Highlights

  • FY26 saleable coal output increased to 11.518 million tonnes.
  • Net profit after tax declined to AUD 161.0 million in the supplied FY26 results account.
  • New Acland increased production as its expansion continued.
  • Strip ratios, production costs and coal pricing remain significant variables.

New Hope Corporation Limited (ASX:NHC) operates coal Mining businesses in Australia, including interests in Bengalla and New Acland, alongside related infrastructure and investments. Its 2026 performance illustrates a difference between physical production and financial returns. The group increased saleable coal volumes while reporting lower earnings, with mine development, waste movement and operating costs influencing the result.

Production and annual earnings

For FY26, New Hope Corporation (ASX:NHC) reported saleable coal production of 11.518 million tonnes, up 7.6%, according to the supplied results account. Coal sales increased 11.8% to 11.789 million tonnes, while product stocks declined. However, underlying EBITDA fell to AUD 514.3 million from AUD 765.8 million, and net profit after tax declined to AUD 161.0 million from AUD 439.4 million. Underlying EBITDA is a non-IFRS measure and should not be confused with statutory profit. The figures show that additional tonnes did not offset the combined financial effects of operating conditions and costs. Production, selling prices and unit costs must be considered together.

Bengalla and mining costs

New Hope Corporation (ASX:NHC) attributed part of the pressure on Earnings to increased overburden movement and Depreciation related to mining equipment. The supplied results account states that free-on-board cash costs increased to AUD 88.9 per tonne from AUD 82.4 per tonne. At Bengalla, waste removal and mine sequencing are relevant because the amount of material moved before accessing coal affects unit costs. Wet weather can also interrupt mine plans and create catch-up work. These factors mean an increase in tonnes sold does not necessarily imply a proportional increase in operating profit.

New Acland and infrastructure

New Acland continued its ramp-up during 2026. The supplied account records saleable coal output of 3.332 million tonnes, up 17.3%, and sales of 3.556 million tonnes. New Hope Corporation (ASX:NHC) has also discussed access to the Manning Vale West pit as part of the mine's development sequence. Scheduled access and eventual operating output are different milestones, and actual progress depends on site conditions and implementation. The group's export infrastructure provides another operational consideration: port throughput, transport coordination and inventory movements affect the timing of sales. Higher terminal throughput should be read alongside mine production and customer shipments.

Liquidity, Capital and exposure

The supplied FY26 account states that New Hope Corporation (ASX:NHC) held AUD 778.5 million in available cash and fixed-income investments. It also describes the issue of convertible notes due in 2032 and repurchase of notes due in 2029. Those transactions change financing maturities but do not eliminate borrowing obligations. Coal prices remain an external determinant of revenue, while mine expansion and equipment spending create capital requirements. Regulatory settings, weather and operating productivity can affect both cost and production. Any assessment of Liquidity should distinguish available financial Assets from Debt and future spending commitments.

Key Insights

New Hope Corporation (ASX:NHC) increased output in FY26 while reporting lower profit. The divergence underscores the importance of cost per tonne, waste movement and realised pricing alongside production volumes. Future operational reports will show whether the expansion programme and mine sequencing support more consistent costs and shipments.