Highlights

  • New Hope Corporation (ASX:NHC) recorded FY26 saleable coal production of 11.5 million tonnes.
  • Coal sales reached 11.8 million tonnes, exceeding the upper end of company guidance.
  • Underlying FY26 EBITDA was AUD 514.3 million and net profit after tax was AUD 161.0 million.
  • The company declared a fully franked final Dividend of AUD 0.30 per share.

New Hope Corporation Limited (ASX:NHC) produces coal through its Australian Mining operations, including Bengalla in New South Wales and New Acland in Queensland. The group also holds strategic interests in other coal activities. Its shares closed at AUD 5.35 on 5 November 2026. The financial year ended 31 July 2026 presented a divergence between higher production and sales volumes and lower reported earnings, with mine development costs and the changing price environment affecting the financial outcome.

Bengalla and New Acland operate under different mine plans, production schedules and operating conditions. New Acland continued its Stage 3 ramp-up during FY26, while Bengalla worked through pit sequencing and overburden requirements.

FY26 Production and Mine Development

For the year ended 31 July 2026, New Hope reported 11.5 million tonnes of saleable coal production and 11.8 million tonnes of coal sales. These were increases of 7.6% and 11.8%, respectively, from the preceding year, and both exceeded the upper end of the company’s production and sales guidance ranges. The increase reflected continued development at New Acland and recovery at Bengalla during the later part of the reporting year. The full-year figures relate to the financial year ended in July, rather than the calendar year ending December.

At Bengalla, operational work included realigning the mining sequence following weather impacts and returning to the targeted 13.4 million tonnes per year run-of-mine rate on a 100% basis in the second half. New Acland progressed its Stage 3 ramp-up and related works to access the Manning Vale West pit.

Earnings, Cash and Shareholder Returns

New Hope’s FY26 underlying EBITDA was AUD 514.3 million, compared with AUD 765.8 million in FY25. Net profit after tax was AUD 161.0 million, down from AUD 439.4 million. The company associated the Earnings reduction with higher costs for overburden movement and additional Depreciation related to equipment used at Bengalla and New Acland. The increase in saleable production therefore occurred alongside financial pressures that affected profit, rather than producing a corresponding rise in reported earnings.

Free-on-board cash costs averaged AUD 88.9 per tonne in FY26, compared with AUD 82.4 per tonne in FY25. Operating Activities generated AUD 564.1 million in cash, and available cash was AUD 778.5 million at 31 July 2026. New Hope Corporation (ASX:NHC) declared a fully franked final dividend of AUD 0.30 per share, payable in October 2026.

Financing Decisions and Future Reporting

During FY26, New Hope issued AUD 300 million of senior unsecured convertible notes due in 2032 and repurchased AUD 293.3 million principal amount of notes due in 2029. The transaction reduced nearer-term refinancing exposure but left the company with ongoing financing commitments. New Hope Corporation (ASX:NHC) also increased its Equity interest in Malabar Resources to 25.97%, giving it further exposure to the Maxwell underground coal operation. The Investment interest should not be confused with wholly owned mine production.

Operational risks include coal price changes, higher overburden and diesel costs, weather disruption, mine development schedules and regulatory obligations. The group scheduled its next quarterly activities report for November 2026, after the 5 November article date.

Key Insights

New Hope Corporation (ASX:NHC) delivered higher FY26 coal output and sales but lower EBITDA and net profit after tax as costs and depreciation increased. Its dividend and refinancing activity must be considered alongside mine development needs. The next quarterly operating disclosures will provide more detail on production at Bengalla and New Acland.