Peabody Energy (NYSE: BTU) highlights $2.1B Centurion NPV and 2025 results
Rhea-AI Filing Summary
Peabody Energy Corporation shared an investor presentation and video in connection with an analyst and investor tour of its Centurion metallurgical coal mine. The materials outline 2025 operating metrics and detailed plans for ramping Centurion to full longwall production during the second half of 2026.
For 2025, Peabody reports $3.9 billion revenue, $454.9 million Adjusted EBITDA, a workforce of about 5,400 employees, 3,330 acres restored, and a Total Recordable Incident Frequency Rate of 0.71. Segment Adjusted EBITDA contributions include $222.2 million from Seaborne Thermal, $56.4 million from Seaborne Metallurgical, and $247.2 million from U.S. Thermal operations.
The Centurion mine is highlighted as a cornerstone metallurgical asset with a life-of-mine annual sales average of 4.7 million tons, a mine life exceeding 25 years, and a stated net present value of $2.1 billion as of January 1, 2026. Peabody presents long-term economics implying about $423 million of annual Adjusted EBITDA at a long-term premium hard coking coal price assumption of $225 per tonne, supported by first-quartile cost positioning and transportation advantages from Queensland to key markets such as India.
Positive
- Centurion mine NPV of $2.1 billion as of January 1, 2026, with a life-of-mine annual sales average of 4.7 million tons, underscores the scale of this metallurgical coal asset.
- Implied annual Adjusted EBITDA of $423 million from Centurion at a $225/tonne price and projected cost structure highlights substantial cash-generating potential.
- 2025 safety results include a Total Recordable Incident Frequency Rate of 0.71 and designation as the company’s safest year in 140+ years, indicating a strong safety record.
- $454.9 million in 2025 Adjusted EBITDA across segments, with $247.2 million from U.S. Thermal and $222.2 million from Seaborne Thermal, reflects significant operating cash flow generation.
Negative
- None.
Filing Explained
As of August 11, Centurion remained in a staged ramp toward full production, with fault-zone work continuing during Q3.
Peabody’s
This is an Item 7.01 Regulation FD disclosure: the 8-K furnishes the presentation and video, and states they are not treated as filed under Section 18 or incorporated into other filings.
The projected full-production timing and approximately
The existing
8-K Event Classification
2 items: 7.01, 9.01
2 items
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, and exhibit attachments filed with this report.
Key Figures
2025 Revenue: $3.9B
2025 Adjusted EBITDA: $454.9 million
Centurion NPV: $2.1 billion
+5 more
8 metrics
2025 Revenue
$3.9B
Total company revenue for the year ended December 31, 2025
2025 Adjusted EBITDA
$454.9 million
Consolidated Adjusted EBITDA for the year ended December 31, 2025
Centurion NPV
$2.1 billion
Net present value of Centurion at January 1, 2026
Centurion implied annual Adjusted EBITDA
$423 million
Implied annual Adjusted EBITDA at $225/tonne premium hard coking coal price
Centurion life-of-mine annual volume
4.7 million tons
Life-of-mine annual sales average for Centurion
Centurion mine life
25+ years
Stated mine life based on saleable coal reserves
Total Recordable Incident Frequency Rate
0.71
2025 TRIFR, recordable incidents per 200,000 hours worked
Employees
~5,400
Approximate number of employees in 2025
Key Terms
Adjusted EBITDA, Total Recordable Incident Frequency Rate, premium hard coking coal, non-GAAP financial measure, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA is a non-GAAP financial measure."
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.
Total Recordable Incident Frequency Rate technical
"Total Recordable Incident Frequency Rate (‘TRIFR’) equals recordable incidents per 200,000 hours"
non-GAAP financial measure financial
"Adjusted EBITDA is a non-GAAP financial measure."
A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.
net present value financial
"NET PRESENT VALUE $2.1 billion At January 1, 2026"
Net present value is a way to measure the value of a future amount of money today. It considers how money available in the future is worth less than money now because of potential earning opportunities or inflation. Investors use it to decide whether an investment is worthwhile, aiming for projects with positive net present value, meaning they are expected to generate more value than they cost.
royalty financial
"Centurion is subject to the Queensland Government Royalty charged on total revenue."
A royalty is a payment made to the owner of a resource or asset—such as a patent, mineral rights, or creative work—whenever others use or profit from it. For investors, royalties provide a steady stream of income without owning the entire asset, similar to earning a small commission each time a product is sold or a service is used. This makes royalties an important factor in valuing certain types of investments.
FAQ
What did Peabody Energy (BTU) disclose about its Centurion mine economics?
Peabody estimates Centurion’s net present value at $2.1 billion as of January 1, 2026, with life-of-mine annual sales averaging 4.7 million tons and implied annual Adjusted EBITDA of $423 million at a $225/tonne premium hard coking coal price.
How did Peabody Energy (BTU) perform operationally in 2025?
For 2025 Peabody reports $3.9 billion revenue and $454.9 million Adjusted EBITDA, supported by segments including Seaborne Thermal, Seaborne Metallurgical, and U.S. Thermal. The company also restored about 3,330 acres and employed roughly 5,400 people.
What safety performance did Peabody Energy (BTU) highlight for 2025 and early 2026?
Peabody states that 2025 was its safest year in 140+ years, with a Total Recordable Incident Frequency Rate of 0.71. Safety performance in the first half of 2026 is described as running better than the prior year, with specific focus at the Centurion site.
How is Peabody Energy (BTU) ramping Centurion to full production?
The company outlines 2026 milestones from mine start-up through resolving longwall equipment and roof control issues, targeting full production in August–September 2026. July plant production reached 117,000 tons, with 78,000 tons produced in the first nine days of August.
What 2025 segment Adjusted EBITDA did Peabody Energy (BTU) report?
Peabody reports $222.2 million Adjusted EBITDA for Seaborne Thermal, $56.4 million for Seaborne Metallurgical, and $247.2 million for total U.S. Thermal operations in 2025, contributing to consolidated Adjusted EBITDA of $454.9 million.
What non-GAAP measures does Peabody Energy (BTU) use in this disclosure?
The company emphasizes Adjusted EBITDA as a key non-GAAP performance metric, defining it as loss from continuing operations adjusted for interest, taxes, asset retirement obligation expenses, depreciation, depletion and amortization, and other specified items, and reconciles it to GAAP figures.
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): August 11, 2026
(Exact name of registrant as specified in its charter)
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| 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: | |||||||||||||||||||||||||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||||||||||||||||||||||||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||||||||||||||||||||||||||||||
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Securities registered pursuant to Section 12(b) of the Act:
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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. ☐
Item 7.01. Regulation FD Disclosure.
On August 11, 2026, representatives of Peabody Energy Corporation (the “Company”) presented to analysts and investors during a site tour at its Centurion Mine. A copy of the slide presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. These materials should be read together with the information included in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
On August 11, 2026, the Company also released a video for its investors regarding the Centurion Mine. The video presentation is available on the Investor section of the Company’s website at www.peabodyenergy.com.
The information contained herein, including Exhibit 99.1, is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing. The furnishing of this information will not be deemed an admission as to the materiality of any information contained herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits | |||||
| Exhibit No. | Description of Exhibit | ||||
| 99.1 | Investor Presentation, dated August 11, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
2
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 undersigned hereunto duly authorized.
| PEABODY ENERGY CORPORATION | |||||
| August 11, 2026 | By: /s/ Scott T. Jarboe | ||||
| Name: Scott T. Jarboe | |||||
| Title: Chief Administrative Officer and Corporate Secretary | |||||
3
Centurion Mine Tour August 11th, 2026
2 Disclosure Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects,” "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management's or the Board’s current expectations or predictions of future conditions, events or results. All statements that address operating performance, events, or developments that may occur in the future are forward-looking statements, including statements regarding the shareholder return framework, execution of Peabody's operating plans, market conditions, reclamation obligations, financial outlook, potential acquisitions and strategic investments, and liquidity requirements. They may include estimates of sales and other operating performance targets, cost savings, capital expenditures, other expense items, actions relating to strategic initiatives, demand for the company’s products, liquidity, capital structure, market share, industry volume, other financial items, descriptions of management’s plans or objectives for future operations and descriptions of assumptions underlying any of the above. All forward-looking statements speak only as of the date they are made and reflect Peabody’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond Peabody's control, that are described in Peabody's periodic reports filed with the SEC including its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025 and other factors that Peabody may describe from time to time in other filings with the SEC. You may get such filings for free at Peabody's website at www.peabodyenergy.com. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
3 Company Snapshot: 2025 Overview Note: All statistics are for the year ended December 31, 2025. (1) Total Recordable Incident Frequency Rate (‘TRIFR’) equals recordable incidents per 200,000 hours worked. (2) Adjusted EBITDA is a non-GAAP financial measure. Refer to the definitions and reconciliations to the nearest GAAP measures in the appendix (3) Dollars in millions and excludes corporate and other Seaborne Metallurgical: 8.6 MT • Centurion • Shoal Creek • Metropolitan • Coppabella / Moorvale (CMJV) Seaborne Thermal: 15.4 MT • Wilpinjong • Wambo OC JV (Glencore) Powder River Basin: 84.5 MT • North Antelope Rochelle • Caballo • Rawhide Other U.S. Thermal 13.4 MT • Bear Run • Wild Boar • Gateway North • El Segundo / Lee Ranch • Twentymile • Francisco Underground $3.9B REVENUE $455M ADJUSTED EBITDA ~5,400 EMPLOYEES ~3,330 ACRES RESTORED 0.71 TRIFR $176 $71 $222 $56 2025 Adjusted EBITDA Powder River Basin Other U.S. Thermal Seaborne Thermal Seaborne Metallurgical (2,3) (1) (2) Global Headquarters Australia Regional Office
4 Safety: Our #1 Priority Peabody maintains a best-in-class safety culture and record SAFETY PERFORMANCE ON SITE AT CENTURION • 2025 the safest year in the company’s 140+ year history • 2026 first half safety performance running better than prior year • Considerable safety focus at Centurion: – Sealing & spontaneous combustion management plans – Trigger points for convening the Site Incident Management Team – Clearly defined responsibilities for mine site personnel S A F E T Y Our #1 Priority 2025 S A F E S T Y E A R I N 1 4 0 + Y E A R S 1H 2026 A H E A D O F P R I O R Y E A R
5 Centurion: Cornerstone Metallurgical Coal Asset Note: (1) Assumes LT PHCC of $225/tonne at 13.5% discount rate. Significantly increasing met segment production and coal quality CENTURION SALES 500–700 thousand tons Q3'26 1.5–2.0 million tons H2'26 FY26 2.0–2.5 million tons WHAT MAKES CENTURION COMPELLING NET PRESENT VALUE $2.1 billion At January 1, 2026 COST PROFILE 1st Quartile Long term low-cost structure SEGMENT REALIZATIONS 80% of benchmark Long-term segment realizations SHAREHOLDER LEVERAGE TO HCC $15 million: $1 NPV benefit from $1 per tonne of HCC price ANNUAL VOLUME 4.7 million tons Life-of-mine annual sales average MINE LIFE 25+ years Saleable coal reserves of 140 million tons (1)
6 Centurion: Tier-One Asset in World’s Premier HCC Corridor Majority of the world’s premium HCC comes from Australia’s Bowen Basin ASSET & LOGISTICS BOWEN BASIN HCC CORRIDOR • Centurion’s coal comes from the Goonyella Middle Seam, a 5 to 8 meter thick seam containing premier hard coking coal deposits • Widely known as “benchmark” HCC quality • Coal delivered to Dalrymple Bay Coal Terminal (DBCT) via 217km rail • Contracted capacity for rail and port access is held by Peabody on an evergreen renewal basis T I E R - O N E A S S E T Goonyella Middle Seam 5 - 8 m S E A M T H I C K N E S S 217 km R A I L T O D B C T P O R T
7 Centurion: Transitioning to Full Longwall Production 2026 operations update February 1 Mine Start-Up Longwall commissioning begins February–March 2 Mechanical Issues Equipment issues addressed as longwall begins ramping up March–April 3 Shield Racking Roof and floor issues lead to shield “racking” challenges May–July 4 Realignment Shields realigned and squared; racking fully addressed August–September 5 Full Production Expected ramp to targeted production WHERE THINGS STAND TODAY • Shield racking, caused by the slow start and roof control issues, is fully addressed • The longwall is square and in excellent shape • Remaining roof control issues are confined to limited fault zone • Team expects to work through remaining issues during Q3
8 Centurion: Ramping Up to Targeted Levels 1 Geo-flexing Inject grout at the face where faulting is localized 2 Void fill Add void fill in areas of roof near coal face BEYOND THE FACEAT THE FACE 3 In-seam drilling Drill underground ahead of the fault and inject grout 4 Surface drilling Grout from surface, further ahead of the face Managing through fault zone in Q3 as production progressively increases P L A N T P R O D U C T I O N On pace for Q3 targets 117,000 tons J U L Y – F U L L M O N T H 78,000 tons F I R S T 9 D A Y S o f A U G U S T
9 Centurion: Supplying India’s Fast Growing Met Import Market Largest Seaborne Met Coal Importers Japan/Korea/Taiwan 89 India 85 China 69 Europe 36 Southeast Asia 31 Source: Wood Mackenzie, “Global Metallurgical Coal 10-Year Investment Horizon Outlook,” Nov. 2025; Peabody Analysis. 2 0 2 5 T o n n es in M ill io n s Asia comprised 86% of metallurgical coal demand in 2025; Rest of World accounted for just 14% Forecast of Seaborne Met Coal Imports China - 31 EU - 13 India - 195 JKT - 62 Other - 25 SE Asia - 63 0 20 40 60 80 100 120 140 160 180 200 2025 2026 2030 2040 2050 T o n n e s i n M il li o n s
10 Centurion: Transportation Advantaged to India Market Source: Platts Freight Assessments (CDBFAIO, CDWCI04,CDBUI00) and Peabody Analysis. Date U.S. East Coast / India Canada West Coast / India Queensland / India 2025 $36.31 $20.97 $14.99 Q3 2026 (To Date) $50.50 $26.00 $20.99 Queensland coal shipments have lower ocean freight costs compared to alternatives OCEAN FREIGHT COST ($/TONNE) DALRYMPLE BAY COAL TERMINAL F R E I G H T A D V A N T A G E Queensland to India $5 - $30/tonne G A P V S . U . S . & C A N A D A
11 Met Coal Market: Growing Demand for Centurion Product 0 100 200 300 400 500 600 700 J a n -1 9 J u l- 1 9 J a n -2 0 J u l- 2 0 J a n -2 1 J u l- 2 1 J a n -2 2 J u l- 2 2 J a n -2 3 J u l- 2 3 J a n -2 4 J u l- 2 4 J a n -2 5 J u l- 2 5 J a n -2 6 J u l- 2 6 Peabody LT View: $225 Source: Peabody Analysis; Platts (pricing chart) Near-term seasonal softness; Structural Indian demand supports premium hard coking coal NEAR-TERM MARKET PREMIUM HCC PRICING INDIA DEMAND OUTLOOK • Weakest period of seasonal conditions; demand expected to pick up next month post-monsoon • Current wet, hot conditions in China also limiting steel demand • Middle East conflict increases “tyranny of distance” for met coal importers • Sharp trade protectionism favors Australian met coal • India advancing an aggressive steel capacity expansion • India met coal imports increased 10% last year • India represents 60% of global blast furnace development pipeline • All Indian blast furnace steel relies on high-quality met coal imports • Coke from low-ash, high-CSR coals like Centurion is coveted by Indian steelmakers M A R K E T S I G N A L Supportive for Centurion $225/tonne P E A B O D Y L O N G - T E R M V I E W +10% I N D I A 2 0 2 5 M E T I M P O R T S (USD/TONNE)
12 Centurion: High-Margin Economics ~$100 million per quarter of Adjusted EBITDA potential at current pricing and projected cost structure 2024 Announcement 2026 Update PHCC (US$/tonne) $ 210 $ 225 LOM Average Volumes (short tons in millions) 4.7 4.7 Revenue per Ton $ 191 $ 204 QLD Royalty per Ton $ 31 $ 36 Other Cost per Ton (ex QLD) 1 $ 74 $ 78 Total Cash Cost per Ton 2 $ 105 $ 114 Adjusted EBITDA Margin per Ton $ 86 $ 90 Implied Annual Adjusted EBITDA (US$M) $ 404 $ 423 1 Assumes CPI of 2.9% in 2024 and 2.8% in 2025 when converting from 2024 to 2026 dollars. 2 0.72 AUD/USD exchange rate. Note: Adjusted EBITDA is a non-GAAP financial measure. Refer to the definitions and reconciliations to the nearest GAAP measure in the appendix. Illustrative Life-of-Mine Scenarios
13 Peabody: Compelling Investment Thesis Metallurgical Coal Anchored by Premier Hard Coking Coal Mine 1 U.S. Thermal Business Poised for Major Load Growth3 Low-Cost Seaborne Thermal Coal Serves Energy-Hungry Nations2 Upgrades Strengthen Capital Structure for the Long Term5 Focus on Free Cash Flow Per Share and Growing Shareholder Returns6 Peabody Development Activities Target Asset Optimization4
Q&A 14
Thank You I N V E S T O R R E L A T I O N S Kala Finklang ir@peabodyenergy.com NYSE: BTU peabodyenergy.com 15
16 Centurion Power Station Transforming methane to power and reducing emissions • Centurion’s power station captures methane that otherwise would be flared and turns it into on-site power, improving safety, reducing emissions and lowering costs • Current 5MW plant provides almost $425k in savings per year with plan to expand plant to 20MW • An additional integrated facility is being added to turn methane into LNG
17 10% 20% 30% 40% 50% 60% 70% 80% 15% 20% 25% 30% 35% 40% C o k e S tr e n g th m e a s u re d b y C S R % Volatile Matter % Coal Blending for Coke Optimization Framework USA High Vol A Hunter Valley Semi Soft Queensland Semi soft U S A L o w V o l. H C C Premium LV Australian Lol Vol . HCC Blend Target P re m iu m H C C S e m i H a rd / H C C S e m i S o ft Low Volatile Medium Volatile High Volatile Illustrative Centurion • Centurion produces Premium Low Volatile Hard Coking Coal (PLV HCC) • PLV HCC quality is perfect balance of high coal reactivity and coke strength • PLV HCC primarily exported from Australia and Canada • Lack of new projects, declining resource quality, and mine depletion1 is expected to lead to a shortage of seaborne HCC post-2032 Source: 1Wood Mackenzie, Global Metallurgical Coal Strategic Planning Outlook H1 2026; Peabody analysis. Source: 1Wood Mackenzie, Global Metallurgical Coal Strategic Planning Outlook H1 2026; Peabody analysis. Source: 1Wood Mackenzie, Global Metallurgical Coal Strategic Planning Outlook H1 2026; Peabody analysis. Best-in-Class Premium Hard Coking Coal High coke strength and low volatile matter are two key characteristics of quality coking coal such as Centurion. Centurion Product: Excellent Blend of Strength and Volatiles
18 Centurion Royalties • Centurion is subject to the Queensland Government Royalty charged on total revenue. Queensland Government royalties are based on coal prices per tonne (in $A). • Centurion South is subject to a special private royalty agreement established in relation to the sale of the property by a prior owner. This special royalty is limited to production from the Goonyella Middle Seam (GMS) within a defined area. The royalty, paid annually, amounts to 20% of the nominal before-tax cashflow attributable to sales from the defined area less capex, and any accumulated losses (since the original sale process was completed in CY2000). • Centurion North (Wards Well) tenements, is subject to a price-linked royalty payable to the prior owner on the first 120Mt of product coal mined from the area, capped at US$200M. Peabody will only commence making payments once it has recovered its upfront investment in the development of Centurion North. • All royalties have been considered in the financial analysis. Average price per tonne for period (A$) Rate Up to and including $100 7% Over $100 and up to and including $150 First $100: Balance: 7% 12.5% More than $150 and up to and including $175 First $100: Next $50: Balance: 7% 12.5% 15% More than $175 and up to and including $225 First $100: Next $50: Next $25: Balance: 7% 12.5% 15% 20% More than $225 and up to and including $300 First $100: Next $50: Next $25: Next $50: Balance: 7% 12.5% 15% 20% 30% More than $300 First $100: Next $50: Next $25: Next $50: Next $75: Balance: 7% 12.5% 15% 20% 30% 40% Queensland Government Royalty RatesCenturion Royalties
19 NARM Investor Day / Site Visit 2026 mine tour on September 23rd • Our investor and analyst community is invited to our 2026 Investor Day / Site Visit at our North Antelope Rochelle Mine in Wyoming • We have a full day planned with discussions with the Peabody executive leadership • Space is limited and is first-come, first- served • Contact the Peabody IR team for more information and to RSVP
20 Reconciliation of Non-GAAP Measures Year Ended Dec. 31, 2025 Adjusted EBITDA (In Millions) (1) Seaborne Thermal $ 222.2 Seaborne Metallurgical 56.4 Powder River Basin 175.8 Other U.S. Thermal 71.4 Total U.S. Thermal 247.2 Middlemount (10.9) Resource Management Results (2) 39.5 Selling and Administrative Expenses (105.0) Other Operating Costs, Net (3) 5.5 Adjusted EBITDA (1) $ 454.9 Reconciliation of Non-GAAP Financial Measures (In Millions) Loss from Continuing Operations, Net of Income Taxes $ (42.3) Depreciation, Depletion and Amortization 384.5 Asset Retirement Obligation Expenses 36.5 Restructuring Charges 9.5 Costs Related to Terminated Acquisition 78.9 Changes in Amortization of Basis Difference Related to Equity Affiliates (2.7) Other Operating Loss 5.6 Interest Expense, Net of Capitalized Interest 43.9 Interest Income (55.4) Net Mark-to-Market Adjustment on Actuarially Determined Liabilities (5.4) Unrealized Gains on Foreign Currency Option Contracts (6.0) Take-or-Pay Contract-Based Intangible Recognition (1.0) Income Tax Provision 8.8 Adjusted EBITDA (1) $ 454.9 Note: Refer to definitions and footnotes on slide 21
21 Reconciliation of Non-GAAP Measures Note: Management believes that non-GAAP financial measures are used by investors to measure our operating performance. These measures are not intended to serve as alternatives to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. Note: Certain forward-looking measures and metrics presented are non-GAAP financial and operating/statistical measures. Due to the volatility and variability of certain items needed to reconcile these measures to their nearest GAAP measure, no reconciliation can be provided without unreasonable cost or effort. 1) Adjusted EBITDA, which is a non-GAAP financial measure, is defined as loss from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization. Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the reportable segments' operating performance as displayed in the reconciliation above. Adjusted EBITDA is used by the chief operating decision maker as the primary financial metric to measure each segment's operating performance against expected results and to allocate resources, including capital investment in mining operations and potential expansions. 2) Includes gains (losses) on certain surplus coal reserve, coal resource and surface land sales and property management costs and revenue. 3) Includes trading and brokerage activities; costs associated with post-mining activities; gains (losses) on certain asset disposals; minimum charges on certain transportation-related contracts; results from the Company's other equity method investments; costs associated with suspended operations; holding costs associated with the Centurion Mine; the impact of foreign currency remeasurement; and expenses related to our other commercial activities.