Warrior Met Coal Inc (HCC) 2026 Q1 法說會逐字稿

Good day, and welcome to the Warrior Met Coal first-quarter 2026 conference call. (Operator Instructions)

大家好，歡迎參加 Warrior Met Coal 2026 年第一季財報電話會議。(接線員指示)

Please note this event is being recorded. I would now like to turn the conference over to Mr. Brian Chopin. Please go ahead, sir.

請注意，本活動將被錄音。現在我想將會議交給 Brian Chopin 先生。先生，請開始。

Good afternoon, and welcome, everyone, to Warrior's first-quarter 2026 earnings conference Call.

各位下午好，歡迎大家參加 Warrior 2026 年第一季財報電話會議。

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.

在開始之前，提醒各位，本次電話會議中所作的某些陳述（包括與我們預期未來業務及財務表現相關的陳述）可能依據《私人證券訴訟改革法》被視為前瞻性陳述。

Forward-looking statements, by their nature, address matters that are different degrees uncertain. 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. For more information regarding forward-looking statements, please refer to the company's press releases and SEC filings.

前瞻性陳述就其本質而言，涉及不同程度的不確定事項。這些不確定性在公司向美國證券交易委員會（SEC）提交的年度與季度報告中有更詳細的說明，可能導致我們未來實際結果與前瞻性陳述中所預期者存在重大差異。除法律可能要求外，我們不承擔因新資訊、未來事件或其他原因而更新任何前瞻性陳述的義務。有關前瞻性陳述的更多資訊，請參閱公司的新聞稿及向 SEC 提交的文件。

We will also be discussing certain non-GAAP financial measures, which are defined and reconciled to comparable GAAP financial measures in our first quarter press release furnished to the SEC on Form 8-K, which is also posted on our website. Additionally, we will be filing our Form 10-Q for the quarter ended March 31, 2026, with the SEC this afternoon. You can find additional information regarding the company on our website at www.warriormetcoal.com, which also includes the first quarter supplemental slide deck that was posted this afternoon.

我們也將討論若干非 GAAP 財務衡量指標；其定義以及與可比 GAAP 財務衡量指標的調節，已載於我們以 Form 8-K 形式提供給 SEC 的第一季新聞稿中，該新聞稿亦已發布於我們的網站。此外，我們將於今天下午向 SEC 提交截至 2026 年 3 月 31 日止季度的 Form 10-Q。您可在我們的網站 www.warriormetcoal.com 取得公司相關的更多資訊；網站亦包含今天下午發布的第一季補充簡報投影片。

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.

今天與我一同出席電話會議的有 Walt Scheller 先生（執行長）以及 Dale Boyles 先生（財務長）。在我們的正式發言結束後，我們很樂意回答各位的提問。

With that, I will now turn the call over to Walt.

接下來，我把電話會議交給 Walt。

Thanks, Brian. Hello, everyone, and thanks for taking the time to join us today to discuss our first quarter 2026 results. I'll start by providing an overview of the quarter before Dale reviews our results in additional detail.

謝謝你，Brian。各位好，感謝大家今天撥冗參與，一同討論我們 2026 年第一季的業績。我將先概述本季表現，之後再由 Dale 更詳細地說明我們的結果。

The first quarter marked a defining milestone for Warrior as we completed the final construction and project spending associated with the development of our transformational Blue Creek mine, delivering the project ahead of schedule and fully in line with our capital expenditure guidance. This achievement reflects years of planning, disciplined capital allocation and exceptional execution by our team and concludes the construction and investment phase of Blue Creek.

第一季對 Warrior 而言是一個具指標性的里程碑：我們完成了具變革性的 Blue Creek 礦場開發案之最後施工與專案支出，使專案提前完工，且完全符合我們的資本支出指引。這項成果反映了多年規劃、嚴謹的資本配置，以及團隊卓越的執行力，並宣告 Blue Creek 的建設與投資階段告一段落。

Our total project capital expenditures were a little over $1 billion. As a reminder, this is on budget and fully paid out of cash from operations without incurring any funded debt. The new Blue Creek mine was a major contributor to higher volumes and profitability in the first quarter of 2026, which led to record quarterly sales and production volumes. Our first quarter volumes were higher than our internal plans and are expected to be higher for the remainder of the year to meet our full year outlook and guidance.

我們的專案資本支出總額略高於 10 億美元。提醒各位，該金額在預算內，且完全以營運現金流支付，未產生任何有息負債。新的 Blue Creek 礦場是 2026 年第一季銷量與獲利提升的重要貢獻來源，帶動季度銷售與產量雙雙創下歷史新高。我們第一季的出貨量高於內部計畫，且預期今年剩餘期間也將維持較高水準，以達成全年展望與指引。

As we look at the first quarter, steelmaking coal market conditions, pricing remained notably strong in the premium quality segment and well above our original expectations, while the High-Vol A quality segment underperformed expectations. We believe the strength in premium quality pricing was driven by tightness in the segment resulting from supply constraints stemming from weather disruptions and mine production-related challenges in Australia. These factors drove up premium quality pricing by 15% in January, leading to noticeably higher demand for our Mine 7 premium quality product.

回顧第一季，煉鋼煤市場狀況方面，高端優質品級的市況與價格仍顯著強勁，且遠高於我們原先預期；而高揮發分 A（High-Vol A）品級則低於預期。我們認為，優質品級價格走強主要是因該品級供給偏緊，原因在於澳洲受天候干擾及礦場生產相關挑戰所造成的供應限制。這些因素使 1 月優質品級價格上漲 15%，進而明顯推升對我們 Mine 7 優質產品的需求。

As Australian supply chains have begun to recover from these events, the emergence of the new conflict in the Middle East introduced additional cost pressures, specifically in freight markets while increasing the uncertainty around global energy availability. Steelmaking coal prices have remained strong as inflationary cost pressures from the rise in oil and diesel prices have asserted a firmer floor despite soft seaborne demand, especially in the spot market.

隨著澳洲供應鏈開始自上述事件中復原，中東新衝突的出現帶來額外成本壓力，特別是在運費市場，同時也提高了全球能源供應可得性的不確定性。儘管海運需求偏弱、尤其現貨市場較疲軟，但由於油價與柴油價格上升所帶來的通膨成本壓力，使煉鋼煤價格仍維持強勢，並形成更堅實的價格底部。

However, from a global seaborne demand perspective, India continues to be a key market supported by firm domestic steel prices, improving margins and growing steel production, which has helped sustain demand for high-quality steelmaking coal. Global pig iron production decreased by 2.1% for the first 2 months of 2026 as compared to the same period last year. India continued to demonstrate strength, showing a 3.1% for the same period.

然而，從全球海運需求角度來看，印度仍是關鍵市場；在國內鋼價堅挺、利潤改善及鋼產量成長的支撐下，有助於維持對高品質煉鋼煤的需求。2026 年前兩個月全球生鐵產量較去年同期下降 2.1%。印度則持續展現強勁動能，同期成長 3.1%。

China's pig iron production declined by 2.7% during the 2-month period. Our primary index, the PLV FOB Australia rose very quickly in the first quarter as a result of supply constraints stemming from previously discussed challenges in Australia, reaching a high of $229 in early February and averaged $213 per short ton. The index average was 17% or $31 per ton higher than the fourth quarter of 2025 and was 27% higher than the first quarter of 2025.

中國在該兩個月期間的生鐵產量下降 2.7%。我們的主要指數——澳洲 FOB PLV——在第一季因先前提及的澳洲供應限制而快速上漲，2 月初一度達到每短噸 229 美元的高點，季度平均為每短噸 213 美元。該指數平均值較 2025 年第四季高出 17%（或每噸 31 美元），並較 2025 年第一季高出 27%。

As for the main second-tier indices, the Australian LVHCC index price experienced more modest gains and averaged $173 per short ton for the first quarter. This was $19 per ton or 12% higher than the fourth quarter of 2025 and 30% higher than the first quarter of 2025. As a result, the relativity of the Australian LVHCC index price to the Australian PLV index price decreased from 85% for the fourth quarter of 2025 to 81% for the first quarter of 2026.

至於主要的第二梯隊指數，澳洲 LVHCC 指數價格漲幅較為溫和，第一季平均為每短噸 173 美元。這較 2025 年第四季高出每噸 19 美元（或 12%），並較 2025 年第一季高出 30%。因此，澳洲 LVHCC 指數價格相對於澳洲 PLV 指數價格的比值，從 2025 年第四季的 85% 降至 2026 年第一季的 81%。

In contrast to the Australian LVHCC index price, the average US East Coast HVA index price only increased $8 per ton or 6% in the first quarter and the fourth quarter of 2025 and averaged $144 per short ton. As a result, the relativity decreased from 75% for the fourth quarter of 2025 to 68% for the first quarter of 2026. More importantly, this relativity dropped to an all-time low of 62% for a brief period during the first quarter and represents a significant spread difference with the Pacific Basin relativity.

與澳洲 LVHCC 指數價格相較，美國東岸 HVA 指數價格在第一季相對於 2025 年第四季僅增加每噸 8 美元（或 6%），季度平均為每短噸 144 美元。因此，其相對比值從 2025 年第四季的 75% 降至 2026 年第一季的 68%。更重要的是，該相對比值在第一季短暫期間降至歷史新低的 62%，顯示與太平洋盆地相對比值之間存在顯著的價差差異。

We achieved a gross price realization of 72% for the first quarter compared to 75% in the fourth quarter of 2025. Our gross price realization was lower and driven by a combination of factors. First, while the average of both main pricing indices increased in the first quarter compared to the fourth quarter of 2025, the price spreads or relativities widened, reaching one of the lowest values ever recorded.

我們第一季的毛價格實現率為 72%，相較於 2025 年第四季的 75%。我們的毛價格實現率下降，主要由多項因素共同造成。首先，雖然第一季兩個主要定價指數的平均值相較 2025 年第四季均有所上升，但價差（或相對比值）擴大，並達到歷來記錄中最低水準之一。

Second, our sales mix of High-Vol A quality was 11% higher. Third, that higher sales mix was primarily sold in the Pacific Basin on a CFR basis with higher average freight rates due to the conflict in the Middle East. We sold 4% more volume into the Pacific Basin in the first quarter than in the fourth quarter of 2025. Warrior achieved a record high quarterly sales volume in the first quarter of 3 million short tons compared to 2.2 million tons in the same quarter 2025. This represents a 38% increase primarily due to the additional sales volume from the new Blue Creek mine.

第二，我們高揮發分 A（High-Vol A）品級的銷售組合占比提高了 11%。第三，該較高的銷售組合主要以 CFR 條件銷往太平洋盆地，且因中東衝突導致平均運費率較高。第一季我們銷往太平洋盆地的銷量較 2025 年第四季多 4%。Warrior 第一季季度銷售量創下歷史新高，達 300 萬短噸，較 2025 年同季的 220 萬噸增加。這代表增加 38%，主要來自新的 Blue Creek 礦場所帶來的額外銷售量。

Our first quarter sales volume mix was 61% High-Vol A, representing a 10% increase over the fourth quarter of 2025. As production from Blue Creek continues to increase, we expect our sales volume mix to become more weighted toward High-Vol A products and the Pacific Basin destinations over time. Our sales by geography for the first quarter break down as follows: 61% into Asia, 25% into Europe and 14% into South America. Our spot volume was 6% for the first quarter of 2026. Sales volumes in the Pacific Basin were 61% for the first quarter, which were 4% higher than the fourth quarter of 2025 and 18% higher than the first quarter of last year.

我們第一季的銷售量組合中，高揮發分 A（High-Vol A）占 61%，較 2025 年第四季增加 10%。隨著 Blue Creek 的產量持續提升，我們預期隨時間推移，銷售量組合將更偏向高揮發分 A 產品以及太平洋盆地目的地。我們第一季按地區劃分的銷售如下：61% 銷往亞洲、25% 銷往歐洲、14% 銷往南美洲。2026 年第一季的現貨銷售量占比為 6%。第一季太平洋盆地的銷售量占比為 61%，較 2025 年第四季高 4%，較去年第一季高 18%。

Production volume in the first quarter of 2026 was a record high 3.5 million short tons compared to 2.3 million in the same quarter of last year, representing a 55% increase. This increase reflects the significant contribution of Blue Creek. Our coal inventory levels increased to 1.9 million short tons at the end of March of this year compared to 1.6 million tons at the end of December of 2025. We expect to manage the excess inventory over the remainder of the year to maximize sales volume, profitability and free cash flow.

2026 年第一季的產量創下新高，達 350 萬短噸，較去年同期的 230 萬短噸增加 55%。此增長反映了 Blue Creek 的重大貢獻。截至今年 3 月底，我們的煤炭庫存增加至 190 萬短噸，相較於 2025 年 12 月底的 160 萬噸。我們預期在今年剩餘期間管理超額庫存，以最大化銷售量、獲利能力與自由現金流。

I'll now ask Dale to address our first quarter results in greater detail.

接下來我請 Dale 更詳細說明我們第一季的業績。

Thanks, Walt. Let me first highlight our first quarter financial results compared to the fourth quarter of 2025. Our first quarter adjusted EBITDA of $143 million was 54% higher than the fourth quarter of 2025, primarily due to the following factors: two positives, offset by two negatives. First, our sales volume were 4% higher in the first quarter, driven by an increase of tons sold from Blue Creek.

謝謝，Walt。我先重點說明我們第一季相較於 2025 年第四季的財務結果。我們第一季調整後 EBITDA 為 1.43 億美元，較 2025 年第四季高 54%，主要由以下因素所致：兩項正面因素，被兩項負面因素抵銷。第一，我們第一季銷售量高出 4%，主要受 Blue Creek 銷售噸數增加所帶動。

Second, our average net selling price was $20 per ton, 15% higher in the first quarter, primarily due to a 10% higher mix of High-Vol A volumes sold into the Pacific Basin on a CFR basis at elevated freight rates.

第二，我們平均淨售價為每噸 20 美元，第一季高出 15%，主要因為以 CFR 條件銷往太平洋盆地的高揮發分 A 銷售量組合提高 10%，且運費率處於高位。

Third, cash cost per ton were $2 higher in the first quarter, primarily attributable to a higher variable cost for transportation and royalties and were partially offset by Blue Creek's inherently low cost structure and a $3 per ton benefit from the new 45X production tax credit from the One Big Beautiful Bill Act.

第三，第一季每噸現金成本高出 2 美元，主要歸因於運輸與權利金的變動成本較高；部分被 Blue Creek 先天較低的成本結構，以及《One Big Beautiful Bill Act》新增 45X 生產稅收抵免帶來的每噸 3 美元效益所抵銷。

And finally, operating cash flows were negative $12 million, which was $88 million lower than the fourth quarter of 2025. This result is attributed to the increase in working capital, primarily for accounts receivable and inventory. Accounts receivable were higher on higher sales volume and higher steelmaking coal prices. In addition, sales volume for the quarter was heavily weighted to the month of March by 43%. Our spending for capital expenditures and mine development were a combined $24 million lower in the first quarter compared to the fourth quarter of 2025, primarily due to lower investments in Blue Creek.

最後，營運現金流為負 1,200 萬美元，較 2025 年第四季低 8,800 萬美元。此結果歸因於營運資金增加，主要來自應收帳款與庫存。應收帳款因銷售量增加以及煉鋼煤價格上升而提高。此外，本季銷售量在 3 月份的比重偏高，達 43%。第一季資本支出與礦山開發支出合計較 2025 年第四季少 2,400 萬美元，主要因對 Blue Creek 的投資降低。

Now let me compare the first quarter of 2026 to the prior year's first quarter results. Warrior recorded net income of $72 million or $1.37 per diluted share in the first quarter of this year compared to a net loss of $8 million or $0.16 per diluted share in the same quarter of 2025. We reported adjusted EBITDA of $143 million in the first quarter of 2026 compared to $39 million in the same quarter of 2025, an increase of 263%. Our adjusted EBITDA margin improved to 31% in the first quarter of 2026 compared to 13% in the same quarter of last year.

接著我將 2026 年第一季與去年第一季的結果進行比較。Warrior 今年第一季淨利為 7,200 萬美元，或稀釋後每股 1.37 美元；相較之下，2025 年同季為淨損 800 萬美元，或稀釋後每股虧損 0.16 美元。我們 2026 年第一季調整後 EBITDA 為 1.43 億美元，較 2025 年同季的 3,900 萬美元增加 263%。我們的調整後 EBITDA 利潤率於 2026 年第一季提升至 31%，相較去年同季為 13%。

On a per ton basis, our adjusted EBITDA margin improved to $48 per short ton for the first quarter of 2026 compared to $18 in last year's first quarter. The primary drivers of these improvements were a 38% increase in sales volumes, a 10% increase in average net selling price and a 14% reduction in cash cost, reflecting the increasing contribution from our new Blue Creek mine.

以每噸計算，我們 2026 年第一季調整後 EBITDA 利潤率提升至每短噸 48 美元，較去年第一季的 18 美元為高。改善的主要驅動因素包括：銷售量增加 38%、平均淨售價增加 10%，以及現金成本降低 14%，反映我們新 Blue Creek 礦場貢獻度持續提高。

Total revenues were $459 million in the first quarter of this year compared to $300 million in the same quarter of last year. The total increase of $159 million was primarily due to the impact of higher sales volumes of $113 million and the impact of an increase in average gross selling prices of $69 million. This was partially offset by the impact of a higher mix of High-Vol A tons sold of $24 million.

今年第一季總營收為 4.59 億美元，較去年同季的 3.00 億美元增加。總增幅 1.59 億美元主要來自銷售量提高帶來的 1.13 億美元影響，以及平均毛售價上升帶來的 6,900 萬美元影響。其中部分被高揮發分 A 噸數銷售占比提高所帶來的 2,400 萬美元影響所抵銷。

In addition, demurrage and other charges were $4 million higher compared to last year's first quarter. This resulted in an average net selling price of $149 per short ton in the first quarter of 2026 compared to $136 in the first quarter of last year. Cash cost of sales were $289 million or 64% of mining revenues in the first quarter of this year compared to $244 million or 83% of mining revenues in the first quarter of last year.

此外，滯期費（demurrage）及其他費用較去年第一季高出 400 萬美元。因此，2026 年第一季平均淨售價為每短噸 149 美元，較去年第一季的 136 美元為高。今年第一季銷售現金成本為 2.89 億美元，占採礦營收的 64%；相較之下，去年第一季為 2.44 億美元，占採礦營收的 83%。

Of the $45 million net increase in cash cost of sales, there was a $93 million increase in costs, which were attributed to the 38% increase in sales volumes and slightly higher variable transportation and royalty costs on higher average steelmaking coal price indices. These higher costs were offset partially by $48 million of lower costs that were driven by the leverage of lower cost Blue Creek tons sold and $8 million of benefit from the 45X production tax credit.

在銷售現金成本淨增加的 4,500 萬美元中，成本增加 9,300 萬美元，主要歸因於銷售量增加 38%，以及在平均煉鋼煤價格指數較高的情況下，運輸與權利金等變動成本略有上升。上述較高成本部分被 4,800 萬美元的成本下降所抵銷，該下降主要由較低成本的 Blue Creek 銷售噸數帶來的規模效益，以及 45X 生產稅收抵免帶來的 800 萬美元效益所驅動。

Cash cost of sales per short ton, FOB port, was approximately $96 in the first quarter of 2026 compared to $112 in the same quarter last year. The 14% decrease was primarily related to the factors I just mentioned on a dollar basis. Cash margins per short ton increased 127% to $53 in the first quarter from $23 in the same quarter of last year.

以每短噸計算、FOB 港口條件下，2026 年第一季銷售現金成本約為 96 美元，較去年同季的 112 美元為低。14% 的降幅主要與我剛才以金額口徑提到的因素相關。每短噸現金毛利增加 127%，由去年同季的 23 美元提升至第一季的 53 美元。

Our first quarter 2026 SG&A expenses were $28 million and were $10 million higher than the same quarter of 2025, primarily due to higher employee-related expenses, including stock compensation expenses. SG&A expenses are on track with our full year outlook and guidance. Depreciation and depletion expenses were $52 million in the first quarter, which was 15% higher than the first quarter of 2025, primarily due to the additional assets placed into service at Blue Creek and the higher sales volume in the first quarter of 2026.

我們 2026 年第一季的 SG&A（銷售、一般及行政）費用為 2,800 萬美元，較 2025 年同季高出 1,000 萬美元，主要由較高的員工相關費用所致，包括股票薪酬費用。SG&A 費用符合我們全年展望與指引的進度。第一季折舊與耗竭費用為 5,200 萬美元，較 2025 年第一季高 15%，主要因 Blue Creek 新增投入使用的資產，以及 2026 年第一季較高的銷售量。

We recorded income tax expense of approximately $6 million on pretax income of $79 million in the first quarter of 2026. Our effective income tax rate varied from the statutory federal income tax rate of 21%, primarily due to tax benefits recognized for depletion expense and a foreign-derived intangible income deduction, resulting in an effective income tax rate of 11%.

我們在 2026 年第一季稅前盈餘 7,900 萬美元的基礎上，認列所得稅費用約 600 萬美元。我們的有效所得稅率與法定聯邦所得稅率 21% 有所差異，主要因就耗竭費用認列的稅務利益，以及外國來源無形所得（FDII）扣除，致使有效所得稅率為 11%。

Now let us turn to cash flows from the first quarter of 2026. Cash flows from operating activities were a negative $12 million in the first quarter of 2026 and were $23 million lower than the previous year's first quarter. Working capital increased by $146 million during the first quarter, primarily due to $115 million of higher accounts receivable. This outcome was primarily attributed to higher sales volume, higher steelmaking coal prices and the timing of quarterly sales volumes that were 43% weighted to the month of March, thereby pushing cash collections into the second quarter.

現在讓我們轉到 2026 年第一季的現金流量。2026 年第一季營運活動現金流為負 1,200 萬美元，較去年第一季減少 2,300 萬美元。第一季營運資金增加 1.46 億美元，主要因應收帳款增加 1.15 億美元。此結果主要歸因於銷售量增加、煉鋼煤價格上升，以及季度銷售量有 43% 集中在 3 月的時點因素，因而使現金收款延後至第二季。

In addition, coal inventory was higher as production exceeded sales volume during the first quarter. Free cash flow was a negative $92 million due to $12 million of cash used by operations, combined with cash used for capital expenditures of $80 million. This outcome of negative free cash flow was expected and previously communicated on our last earnings call in February.

此外，由於第一季產量高於銷售量，煤炭庫存也較高。自由現金流為負 9,200 萬美元，係因營運使用現金 1,200 萬美元，加上資本支出使用現金 8,000 萬美元。此自由現金流為負的結果在預期之內，且我們已在 2 月上次財報電話會議中事先說明。

Capital spending includes the final $66 million invested for the completion of the Blue Creek development project. Our free cash flow was slightly more negative than anticipated in the first quarter, was primarily due to timing of sales volume and is expected to turn positive in the second quarter. We're pleased that we continue to maintain strong liquidity while delivering higher profitability. Our total available liquidity at the end of the first quarter was $364 million and consisted of cash and cash equivalents of $203 million, short-term investments of $20 million and $141 million available under ABL facility.

資本支出包含為完成 Blue Creek 開發專案所投入的最後 6,600 萬美元。我們第一季自由現金流略較預期更為負值，主要是銷售量時點所致，並預期在第二季轉為正值。我們很高興在提升獲利能力的同時，仍持續維持強勁的流動性。第一季末我們的可用總流動性為 3.64 億美元，包括現金及約當現金 2.03 億美元、短期投資 2,000 萬美元，以及 ABL 額度下可動用的 1.41 億美元。

Finally, let me turn to our current outlook and guidance for the full year 2026 as detailed in our earnings release. We expect the steelmaking coal markets to remain generally consistent with recent trends, absent any major disruptions in supply or demand or a prolonged conflict in the Middle East. First quarter results were on track and generally consistent with our expectations for the full year and that is why we are reaffirming our outlook and guidance for 2026 as previously communicated in February.

最後，讓我談談我們在新聞稿中所列示的 2026 全年最新展望與指引。我們預期煉鋼煤市場將大致延續近期趨勢，除非供需出現重大干擾，或中東衝突長期延宕。第一季結果符合進度，且大致符合我們對全年之預期，因此我們重申先前於 2 月所溝通的 2026 年展望與指引。

Having said that, there are a few cautionary notes to keep in mind. We are beginning to see some inflationary cost pressures on materials and supplies, such as steel roof supports, shear bits as well as diesel fuel. In addition, we are experiencing some tariffs and higher shipping costs on these raw materials. While we have not been materially impacted by inflation so far this year, we believe the remainder of the year could see an increase of a few dollars per ton. At this point, it is extremely difficult to predict any full year impact to our cash cost. Obviously, we're taking all possible measures to mitigate any impacts of inflation.

話雖如此，仍有幾點需要留意。我們開始看到材料與耗材出現一些通膨成本壓力，例如鋼製頂板支撐、截齒（shear bits）以及柴油燃料。此外，這些原物料也面臨部分關稅與更高的運輸成本。雖然截至目前今年我們尚未受到通膨的重大影響，但我們認為今年剩餘期間每噸成本可能增加數美元。就目前而言，極難預測對我們全年現金成本的任何影響。顯然，我們正採取一切可能措施以降低通膨影響。

I'll now turn it back to Walt for his final comments.

接下來我把時間交還給 Walt，請他做最後的評論。

Thanks, Dale. Warrior performed very well in the first quarter, and our financial and operational results were better than expected as premium quality steelmaking coal prices were higher for a longer period of time and our volumes were slightly ahead of our internal plans. This strong beginning to 2026 supports our full year outlook and guidance. Our current view of the steel and steelmaking coal markets is both positive and resilient. While we face uncertainty from the Middle East conflict and its effect on the global economy, at this point, the full impact of the conflict and its length are not quantifiable on the full year.

謝謝你，Dale。Warrior 第一季表現非常出色；由於高品質煉鋼煤價格在較長期間維持高檔，加上我們的出貨量略高於內部計畫，我們的財務與營運成果優於預期。2026 年這個強勁的開局支撐我們對全年展望與指引。我們目前對鋼鐵與煉鋼煤市場的看法是正向且具韌性。儘管我們面臨中東衝突及其對全球經濟影響所帶來的不確定性，但就目前而言，衝突對全年影響的完整程度及其持續時間仍無法量化。

And as Dale noted, we may have to contend with some inflationary cost pressures. But right now, we see these potential impacts outweighed by higher production as a result of European protectionist measures and rising steel prices across nearly all geographies. As is often the case in such dynamic and unpredictable environments, disruptions may create short-term or region-specific opportunities that we fully intend to take advantage of.

如 Dale 所提到的，我們可能也必須面對一些通膨成本壓力。但目前我們認為，歐洲保護主義措施以及幾乎所有地區鋼價上漲所帶動的更高產量，將足以抵銷這些潛在影響。在這種動態且難以預測的環境中常見的是，市場干擾可能帶來短期或區域性的機會，而我們完全打算加以把握。

For now, we expect steelmaking coal prices to remain above their 2025 average levels, absent material changes in supply and demand. Most importantly, Warrior has the tools to continue to drive value creation for our stockholders by continuing to execute our strategy to optimize production, control our costs and generate free cash flow. With our high-quality assets and low first quartile cost structure, we are as well positioned as we've ever been to thrive in a wide range of steelmaking coal environments.

就目前而言，在供需未出現重大變化的前提下，我們預期煉鋼煤價格將維持在高於 2025 年平均水準。最重要的是，Warrior 具備各項工具，能持續執行我們的策略以優化產量、控制成本並創造自由現金流，進而為股東持續創造價值。憑藉我們的高品質資產與第一四分位的低成本結構，我們在各種煉鋼煤市場環境中茁壯的能力，已達到前所未有的有利位置。

With that, we'd like to open the call for questions. Operator?

接下來，我們想開放提問。接線生？

(Operator Instructions)

（接線生指示）

Nick Giles, B. Riley.

Nick Giles，B. Riley。

My first question was just, obviously, a fairly meaningful working capital build in 1Q, which you had foreshadowed. How much of this could we see unwind in the second quarter? And then another question would just be, can you remind us of the cash flow balance sheet implications for the 45X production tax credit? How much did that contribute to the build, if any?

我的第一個問題是，很明顯第一季營運資金有相當顯著的增加，而你們先前也有預告。其中有多少可能在第二季回轉？另外一個問題是，你們能否提醒我們 45X 生產稅額抵免對現金流量與資產負債表的影響？如果有的話，它對這次營運資金增加貢獻了多少？

It's Dale. Yes, I mean, it's hard to predict exactly how much of the working capital will turn around, but it's just timing. A large portion will come back. I'm not sure we'll be back to breakeven. We'll be shy of that probably on a year-to-date basis through the first half. As far as the 45X credit, that was worth about $8.4 million and -- or $3 a ton for the quarter.

我是 Dale。是的，我的意思是，很難精確預測營運資金會回轉多少，但這主要是時點問題。其中很大一部分會回來。我不確定我們是否會回到損益兩平。以年初至今的角度看，直到上半年結束我們可能仍會略低於損益兩平。至於 45X 抵免，該項約為 840 萬美元——或者說本季約每噸 3 美元。

Understood. You mentioned some initial inflationary pressures stemming from the conflict. I think Warrior is more insulated, but can you just speak to the diesel usage across your operating platform? Or do you have any kind of sensitivity or total consumption, just so we can try and understand that impact?

了解。你提到一些源自衝突的初步通膨壓力。我認為 Warrior 相對更不受影響，但你能否談談你們整個營運平台的柴油使用情況？或者你們是否有任何敏感度或總消耗量數據，讓我們能試著理解其影響？

Well, again, we don't do a lot of trucking at coal. We do truck a little bit to the barge load out. So we're not a high usage like strip mines and things like that, our surface mines. We just don't use a lot of diesel. I don't have a projection for you because, one, I have no idea how long oil prices will stay this high and what those pass-throughs could be.

嗯，再次說明，我們在煤炭方面並沒有做很多卡車運輸。我們確實有少量用卡車運到駁船裝載點。因此我們的用量不像露天礦或那類地表礦那麼高。我們就是不會用很多柴油。我沒有辦法給你預測，因為第一，我不知道油價會維持在這麼高的水準多久，以及那些轉嫁成本可能會是什麼。

So we're subject to some pass-through on surcharges and things like that. But as I said earlier, we haven't seen anything material yet. It depends on how long this continues. So we could see some increase later in the year, but we are seeing some other things, like I said, the bits, that's tungsten coming out of China and that's a challenge right now.

所以我們會受到一些附加費等項目的轉嫁影響。但如我先前所說，到目前為止我們還沒有看到任何重大的影響。這取決於這種情況會持續多久。因此我們可能在今年稍晚看到一些增加，但我們也看到其他一些項目，例如我提到的截齒，那是從中國出口的鎢，這目前是一個挑戰。

But you're starting to see and hear it from some other suppliers too on other materials and supplies. So it's just not been able -- we just haven't been able to quantify it yet. We're really working hard to look for alternative vendors, alternative sources, anything that we can do to mitigate it.

不過你也開始從其他供應商那裡看到並聽到，其他材料與耗材也有類似情況。所以目前還無法——我們還無法將其量化。我們正非常努力尋找替代供應商、替代來源，以及任何我們能做的事情來降低影響。

Understood. No, that's still helpful perspective. Just one more, if I could. Inventories have been rising for the past couple of quarters, I think, 1.9 million tons is what you said. Most of the working capital build, I think, was more from receivables. Can you just speak to how you could see those inventories unwind in the coming quarters and what kind of mix we're working with? I assume it's mostly Blue Creek product, but I appreciate the clarification.

了解。不，這仍然是很有幫助的觀點。如果可以的話，我再問最後一個。我想過去幾個季度庫存一直在上升，你說的是190萬噸。我認為營運資金增加的大部分其實更多來自應收款項。你能談談你如何看待未來幾個季度這些庫存的去化，以及我們目前的組合大概是什麼嗎？我猜主要是Blue Creek的產品，但也希望你能澄清一下。

Yes. The -- our sales projections for Blue Creek are -- actually, we're even ahead of schedule from where we thought we would be in terms of placing Blue Creek for the year. It's just production levels have been so much higher than that, that they surpassed our expectations. And I think as we look out through the remainder of the year, we're still doing some tests with different potential customers on Blue Creek. And the hope is to get more and more of that coal put to bed.

是的。我們對Blue Creek的銷售預測——其實，就今年Blue Creek的銷售落地進度而言，我們甚至比原先預期還要超前。只是產量水準高出太多，超出了我們的預期。而且我想，展望今年剩餘時間，我們仍在針對Blue Creek與不同的潛在客戶做一些測試。希望能讓越來越多的煤量確定下來。

When we look at how much of it's moving in the spot market, it's very little. And as we put those tons to bed, we'll -- again, we will -- we're going to do everything we can to make sure we back the inventory down to what we consider to be a more normal level. But it's going to take us all year to work at it.

就有多少是走現貨市場來看，其實非常少。而當我們把這些噸數落地之後，我們——再次強調——會盡一切努力把庫存降回我們認為較正常的水準。但這會需要我們用一整年來逐步處理。

Yes. I think you would just see a gradual decline over the next few quarters, nothing dramatic in a single quarter. The mines are running well. So the production is coming pretty good. And obviously, the highest amount of production or inventory that we have is High-Vol A.

是的。我想你會在接下來幾個季度看到逐步下降，不會在單一季度出現很戲劇性的變化。礦場運作良好。所以產量表現相當不錯。而且很明顯，我們最高的產量或庫存是高揮發分A（High-Vol A）。

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO資本市場。

Maybe first on the volume that you ship to Pacific Basin, so the 60% that you shipped there in first Q, how much of that is on CFR basis?

先問一下你們運往太平洋盆地的出貨量，也就是第一季有60%運到那邊，其中有多少是以CFR條件計價？

All of it.

全部。

And can you talk a little bit about the current freight cost to ship what it currently is versus, let's say, recent quarters?

你能稍微談談目前的運費成本，和例如最近幾個季度相比如何嗎？

Well, they're averaging much higher. I think the average is a little bit different, but I know we saw some freight rates last week in the $50 -- around mid-$50 last week. I think it's only averaging somewhere in the upper 40s for the quarter, so second quarter, that is. So it's been pretty significant.

嗯，平均水準高了很多。我想平均值可能略有不同，但我知道我們上週看到一些運價在50美元——大約50多美元中段。我想第二季的季度平均大概只有40多美元後段。所以變動相當顯著。

And maybe one last one. You mentioned all your operations are operating very well. Do you have any limitations on how much inventory you can hold at any time?

再問最後一個。你提到所有營運都運作得很好。你們在任何時點可持有的庫存量，有沒有什麼限制？

Not really. I mean, from where we are today, we can hold a lot more inventory. You have to remember, a lot of this is Blue Creek and Blue Creek, given its design has multiple places where we could store significant amounts of inventory. So no, we're not bounded by anything at this point.

其實沒有。我的意思是，以我們目前的狀況來看，我們還能持有更多庫存。你要記得，這裡面很大一部分是Blue Creek，而Blue Creek因其設計，有多個位置可以存放相當可觀的庫存量。所以沒有，我們目前沒有受到任何限制。

Nathan Martin, The Benchmark Company.

Nathan Martin，The Benchmark Company。

Congrats on wrapping up Blue Creek. I guess now that the project has wrapped up, it would be great to hear about what your priorities are for free cash flow and shareholder returns going forward.

恭喜完成Blue Creek。我想既然專案已經收尾了，也很想聽聽你們接下來對自由現金流與股東回報的優先順序是什麼。

Well, once we start to generate some cash going forward, yes, I think we'll be in a period of time when we would look to provide more shareholder returns since we have not done so in the last few months, last few quarters. So I think we would be headed in that direction. It's hard to say exactly when. It depends on when we start to generate the cash and have it available to distribute.

嗯，一旦我們接下來開始產生一些現金，是的，我想我們會進入一個時期，會考慮提供更多股東回報，因為過去幾個月、幾個季度我們並沒有這麼做。所以我想我們會朝那個方向前進。但很難說確切時間點。這取決於我們何時開始產生現金，並且有可供分配的資金。

But I would think if we turn positive in the second half, it could be sometime in the second half, maybe the latter part of the year. That would be the earliest I think you could see or expect anything.

但我認為如果我們在下半年轉為正向，可能會在下半年某個時間點，也許是年底較後段。我想那會是你最早可能看到或期待有任何動作的時間。

Appreciate that, Dale. And what form do you guys have any preference there? I know historically, you've done, obviously, the regular dividend, but also done some special dividends. Any thoughts on that versus maybe buybacks?

了解，謝謝你，Dale。那你們在形式上有偏好嗎？我知道過去你們做過固定股利，當然也做過一些特別股利。對於這些方式相較於可能的庫藏股回購，你們有什麼想法嗎？

Well, I think we're going to stick to somewhat similar philosophy as we've used in the past, which is a rising fixed quarterly dividend supplemented by special dividends and some selected stock buybacks that has done well for our shareholders that have held on to our stock over time. So we have one of the highest TSRs over the last 10 years and in this sector and that's worked very well for us.

嗯，我想我們會維持與過去相當類似的理念，也就是逐步提高的固定季度股利，並搭配特別股利，以及一些選擇性的股票回購；這套做法對長期持有我們股票的股東表現得很好。所以我們在過去10年、在這個產業裡有最高的總股東報酬（TSR）之一，而這對我們一直非常有效。

All right. Got it. Appreciate that. And then maybe any thoughts from you guys on how the recent Section 303 determination signed by the administration could impact Warrior's business?

好。了解。謝謝。另外，你們對於政府簽署的近期《第303條》裁定，可能會如何影響Warrior的業務，有什麼看法嗎？

Yes. I really think that if we look at it right now, things are going to just continue to move as they are today. I don't think there's going to be any significant changes. So no, I don't think there will be much of an impact.

是的。我真的認為，就目前來看，事情會繼續按照今天的狀況推進。我不認為會有任何重大變化。所以不，我不覺得會有太大影響。

(Operator Instructions)

（接線員指示）

And that will conclude our question-and-answer session for today. I would like to turn the conference back over to Mr. Walt Scheller for any closing remarks. Please go ahead.

以上為今天的問答環節。我想把電話會議交回給Walt Scheller先生作結語。請開始。

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

我們今天下午的電話會議到此結束。再次感謝各位今天加入，也感謝各位對Warrior的關注。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議已結束。感謝您參加今天的簡報。您現在可以掛線。