Alpha Metallurgical GAAP EPS of -$1.34 in-line, revenue of $520.4M misses by $7.05M

Alpha Metallurgical press release (AMR): Q4 GAAP EPS of -$1.34 in-line.
Revenue of $520.4M (-15.7% Y/Y) misses by $7.05M.
Cash provided by operating activities in the fourth quarter decreased to $19.0 million as compared to $50.6 million in the third quarter. Capital expenditures for the fourth quarter were $29.0 million compared to $25.1 million for the third quarter.

2026 Operational Performance Update

As of February 17, 2026, at the midpoint of guidance, Alpha has committed and priced approximately 37% of its metallurgical coal for 2026 at an average price of $134.02 per ton and 77% of its thermal coal for the year at an average price of $73.17 per ton.

	2026 Guidance
in millions of tons	Low	High
Metallurgical	14.4	15.4
Thermal	0.7	1.1
Met Segment – Total Shipments	15.1	16.5

Committed/Priced^1,2,3	Committed	Volume(in millions of tons)	Average Price
Metallurgical – Domestic		4.1	$136.30
Metallurgical – Export		1.5	$127.53
Metallurgical Total	37 %	5.6	$134.02
Thermal	77 %	0.7	$73.17
Met Segment	40 %	6.3	$127.30

Committed/Unpriced^1,3	Committed
Metallurgical Total	53 %
Thermal	— %
Met Segment	50 %

Costs per ton⁴	Low	High
Met Segment	$95.00	$101.00

In millions (except taxes)	Low	High
SG&A⁵	$53	$59
Idle Operations Expense	$24	$32
Net Cash Interest Income	$2	$6
DD&A	$160	$174
Capital Expenditures	$148	$168
Capital Contributions to Equity Affiliates⁶	$35	$45
Cash Tax Rate	0 %	5 %

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