Overview

• Company posted preliminary Q1 net loss, citing lower shipments and higher supply costs

• Company repurchased $17.5 mln in shares during the quarter

Outlook

• Company says it will provide 2026 expectations with definitive Q1 results in May

Result Drivers

• LOWER SHIPMENTS - Co said a planned month-long outage for equipment upgrades at Dominion Terminal Associates led to lower Q1 shipments

• HIGHER SUPPLY COSTS - Co said elevated costs, including repair and maintenance needs and a significant increase in diesel pricing, contributed to higher cost of coal sales

Company press release: ID:nPn16Yhf1a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		-$11 mln
Q1 Adjusted EBITDA		$30 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the iron & steel peer group is "buy."

• Wall Street's median 12-month price target for Alpha Metallurgical Resources Inc is $207.00, about 4.1% above its April 23 closing price of $198.91

• The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 14 three months ago

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