Alpha Metallurgical Q3 2026 loss widens to $9.3M
As of October 31, 2026, Alpha had repurchased approximately 7.1 million shares for approximately $1.2 billion.
Sentiment and the balance of points
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Form Type
8-K
Rhea-AI Filing Summary
Alpha Metallurgical Resources, Inc. (AMR) reported a third-quarter 2026 net loss of $9.3 million, or $0.73 per diluted share, compared with a $5.5 million loss in Q3 2025 and a $12.3 million loss in Q2 2026. Adjusted EBITDA, a non-GAAP measure, was $29.4 million versus $41.7 million a year earlier and $25.6 million in Q2. Coal revenues were $560.6 million, compared with $525.2 million a year earlier; operating cash flow was $46.9 million, versus $50.6 million.
As of September 30, 2026, Alpha reported total liquidity of $443.4 million and long-term debt of $10.6 million. It committed approximately 3.5 million tons of metallurgical coal to domestic customers for 2027 shipment at an average price of $135.48 per ton. Its 2027 guidance calls for 14.3 million to 15.7 million total shipment tons, including 13.1 million to 14.1 million metallurgical tons and 1.2 million to 1.6 million incidental thermal tons, with cost of coal sales of $104.00 to $110.00 per ton. Alpha said replacement of the storm-damaged stacker reclaimer at DTA is expected to take a lengthy timeline and that it does not anticipate significant capital outlays associated with replacement.
4 points · 0 major0 major · 3 points
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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointCoal revenues rose to $560.6 million, from $525.2 million in Q3 2025.
- Minor pointNet loss narrowed to $9.3 million, from $12.3 million in Q2 2026.
- Minor pointAdjusted EBITDA increased to $29.4 million, from $25.6 million in Q2 2026.
- Minor pointOperating cash flow increased to $46.9 million, from $39.9 million in Q2 2026.
Negative
- Moderate pointAdjusted EBITDA was $29.4 million, versus $41.7 million in Q3 2025.
- Moderate pointNet loss was $9.3 million, versus $5.5 million in Q3 2025.
- Moderate pointOperating cash flow was $46.9 million, versus $50.6 million in Q3 2025.
Filing Explained
By
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Net loss: $9.3 million
Adjusted EBITDA: $29.4 million
Coal revenues: $560.6 million
+5 more
8 metrics
Net loss
$9.3 million
Three months ended September 30, 2026; $5.5 million loss in Q3 2025 and $12.3 million loss in Q2 2026
Adjusted EBITDA
$29.4 million
Three months ended September 30, 2026; $41.7 million in Q3 2025 and $25.6 million in Q2 2026
Coal revenues
$560.6 million
Three months ended September 30, 2026; $525.2 million in Q3 2025
Operating cash flow
$46.9 million
Third quarter 2026; $50.6 million in Q3 2025 and $39.9 million in Q2 2026
Total liquidity
$443.4 million
As of September 30, 2026
2027 domestic metallurgical coal commitments
Approximately 3.5 million tons
For 2027 shipment at an average price of $135.48 per ton
2027 total shipment guidance
14.3 million to 15.7 million tons
2027 calendar year
2027 cost of coal sales guidance
$104.00 to $110.00 per ton
2027 calendar year
Key Terms
Adjusted EBITDA, Non-GAAP coal sales realization per ton, asset-based revolving credit facility, stacker reclaimer
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA of $29.4 million for third quarter"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Non-GAAP coal sales realization per ton financial
"Non-GAAP coal sales realization per ton"
asset-based revolving credit facility financial
"unused availability under the asset-based revolving credit facility (ABL)"
A loan arrangement where a lender agrees to make funds available up to a set limit that a borrower can draw, repay, and draw again, with the amount available tied to the value of specific assets (like inventory, receivables, or equipment) pledged as collateral. It matters to investors because it provides flexible working capital while limiting risk exposure: the company can fund growth or cover shortfalls quickly, but borrowing capacity can shrink if asset values fall.
stacker reclaimer technical
"damage to a stacker reclaimer at Dominion Terminal Associates"
A stacker reclaimer is a large industrial machine that both builds piles of bulk material (stacking) and later retrieves that material for shipment or processing (reclaiming); think of it as a giant, automated shovel and conveyor combined. Investors care because this equipment determines how quickly and reliably a facility moves raw materials, affects operating costs, capacity and downtime, and often represents a significant one‑time capital purchase and ongoing maintenance expense.
Earnings Snapshot
Net loss: $9.3 million · Guidance included
Third quarter ended September 30, 2026
Net loss
$9.3 million
Compared with a $5.5 million loss in Q3 2025 and a $12.3 million loss in Q2 2026.
Adjusted EBITDA
$29.4 million
Compared with $41.7 million in Q3 2025 and $25.6 million in Q2 2026.
Coal revenues
$560.6 million
Compared with $525.2 million in Q3 2025.
Operating cash flow
$46.9 million
Compared with $50.6 million in Q3 2025 and $39.9 million in Q2 2026.
Guidance
For 2027, Alpha expects metallurgical shipments of 13.1 million to 14.1 million tons, incidental thermal coal shipments of 1.2 million to 1.6 million tons, total shipments of 14.3 million to 15.7 million tons, and cost of coal sales of $104.00 to $110.00 per ton.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were AMR's third-quarter 2026 results?
AMR reported a $9.3 million net loss, or $0.73 per diluted share, for Q3 2026. Adjusted EBITDA was $29.4 million, compared with $41.7 million in Q3 2025 and $25.6 million in Q2 2026; coal revenues were $560.6 million and operating cash flow was $46.9 million.
How many tons has AMR committed for 2027, and what is its shipment outlook?
AMR committed approximately 3.5 million metallurgical tons to domestic customers for 2027 shipment at an average price of $135.48 per ton. Its 2027 total shipment guidance is 14.3 million to 15.7 million tons, including 13.1 million to 14.1 million metallurgical tons and 1.2 million to 1.6 million incidental thermal tons.
What did AMR say about the damaged DTA equipment?
A June storm damaged a stacker reclaimer at Dominion Terminal Associates in Newport News. Alpha said replacement is expected to take a lengthy timeline, it does not anticipate significant capital outlays associated with replacement, and it plans to use throughput capacity at other Hampton Roads terminals to minimize disruption to sales and logistics.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 6, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
(Commission File Number) | (I.R.S. Employer Identification No.) | ||||
| (Address of principal executive offices, zip code) | ||||||||
(423 ) 573-0300
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| TABLE OF CONTENTS | ||
Item 2.02 Results of Operations and Financial Condition | ||
Item 7.01 Regulation FD Disclosure | ||
Item 9.01 Financial Statements and Exhibits | ||
Signatures | ||
Exhibit Index | ||
Item 2.02 Results of Operations and Financial Condition.
On November 6, 2026, Alpha Metallurgical Resources, Inc. (the “Company”) issued a press release announcing earnings and other financial results for its fiscal quarter ended September 30, 2026. The press release is attached hereto as Exhibit 99.1.
Item 7.01 Regulation FD Disclosure.
On November 6, 2026, the Company made available a written presentation that management may use from time to time in connection with meetings with current and potential investors. A copy of the presentation is attached hereto as Exhibit 99.2.
This Current Report on Form 8-K and the presentation attached hereto are being furnished by the Registrant pursuant to Item 7.01, “Regulation FD Disclosure.” In accordance with General Instruction B.2 of Form 8-K, the information contained in this Current Report on Form 8-K, including Exhibit 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this information shall not be deemed incorporated by reference into any of the Registrant’s filings with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit 99.1 | Press Release dated November 6, 2026 | ||||
| Exhibit 99.2 | Investor presentation dated November 6, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the duly authorized undersigned.
| Alpha Metallurgical Resources, Inc. | ||||||||
Date: November 6, 2026 | By: | /s/ J. Todd Munsey | ||||||
| Name: J. Todd Munsey | ||||||||
| Title: Chief Financial Officer | ||||||||
EXHIBIT INDEX
| Exhibit No. | Description | ||||
| Exhibit 99.1 | Press Release dated November 6, 2026 | ||||
| Exhibit 99.2 | Investor presentation dated November 6, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
| FOR IMMEDIATE RELEASE |  | ||||
Alpha Announces Financial Results for Third Quarter 2026
•Reports net loss of $9.3 million and Adjusted EBITDA of $29.4 million for third quarter
•Announces sales commitments to domestic customers for shipment in 2027
•Issues 2027 operational guidance
•Provides update on stacker reclaimer equipment damage at Dominion Terminal Associates
BRISTOL, Tenn., November 6, 2026 - Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today reported financial results for the third quarter ending September 30, 2026.
| (millions, except per share) | |||||||||||
| Three months ended | |||||||||||
| Sep. 30, 2026 | Jun. 30, 2026 | Sep. 30, 2025 | |||||||||
Net loss | ($9.3) | ($12.3) | ($5.5) | ||||||||
Net loss per diluted share | ($0.73) | ($0.96) | ($0.42) | ||||||||
Adjusted EBITDA(1) | $29.4 | $25.6 | $41.7 | ||||||||
Operating cash flow | $46.9 | $39.9 | $50.6 | ||||||||
| Capital expenditures | ($33.8) | ($45.1) | ($25.1) | ||||||||
| Tons of coal sold | 3.9 | 3.5 | 3.9 | ||||||||
__________________________________
1. This is a non-GAAP financial measure. A reconciliation of Net Loss to Adjusted EBITDA is included in tables accompanying the financial schedules.
“Our third quarter volumes improved as compared to the first two quarters of the year, but cost pressures continue to influence our financial results,” said Andy Eidson, Alpha’s chief executive officer. “We remain committed to managing these cost challenges and continually evaluating the portfolio against the needs of the metallurgical coal market. Our 2027 operational guidance reflects our current expectations of the coming calendar year, and these estimates incorporate our
analysis of potential financial impact and 2027 terminal capabilities following the June storm damage to a stacker reclaimer at Dominion Terminal Associates (DTA) in Newport News. Terminal leaders have worked diligently to keep operations moving, and conversations with DTA’s insurance provider continue to progress positively to address the equipment damage caused by the high-wind storm. Despite what is expected to be a lengthy timeline for replacing the damaged equipment, we do not anticipate significant capital outlays in association with the replacement process. Additionally, we are confident in our plans to minimize the disruption to our sales and logistics processes by also utilizing our throughput capacity at other Hampton Roads terminals while work is underway to replace the damaged machinery at DTA. As evidenced by our more normalized third quarter shipment volumes, we are optimistic about the ability to continue providing excellent customer service in 2027 and beyond.”
Eidson added: “Today we are pleased to announce the results of our 2027 domestic sales negotiations, with 3.5 million tons committed to domestic customers for shipment next year. These commitments provide a solid foundation on which we will build our seaborne sales for 2027.”
Financial Performance
Alpha reported a net loss of $9.3 million, or $0.73 per diluted share, for the third quarter, as compared to net loss of $12.3 million, or $0.96 per diluted share, in the second quarter.
Total Adjusted EBITDA was $29.4 million for the third quarter, compared to $25.6 million in the second quarter.
Coal Revenues
| (millions) | ||||||||
| Three months ended | ||||||||
| Sep. 30, 2026 | Jun. 30, 2026 | |||||||
| Met segment | $560.6 | $491.5 | ||||||
Met segment (excl. freight & handling)(1) | $474.1 | $421.3 | ||||||
| Tons Sold | (millions) | |||||||
| Three months ended | ||||||||
| Sep. 30, 2026 | Jun. 30, 2026 | |||||||
| Met segment | 3.9 | 3.5 | ||||||
__________________________________
1. Represents Non-GAAP coal revenues which is defined and reconciled under “Non-GAAP Financial Measures” and “Results of Operations.”
2
Coal Sales Realization(1)
| (per ton) | ||||||||
| Three months ended | ||||||||
| Sep. 30, 2026 | Jun. 30, 2026 | |||||||
| Met segment | $121.09 | $118.71 | ||||||
__________________________________
1. Represents Non-GAAP coal sales realization which is defined and reconciled under “Non-GAAP Financial Measures” and “Results of Operations.”
Third quarter net realized pricing for the Met segment was $121.09 per ton.
The table below provides a breakdown of our Met segment coal sold in the third quarter by pricing mechanism.
| (in millions, except per ton data) | ||||||||||||||
| Met Segment Sales | Three months ended Sep. 30, 2026 | |||||||||||||
| Tons Sold | Coal Revenues | Realization/ton(1) | % of Met Tons Sold | |||||||||||
| Domestic | 1.0 | $133.3 | $136.17 | 27% | ||||||||||
| Export - Australian indexed | 0.8 | $120.4 | $150.46 | 22% | ||||||||||
| Export - other pricing mechanisms | 1.8 | $196.7 | $107.03 | 51% | ||||||||||
| Total Met coal revenues | 3.6 | $450.4 | $124.52 | 100% | ||||||||||
| Thermal coal revenues | 0.3 | $23.7 | $79.44 | |||||||||||
Total Met segment coal revenues (excl. freight & handling)(1) | 3.9 | $474.1 | $121.09 | |||||||||||
__________________________________
1. Represents Non-GAAP coal sales realization which is defined and reconciled under “Non-GAAP Financial Measures” and “Results of Operations.”
Cost of Coal Sales
| (in millions, except per ton data) | ||||||||
| Three months ended | ||||||||
| Sep. 30, 2026 | Jun. 30, 2026 | |||||||
| Met segment | $509.7 | $443.7 | ||||||
Met segment (excl. freight & handling/idle)(1) | $418.6 | $365.8 | ||||||
| (per ton) | ||||||||
Met segment(1) | $106.93 | $103.07 | ||||||
__________________________________
1. Represents Non-GAAP cost of coal sales and Non-GAAP cost of coal sales per ton which is defined and reconciled under “Non-GAAP Financial Measures” and “Results of Operations.”
Alpha’s Met segment cost of coal sales increased to an average of $106.93 per ton in the third quarter, compared to $103.07 per ton in the second quarter.
3
Liquidity and Capital Resources
Cash provided by operating activities in the third quarter increased to $46.9 million as compared to $39.9 million in the second quarter. Capital expenditures for the third quarter were $33.8 million compared to $45.1 million for the second quarter.
As of September 30, 2026, the company had total liquidity of $443.4 million, including cash and cash equivalents of $334.1 million and $184.3 million of unused availability under the asset-based revolving credit facility (ABL), partially offset by a minimum required liquidity of $75.0 million as required by the ABL. As of September 30, 2026, the company had no amounts borrowed and $40.7 million in letters of credit outstanding under the ABL. Total long-term debt, including the current portion of long-term debt as of September 30, 2026, was $10.6 million.
Share Repurchase Program
As previously announced, Alpha’s board of directors authorized a share repurchase program allowing for the expenditure of up to $1.5 billion for the repurchase of the company’s common stock. As of October 31, 2026, the company had acquired approximately 7.1 million shares of common stock at a cost of approximately $1.2 billion, or approximately $166.31 per share. The number of common stock shares outstanding as of October 31, 2026 was 12,662,046, not including the potential effect of unvested equity awards.
The timing and amount of share repurchases will be based on various factors, including but not limited to market conditions, the trading price of the stock, applicable legal requirements, compliance with the provisions of the company's debt agreements, and other factors.
2027 Domestic Sales Commitments
Alpha has committed approximately 3.5 million tons of metallurgical coal to domestic customers for shipment in the 2027 calendar year at an average price of $135.48 per ton.
Issuance of 2027 Operational Guidance
The company is issuing operational guidance for the 2027 calendar year. For sales volumes, Alpha expects to ship between 13.1 million and 14.1 million metallurgical tons, as well as another 1.2 million to 1.6 million tons of incidental thermal coal, bringing total 2027 shipment expectations to a range of 14.3 million to 15.7 million tons for the year.
Alpha projects 2027 cost of coal sales of between $104.00 and $110.00 per ton.
Selling, general and administrative (SG&A) costs are expected to be between $53 million and $59 million in 2027, excluding non-recurring expenses and non-cash stock compensation. Idle operations expense is expected to be between $25 million and $33 million. Alpha anticipates 2027 net cash interest income of $2 million to $4 million, and depreciation, depletion and amortization of $148 million to $162 million.
4
The company expects capital expenditures, including carryover, development and maintenance capital, in the range of $145 million to $165 million.
Contributions to equity affiliates are expected in the range of $28 million to $37 million, which include cash contributions for normal operations of Dominion Terminal Associates as well as Alpha's 2027 share of the investments in DTA's previously announced facility upgrade program.
The company expects a 2027 cash tax rate of between 0% and 5%.
2026 Operational Performance Update
As of October 29, 2026, Alpha has committed and priced approximately 87% of its metallurgical coal for 2026 at an average price of $126.69 per ton. At the midpoint of guidance, Alpha’s thermal coal is fully committed for the year at an average price of $76.06 per ton.
5
| 2026 Guidance | 2027 Guidance | |||||||||||||||||||
| in millions of tons | Low | High | Low | High | ||||||||||||||||
| Metallurgical | 13.2 | 14.0 | 13.1 | 14.1 | ||||||||||||||||
| Thermal | 1.0 | 1.4 | 1.2 | 1.6 | ||||||||||||||||
| Met segment - total shipments | 14.2 | 15.4 | 14.3 | 15.7 | ||||||||||||||||
Committed/Priced1,2,3 | Committed | Volume (in millions of tons) | Average Price | Committed | Volume (in millions of tons) | Average Price | ||||||||||||||
| Metallurgical - domestic | 3.7 | $135.98 | 3.5 | $135.48 | ||||||||||||||||
| Metallurgical - export | 8.1 | $122.49 | 0.1 | $100.32 | ||||||||||||||||
| Metallurgical total | 87 | % | 11.8 | $126.69 | 26 | % | 3.6 | $134.46 | ||||||||||||
| Thermal | 100 | % | 1.3 | $76.06 | 80 | % | 1.1 | $78.47 | ||||||||||||
Met segment | 89 | % | 13.1 | $121.45 | 31 | % | 4.7 | $121.18 | ||||||||||||
Committed/Unpriced1,3 | Committed | Committed | ||||||||||||||||||
| Metallurgical total | 12 | % | 41 | % | ||||||||||||||||
| Thermal | — | % | — | % | ||||||||||||||||
Met segment | 11 | % | 37 | % | ||||||||||||||||
Costs per ton4 | Low | High | Low | High | ||||||||||||||||
| Met segment | $103.00 | $107.00 | $104.00 | $110.00 | ||||||||||||||||
| in millions (except taxes) | Low | High | Low | High | ||||||||||||||||
SG&A5 | $53 | $59 | $53 | $59 | ||||||||||||||||
| Idle operations expense | $24 | $32 | $25 | $33 | ||||||||||||||||
| Net cash interest income | $2 | $6 | $2 | $4 | ||||||||||||||||
| DD&A | $160 | $174 | $148 | $162 | ||||||||||||||||
| Capital expenditures | $148 | $168 | $145 | $165 | ||||||||||||||||
Capital contributions to equity affiliates6 | $35 | $45 | $28 | $37 | ||||||||||||||||
| Cash tax rate | 0 | % | 5 | % | 0 | % | 5 | % | ||||||||||||
Notes:
1.Based on committed and priced coal shipments as of October 29, 2026. Committed percentage based on the midpoint of shipment guidance range.
2.Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations.
3.Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates.
4.Note: The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP cost of coal sales per ton sold financial measures to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. The most directly comparable GAAP measure, GAAP cost of sales, is not accessible without unreasonable efforts on a forward-looking basis. The reconciling items include freight and handling costs, which are a component of GAAP cost of sales. Management is unable to predict without unreasonable efforts freight and handling costs due to uncertainty as to the end market and FOB point for uncommitted sales volumes and the final shipping
6
point for export shipments. These amounts have varied historically and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results.
5.Excludes expenses related to non-cash stock compensation and non-recurring expenses.
6.Includes contributions to fund normal operations at our DTA export facility and expected capital investments related to the facility upgrades.
Conference Call
The company plans to hold a conference call regarding its third quarter results on November 6, 2026, at 10:00 a.m. Eastern time. The conference call will be available live on the investor section of the company’s website at https://alphametresources.com/investors. Analysts who would like to participate in the conference call should dial 877-407-0832 (domestic toll-free) or 201-689-8433 (international) approximately 15 minutes prior to start time.
About Alpha Metallurgical Resources
Alpha Metallurgical Resources (NYSE: AMR) is a Tennessee-based mining company with operations across Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Alpha reliably supplies metallurgical products to the steel industry. For more information, visit www.AlphaMetResources.com.
Forward-Looking Statements
This news release includes forward-looking statements. These forward-looking statements are based on Alpha’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Alpha’s control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Alpha to predict these events or how they may affect Alpha. Except as required by law, Alpha has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur. See Alpha’s filings with the U.S. Securities and Exchange Commission for more information.
7
FINANCIAL TABLES FOLLOW
Non-GAAP Financial Measures
The discussion below contains “non-GAAP financial measures.” These are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP” or “GAAP”). Specifically, we make use of the non-GAAP financial measures “Adjusted EBITDA,” “non-GAAP coal revenues,” “non-GAAP coal sales realization per ton,” “non-GAAP cost of coal sales,” “non-GAAP cost of coal sales per ton,” “non-GAAP coal margin,” and “non-GAAP coal margin per ton.” In addition to net income (loss), we use Adjusted EBITDA to measure the operating performance of our reportable segment. Adjusted EBITDA does not purport to be an alternative to net income (loss) as a measure of operating performance or any other measure of operating results, financial performance, or liquidity presented in accordance with GAAP. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is presented because management believes it is a useful indicator of the financial performance of our coal operations. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton is calculated as non-GAAP coal revenues divided by tons sold. We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, and idled and closed mine costs. Non-GAAP cost of coal sales per ton is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin is calculated as non-GAAP coal revenues less non-GAAP cost of coal sales. Non-GAAP coal margin per ton is calculated as non-GAAP coal margin divided by tons sold. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.
Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate our operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, capital investments and other factors.
Included below are reconciliations of non-GAAP financial measures to GAAP financial measures.
8
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Amounts in thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Coal revenues | $ | 560,579 | $ | 525,203 | $ | 1,575,617 | $ | 1,603,545 | |||||||||||||||
| Other revenues | 1,666 | 1,575 | 4,471 | 5,464 | |||||||||||||||||||
| Total revenues | 562,245 | 526,778 | 1,580,088 | 1,609,009 | |||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of coal sales (exclusive of items shown separately below) | 509,656 | 461,635 | 1,427,708 | 1,446,172 | |||||||||||||||||||
| Depreciation, depletion and amortization | 35,486 | 43,899 | 111,456 | 132,631 | |||||||||||||||||||
| Accretion on asset retirement obligations | 5,249 | 5,503 | 15,678 | 16,625 | |||||||||||||||||||
| Amortization of acquired intangibles | 876 | 1,357 | 2,628 | 4,071 | |||||||||||||||||||
| Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | 18,668 | 15,697 | 52,523 | 46,337 | |||||||||||||||||||
| Other operating loss (income) | 340 | 1,209 | (943) | 3,215 | |||||||||||||||||||
| Total costs and expenses | 570,275 | 529,300 | 1,609,050 | 1,649,051 | |||||||||||||||||||
| Loss from operations | (8,030) | (2,522) | (28,962) | (40,042) | |||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||
| Interest expense | (967) | (765) | (2,770) | (2,289) | |||||||||||||||||||
| Interest income | 2,561 | 3,948 | 9,686 | 12,193 | |||||||||||||||||||
| Equity loss in affiliates | (4,754) | (6,240) | (17,204) | (19,936) | |||||||||||||||||||
| Miscellaneous expense, net | (3,780) | (3,266) | (10,925) | (10,357) | |||||||||||||||||||
| Total other expense, net | (6,940) | (6,323) | (21,213) | (20,389) | |||||||||||||||||||
| Loss before income taxes | (14,970) | (8,845) | (50,175) | (60,431) | |||||||||||||||||||
| Income tax benefit | 5,677 | 3,330 | 17,598 | 16,015 | |||||||||||||||||||
| Net loss | $ | (9,293) | $ | (5,515) | $ | (32,577) | $ | (44,416) | |||||||||||||||
| Basic loss per common share | $ | (0.73) | $ | (0.42) | $ | (2.56) | $ | (3.41) | |||||||||||||||
| Diluted loss per common share | $ | (0.73) | $ | (0.42) | $ | (2.56) | $ | (3.41) | |||||||||||||||
Weighted average shares – basic | 12,683,945 | 13,015,413 | 12,732,145 | 13,040,138 | |||||||||||||||||||
Weighted average shares – diluted | 12,683,945 | 13,015,413 | 12,732,145 | 13,040,138 | |||||||||||||||||||
9
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in thousands, except share and per share data)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 334,111 | $ | 365,974 | |||||||
| Short-term investments | — | 49,582 | |||||||||
Trade accounts receivable, net of allowance for credit losses of $2,987 and $2,519 as of September 30, 2026 and December 31, 2025, respectively | 241,581 | 278,620 | |||||||||
| Inventories, net | 252,852 | 193,000 | |||||||||
| Prepaid expenses and other current assets | 27,366 | 31,132 | |||||||||
| Total current assets | 855,910 | 918,308 | |||||||||
Property, plant, and equipment, net of accumulated depreciation and amortization of $862,616 and $774,101 as of September 30, 2026 and December 31, 2025, respectively | 633,092 | 621,866 | |||||||||
Owned and leased mineral rights, net of accumulated depletion and amortization of $166,514 and $150,616 as of September 30, 2026 and December 31, 2025, respectively | 404,165 | 416,944 | |||||||||
Other acquired intangibles, net of accumulated amortization of $45,701 and $43,072 as of September 30, 2026 and December 31, 2025, respectively | 31,824 | 34,452 | |||||||||
| Long-term restricted cash | 129,202 | 126,911 | |||||||||
| Long-term restricted investments | 34,528 | 34,356 | |||||||||
| Deferred income taxes | 8,470 | 8,087 | |||||||||
| Other non-current assets | 160,609 | 119,702 | |||||||||
| Total assets | $ | 2,257,800 | $ | 2,280,626 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of long-term debt | $ | 3,126 | $ | 3,575 | |||||||
| Trade accounts payable | 93,948 | 66,169 | |||||||||
| Accrued expenses and other current liabilities | 187,835 | 135,778 | |||||||||
| Total current liabilities | 284,909 | 205,522 | |||||||||
| Long-term debt | 7,441 | 9,841 | |||||||||
| Workers’ compensation and black lung obligations | 183,438 | 190,965 | |||||||||
| Pension obligations | 67,108 | 87,317 | |||||||||
| Asset retirement obligations | 200,994 | 204,745 | |||||||||
| Deferred income taxes | 157 | 15,433 | |||||||||
| Other non-current liabilities | 21,168 | 21,308 | |||||||||
| Total liabilities | 765,215 | 735,131 | |||||||||
| Commitments and Contingencies | |||||||||||
| Stockholders’ Equity | |||||||||||
Preferred stock - par value $0.01, 5,000,000 shares authorized, none issued | — | — | |||||||||
Common stock - par value $0.01, 50,000,000 shares authorized, 22,496,891 issued and 12,667,855 outstanding at September 30, 2026 and 22,437,379 issued and 12,805,909 outstanding at December 31, 2025 | 225 | 224 | |||||||||
| Additional paid-in capital | 864,382 | 852,030 | |||||||||
| Accumulated other comprehensive loss | (53,473) | (60,433) | |||||||||
Treasury stock, at cost: 9,829,036 shares at September 30, 2026 and 9,631,470 shares at December 31, 2025 | (1,380,689) | (1,341,027) | |||||||||
10
| Retained earnings | 2,062,140 | 2,094,701 | |||||||||
| Total stockholders’ equity | 1,492,585 | 1,545,495 | |||||||||
| Total liabilities and stockholders’ equity | $ | 2,257,800 | $ | 2,280,626 | |||||||
11
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Amounts in thousands)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating activities: | |||||||||||
| Net loss | $ | (32,577) | $ | (44,416) | |||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
| Depreciation, depletion and amortization | 111,456 | 132,631 | |||||||||
| Amortization of acquired intangibles | 2,628 | 4,071 | |||||||||
| (Gain) loss on disposal of assets, net | (2,087) | 860 | |||||||||
| Accretion on asset retirement obligations | 15,678 | 16,625 | |||||||||
| Employee benefit plans, net | 20,045 | 19,369 | |||||||||
| Deferred tax benefit | (17,598) | (15,997) | |||||||||
| Stock-based compensation | 12,353 | 10,405 | |||||||||
| Equity loss in affiliates | 17,204 | 19,936 | |||||||||
| Other, net | 2,808 | (1,165) | |||||||||
| Changes in operating assets and liabilities | (14,124) | (16,359) | |||||||||
| Net cash provided by operating activities | 115,786 | 125,960 | |||||||||
| Investing activities: | |||||||||||
| Capital expenditures | (119,589) | (98,196) | |||||||||
| Capital contributions to equity affiliates | (36,384) | (28,405) | |||||||||
| Purchases of investment securities | (53,561) | (87,973) | |||||||||
| Sales and maturities of investment securities | 103,869 | 48,739 | |||||||||
| Other, net | 2,213 | 143 | |||||||||
| Net cash used in investing activities | (103,452) | (165,692) | |||||||||
| Financing activities: | |||||||||||
| Principal repayments of long-term debt | (2,100) | (2,387) | |||||||||
| Common stock repurchases and related expenses | (39,734) | (25,153) | |||||||||
| Other, net | (72) | (2,574) | |||||||||
| Net cash used in financing activities | (41,906) | (30,114) | |||||||||
| Net decrease in cash and cash equivalents and restricted cash | (29,572) | (69,846) | |||||||||
| Cash and cash equivalents and restricted cash at beginning of period | 492,885 | 604,161 | |||||||||
| Cash and cash equivalents and restricted cash at end of period | $ | 463,313 | $ | 534,315 | |||||||
| Supplemental disclosure of noncash investing and financing activities: | |||||||||||
| Accrued capital expenditures | $ | 4,596 | $ | 11,559 | |||||||
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.
| As of September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash and cash equivalents | $ | 334,111 | $ | 408,519 | |||||||
| Long-term restricted cash | 129,202 | 125,796 | |||||||||
| Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ | 463,313 | $ | 534,315 | |||||||
12
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION
(Amounts in thousands)
| Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | 2026 | 2025 | |||||||||||||||||||||||||
| Net loss | $ | (9,293) | $ | (12,252) | $ | (5,515) | $ | (32,577) | $ | (44,416) | |||||||||||||||||||
| Interest expense | 967 | 962 | 765 | 2,770 | 2,289 | ||||||||||||||||||||||||
| Interest income | (2,561) | (2,919) | (3,948) | (9,686) | (12,193) | ||||||||||||||||||||||||
| Income tax benefit | (5,677) | (6,595) | (3,330) | (17,598) | (16,015) | ||||||||||||||||||||||||
| Depreciation, depletion and amortization | 35,486 | 36,044 | 43,899 | 111,456 | 132,631 | ||||||||||||||||||||||||
| Non-cash stock compensation expense | 4,381 | 4,236 | 2,950 | 12,353 | 10,405 | ||||||||||||||||||||||||
| Accretion on asset retirement obligations | 5,249 | 5,214 | 5,503 | 15,678 | 16,625 | ||||||||||||||||||||||||
| Amortization of acquired intangibles | 876 | 876 | 1,357 | 2,628 | 4,071 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 29,428 | $ | 25,566 | $ | 41,681 | $ | 85,024 | $ | 93,397 | |||||||||||||||||||
13
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS
| Three Months Ended | |||||||||||||||||
| (In thousands, except for per ton data) | September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||||||||||
| Coal revenues | $ | 560,579 | $ | 491,505 | $ | 525,203 | |||||||||||
| Less: freight and handling fulfillment revenues | (86,508) | (70,220) | (82,448) | ||||||||||||||
| Non-GAAP coal revenues | $ | 474,071 | $ | 421,285 | $ | 442,755 | |||||||||||
| Non-GAAP coal sales realization per ton | $ | 121.09 | $ | 118.71 | $ | 114.94 | |||||||||||
| Cost of coal sales (exclusive of items shown separately below) | $ | 509,656 | $ | 443,663 | $ | 461,635 | |||||||||||
Depreciation, depletion and amortization - production (1) | 35,218 | 35,750 | 43,582 | ||||||||||||||
| Accretion on asset retirement obligations | 5,249 | 5,214 | 5,503 | ||||||||||||||
| Amortization of acquired intangibles | 876 | 876 | 1,357 | ||||||||||||||
| Total cost of coal sales | 550,999 | 485,503 | 512,077 | ||||||||||||||
| Less: freight and handling costs | (86,508) | (70,220) | (82,448) | ||||||||||||||
Less: depreciation, depletion and amortization - production (1) | (35,218) | (35,750) | (43,582) | ||||||||||||||
| Less: accretion on asset retirement obligations | (5,249) | (5,214) | (5,503) | ||||||||||||||
| Less: amortization of acquired intangibles | (876) | (876) | (1,357) | ||||||||||||||
| Less: idled and closed mine costs | (4,531) | (7,654) | (4,517) | ||||||||||||||
| Non-GAAP cost of coal sales | $ | 418,617 | $ | 365,789 | $ | 374,670 | |||||||||||
| Non-GAAP cost of coal sales per ton | $ | 106.93 | $ | 103.07 | $ | 97.27 | |||||||||||
| GAAP coal margin | $ | 9,580 | $ | 6,002 | $ | 13,126 | |||||||||||
| GAAP coal margin per ton | $ | 2.45 | $ | 1.69 | $ | 3.41 | |||||||||||
| Non-GAAP coal margin | $ | 55,454 | $ | 55,496 | $ | 68,085 | |||||||||||
| Non-GAAP coal margin per ton | $ | 14.16 | $ | 15.64 | $ | 17.68 | |||||||||||
| Tons sold | 3,915 | 3,549 | 3,852 | ||||||||||||||
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
14
| Nine Months Ended | |||||||||||
| (In thousands, except for per ton data) | September 30, 2026 | September 30, 2025 | |||||||||
| Coal revenues | $ | 1,575,617 | $ | 1,603,545 | |||||||
| Less: freight and handling fulfillment revenues | (232,942) | (250,961) | |||||||||
| Non-GAAP coal revenues | $ | 1,342,675 | $ | 1,352,584 | |||||||
| Non-GAAP coal sales realization per ton | $ | 121.40 | $ | 117.66 | |||||||
| Cost of coal sales (exclusive of items shown separately below) | $ | 1,427,708 | $ | 1,446,172 | |||||||
Depreciation, depletion and amortization - production (1) | 110,574 | 131,678 | |||||||||
| Accretion on asset retirement obligations | 15,678 | 16,625 | |||||||||
| Amortization of acquired intangibles | 2,628 | 4,071 | |||||||||
| Total cost of coal sales | 1,556,588 | 1,598,546 | |||||||||
| Less: freight and handling costs | (232,942) | (250,961) | |||||||||
Less: depreciation, depletion and amortization - production (1) | (110,574) | (131,678) | |||||||||
| Less: accretion on asset retirement obligations | (15,678) | (16,625) | |||||||||
| Less: amortization of acquired intangibles | (2,628) | (4,071) | |||||||||
| Less: idled and closed mine costs | (22,057) | (17,028) | |||||||||
| Non-GAAP cost of coal sales | $ | 1,172,709 | $ | 1,178,183 | |||||||
| Non-GAAP cost of coal sales per ton | $ | 106.03 | $ | 102.49 | |||||||
| GAAP coal margin | $ | 19,029 | $ | 4,999 | |||||||
| GAAP coal margin per ton | $ | 1.72 | $ | 0.43 | |||||||
| Non-GAAP coal margin | $ | 169,966 | $ | 174,401 | |||||||
| Non-GAAP coal margin per ton | $ | 15.37 | $ | 15.17 | |||||||
| Tons sold | 11,060 | 11,496 | |||||||||
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
15
| Three Months Ended September 30, 2026 | |||||||||||||||||||||||
| (In thousands, except for per ton data) | Tons Sold | Coal Revenues | Non-GAAP Coal sales realization per ton | % of Met Tons Sold | |||||||||||||||||||
| Domestic | 979 | $ | 133,312 | $ | 136.17 | 27 | % | ||||||||||||||||
| Export - Australian indexed | 800 | 120,370 | $ | 150.46 | 22 | % | |||||||||||||||||
| Export - other pricing mechanisms | 1,838 | 196,715 | $ | 107.03 | 51 | % | |||||||||||||||||
| Total Met segment - met coal | 3,617 | 450,397 | $ | 124.52 | 100 | % | |||||||||||||||||
| Met segment - thermal coal | 298 | 23,674 | $ | 79.44 | |||||||||||||||||||
| Non-GAAP coal revenues | 3,915 | 474,071 | $ | 121.09 | |||||||||||||||||||
| Add: freight and handling fulfillment revenues | — | 86,508 | |||||||||||||||||||||
| Coal revenues | 3,915 | $ | 560,579 | ||||||||||||||||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||
| (In thousands, except for per ton data) | Tons Sold | Coal Revenues | Non-GAAP Coal sales realization per ton | % of Met Tons Sold | |||||||||||||||||||
| Domestic | 2,716 | $ | 369,194 | $ | 135.93 | 27 | % | ||||||||||||||||
| Export - Australian indexed | 2,605 | 381,233 | $ | 146.35 | 26 | % | |||||||||||||||||
| Export - other pricing mechanisms | 4,754 | 516,559 | $ | 108.66 | 47 | % | |||||||||||||||||
| Total Met segment - met coal | 10,075 | 1,266,986 | $ | 125.76 | 100 | % | |||||||||||||||||
| Met segment - thermal coal | 985 | 75,689 | $ | 76.84 | |||||||||||||||||||
| Non-GAAP coal revenues | 11,060 | 1,342,675 | $ | 121.40 | |||||||||||||||||||
| Add: freight and handling fulfillment revenues | — | 232,942 | |||||||||||||||||||||
| Coal revenues | 11,060 | $ | 1,575,617 | ||||||||||||||||||||
16
1 INVESTOR PRESENTATION NOVEMBER 2026
2 FORWARD-LOOKING STATEMENTS This presentation includes statements of our expectations, intentions, plans and beliefs that constitute “forward-looking statements.” These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to our future prospects, developments and business strategies. We have used the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “should” and similar terms and phrases, including references to assumptions, in this presentation to identify forward-looking statements, but these terms and phrases are not the exclusive means of identifying such statements. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those expressed in or implied by these forward-looking statements. The following factors are among those that may cause actual results to differ materially from our forward-looking statements: • depressed levels or declines in coal prices; • the financial performance of the company; • our liquidity, results of operations and financial condition; • our ability to generate sufficient cash or obtain financing to fund our business operations; • worldwide market demand for coal and steel, including demand for U.S. coal exports, and competition in coal markets; • railroad, barge, truck, port and other transportation availability, performance and costs; • steel and coke producers switching to alternative energy sources such as natural gas, renewables and coal from basins where we do not operate; • our ability to meet collateral requirements for, and fund, employee benefit obligations; • our ability to self-insure certain of our black lung obligations; • our ability to obtain or renew surety bonds on acceptable terms or maintain our current bonding status; • the imposition, continuation or modification of barriers to trade, such as tariffs, and the unpredictability of these events; • our production capabilities and costs; • attracting and retaining key personnel and other employee workforce factors, such as labor relations; • our ability to consummate financing or refinancing transactions, and other services, and the form and degree of these services available to us, which may be significantly limited by the lending, investment and similar policies of financial institutions and insurance companies regarding carbon energy producers, the environmental impacts of coal combustion or other factors; • inflationary pressures on supplies and labor and significant or rapid increases in commodity prices; • our costs of complying with health and safety regulations, including but not limited to MSHA’s silica regulations; • changes in domestic or international environmental laws and regulations, and court decisions, including those directly affecting our coal mining and production and those affecting our customers’ coal usage, including potential climate change initiatives; • failures in performance, or non-performance, of services by third-party contractors, including contract mining and reclamation contractors or other counterparties; • disruptions in delivery or changes in pricing from third-party vendors of key equipment and materials that are necessary for our operations, such as diesel fuel, steel products, explosives, tires and purchased coal; • our indebtedness as we may incur it from time to time; • our ability to execute our share repurchase program; • cybersecurity attacks or failures, threats to physical security, extreme weather conditions or other natural disasters; • increased volatility and uncertainty regarding worldwide markets, seaborne transportation and our customers as a result of developments in and around Ukraine, Iran, and the broader Middle East; • changes in, renewal or acquisition of, terms of and performance of customers under coal supply arrangements and the refusal by our customers to receive coal under agreed-upon contract terms; • reductions or increases in customer coal inventories and the timing of those changes; • our ability to obtain, maintain or renew any necessary permits or rights; • inherent risks of coal mining, including those that are beyond our control; • changes in, interpretations of, or implementations of domestic or international tax or other laws and regulations, including U.S. federal legislation and its related regulations; • our relationships with, and other conditions affecting, our customers, including the inability to collect payments from our customers if their creditworthiness declines; • reclamation and mine closure obligations; • our assumptions concerning economically recoverable coal reserve estimates; and • other factors, including the other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section included elsewhere in our Quarterly Report on Form 10-Q and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections included in our Annual Report on Form 10-K for the year ended December 31, 2025. The list of factors identified above is not exhaustive. We caution readers not to place undue reliance on any forward- looking statements, which are based on information currently available to us and speak only as of the dates on which they are made. When considering these forward-looking statements, you should keep in mind the cautionary statements in this presentation. We do not undertake any responsibility to publicly revise these forward-looking statements to take into account events or circumstances that occur after the date of this presentation. Additionally, except as expressly required by federal securities laws, we do not undertake any responsibility to update you on the occurrence of any unanticipated events, which may cause actual results to differ from those expressed or implied by the forward-looking statements contained in this presentation. See Appendix B for reconciliations of the differences between the financial measures in accordance with U.S. generally accepted accounting principles (“GAAP”) and non-GAAP financial measures used in this presentation.
3 BUSINESS OVERVIEW
4 20 Mines 8 Preparation Plants 2 Standalone Loadouts 1 Dock 1 Export Terminal2 WV VA DTA Export Terminal2 Company Mines Processing and Shipping Facilities 75% Export 25% Domestic ALPHA AT A GLANCE Note: Metrics as of 12/31/25 unless otherwise noted. Employee, mine and plant data as of 9/30/26. 1 For full-year 2025 shipments, by tonnage. 2 65% ownership in DTA Export Terminal. 3 Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of Net Income (Loss) to Adjusted EBITDA is included in the Appendix. Current Sales Mix 15.3 Million Tons of Coal Sold in 2025 $122 Million Adjusted EBITDA in 20253 #1 US Producer of Met Coal 3,860 Employees Asset Footprint Sales by Shipment Mix1 34% High Vol-A 31% High Vol-B 21% Mid Vol 14% Low Vol Met Sales by Type1
5 SAFETY, ENVIRONMENTAL AWARENESS AND A COMMITMENT TO CONTINUOUS IMPROVEMENT – ESSENTIAL COMPONENTS OF BUSINESS EXCELLENCE Note: 1 2025 Data. See Appendix for additional detail on Alpha’s key safety statistics vs. the coal industry average. 2 Trees planted since 2016. ~17% Lower Total Reportable Incident Rate vs. Industry Avg.1 ~41% Lower Non-Fatal Days Lost vs. Industry Avg.1 37 2025 Safety & Mine Rescue Awards 5.8 Million Trees Planted2 25+ Environmental Compliance Awards 99.9%+ Water Quality Compliance Rate SAFE PRODUCTION We believe in operating safely and ethically. Every employee is empowered to eliminate at-risk behaviors. ENVIRONMENTAL STEWARDSHIP We conduct our mining business with a focus on environmental stewardship and a commitment to the protection of the environment.
6 Marfork 28% McClure / Toms Creek 22% Aracoma 18% Kingston / Mammoth 15% Kepler 11% Power Mountain 6% OVERVIEW OF ALPHA’S MINING COMPLEXES Mining Complex Location Rail Marfork West Virginia Black Eagle Panther Eagle Horse Creek Eagle Glen Alum Workman Creek North Workman Creek South Mid Vol High Vol-A Thermal CSX McClure / Toms Creek Virginia Deep Mine 41 Deep Mine 46 Bear Ridge 88 Strip Mid Vol High Vol-A Thermal CSX / NS Aracoma West Virginia Davy Branch Cedar Grove No. 3 Lynn Branch High Vol-B CSX Kingston / Mammoth West Virginia Kingston #2 Kingston North Kingston South Kingston Wildcat Low Vol Mid Vol High Vol-A Thermal CSX / NS Power Mountain West Virginia Jerry Fork Eagle Rolling Thunder High Vol-B NS Kepler West Virginia Road Fork 52 Low Vol CSX / NS Elk Run1 West Virginia Checkmate Powellton1 High Vol-B CSX Primary ProductsMines Note: CSX = CSX Transportation and NS = Norfolk Southern Railway Company. 1 Elk Run Complex and Checkmate Powellton Mine were idled in Q4 2024. 2 Includes ~14.8 million tons of coal produced and ~0.2 million tons of purchased coal. Historical Tons Produced (Million Tons) Production by Complex (2025) Reserves By Complex (As of Year-End 2025) Total Production: 15.0 Million Tons2 Total Reserves: 294 Million Tons Marfork 33% McClure / Toms Creek 22% Aracoma 12% Kingston / Mammoth 11% Kepler 12% Elk Run 10% 16.2 16.1 16.7 15.7 15.0 2021 2022 2023 2024 2025
7 KEY INVESTMENT HIGHLIGHTS
8 Accounts for 1/5 of total U.S. met coal production, essential to the steelmaking process that enables global infrastructure growth.1 A diverse portfolio of coal qualities to serve customers across the world. Majority ownership of DTA export facility in Newport News, VA allows for global reach. Committed to maintaining a strong balance sheet and liquidity to weather challenging market cycles. Focused on capital projects that support operational excellence, growth and long-term value. Seasoned management team with 100+ years of industry experience, strategic vision and track record of success. Returning capital to investors through share repurchases calibrated to the company’s free cash flow generation. Demonstrated focus on consistently creating long-term shareholder value through disciplined capital allocation. Strong culture of commitment to safety, environmental stewardship, and continuous improvement at our award- winning operations. History of significant community engagement and investment. Responsible governance through rigorous reporting, high standards of documentation, and oversight by a highly qualified Board of Directors with diverse backgrounds. Largest U.S. Met Producer Shareholder Value Environmental, Social & GovernanceFinancial Strength & Leadership INVESTMENT THESIS: ALPHA IS AN INDUSTRY LEADER FOCUSED ON LONG-TERM VALUE Source: 1 Energy Ventures Analysis Coal Production Report, totaling 70.9 Million Tons for 2025
9 ’30E – ’36E: ~45Mt or ~2.9% Source: 1 Wood Mackenzie, 2024 data. 2 Wood Mackenzie, 2026 data. Robust Growth in Steel Demand Global Finished Steel Demand (Metric Tonnes)1 Met Coal Supply Expected to Decline After 2031 Global Met Coal Production (Metric Tonnes)2 OUTLOOK FOR METALLURGICAL COAL REMAINS ROBUST WITH STRONG LONG-TERM DEMAND AND LIMITED NEW SUPPLY 213 227 230 233 235 237 231 221 218 220 210 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 1,337 1,508 1,525 1,539 1,552 1,566 1,574 1,619 2015A 2025 2026 2027 2028 2029 2030 2036
1 0Source: Wood Mackenzie, 2026 data. Projected Crude Steel Production in India through 2050 INDIA STEEL DEMAND GROWTH EXPECTED TO CONTINUE 50 100 150 200 250 300 350 400 450 500 20 26 20 28 20 30 20 32 20 34 20 36 20 38 20 40 20 42 20 44 20 46 20 48 20 50 +4.4% CAGR India has accounted for ~39% of Alpha’s export sales over the past 5 years. In m ill io ns o f m et ric to ns
1 1 Metallurgical Coal Sold (2025, Million tons) Number of Coal Operating Complexes (Global) 6 3 3 4 4 Steel-Making Coal Types Sold Low Vol Mid Vol High Vol-A/B Low Vol Mid Vol High Vol-A/B SCC PCI Low Vol High Vol-A Low Vol Mid Vol High Vol-A/B High Vol-A PCI PHCC SHCC Primary End Markets Asia, Europe, North America Asia, North America, Europe Europe, South America, Asia North America, Asia, Europe Asia, North America 14.1 13.0 9.3 9.0 8.6 Source: Peer 2025 10-K reports LARGEST AND MOST DIVERSE U.S. METALLURGICAL COAL PRODUCER
1 2 STRATEGICALLY LOCATED ASSETS WITH ABILITY TO SERVE BOTH DOMESTIC AND EXPORT MARKETS Note: Metrics as of year-end 2025. 1 Represents Non-GAAP coal sales realization per ton. Refer to Appendix for a reconciliation of this non-GAAP financial measure. Dominion Terminal Associates (DTA) Coal Export Terminal 27% Domestic Coal Revenue $145 Domestic Average Realized Price ($/ton)1 Domestic #1 US Producer of Met Coal 3.8 Million Tons Sold Domestically 73% Export Coal Revenue $108 Export Average Realized Price ($/ton)1 Export 19 Countries Served 11.5 Million Tons Sold Internationally Alpha owns 65% interest in DTA coal export terminal, enhancing access to key export markets and diversifying its customer base Newport News, Virginia Hub for Alpha coal exports Provides: — Transportation flexibility — Coal blending — Storage capacity Allows control of key export markets and maintains competitive cost
1 3 DISCIPLINED CAPITAL RETURN POLICY WITH PROVEN ABILITY TO ADJUST TO MARKET DYNAMICS 18,580,143 12,662,046 615,833 524,616 7,058,546 0 5,000,000 10,000,000 15,000,000 20,000,000 Beginning 3/9/22 Warrant shares Equity Awards(1) Repurchases Ending 10/31/26 *Does not include potential dilutive effect of unvested equity awards (106,644), net of share settling for exercise/vesting costs. (1) Net of (23,278), (26,519), (144,427), (81,287), and (4,290) shares repurchased from employees to satisfy the employees’ statutory tax withholdings upon vesting of stock grants in 2026, 2025, 2024, 2023, and 2022, respectively. Alpha has focused its shareholder returns on share repurchases and calibrated those purchases with the Company’s free cash flow generation Since the start of the program, outstanding shares have been reduced by ~32% Share repurchases provide a flexible form of capital return that can be adjusted based on market conditions Key TakeawaysAMR Basic Share Count (March 9, 2022 – October 31, 2026)* Share Repurchase Program (Growth in Board Authorizations) As of October 31, 2026, the company had repurchased ~7.1 million shares pursuant to the Share Repurchase Program for a total of ~$1.2 billion.
1 4 FINANCIAL SUMMARY
1 5 Capital Allocation Priorities • Strong balance sheet with conservative leverage ratios • Flexible operations enable strong cash flow generation potential across the cycle • Target minimum liquidity of $250-$300mm • Annual capex predominantly allocated to maintenance with smaller amounts of growth investments • Alpha prioritizes capital expenditures for health and safety, followed by operational maintenance and growth capex • Ongoing investments are in process at DTA for infrastructure and equipment upgrades to improve the efficiency of the facility and drive a small incremental expansion in volume capacity • Management continues to evaluate capital allocation through multiple factors such as capital needs, investment and growth opportunities • Track record of returning capital to shareholders through share repurchases, a highly flexible form of capital return STRONG BALANCE SHEET SUPPORTED BY DISCIPLINED CAPITAL MANAGEMENT FRAMEWORK Capital Structure Liquidity Capital Expenditures Capital Return
1 6 $85 $1,300 $575 $349 $(20) 2021 2022 2023 2024 2025 $534 $1,741 $1,033 $408 $122 2021 2022 2023 2024 2025 16.8 16.4 17.1 17.1 15.3 2021 2022 2023 2024 2025 HISTORICAL FINANCIAL SUMMARY Tons Sold (Million Tons) Revenue (US$bn) Adj. EBITDA (US$mm)2 Free Cash Flow (US$mm)4 Avg. Realized Price (US$/ton)1 Note: 1 Represents Non-GAAP coal sales realization per ton. Refer to Appendix for a reconciliation of this non-GAAP financial measure. 2 This is a non-GAAP financial measure. A reconciliation of Net Income (Loss) to Adjusted EBITDA is included in Appendix. 3 Represents Adjusted EBITDA divided by Total Revenues. Refer to Appendix for a reconciliation of this non-GAAP financial measure. 4 Represents Free Cash Flow. Refer to Appendix for a reconciliation of this non-GAAP financial measure. 5 Represents Free Cash Flow Conversion. Refer to Appendix for a reconciliation of this non-GAAP financial measure. Margin (%)3 FCF Conversion (%)5 2.3 4.1 3.5 2.9 2.1 2021 2022 2023 2024 2025 $111 $218 $143 $117$177 (17)%24% 42% 14% 6%30% 16% 75% 85% (17)%56%
1 7 $154.0 $83.3 $164.3 $245.4 $198.8 $127.2 $158.0 $155.0 $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 2020A 2021A 2022A 2023A 2024A 2025A 2026E 2027E Carryover 2 $11.5 Million – 2026E 1 $4.6 Million – 2027E 1 Maintenance Capex $137 Million – 2026E 1 $107.3 Million – 2027E 1 Development Projects $9.5 Million – 2026E 1 $43.1 Million – 2027E 1 In m ill io ns DISCIPLINED CAPITAL EXPENDITURES WITH ABILITY TO ADJUST TO MARKET NEEDS Alpha’s Capital Expenditures (US$mm) Note: 1 Midpoint of guidance. 2 2026 carryover reflects capex intended to be spent in 2025 that was delayed due to timing and availability of supplies and contract labor. 1 Alpha Capex Overview Alpha has shown the ability to adjust its capex spend based on market dynamics and reduce cash outlays in a downside pricing environment Completed development work in the first half of 2026 to bring Kingston Wildcat online — The new low-vol mine is located in Fayette County, West Virginia — Full run-rate production expected to be ~900k tons 1
1 8 APPENDIX A: SUPPLEMENTAL MATERIALS
1 9 3.02 3.09 2.84 2.15 2.56 1.52 2024 2025 2026 YTD1* Coal Industry Average Total Reportable Incident Rate (TRIR) 2.21 2.30 2.08 1.21 1.36 0.80 2024 2025 2026 YTD1* Non-Fatal Days Lost (NFDL) SAFETY DRIVES OUR CULTURE AND CONTINUOUS IMPROVEMENT Alpha *AMR record 1 2026 YTD data represents January – June, the most recent available timeframe from MSHA for coal industry averages.
2 0 PROJECTED FUTURE CASH OUTFLOWS Note: Obligations presented are as of September 30, 2026, unless otherwise noted, and represent long-term liabilities related to asset retirement obligations and pension obligations. The amounts estimated above may be affected by future obligations that we cannot currently predict. 1 Cash flows exclude market risk premium and inflation. 2 The pension obligations are based on the latest available data as of October 2026 and include the impact of the funding relief granted by the American Rescue Plan Act (“ARPA”) and the application of the interest rate stabilization guidance under ARPA. The contribution amounts are subject to change based on market performance and interest rate levels. Therefore, only two years of contributions are included. Cash Outflows (US$ millions) 2026E 2027E 2028E 2029E Asset Retirement Obligations 1 $21.5 $33.3 $24.8 $21.5 Pension Obligations 2 20.3 20.1 * * Total Cash Outflows $41.8 $53.4 $24.8 $21.5
2 1 1 Based on committed and priced coal shipments as of October 29, 2026. Committed percentage based on the midpoint of shipment guidance range. 2 Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations. 3 Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates. 4 Note: The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP cost of coal sales per ton sold financial measures to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. The most directly comparable GAAP measure, GAAP cost of sales, is not accessible without unreasonable efforts on a forward-looking basis. The reconciling items include freight and handling costs, which are a component of GAAP cost of sales. Management is unable to predict without unreasonable efforts freight and handling costs due to uncertainty as to the end market and FOB point for uncommitted sales volumes and the final shipping point for export shipments. These amounts have varied historically and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results. 5 Excludes expenses related to non-cash stock compensation and non-recurring expenses. 6 Includes contributions to fund normal operations at our DTA export facility and expected capital investments related to the facility upgrades. GUIDANCE AS OF NOVEMBER 6, 2026 2026 Guidance 2027 Guidance Shipments (in millions of tons) Low High Low High Metallurgical 13.2 14.0 13.1 14.1 Non-Metallurgical Byproduct 1.0 1.4 1.2 1.6 Met Segment - Total Shipments 14.2 15.4 14.3 15.7 Committed / Priced Volumes 1, 2, 3 % Committed Volume (in millions of tons) Average Price ($/ton) % Committed Volume (in millions of tons) Average Price ($/ton) Metallurgical - Domestic 3.7 $135.98 3.5 $135.48 Metallurgical - Export 8.1 $122.49 0.1 $100.32 Metallurgical Total 87% 11.8 $126.69 26% 3.6 $134.46 Non-Metallurgical Byproduct 100% 1.3 $76.06 80% 1.1 $78.47 Met Segment 89% 13.1 $121.45 31% 4.7 $121.18 Cost per ton ($/ton) 4 Low High Low High Met Segment $103.00 $107.00 $104.00 $110.00 Other Items (US$ millions, except taxes) Low High Low High SG&A 5 $53 $59 $53 $59 Idle Operations Expense $24 $32 $25 $33 Net Cash Interest Income $2 $6 $2 $4 DD&A $160 $174 $148 $162 Capital Expenditures $148 $168 $145 $165 Capital Contributions to Equity Affiliates 6 $35 $45 $28 $37 Cash Tax Rate 0% 5% 0% 5%
2 2 APPENDIX B: NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS
2 3 NON-GAAP FINANCIAL MEASURES The Investor Presentation contains “non-GAAP financial measures.” These are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP” or “GAAP”). Specifically, we make use of the non-GAAP financial measures “Adjusted EBITDA,” “Margin %,” “non-GAAP coal revenues,” “non-GAAP coal sales realization per ton,” “Free Cash Flow,” and “Free Cash Flow Conversion.” In addition to net income (loss), we use Adjusted EBITDA to measure the operating performance of our reportable segment. Adjusted EBITDA does not purport to be an alternative to net income (loss) as a measure of operating performance or any other measure of operating results, financial performance, or liquidity presented in accordance with GAAP. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is presented because management believes it is a useful indicator of the financial performance of our coal operations. Margin % is calculated as Adjusted EBITDA divided by total revenues. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton is calculated as non-GAAP coal revenues divided by tons sold. Free Cash Flow is calculated as cash flow from operations less capital expenditures and capital contributions to equity affiliates. Free Cash Flow Conversion is calculated as Free Cash Flow divided by Adjusted EBITDA. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate the Company’s operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, capital investments and other factors. Included on the following slides are reconciliations of non-GAAP financial measures to GAAP financial measures.
2 4 ADJUSTED EBITDA AND MARGIN RECONCILIATIONS 1 Non-recurring mine recovery and idle costs due to the water inundation at the Rolling Thunder mine in November 2025. (Amounts in thousands, except for percentages) 2021 2022 2023 2024 2025 Net income (loss) 288,790$ 1,448,545$ 721,956$ 187,579$ (61,687)$ Interest expense 69,654 21,802 6,923 3,811 3,019 Interest income (336) (3,187) (11,933) (18,208) (15,466) Income tax expense (benefit) 3,408 106,205 123,503 23,171 (25,772) Depreciation, depletion and amortization 110,047 107,620 136,869 167,331 174,524 Non-cash stock compensation expense 5,315 7,484 19,017 12,318 13,598 Mark-to-market adjustment - acquisition-related obligations 19,525 8,880 - - - Gain on settlement of acquisition-related obligation (1,125) - - - - Accretion on asset retirement obligations 26,520 23,765 25,500 25,050 22,126 Loss on modification and extinguishment of debt - - 2,753 - - Asset impairment and restructuring (561) - - - - Amortization of acquired intangibles, net 13,244 19,498 8,523 6,700 5,427 Non-recurring mine flood costs 1 - - - - 6,098 Adjusted EBITDA 534,481$ 1,740,612$ 1,033,111$ 407,752$ 121,867$ Total revenue 2,258,686 4,101,592 3,471,417 2,957,285 2,129,481 Margin % 24% 42% 30% 14% 6% Year Ended December 31,
2 5 NON-GAAP REVENUE RECONCILIATIONS (Amounts in thousands, except per ton data) 2021 2022 2023 2024 2025 Coal revenues 2,252,624$ 4,092,987$ 3,456,630$ 2,946,579$ 2,122,605$ Less: freight and handling fulfillment revenues (380,977) (529,063) (439,010) (503,306) (333,691) Non-GAAP coal revenues 1,871,647$ 3,563,924$ 3,017,620$ 2,443,273$ 1,788,914$ Tons sold 16,839 16,378 17,072 17,127 15,280 Non-GAAP coal sales realization per ton 111.15$ 217.60$ 176.76$ 142.66$ 117.08$ Year Ended December 31, 2025 Coal revenues - export 1,557,086$ Coal revenues - domestic 565,519 Coal revenues 2,122,605$ Coal revenues - export 1,557,086$ Less: freight and handling fulfillment revenues - export (318,606) Non-GAAP coal revenues - export 1,238,480$ Tons sold - export 11,488 Non-GAAP coal sales realization per ton - export 107.81$ Coal revenues - domestic 565,519$ Less: freight and handling fulfillment revenues - domestic (15,085) Non-GAAP coal revenues - domestic 550,434$ Tons sold - domestic 3,792 Non-GAAP coal sales realization per ton - domestic 145.16$ Year Ended December 31,
2 6 FREE CASH FLOW (FCF) RECONCILIATION (Amounts in thousands) 2021 2022 2023 2024 2025 Cash flow from operations 174,943$ 1,484,005$ 851,159$ 579,919$ 144,926$ Capital expenditures (83,300) (164,309) (245,373) (198,848) (127,153) Capital contributions to equity affiliates (6,677) (19,556) (30,812) (32,504) (38,146) Free Cash Flow 84,966$ 1,300,140$ 574,974$ 348,567$ (20,373)$ Adjusted EBITDA 534,481$ 1,740,612$ 1,033,111$ 407,752$ 121,867$ FCF Conversion 16% 75% 56% 85% -17% Year Ended December 31,