查爾斯和他的團隊做得非常出色，值得稱讚。各位，再次祝賀你們取得的所有進展。

(Operator Instructions)

（操作說明）

Nathan Martin, The Benchmark Company.

Nathan Martin，基準公司。

A question on Mine 4, I mean, running at record levels really above its nameplate capacity, I think, the last few years. Are you guys expecting that to continue? And then related, could you break down full year sales guidance of 12.5 million to 13.5 million tons by mine? I think it will be helpful maybe when trying to understand how to think about the potential quality mix.

關於 4 號礦井，我想問一下，它在過去幾年裡一直以創紀錄的水平運行，遠遠超過了其額定容量。你們覺得這種情況會持續下去嗎？另外，能否將全年銷售預期（1,250萬至1,350萬噸）依礦場細分？我認為這或許有助於理解如何思考潛在的品質組合。

Well, I think we'll see Mine 4 running at about the same level what it did this past year and Mine 7 running about the same level it did this past year. And then we'll see the 4.5 million from Blue Creek. In terms of Mine 4, Mine 4 has done an outstanding job of managing their production up and at the same time, they're spending and their costs down. And I would expect that to continue. They achieved very, very well last year, and I don't see a reason why that will change.

我認為，4 號礦井和 7 號礦井的運作水準應該與去年同期基本持平。然後我們將看到來自藍溪的 450 萬美元。就 4 號礦而言，4 號礦在提高產量的同時，也出色地控制了支出和成本。我預計這種情況還會持續下去。他們去年取得了非常非常好的成績，我看不出有什麼理由會改變這一點。

I appreciate that, Walt. And then I noticed some questions on shareholder returns. So maybe taking a step back, how should we think about your priorities for free cash flow overall?

謝謝你，沃特。然後我注意到了一些關於股東回報的問題。那麼，或許我們應該退一步思考一下，您整體上自由現金流的優先事項是什麼？

Well, I think the priorities once we get past Blue Creek would be to return cash to shareholders. Until these markets change and demand any further growth on volumes, we would be focused on shareholder returns.

我認為，一旦我們解決了 Blue Creek 的問題，首要任務就是向股東返還現金。在這些市場發生變化並需要進一步提高銷售量之前，我們將專注於股東回報。

Best of luck in '26.

祝您在2026年一切順利。

Thank you.

謝謝。

And at this time, there are no further questions in the queue. I would now like to turn the call back over to Mr. Scheller for any final comments.

目前，隊列中沒有其他問題了。現在我想把電話轉回給謝勒先生，請他作最後的總結發言。

That concludes our call this afternoon. Thank you again for joining us today, and we appreciate your interest in Warrior.

今天下午的通話到此結束。再次感謝您今天蒞臨，我們非常感謝您對 Warrior 的關注。

Thank you. This concludes today's conference. You may now disconnect your lines and have a pleasant day.

謝謝。今天的會議到此結束。現在您可以斷開線路，祝您度過愉快的一天。