Warrior Met Coal Inc (HCC) 2026 Q2 法說會逐字稿

Good afternoon. My name is Drew and I will be your conference operator today. At this time, I would like to welcome everyone to the Warrior second-quarter 2026 financial results conference call. (Operator Instructions) This call is being recorded and will be available for replay on the company's website.

下午好。我叫Drew，今天將擔任各位的電話會議接線員。此刻，我謹代表公司歡迎各位參加Warrior 2026年第二季財務業績電話會議。(接線員指示) 本通話將被錄音，並將於公司網站提供重播。

I would now like to turn the call over to Brian Chopin, Chief Accounting Officer and Controller. Please go ahead.

現在我想把電話交給Brian Chopin，首席會計官兼財務控管主管。請開始。

Good afternoon and welcome everyone to Warrior's second-quarter 2026 earnings conference call.

下午好，歡迎各位參加Warrior 2026年第二季財報電話會議。

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，本次通話中所作的某些陳述（包括與我們預期未來業務及財務表現相關的陳述）可能依《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 to 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.

前瞻性陳述就其本質而言，所涉及事項在不同程度上具有不確定性。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的預期存在重大差異。

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.

除非法律另有要求，否則我們不承擔更新前瞻性陳述的義務，無論係因新資訊、未來事件或其他原因。有關前瞻性陳述的更多資訊，請參閱公司新聞稿及向SEC提交的文件。

We'll also be discussing certain non-GAAP financial measures, which are defined and reconciled to comparable GAAP financial measures in our second quarter press release furnished to the SEC on Form 8-K, which is also posted on our website.

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，已載於我們向SEC以Form 8-K提供的第二季新聞稿中，該新聞稿亦已張貼於我們的網站。

Additionally, we will be filing our Form 10-Q for the quarter ended June 30, 2026, with the SEC this afternoon. You can find additional information regarding the company on our website at www.warriormetcoal.com, which also includes a second quarter supplemental slide deck that was posted this afternoon.

此外，我們將於今天下午向SEC提交截至2026年6月30日止季度的Form 10-Q。您可於我們的網站www.warriormetcoal.com查閱公司相關的更多資訊；網站亦包含今天下午發布的第二季補充簡報投影片。

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'll be happy to answer any questions.

今天與我一同參與電話會議的有Walt Scheller先生，首席執行官；以及Dale Boyles先生，首席財務官。在我們的正式發言之後，我們很樂意回答各位的問題。

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

接下來，我把電話交給Walt。

Thanks, Brian. Hello, everyone, and thank you for taking the time to join us today to discuss our second-quarter 2026 results.

謝謝，Brian。各位好，感謝各位今天撥冗參與，一同討論我們2026年第二季的業績。

I'll start by providing an overview of the quarter before Dale reviews our results in additional detail. The second quarter marked a key inflection point as we clearly realized the incremental earnings and cash flow contributions of Blue Creek. We believe there's even more value to be realized as we work towards Blue Creek's full potential.

我將先概述本季情況，之後由Dale更詳細地說明我們的業績。第二季是一個關鍵的轉折點，因為我們清楚地實現了Blue Creek帶來的增量獲利與現金流貢獻。我們相信，隨著我們朝Blue Creek的全面潛力邁進，仍有更多價值可望釋放。

This inflection point was characterized by significant margin expansion and generation of more than $103 million of free cash flow, which came as a result of record sales volumes, improved pricing, and a lower cost profile. These results brought free cash flow to a positive $11 million at the midpoint of the year.

這個轉折點的特徵是利潤率顯著擴張，並產生超過1.03億美元的自由現金流，主要來自創紀錄的銷售量、價格改善以及較低的成本結構。這些成果使得年中時點的自由現金流在中位數口徑下轉為正值1,100萬美元。

Now with Blue Creek operational and our development spending complete, we've entered into the next phase of Warrior's growth, which is focused on free cash flow generation, balance sheet strength, and stockholder returns over the long-term.

如今Blue Creek已投入營運且我們的開發支出已完成，我們已進入Warrior成長的下一階段，重點將放在自由現金流的產生、資產負債表的強健，以及長期的股東報酬。

Looking at our markets more broadly, the second quarter 2026 was characterized by the pockets of normalization of supply conditions following the weather-related disruptions observed earlier in the year. Despite these fluctuations, steel fundamentals remained relatively unchanged.

更廣泛地看我們的市場，2026年第二季的特徵是在年初出現與天候相關的干擾之後，供給狀況在部分領域出現正常化。儘管有這些波動，鋼鐵基本面仍相對未變。

The tragic mining incident in China in late May briefly tightened sentiment around domestic coking coal availability and resulted in additional safety inspections and higher domestic coking coal and coke prices.

5月下旬中國發生的悲劇性礦難事件，短暫收緊了市場對國內焦煤供應可得性的情緒，並導致額外的安全檢查以及更高的國內焦煤與焦炭價格。

The impact of this sentiment shift was material and was clearly observed with the reopening of the arbitrage between the China CFR and Australian FOB indices, which had remained predominantly closed for over a year.

這種情緒轉變的影響相當顯著，並可清楚從中國CFR與澳洲FOB指數之間套利窗口的重新開啟觀察到；該套利在過去一年多時間裡大多處於關閉狀態。

Demand from India continued to be resilient, but weak steel margins, subdued Chinese buying activity, and the continued pressure from Chinese steel exports prevented the broader market from developing stronger momentum.

印度需求持續展現韌性，但疲弱的鋼鐵利潤率、低迷的中國採購活動，以及中國鋼材出口持續帶來的壓力，使整體市場未能形成更強的動能。

In Europe, we continue to see the expected benefits of protectionist measures materializing, but the recovery remains uneven and is not strong enough to offset weakness in other regions. Freight rates and their corresponding demurrage rates remained materially above their recent averages, and as a result, had a negative impact on our average net selling price.

在歐洲，我們持續看到保護主義措施帶來的預期效益逐步顯現，但復甦仍不均衡，且不足以抵消其他地區的疲弱。運費率及其相對應的滯期費率仍顯著高於近期平均水準，因此對我們的平均淨售價造成負面影響。

The World Steel Association reported recently the global pig iron production declined during the first six months of 2026 by 1.9% as compared to the same period last year. India continued to show growth, with a 2.7% increase year over year, while China remained the primary source of weakness as the country continues to grapple with soft internal demand and weak steel margins.

世界鋼鐵協會近期報告指出，2026年前六個月全球生鐵產量較去年同期下降1.9%。印度持續成長，年增2.7%；而中國仍是主要疲弱來源，因其持續面臨內需疲軟與鋼鐵利潤率偏低的困境。

This regional split remains consistent with the broader market narrative, with resilient demand in India and parts of Asia offset by continued softness in China, and an uneven recovery across developed markets.

這種區域分化與更廣泛的市場敘事一致：印度及亞洲部分地區需求具韌性，抵消了中國持續疲弱的影響，而已開發市場的復甦則呈現不均衡。

Our primary index, the PLV FOB Australia, remained well above the levels observed during most of 2025 and was relatively stable for the second quarter of 2026 as compared to the first quarter. The index price averaged $216 per ton and was 29% or $49 per ton higher than the second quarter of 2025.

我們的主要指數——PLV澳洲FOB——仍明顯高於2025年大部分時間所見水準，且在2026年第二季相較第一季相對穩定。該指數價格平均為每噸216美元，較2025年第二季高出29%，或每噸49美元。

For the main second tier indices, the Australian LVHCC index and the CFR India LVHCC index prices increased in the second quarter of this year compared to the second quarter of last year to an average of $170 and $191 per short ton, respectively.

就主要的第二梯隊指數而言，澳洲LVHCC指數與印度CFR LVHCC指數在今年第二季相較去年第二季均上升，平均分別為每短噸170美元與191美元。

The Australian LVHCC index price was $40 per ton, or 30% higher than the second quarter of last year. And the CFR India LVHCC index price was $46 per ton, or 32%, higher than the second quarter 2025. As a result, the relativity of the Australian LVHCC index price to the Australian PLV index price increased from 78% for the second quarter 2025 to 79% for the second quarter 2026.

澳洲LVHCC指數價格較去年第二季高出每噸40美元，或30%。而印度CFR LVHCC指數價格較2025年第二季高出每噸46美元，或32%。因此，澳洲LVHCC指數價格相對於澳洲PLV指數價格的比值，從2025年第二季的78%上升至2026年第二季的79%。

In contrast to the Australian LVHCC and CFR India index prices, the average US East Coast HVA index price decreased $11 per ton or 7% in the second quarter of this year from the second quarter of last year and averaged $143 per short ton.

與澳洲LVHCC及印度CFR指數價格相反，今年第二季美國東岸HVA指數價格較去年第二季下降每噸11美元或7%，平均為每短噸143美元。

As a result, relativity decreased from 92% for the second quarter 2025 to 66% for the second quarter 2026. We continue to see a meaningful discount to the PLV price each of the last five consecutive quarters in the Atlantic Basin to the point where it has temporarily become more profitable to sell into the Pacific Basin despite the higher freight rates, although we don't expect this to continue once the US East Coast HVA relativities return to normal levels.

因此，相對比值從2025年第二季的92%下降至2026年第二季的66%。我們持續看到在大西洋盆地，過去連續五個季度相對PLV價格出現顯著折價，以致即使運費較高，暫時轉而銷往太平洋盆地反而更具獲利性；不過，一旦美國東岸HVA相對比值回到正常水準，我們預期此情況不會持續。

We achieved a gross price realization of 66% for the second quarter of this year compared to 80% in the second quarter of 2025. Our lower gross price realizations were driven by a combination of factors. First, our average main pricing indices for the PLV and LVHCC in the Pacific Basin has increased year over year for the second quarter, while the East Coast high-Vol A index decreased in the Atlantic Basin.

我們今年第二季的毛價實現率為66%，相較之下，2025年第二季為80%。我們較低的毛價實現率是由多項因素共同造成。首先，我們在太平洋盆地的PLV與LVHCC主要定價指數之季度平均值年增上升，而大西洋盆地的東岸高揮發分A（High-Vol A）指數則下降。

Second, freight rates to Asia, primarily India, eere about $13 per ton or 37% higher in the second quarter of 2026 than last year's second quarter and reduced our gross price realization.

第二，運往亞洲（主要是印度）的運費約為每噸13美元，較2025年第二季高出37%，並降低了我們的毛價格實現。

Third, gross price realizations were lower due to a 21% higher mix of High Vol-A product sold in the second quarter of this year.

第三，由於今年第二季銷售的高揮發分A（High Vol-A）產品占比提高21%，毛價格實現較低。

As production from Blue Creek continues to increase, we expect our sales volume mix to become more weighted toward High Vol-A products in the Pacific Basin destinations over time. This shift, along with the abnormally depressed second tier relativities, is expected to naturally lower our gross price realizations. Despite this, we expect the increased weighing toward High Vol-A products to drive margin expansion to the impact of the low-cost profile of Blue Creek on lowering our cash cost of sales.

隨著Blue Creek的產量持續提升，我們預期隨時間推移，我們的銷售量組合在太平洋盆地目的地將更偏向高揮發分A（High Vol-A）產品。此一轉變，加上第二梯隊相對價差異常偏低，預期將自然拉低我們的毛價格實現。儘管如此，我們預期高揮發分A（High Vol-A）產品比重提高，將在Blue Creek低成本結構降低現金銷售成本的帶動下，推動利潤率擴張。

Turning back to our financial results, for the fourth consecutive quarter, Warrior achieved record high quarterly sales volume in the second quarter of 3.7 million short tons compared to 2.2 million short tons in the same quarter of 2025. This represents a 65% increase primarily due to the additional sales volume from the Blue Creek mine.

回到我們的財務結果，Warrior連續第四個季度在第二季達成創紀錄的單季銷售量3.7百萬短噸，較2025年同季的2.2百萬短噸增加。這代表增加65%，主要來自Blue Creek礦場帶來的額外銷售量。

Our second quarter sales volume mix was 66% of High Vol-A and 34% of premium low-vol. Our sales by geography for the second quarter breakdown as follows: 50% into Asia; 35% into Europe; and 14% into South America. Our spot volume was 13% for the second quarter of 2026.

我們第二季的銷售量組合為：高揮發分A（High Vol-A）占66%，優質低揮發分（premium low-vol）占34%。第二季按地區的銷售占比如下：50%銷往亞洲；35%銷往歐洲；14%銷往南美洲。2026年第二季的現貨銷售量占比為13%。

Sales volumes into the Pacific Basin were 50% this quarter compared to 52% in the second quarter 2025. Production volume in the second quarter of 2026 was 3.3 million short tons compared to 2.3 million short tons in the same quarter of last year, representing a 45% increase. This increase reflects a significant contribution of Blue Creek.

本季銷往太平洋盆地的銷售量占比為50%，而2025年第二季為52%。2026年第二季產量為3.3百萬短噸，較去年同季的2.3百萬短噸增加，增幅45%。此增長反映了Blue Creek的重大貢獻。

Our coal inventory levels decreased to 1.4 million short tons at the end of June this year, compared to 1.9 million tons at the end of March 2026. We expect to continue driving our excess inventory downwards over the remainder of the year to maximize sales volume, profitability, and free cash flow.

截至今年6月底，我們的煤炭庫存水位降至1.4百萬短噸，較2026年3月底的1.9百萬噸下降。我們預期在今年剩餘期間持續降低過剩庫存，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 second quarter results in greater detail.

接下來我請Dale更詳細說明我們第二季的業績。

Thanks, Walt. We were pleased with our financial results for the second quarter of 2026, especially with our free cash flow generation. As Walt mentioned, the second quarter marked a key inflection point for our business.

謝謝，Walt。我們對2026年第二季的財務結果感到滿意，特別是自由現金流的創造。如Walt所提，第二季是我們業務的一個關鍵拐點。

With the Blue Creek construction CapEx behind us and by using working capital to drive the higher sales and production volumes out of Blue Creek, we were able to generate significant free cash flow. Warrior recorded net income of $87 million or $1.65 per diluted share in the second quarter of this year, compared to net income of $6 million or $0.11 per diluted share in the same quarter of 2025.

隨著Blue Creek建設資本支出（CapEx）已告一段落，並透過運用營運資金推動Blue Creek更高的銷售與產量，我們得以產生可觀的自由現金流。Warrior在今年第二季錄得淨利8,700萬美元（或稀釋後每股1.65美元），相較之下，2025年同季淨利為600萬美元（或稀釋後每股0.11美元）。

We reported adjusted EBITDA of $157 million compared to $54 million in the same quarter of 2025, an increase of 193%. Our adjusted EBITDA margin improved to 31% in the second quarter of 2026 compared to 18% in the same quarter of last year.

我們的調整後EBITDA為1.57億美元，較2025年同季的5,400萬美元增加193%。2026年第二季調整後EBITDA利潤率提升至31%，而去年同季為18%。

On a per ton basis, our adjusted EBITDA margin improved by 78% to $43 per short ton for the second quarter of 2026 compared to $24 in the last year's second quarter. The primary drivers of these improvements were a 65% increase in sales volumes, a 6% increase in average net selling prices, and a 9% reduction in cash cost, reflecting the increasing contribution from our new Blue Creek mine.

以每噸計，我們的調整後EBITDA利潤率在2026年第二季提升78%至每短噸43美元，較去年第二季的每短噸24美元為高。改善的主要驅動因素為：銷售量增加65%、平均淨售價提高6%，以及現金成本降低9%；這反映了我們新Blue Creek礦場貢獻度的提升。

Total revenues were $510 million compared to $298 million in the same quarter of last year. The total increase of $212 million was primarily due to the impact of higher sales volumes of $186 million and the impact of an increase in average gross selling prices of $73 million. This was partially offset by the impact of a 21% higher mix of High Vol-A tons sold, which had an impact on revenues of $40 million.

總營收為5.10億美元，較去年同季的2.98億美元增加。總增幅2.12億美元主要來自：較高銷售量帶來的1.86億美元影響，以及平均毛售價上升帶來的7,300萬美元影響。部分被高揮發分A（High Vol-A）銷售噸數占比提高21%所抵銷，該因素對營收的影響為4,000萬美元。

In addition, demurrage and other charges were $9 million higher compared to last year's second quarter. This resulted in an average net selling price of $138 per short ton in the second quarter of 2026 compared to $130 in the second quarter of last year.

此外，滯期費（demurrage）及其他費用較去年第二季高出900萬美元。因此，2026年第二季平均淨售價為每短噸138美元，較去年第二季的每短噸130美元上升。

Cash cost of sales were $338 million or 67% of mining revenues in the second quarter of this year compared to $225 million or 78% of mining revenues in the second quarter of last year. Of the $113 million net increase in cash cost of sales, there was a $145 million increase in cost, which were attributed to the 65% increase in sales volumes. And slightly higher variable transportation royalty cost on higher average steelmaking coal price indices.

今年第二季現金銷售成本為3.38億美元，占採礦營收的67%；去年第二季為2.25億美元，占採礦營收的78%。在現金銷售成本淨增加的1.13億美元中，成本增加1.45億美元，歸因於銷售量增加65%。以及在較高平均煉鋼煤價格指數下，變動性運輸權利金成本略有上升。

These higher costs were offset partially by $32 million of lower cost that were driven by the leverage of low cost Blue Creek tons sold and the benefit from the 45X production credit. We have seen smaller amounts of inflation on various materials and supplies as we have previously discussed. However, it has not been aggregate to a material amount at this point in the year.

上述較高成本部分被3,200萬美元的成本下降所抵銷，該下降來自低成本Blue Creek銷售噸數的規模效益，以及45X生產抵免（production credit）的效益。如我們先前討論，我們在各項材料與供應品上看到較小幅度的通膨。然而，截至今年目前為止，合計影響尚未達到重大程度。

Cash cost of sales per short ton FOB Port was approximately $93 compared to $101 in the same quarter last year. The 9% decrease was primarily related to the factors that I just mentioned on a dollar basis. Cash margins per short ton increased 57% to $45 in the second quarter from $29 in the same quarter of last year.

以離岸價（FOB）港口計，每短噸現金銷售成本約為93美元，較去年同季的101美元下降。9%的降幅主要與我剛才以金額口徑提到的因素相關。第二季每短噸現金毛利增加57%至45美元，較去年同季的29美元為高。

While we have a higher mix of High Vol-A product at lower US East Coast index prices than in previous periods, Blue Creek has created margin expansion with its inherently lower cost structure. Our second quarter 2026 SG&A expenses were $10 million and were $2 million lower than the same quarter of 2025. This decrease was due to funds received from the old Walter Energy bankruptcy proceedings of $2 million during this year's second quarter.

雖然相較以往期間，我們的高揮發分A（High Vol-A）產品占比較高，且其對應的美國東岸指數價格較低，但Blue Creek憑藉其本質上較低的成本結構帶來利潤率擴張。我們2026年第二季的銷售、一般及行政（SG&A）費用為1,000萬美元，較2025年同季少200萬美元。此下降係因今年第二季自前Walter Energy破產程序收到200萬美元款項。

Depreciation and depletion expenses were $58 million in the second quarter, which was 35% higher than the second quarter of 2025, primarily due to the additional assets placed in the service at Blue Creek and the higher sales volume in the second quarter of 2026.

第二季折舊與耗竭費用為5,800萬美元，較2025年第二季高出35%，主要由於Blue Creek新增投入使用的資產，以及2026年第二季較高的銷售量。

We recorded income tax expense of approximately $4 million on pre-tax income of $91 million in the second 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 4%.

我們在2026年第二季針對稅前所得9,100萬美元，認列約400萬美元的所得稅費用。我們的有效所得稅率與法定聯邦所得稅率21%有所差異，主要因認列耗竭費用的稅務利益，以及外國來源無形所得扣除（FDII deduction），使有效所得稅率為4%。

Now let's turn to cash flows. Cash flows from operating activities were $132 million in the second quarter of 2026 and were $95 million higher than the previous year's second quarter, driven by the growth in revenue. Working capital increased by $14 million primarily due to higher supplies inventory, higher prepaid expenses, lower accrued expenses, partially offset by favorable collections of accounts receivable.

現在來看現金流。2026年第二季營業活動現金流為1.32億美元，較去年第二季高出9,500萬美元，主要由營收成長所帶動。營運資金增加1,400萬美元，主要因供應品庫存增加、預付費用增加、應計費用減少；部分被應收帳款回收情況較佳所抵銷。

Free cash flow was $103 million due to $132 million of cash provided by operations combined with cash used for capital expenditures of $29 million. This second quarter result brought free cash flow to a positive $11 million for the first half of 2026, which was slightly better than we expected. The inflection point in our free cash flow generation marks a significant turning point from strategic investment to future stockholder returns.

自由現金流為1.03億美元，係因營運活動提供現金1.32億美元，並結合資本支出使用現金2,900萬美元所致。第二季的結果使2026年上半年自由現金流轉為正值1,100萬美元，略優於我們的預期。我們自由現金流產生的拐點，標誌著從策略性投資轉向未來股東回報的一個重大轉折點。

We were pleased that we increased our cash and total liquidity while delivering higher profitability. Our total available liquidity at the end of the second quarter was $453 million and consisted of cash and cash equivalents of $302 million, short-term investments of $10 million, and $141 million available under our ABL facility.

我們很高興在實現更高獲利能力的同時，提高了現金與總流動性。第二季末我們的可用總流動性為4.53億美元，包括現金及約當現金3.02億美元、短期投資1,000萬美元，以及在我們ABL融資額度下可動用的1.41億美元。

Given the significant increase in adjusted EBITDA from the first quarter of 2026, I want to highlight the primary drivers of this change. First, our sales volumes were 22% higher in the second quarter, possibly impacted by an increase in tons sold from Blue Creek.

鑑於2026年第一季以來調整後EBITDA大幅增加，我想強調推動此變化的主要因素。首先，我們第二季銷售量較高22%，可能受到Blue Creek銷售噸數增加的影響。

Second, the increase of Blue Creek tons sold had a positive impact on cash cost per ton, which were $3 lower in the second quarter, primarily attributed to Blue Creek's inherently low cost structure.

其次，Blue Creek銷售噸數增加對每噸現金成本帶來正面影響，第二季每噸現金成本降低3美元，主要歸因於Blue Creek先天的低成本結構。

Third, our average net selling price decreased in the second quarter by about $12 per ton or 8%. This was primarily due to a 5% higher mix of High Vol-A volume sold, 11% more volumes sold into the Atlantic Basin on lower US East Coast High Vol-A prices, higher freight rates into the Pacific Basin due to the Iran conflict, and higher demurrage rates.

第三，我們第二季平均淨售價每噸約下降12美元或8%。這主要是因為高揮發份A（High Vol-A）銷售量占比提高5%、以較低的美國東岸High Vol-A價格向大西洋盆地銷售的量增加11%、受伊朗衝突影響運往太平洋盆地的運費率上升，以及滯期費率上升。

And finally, cash usage from working capital requirements decreased from $146 million in the first quarter to a usage of $14 million in the second quarter. This resulted in operating cash flows of $132 million, which was $144 million higher than the first quarter of 2026. We were pleased to see the positive factors significantly outweigh the negative factors.

最後，因營運資金需求所致的現金使用量，從第一季的1.46億美元降至第二季使用1,400萬美元。因此營運現金流為1.32億美元，較2026年第一季高出1.44億美元。我們很高興看到正面因素顯著超過負面因素。

Finally, let me turn to our current outlook and guidance for the full year 2026 as detailed in our earnings release. We have been pleased with the continued positive reception of the Blue Creek trial volumes and the adoption by our customers, which has surpassed our high expectations. As a result, the company is raising its sales and production volume guidance by 0.5 million tons. This will increase Blue Creek sales volume to 5 million short tons for the full year, of which 90% is already under contract.

最後，讓我談談我們在新聞稿中所述對2026年全年的最新展望與指引。我們對Blue Creek試運轉（trial）銷售量持續獲得正面回饋、並被客戶採用感到滿意，且其表現超出我們的高度預期。因此，公司將銷售與產量指引上調50萬噸。這將使Blue Creek全年銷售量提高至500萬短噸，其中90%已簽約。

As we noted in our first quarter earnings call, we continue to see inflationary cost pressures on a wide variety of materials and supplies such as steel roof supports, shearer bits, and diesel fuel. Individually, each of these items is not material to our cost structure. However, the aggregation of broader inflation could become larger. 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.

如同我們在第一季財報電話會議中所提到的，我們仍持續看到多種材料與耗材的通膨成本壓力，例如鋼製頂板支撐、採煤機截齒（shearer bits）以及柴油燃料。就單項而言，這些項目對我們的成本結構並不重大。然而，更廣泛通膨的加總影響可能會變得更大。雖然今年迄今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。

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

我現在把時間交回給Walt，請他做最後的評論。

Thanks, Dale. Warrior continued its strong performance in the second quarter. Our financial and operational results were better than expected, impacted in part by premium quality steelmaking coal prices being higher for a longer period of time. This strong first half 2026 supports our revised full-year outlook and guidance.

謝謝，Dale。Warrior在第二季延續強勁表現。我們的財務與營運結果優於預期，部分原因是優質煉鋼煤價格在較長期間維持較高水準。2026年上半年強勁表現支持我們修訂後的全年展望與指引。

Looking forward, we expect the market to remain sensitive to short-term supply disruptions, regional trade flows, and steel market conditions. While the premium segment remains relatively tighter than the broader steelmaking coal market, we do not believe that current steel fundamentals are strong enough to support a sustained return to the price momentum observed earlier in the year.

展望未來，我們預期市場仍將對短期供給中斷、區域貿易流向以及鋼鐵市場狀況保持敏感。雖然高端（premium）區隔相較於整體煉鋼煤市場仍較為吃緊，但我們不認為目前鋼鐵基本面強到足以支撐價格動能持續回到今年稍早所見的水準。

We also expect to see improvements in the supply of Australian premium coals. We'll continue to monitor developments in China very closely as any further actions from the government can easily sway the markets in either direction.

我們也預期澳洲優質煤的供給將有所改善。我們將非常密切關注中國的發展，因為政府任何進一步行動都可能輕易使市場朝任一方向波動。

From a pricing perspective. We expect the PLV to remain above the depressed levels observed through most of 2025, but below the supply-driven highs experienced during the first half of 2026. The most likely outcome in our view is a lower range-bound market with periods of volatility driven by weather, logistics, geopolitical developments, and regional buying patterns.

就定價角度而言。我們預期PLV將維持在2025年大部分時間所見的低迷水準之上，但低於2026年上半年因供給驅動所出現的高點。我們認為最可能的結果，是一個較低、區間震盪的市場，並在天候、物流、地緣政治發展與區域採購模式的驅動下出現波動期。

We also continue to expect that second tier indices will remain at depressed levels relative to the PLV as observed for the past several quarters. This expectation could put pressure on our net selling prices, profitability, and free cash flow generation in the second half of the year as compared to the first half.

我們也持續預期，第二梯隊指數相對於PLV將維持在低迷水準，正如過去數個季度所觀察到的。相較於上半年，這項預期可能在下半年對我們的淨售價、獲利能力與自由現金流產生帶來壓力。

We've been pleased with the reception of the product coming out of our new mine as demonstrated by the successful trials and adoption by our customers. As a result, we've been able to gain market share, mostly with strategic customers that recognize our differentiated value proposition. This positive reception from our customers led to the increase in our full-year guidance volumes as Dale described earlier. We believe similar opportunities will continue to present themselves, especially as we approach the contract season later this year.

我們對新礦所產出的產品獲得市場良好回饋感到滿意，這可由成功的試驗與客戶採用所證明。因此，我們得以提升市占率，主要來自認同我們差異化價值主張的策略性客戶。客戶的正面回饋促使我們如Dale先前所述上調全年指引量。我們相信類似機會仍將持續出現，尤其是在今年稍晚接近合約季時。

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're as well positioned as we've ever been to thrive in a wide range of steelmaking coal environments.

最重要的是，Warrior具備持續為股東創造價值的工具：持續執行我們的策略以最佳化產量、控制成本並產生自由現金流。憑藉我們的高品質資產與第一四分位的低成本結構，我們比以往任何時候都更有利於在各種煉鋼煤市場環境中茁壯成長。

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

接下來，我們想開放提問。接線員？

(Operator Instructions) Nick Giles, B. Riley Securities.

（接線員指示）Nick Giles，B. Riley Securities。

Yeah. Thank you, operator. Guys, congrats on another strong quarter. Maybe just a first clarification. Can you provide a breakdown of shipments across each individual mine, specifically Blue Creek?

是的。謝謝，接線員。各位，恭喜又一個強勁的季度。也許先釐清一點。你們能否提供各個礦區（特別是Blue Creek）的出貨量拆分？

No, we don't get into that much detail. We haven't done that.

不，我們不會提供那麼細的資訊。我們以前也沒有這麼做。

Okay, understood. Maybe just on realizations, they continue to be under pressure. You mentioned the volatility around freight rates. Should we expect more of the same from a relativity perspective in 3Q? And then how much volume could you look to maybe shift to the Atlantic Basin where freight rates may be less volatile?

好的，了解。也許談談實現價格（realizations），它們仍持續承壓。你提到運費率的波動。從相對關係的角度來看，第三季我們是否應預期大致相同的情況？另外，你們可能會把多少量轉向大西洋盆地，那裡的運費率可能較不波動？

I think you're going to see a continuation of where we've been year-to-date. I don't expect a great deal of fluctuation there. I do think with the low-vol price coming down, it wouldn't surprise me to see the relativities close back up and see us sitting at where the High Vol-A price stays a little more steady than the low-vol price as it comes down. That's just speculation on my part.

我認為你會看到我們今年迄今狀況的延續。我不預期那方面會有很大的波動。我確實認為，隨著低揮發份（low-vol）價格下滑，看到相對價差重新收斂並不令人意外；也就是說，當低揮發份價格下行時，高揮發份A（High Vol-A）價格可能會相對更為穩定。這只是我個人的推測。

And as far as shipping -- shipments to one basin to the other, that really depends on customer demand and when they want their shipments because, as we said, 90% of our volume this year is under contract and when they want is, when they want it, we can't really dictate that.

至於航運——也就是從一個盆地運到另一個盆地的出貨，這真的取決於客戶需求以及他們希望何時出貨。因為如我們所說，今年我們90%的出貨量都在合約之下，而他們想要的時間就是他們想要的時間，我們其實無法主導。

No, understood. No, that's helpful. Maybe just, Dale, one for you on shareholder returns. I mean, free cash flow in the quarter was very strong. Are you getting to a point where you're ready to increase shareholder returns or would you prefer to build a higher cash balance in the second half year?

不，了解。不，這很有幫助。也許再問一個，Dale，關於股東回報。我的意思是，本季自由現金流非常強勁。你們是否已經到了一個準備提高股東回報的階段，還是你們更傾向在下半年建立更高的現金餘額？

Yeah, I think so, even with prices declining as they have in recent weeks. I do think we're going to start to really see strong cash flow generation, which means or should mean higher returns to shareholders. We're going to generate that cash first and see where we go from there.

是的，我想是的，即使近幾週價格如同目前這樣下滑。我確實認為我們將開始看到非常強勁的現金流產生，這意味著、或應該意味著對股東更高的回報。我們會先把現金產生出來，再看看接下來怎麼走。

Awesome. Well, guys, I appreciate the update. I'll turn it over for now, but continued best of luck.

太棒了。各位，我很感謝這次更新。我先把時間交回去，但也祝你們接下來一切順利。

Thank you.

謝謝。

George Eadie, UBS.

George Eadie，瑞銀（UBS）。

Yeah. Good evening, gents. Great start to this quarter. Dale, can we just quantify that a bit more, like what is the ideal steady state cash level? Is it $400,000? Is that a good estimate? And then secondly, can you also remind me the state of potential buybacks and NOLs as well, please?

是的。各位晚上好。本季開局很不錯。Dale，我們能不能把這點量化得更清楚一些，例如理想的穩態現金水位是多少？是40萬美元嗎？這是個合理的估計嗎？其次，也請你提醒我一下潛在庫藏股回購以及NOL（淨營運虧損結轉扣抵）的狀況，謝謝。

Yeah, cash, we like to see in a range of $350 million to $400 million, so a total liquidity of around $500 million in total. The status of the NOLs -- well, we utilized all the NOLs on the federal side back in 2023, I believe it is, and all we have now is state NOLs, and we still have $900 million of those approximately. But those are we don't pay any Alabama tax, so I'm not sure we'll be able to use a lot of those NOLs in the future.

是的，現金方面，我們希望維持在3.5億到4億美元的區間，因此總流動性大約是5億美元左右。至於NOL的狀態——嗯，我們在聯邦層面已在2023年（我記得是那一年）把所有NOL都用完了，現在只剩州層級的NOL，約還有9億美元。但那些——我們不需要繳阿拉巴馬州稅，所以我不確定未來能用到多少這些NOL。

As far as buybacks, that's one of the options that we have, one of the levers we have in providing returns to shareholders. And as we get to that point when we're looking at future returns, we'll give that a consideration.

至於回購，那是我們可用的選項之一，也是我們用來提供股東回報的槓桿之一。當我們走到要考量未來回報的那個階段時，我們會把它納入考量。

Okay. Yeah. Thanks, guys. Thanks, Dale. And just on Walt's comments earlier about the pricing dynamic, like what are the things you're watching specifically in the market to see High Vol-A prices return to a higher level relative to the Queensland benchmark price structurally on a medium-term view?

好的。是的。謝謝各位。謝謝你，Dale。另外，關於Walt先前提到的定價動態，你們在市場上具體在觀察哪些因素，來判斷High Vol-A價格在中期結構性地相對於昆士蘭基準價格回到更高水準？

I just think that High Vol-A prices are where they are in the Atlantic basin because of the volume of High Vol-A available and I think they've disconnected from the low-vol price and as the low-vol price begins to retreat, I'm not sure -- again, it's just speculation on my part, I'm not sure that the High Vol-A price in the Atlantic basin will retreat in equal amounts. So that's what would close the relativities up potentially.

我只是認為，大西洋盆地的High Vol-A價格之所以在目前的位置，是因為可供應的High Vol-A量很大，而且我認為它已經與低揮發分（low-vol）價格脫鉤；當低揮發分價格開始回落時，我不確定——再次強調這只是我的推測——大西洋盆地的High Vol-A價格是否會以同等幅度回落。所以，這可能會讓相對價差收斂。

Okay. So we need to see supply coming out of high vol essentially. Is the answer you think, Walt?.

好的。所以基本上我們需要看到高揮發分的供給退出。Walt，你認為答案是這樣嗎？。

I think that's the final answer, yes.

我認為最終答案是，是的。

All right. Thanks, gents. Great stuff.

好。謝謝各位。很精彩。

Thanks, George.

謝謝你，George。

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO資本市場。

Hi. Thank you for taking my question. Maybe on the cost side. So the performance year-to-date has been very good. And when we look at your cost target, it does imply a more material increase in cost in second half.

嗨。謝謝讓我提問。也許談談成本端。今年迄今的表現非常好。但當我們看你們的成本目標時，似乎意味著下半年成本會有更明顯的上升。

And I know, Dale, you mentioned that there are inflationary pressures, but at the same time, those have not been material. So can you maybe talk about what met coal prices do you assume in the second half specifically that would contribute to maybe higher cost or how should we think what the main moving pieces on the cost side are?

我知道，Dale，你提到有通膨壓力，但同時這些壓力並不顯著。所以你能否談談，你們在下半年具體假設的冶金煤（met coal）價格是多少，會促成可能較高的成本？或者我們應該如何理解成本端的主要變動因素？

Well, you talked about some inflation, but we're pretty near the bottom end of our range already. So we're 93 year-to-date versus 95 on the bottom, so I don't see that as different. So and the higher number is, yes, based on some higher estimates on pricing. Over $200 per ton for PLV. So we baked in some inflation into that number and just provide some cushion for anything that might happen in the second half of the year.

嗯，你提到一些通膨，但我們其實已經非常接近我們區間的下緣。所以今年迄今是93，而下緣是95，因此我不覺得這有什麼不同。至於較高的那個數字，是的，是基於對價格較高的一些估計。PLV每噸超過200美元。所以我們在那個數字裡納入了一些通膨，也只是提供一些緩衝，以應對下半年可能發生的任何事情。

Maybe looking beyond this year on the CapEx side, can you just remind us what the maintenance CapEx or how should we think about CapEx over the next few years?

也許把視角放到今年之後、在資本支出（CapEx）方面，你能否提醒我們維持性資本支出大概是多少？或者未來幾年我們應該如何看待CapEx？

Well, for this year, it was $105 million to $115 million is our guide for this year for the existing mines and that excluded Blue Creek, so you probably need to add another $25 million to $30 million for that. So you're looking at $130 million to $150 million-ish on a recurring basis, broad range?

嗯，就今年而言，我們對既有礦場的指引是1.05億到1.15億美元，且不包含Blue Creek，所以你可能還需要再加上約2,500萬到3,000萬美元。所以經常性來看，你大概會看到每年約1.3億到1.5億美元左右——一個相對寬的區間？

Thank you.

謝謝。

Thank you.

謝謝。

Nathan Martin, The Benchmark Company.

Nathan Martin，Benchmark Company。

Thanks, operator. Good afternoon, guys. Just sticking with the cost per ton for a moment. Some of your peers have talked about elevated diesel prices. Do you guys expect those to impact your operations at all in the back half of the year?

謝謝，接線員。各位下午好。先就每噸成本再談一下。你們一些同業提到柴油價格偏高。你們預期這會在今年下半年對你們的營運造成影響嗎？

Minimal degree, but not a significant amount. We don't use a lot of diesel. So we don't truck a lot of coal. And what we do truck, we could also ship by rail. So we have optionality there. But we just don't typically use a significant amount of diesel. As I said in my prepared remarks, when you add them all up, you can see a few dollars a ton when it all adds up between steel prices and other chemicals, all kinds of things.

影響很小，但不會是顯著的影響。我們不太用柴油。所以我們不會用卡車運很多煤。而我們確實用卡車運的部分，也可以改用鐵路運輸。所以我們在那裡有彈性。但我們通常不會使用大量柴油。如我在事先準備的發言中所說，把所有項目加總起來，你會看到每噸增加幾美元，因為鋼價和其他化學品等各種因素加總起來就是如此。

Dale, appreciate that. Secondly, can we get a few details around the reported electrical outage at the Port of Mobile, any lingering effects there for you guys?

Dale，謝謝說明。第二個問題，關於莫比爾港（Port of Mobile）通報的停電影響，你能否提供一些細節？你們那邊是否還有任何後續影響？

No. No lingering effects. We saw it for a few days. I mean, it's really that time of the year where between storms and other things, we expect some outages down there. We just managed to have one down there from an electrical standpoint for a few days, but no, we don't expect any lingering effects.

沒有。沒有任何後續影響。我們只看到持續了幾天。我的意思是，每年這個時候，介於風暴和其他因素之間，我們預期那邊會有一些停電狀況。我們只是剛好遇到一次電力方面的停電持續了幾天，但不，我們不預期會有任何後續影響。

Good to hear, Walt. Thank you. And then maybe finally, related to longwall moves, this all looks like one might have shifted from the second quarter into the third quarter. Could we get some details around which mines the remaining longwall moves are occurring at in the various quarters?

很高興聽到這個消息，Walt。謝謝。最後，可能與長壁搬遷相關，這看起來像是有些從第二季移到第三季。能否請你提供一些細節，說明剩餘的長壁搬遷分別在哪些礦場、以及發生在各個季度的情況？

Well, I think when we look at our longwall moves, given the number of sets of shields we have, we have done a -- we've worked very hard to make sure we continue to have zero-day longwall moves. So I think impact from longwall moves will be minimal, if any, throughout the rest of the year.

我想，當我們看長壁搬遷時，考量到我們擁有的支架組數，我們已經做到了——我們非常努力確保能持續維持零天長壁搬遷。所以我認為，今年剩餘時間長壁搬遷帶來的影響即使有也會非常小。

All right. Great. That's all I have left. Very helpful. Appreciate the time.

好的。很好。我這邊沒有其他問題了。非常有幫助。感謝你撥冗。

Thank you.

謝謝。

Alex Hacking, Citi.

Alex Hacking，花旗。

Yeah. Thanks. I just had one question on the realized price. I guess I didn't quite follow the prepared remarks. The price was down $12 quarter on quarter, indexes were flattish. I mean, I think obviously freight to the Pacific Basin was quite a bit higher, but you're also your mix was tilted more towards the Atlantic Basin. So that seems neutral-ish. So I guess what am I missing as to understand the quarterly decline in the realized price? Thanks.

是的。謝謝。我只有一個關於實現價格的問題。我想我沒有完全跟上事先準備的發言。價格季比季下滑了12美元，指數大致持平。我的意思是，我想很明顯運往太平洋盆地的運費高了不少，但你們的組合也更偏向大西洋盆地。所以看起來大致是中性。那我想問，我漏掉了什麼，才能理解實現價格在季度上的下滑？謝謝。

Well, first, we did have higher volumes. But let me see, looking at the change here, the biggest one was 10% more volume went into Europe versus the first quarter. And as we said in our prepared remarks, those prices were lower, US East Coast prices, because they were down.

嗯，首先，我們的出貨量確實更高。但讓我看看這裡的變化，最大的一項是，相較第一季，有多10%的量銷往歐洲。而且如我們在事先準備的發言中所說，那些價格較低，也就是美國東岸價格，因為它們下跌了。

When you look at the quarter, so we had less going into Asia of about 10%, but Asia still those prices those freight rates were much, much higher. They averaged about almost $10 a ton higher in the first quarter in the second quarter versus the first quarter.

如果看這一季，我們銷往亞洲的量少了大約10%，但亞洲那邊的價格——那些運費費率高得多。第二季相較第一季，平均每噸高了將近10美元。

Okay. I got it. Thanks.

好的。我明白了。謝謝。

Thank you.

謝謝。

(Operator Instructions) Chris LaFemina, Jefferies.

（接線員指示）Chris LaFemina，Jefferies。

Hey, guys. Thanks for taking my question. So I want to ask on the cost performance in the quarter and on the cost guidance. The first, in the cost for the quarter, how much of the reduction from the year-ago period was due to 45X tax credits? So have you disclosed what the tax credit was in the second quarter? I apologize if I missed that.

嗨，各位。謝謝回答我的問題。我想問本季的成本表現以及成本指引。第一個，這一季成本相較去年同期的下降，有多少是因為45X稅收抵免？你們有揭露第二季的稅收抵免是多少嗎？如果我漏聽了先說聲抱歉。

Yeah, it was about $3 a ton, Chris, somewhere around.

有的，大約每噸3美元，Chris，大概是這個水準。

That was the delta from last year. So this year was $3 a ton?

那是相較去年的差額。所以今年是每噸3美元？

Yes, $3 a ton, that's correct.

是的，每噸3美元，沒錯。

And then -- thank you for that. And then secondly, on the lower cost, high-end of the cost guidance for the year, I assume that's because the higher sales volume is incremental tons that come from Blue Creek, which is lower cost. Is that why the high end of the cost guidance range has been lowered?

那——謝謝你。第二個，關於你們下調全年成本指引區間的高端，我猜是因為更高的銷售量中，增量噸數來自Blue Creek，而那裡成本較低。這就是為什麼成本指引區間的高端被下調嗎？

Yes, that's right.

是的，沒錯。

So you said of the 13 million to 14 million tons of expected sales this year, $5 million would be from Blue Creek and it would have been $4.5 million before, is that correct?

所以你說，今年預期銷售量1,300萬到1,400萬噸，其中有500萬會來自Blue Creek，而之前是450萬，這樣對嗎？

That's correct and 90% of those is contracted.

沒錯，而且其中90%已簽約。

Perfect. Thank you so much. I appreciate that.

太好了。非常感謝。我很感激。

All right. Thank you, Chris.

好的。謝謝你，Chris。

Nick Giles, B. Riley Securities.

Nick Giles，B. Riley Securities。

Thanks for taking my follow-up. Just given the success you've had in contracting Blue Creek tons thus far. At the expense of stating the obvious that the market remains weak, what would prevent you from moving up to the targeted 6-million ton run rate sooner than expected or is that still the right target run rate to have in mind as we think about 2027 and beyond?

謝謝讓我追問。考量到你們目前在簽訂Blue Creek噸數合約方面的成功。即便顯而易見市場仍然疲弱，有什麼因素會阻止你們比預期更早把產量提升到目標的600萬噸年化運轉率？或者，當我們思考2027年及以後時，600萬噸仍然是合適的目標運轉率嗎？

I still think we're going to try to maximize the production out of that mine, and it's just a matter of getting the people in line and getting everything worked to where we want it, and then we will absolutely maximize the production coming out of that mine.

我仍然認為我們會努力把那座礦的產量最大化，這只是把人員配置到位、把所有事情運作到我們想要的狀態的問題，然後我們絕對會把那座礦的產量最大化。

Got it. And maybe, Walt, just on that point, can you just give us an update on where things stand from a hiring perspective?

了解。也許，Walt，就這點，你能否更新一下從招募角度目前的進度？

Right now, we're staffed to run four continuous miner units in longwall, which is where we wanted to be. We have some openings. We're still trying to fill jobs, but we're feeling pretty good about where we're staffed right now.

目前我們的人力配置足以在長壁作業中運行四套連續採煤機單元，這正是我們希望達到的狀態。我們還有一些職缺。我們仍在努力補齊人手，但對目前的人力配置狀況感覺相當不錯。

Got it. Okay. Well, thanks again, guys.

了解。好的。那再次謝謝各位。

Thank you.

謝謝。

Thank you. At this time, there are no further questions. I will now turn the call back over to Mr. Scheller for any comments.

謝謝。目前沒有其他問題。我現在把電話交回給Scheller先生，請他做任何補充。

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。

Thank you. Again, that concludes today's conference. Thank you all for participating. You may now disconnect.

謝謝。再次提醒，今天的會議到此結束。感謝各位參與。各位現在可以掛線。