CNR · Core Natural Resources, Inc.

Core Natural Resources reported a strong first quarter in 2026, with net income of $21.0 million and adjusted EBITDA of $179.9 million, a significant improvement from $103.1 million in Q4 2025. The results were driven by excellent operational performance at the Leer South and West Elk mines, which contributed to a substantial step-down in metallurgical segment cash costs to $92.35 per ton, an 11% decrease quarter-over-quarter. The high calorific value thermal segment delivered solid sales margins despite elevated electricity costs and challenging geology at the Pennsylvania Mining Complex. Free cash flow more than doubled to $55.5 million, enabling the company to return $47.0 million to stockholders through share repurchases and dividends. Management expressed confidence in maintaining momentum, citing expectations for further operational improvements, insurance proceeds from a prior combustion event at Leer South, and a strong contracted book of business. The company provided 2026 guidance including coking coal sales of 8.6-9.4 million tons and metallurgical cash costs of $88-$94 per ton, reflecting anticipated benefits from full-year longwall production at Leer South and lower royalty rates in the Powder River Basin.