What changed in this filing

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Item 1. Financial Statements

2026-05-06 compared with 2025-11-07 · 125 added, 277 removed, 570 unchanged (41% of the section changed)

2 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(Dollars in millions, except per share data)

7 unchanged sentences

Costs related to terminated acquisition 3.0 2.4

Other operating (income) loss:

Net gain on disposals ( 11.7 ) ( 5.2 )

Provision for NARM loss — — — 3.7

Shoal Creek insurance recovery — — — ( 109.5 )

Loss from equity affiliates 5.7 6.7

19 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(Dollars in millions)

10 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(Amounts in millions, except per share data)

1 unchanged sentence

Cash and cash equivalents $ 492.5 $ 575.3

Accounts receivable, net of allowance for credit losses of $ 0.0 at September 30, 2025 and December 31, 2024

Accounts receivable, net of allowance for credit losses of $ 0.0 at March 31, 2026 and December 31, 2025

Inventories, net 405.5 383.2

5 unchanged sentences

Investments and other assets 126.3 127.6

Deferred income taxes 2.3 2.2

Total assets $ 5,710.0 $ 5,807.2

13 unchanged sentences

Preferred Stock — $ 0.01 per share par value;

100.0 shares authorized, no shares issued or outstanding as of September 30, 2025 and December 31, 2024

100.0 shares authorized, no shares issued or outstanding as of March 31, 2026 or December 31, 2025

Series Common Stock — $ 0.01 per share par value;

50.0 shares authorized, no shares issued or outstanding as of September 30, 2025 and December 31, 2024

50.0 shares authorized, no shares issued or outstanding as of March 31, 2026 or December 31, 2025

Common Stock — $ 0.01 per share par value;

450.0 shares authorized, 189.3 shares issued and 121.6 shares outstanding as of September 30, 2025 and 189.1 shares issued and 121.4 shares outstanding as of December 31, 2024

450.0 shares authorized, 189.6 shares issued and 121.8 shares outstanding as of March 31, 2026 and 189.3 shares issued and 121.6 shares outstanding as of December 31, 2025

Additional paid-in capital 4,010.3 4,004.8

Treasury stock, at cost — 67.7 common shares as of September 30, 2025 and December 31, 2024

Treasury stock, at cost — 67.8 and 67.7 common shares as of March 31, 2026 and December 31, 2025

( 1,930.6 ) ( 1,927.3 )

8 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30,

Three Months Ended March 31,

(Dollars in millions)

5 unchanged sentences

Depreciation, depletion and amortization 109.5 92.1

Noncash interest expense 4.2 4.0

Noncash interest expense, net 1.4 1.6

Deferred income taxes ( 22.8 ) ( 3.9 )

1 unchanged sentence

Net gain on disposals ( 11.7 ) ( 5.2 )

Noncash income from port and rail capacity assignment — ( 0.3 )

Loss from equity affiliates 5.7 6.7

Shoal Creek insurance recovery — ( 16.6 )

Unrealized gains on foreign currency option contracts ( 0.3 ) ( 4.3 )

14 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued)

Nine Months Ended September 30,

Three Months Ended March 31,

(Dollars in millions)

2 unchanged sentences

Changes in accrued expenses related to capital expenditures ( 37.1 ) ( 38.6 )

Wards Well acquisition — ( 143.8 )

Insurance proceeds attributable to Shoal Creek equipment losses — 10.9

Returned deposit related to terminated acquisition 29.0 —

Proceeds from disposal of assets, net of receivables 5.4 7.2

5 unchanged sentences

Repayments of long-term debt ( 2.4 ) ( 2.8 )

Repayment of loan note related to terminated acquisition ( 9.3 ) —

Payment of debt issuance and other deferred financing costs — ( 1.7 )

Common stock repurchases — ( 183.1 )

Excise taxes paid related to common stock repurchases ( 1.7 ) —

Repurchase of employee common stock relinquished for tax withholding ( 3.3 ) ( 0.8 )

18 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(Dollars in millions, except per share data)

8 unchanged sentences

Balance, beginning of period ( 1,927.3 ) ( 1,926.5 )

Common stock repurchases — ( 100.0 ) — ( 183.1 )

Net change in unsettled common stock repurchases — — — 2.6

Excise tax accrued on common stock repurchases — ( 1.0 ) — ( 1.7 )

Repurchase of employee common stock relinquished for tax withholding ( 3.3 ) ( 0.8 )

32 unchanged sentences

Balance sheet information presented herein as of December 31, 2025 has been derived from the Company’s audited consolidated balance sheet at that date.

The Company’s consolidated results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2025.

The Company’s consolidated results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2026.

(2) Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented

Newly Adopted Accounting Standards

The Company did not adopt any new accounting standards that had a material impact on its unaudited condensed consolidated financial statements or disclosures.

Induced Conversions of Convertible Debt .

In November 2024, Accounting Standards Update (ASU) 2024-04 was issued, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion.

The amendments in this ASU affect entities that settle convertible debt instruments for which the conversion privileges were changed to induce conversion.

The Company adopted this ASU on January 1, 2026.

The adoption of this ASU had no impact to the Company’s consolidated results of operations, cash flows, financial condition or disclosures, but would in the future if there are induced conversions.

Accounting Standards Not Yet Implemented

Income Taxes .

In December 2023, Accounting Standards Update (ASU) 2023-09 was issued, which requires public entities to disclose more information primarily related to the income tax rate reconciliation and income taxes paid.

The guidance also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities.

The Company is required to adopt the amendments for fiscal years beginning after December 15, 2024.

The amendments should be applied prospectively, with a retrospective option.

Early adoption is permitted.

The Company expects this ASU to only impact its disclosures with no impacts to its consolidated results of operations, cash flows and financial condition.

Expense Disaggregation .

4 unchanged sentences

The Company expects this ASU to only impact its disclosures with no impacts to its consolidated results of operations, cash flows and financial condition.

Induced Conversions of Convertible Debt .

In November 2024, ASU 2024-04 was issued, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion.

The amendments in this ASU affect entities that settle convertible debt instruments for which the conversion privileges were changed to induce conversion.

Government Grants .

In December 2025, ASU 2025-10 was issued, which establishes guidance on the recognition, measurement and presentation of a government grant received by a business entity.

GAAP did not provide such guidance, and many business entities have been analogizing to International Accounting Standard 20 or other guidance when accounting for government grants.

The Company is required to adopt the amendments for fiscal years beginning after December 15, 2028 and interim reporting periods within those periods.

The amendments should be applied prospectively, with a retrospective option.

The amendments can be applied using a modified retrospective or retrospective approach.

Early adoption is permitted.

8 unchanged sentences

With respect to its seaborne reportable segments, the Company classifies as “Export” certain revenue from domestically-delivered coal under contracts in which the price is derived on a basis similar to export contracts.

Three Months Ended September 30, 2025

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

Thermal Corporate and Other (1)

(Dollars in millions)

Domestic $ 33.6 $ — $ 301.4 $ 192.0 $ — $ 527.0

Export 208.8 — — — — 208.8

Total thermal 242.4 — 301.4 192.0 — 735.8

Metallurgical coal

Export — 258.5 — — — 258.5

Total metallurgical — 258.5 — — — 258.5

Other 0.3 0.4 — — 17.1 17.8

Revenue $ 242.7 $ 258.9 $ 301.4 $ 192.0 $ 17.1 $ 1,012.1

Three Months Ended September 30, 2024

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

Thermal Corporate and Other (1)

(Dollars in millions)

Domestic $ 38.8 $ — $ 304.2 $ 214.0 $ — $ 557.0

Export 272.4 — — — — 272.4

Total thermal 311.2 — 304.2 214.0 — 829.4

Metallurgical coal

Export — 240.4 — — — 240.4

Total metallurgical — 240.4 — — — 240.4

Other 2.0 2.1 1.1 2.7 10.3 18.2

Revenue $ 313.2 $ 242.5 $ 305.3 $ 216.7 $ 10.3 $ 1,088.0

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

9 unchanged sentences

Revenue $ 197.5 $ 283.0 $ 289.5 $ 184.5 $ 18.8 $ 973.3

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

10 unchanged sentences

(1) Corporate and Other includes the following:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(Dollars in millions)

Revenue from physical sale of coal (2)

$ 14.0 $ 5.9 $ 25.8 $ 20.1

Other 5.1 3.5

2 unchanged sentences

Primarily represents the difference between the price contracted with the customer and the price allocated to the reportable segment.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Accounts Receivable

“Accounts receivable, net” at September 30, 2025 and December 31, 2024 consisted of the following:

September 30, 2025 December 31, 2024

“Accounts receivable, net” at March 31, 2026 and December 31, 2025 consisted of the following:

March 31, 2026 December 31, 2025

(Dollars in millions)

2 unchanged sentences

Accounts receivable, net $ 309.5 $ 314.9

None of the above receivables included allowances for credit losses at September 30, 2025 or December 31, 2024.

No charges for credit losses were recognized during the three and nine months ended September 30, 2025 or 2024.

None of the above receivables included allowances for credit losses at March 31, 2026 or December 31, 2025.

No charges for credit losses were recognized during the three months ended March 31, 2026 or 2025.

(4) Inventories

“Inventories, net” as of September 30, 2025 and December 31, 2024 consisted of the following:

September 30, 2025 December 31, 2024

“Inventories, net” as of March 31, 2026 and December 31, 2025 consisted of the following:

March 31, 2026 December 31, 2025

(Dollars in millions)

Materials and supplies, net $ 172.5 $ 161.6

Raw coal 82.4 109.6

Saleable coal 154.2 126.0

Raw coal 78.8 95.6

Inventories, net $ 405.5 $ 383.2

Materials and supplies inventories, net presented above have been shown net of reserves of $ 3.9 million and $ 3.5 million as of September 30, 2025 and December 31, 2024, respectively.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Materials and supplies inventories, net presented above have been shown net of reserves of $ 5.2 million and $ 5.1 million as of March 31, 2026 and December 31, 2025, respectively.

(5) Equity Method Investments

The Company’s equity method investments include its interests in Middlemount Coal Pty Ltd.

(Middlemount), R3 Renewables LLC (R3), R3 Renewables II LLC (R3 II) and certain other equity method investments.

(Middlemount) and certain other equity method investments, including R3 Renewables II LLC (R3 II).

The table below summarizes the book value of those investments, which are reported in “Investments and other assets” in the condensed consolidated balance sheets, and the related “Loss from equity affiliates” in the unaudited condensed consolidated statements of operations:

Loss (Income) from Equity Affiliates

Book Value at Three Months Ended September 30, Nine Months Ended September 30,

September 30, 2025 December 31, 2024 2025 2024 2025 2024

Loss from Equity Affiliates

Book Value at Three Months Ended March 31,

March 31, 2026 December 31, 2025 2026 2025

(Dollars in millions)

Equity method investment related to Middlemount $ 44.0 $ 47.5 $ 4.5 $ 6.3

Equity method investment related to R3 — — — 4.3 — 11.2

Equity method investment related to R3 II 2.0 5.8 1.4 — 2.2 —

Other equity method investments — — 1.2 0.4

Total equity method investments $ 44.0 $ 47.5 $ 5.7 $ 6.7

In March 2022, the Company entered into a joint venture with unrelated partners to form R3, an entity in which the Company held a 50 % interest.

R3 was formed with the intent of developing various sites, including certain reclaimed mining land held by the Company in the U.S., for utility-scale photovoltaic solar generation and battery storage.

The Company contributed $ 10.8 million to R3 during the nine months ended September 30, 2024.

In November 2024, R3 sold seven projects to an unrelated party and contributed its remaining three projects to a new entity (R3 II).

The unrelated party purchased 75 % of the equity in R3 II for cash and contingent consideration for the future obligation to pay seller’s milestone payments.

R3 used the proceeds from the equity purchase of R3 II to repurchase shares from the other investors of R3, such that Peabody is the only remaining equity holder of R3, which has a 25 % equity interest in R3 II.

The Company contributed $ 0.7 million to R3 II during the nine months ended September 30, 2025.

Peabody has a 25 % equity interest in R3 II.

The unrelated party with the remaining equity interest in R3 II has a contingent consideration for the future obligation to pay Peabody milestone payments as defined when R3 II was established in 2024.

(6) Derivatives and Fair Value Measurements

1 unchanged sentence

These risk management activities are actively monitored for compliance with the Company’s risk management policies.

On a limited basis, the Company engages in the direct and brokered trading of coal and freight-related contracts.

Except those contracts for which the Company has elected to apply a normal purchases and normal sales exception, all derivative coal trading contracts are accounted for at fair value.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

On a limited basis, the Company engages in the direct and brokered trading of coal and freight-related contracts.

Except those contracts for which the Company has elected to apply a normal purchases and normal sales exception, all derivative coal trading contracts are accounted for at fair value.

Foreign Currency

The Company utilizes options and collars to hedge currency risk associated with anticipated Australian dollar operating expenditures.

As of September 30, 2025, the Company held average rate options with an aggregate notional amount of $ 524.0 million Australian dollars to hedge currency risk associated with anticipated Australian dollar operating expenditures over the nine-month period ending June 30, 2026.

As of March 31, 2026, the Company held average rate options with an aggregate notional amount of $ 528.0 million Australian dollars to hedge currency risk associated with anticipated Australian dollar operating expenditures over the nine-month period ending December 31, 2026.

The instruments entitle the Company to receive payment on the notional amount should the quarterly average Australian dollar-to-U.S.

dollar exchange rate exceed amounts ranging from $ 0.67 to $ 0.71 over the nine-month period ending June 30, 2026.

As of September 30, 2025, the Company also held purchased collars with an aggregate notional amount of $ 541.0 million Australian dollars related to anticipated Australian dollar operating expenditures during the nine-month period ending June 30, 2026.

The purchased collars have a floor ranging from approximately $ 0.58 to $ 0.61 and a ceiling ranging from $ 0.68 to $ 0.70 , whereby the Company will incur a loss on the instruments for quarterly average Australian dollar-to-U.S.

dollar exchange rate exceed amounts ranging from $ 0.71 to $ 0.76 over the nine-month period ending December 31, 2026.

As of March 31, 2026, the Company also held purchased collars with an aggregate notional amount of $ 539.0 million Australian dollars related to anticipated Australian dollar operating expenditures during the nine-month period ending December 31, 2026.

The purchased collars have a floor ranging from $ 0.60 to $ 0.66 and a ceiling ranging from $ 0.70 to $ 0.76 , whereby the Company will incur a loss on the instruments for quarterly average Australian dollar-to-U.S.

dollar exchange rates below the floor and a gain for quarterly average rates above the ceiling.

3 unchanged sentences

For classification purposes, the Company records the net fair value of all the positions with a given counterparty as a net asset or liability in the condensed consolidated balance sheets.

As of September 30, 2025, the Company had an asset derivative comprised of foreign currency option contracts with a fair value of $ 2.9 million.

As of December 31, 2024, the Company had a liability derivative comprised of foreign currency option contracts with a fair value of $ 3.6 million.

As of March 31, 2026, the Company had an asset derivative comprised of foreign currency option contracts with a fair value of $ 3.0 million.

As of December 31, 2025, the Company had an asset derivative comprised of foreign currency option contracts with a fair value of $ 2.7 million.

The net amount of asset derivatives is included in “Other current assets” and the net amount of liability derivatives is included in “Accounts payable and accrued expenses” in the accompanying condensed consolidated balance sheets.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company does not seek cash flow hedge accounting treatment for its derivative financial instruments and, thus, changes in fair value are reflected in current earnings.

The tables below show the amounts of pretax gains and losses related to the Company’s derivatives and their classification within the accompanying unaudited condensed consolidated statements of operations.

Three Months Ended September 30, 2025

Total loss recognized in income Loss realized in income on derivatives Unrealized loss recognized in income on derivatives

Derivative Instrument Classification

(Dollars in millions)

Foreign currency option contracts Operating costs and expenses $ ( 2.9 ) $ ( 0.6 ) $ ( 2.3 )

Total $ ( 2.9 ) $ ( 0.6 ) $ ( 2.3 )

Three Months Ended September 30, 2024

Total gain recognized in income Loss realized in income on derivatives Unrealized gain recognized in income on derivatives

Three Months Ended March 31, 2026

Total gain recognized in income Gain realized in income on derivatives Unrealized gain recognized in income on derivatives

Derivative Instrument Classification

2 unchanged sentences

Total $ 0.6 $ 0.3 $ 0.3

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2025

Total gain recognized in income Loss realized in income on derivatives Unrealized gain recognized in income on derivatives

3 unchanged sentences

Total $ 3.6 $ ( 0.7 ) $ 4.3

Nine Months Ended September 30, 2024

Total loss recognized in income Loss realized in income on derivatives Unrealized gain recognized in income on derivatives

Derivative Instrument Classification

(Dollars in millions)

Foreign currency option contracts Operating costs and expenses $ ( 2.1 ) $ ( 2.5 ) $ 0.4

Total $ ( 2.1 ) $ ( 2.5 ) $ 0.4

The Company classifies derivative-related activity within the “Cash Flows From Operating Activities” section of the unaudited condensed consolidated statements of cash flows.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Fair Value Measurements

4 unchanged sentences

and Level 3 - inputs are unobservable, or observable but cannot be market-corroborated, requiring the Company to make assumptions about pricing by market participants.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables set forth the hierarchy of the Company’s net asset (liability) positions for which fair value is measured on a recurring basis.

September 30, 2025

The following tables set forth the hierarchy of the Company’s net asset positions for which fair value is measured on a recurring basis.

March 31, 2026

Level 1 Level 2 Level 3 Total

6 unchanged sentences

Foreign currency option contracts $ — $ 2.7 $ — $ 2.7

Equity securities 1.0 — — 1.0

Total net assets (liabilities) $ 1.0 $ ( 3.6 ) $ — $ ( 2.6 )

Total net assets $ — $ 2.7 $ — $ 2.7

For Level 1 and 2 financial assets and liabilities, the Company utilizes both direct and indirect observable price quotes, including interest rate yield curves, exchange indices, broker/dealer quotes, published indices, issuer spreads, benchmark securities and other market quotes.

2 unchanged sentences

• Foreign currency option contracts are valued utilizing inputs obtained in quoted public markets (Level 2) except when credit and non-performance risk is considered to be a significant input, then the Company classifies such contracts as Level 3.

• Investments in equity securities are based on unadjusted quoted prices in active markets (Level 1).

Other Financial Instruments .

The following methods and assumptions were used by the Company in estimating fair values for other financial instruments as of September 30, 2025 and December 31, 2024:

The following methods and assumptions were used by the Company in estimating fair values for other financial instruments as of March 31, 2026 and December 31, 2025:

• Cash and cash equivalents, restricted cash, accounts receivable, including those within the Company’s accounts receivable securitization program, notes receivable and accounts payable have carrying values which approximate fair value due to the short maturity or the liquid nature of these instruments.

2 unchanged sentences

The fair value of debt, shown below, is principally based on reported market values and estimates based on interest rates, maturities, credit risk, underlying collateral and completed market transactions.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(Dollars in millions)

3 unchanged sentences

Estimated fair value $ 605.8 $ 557.8

The Company had no transfers between Levels 1, 2 and 3 during the three and nine months ended September 30, 2025 and 2024.

The Company had no transfers between Levels 1, 2 and 3 during the three months ended March 31, 2026 and 2025.

The Company’s policy is to value all transfers between levels using the beginning of period valuation.

2 unchanged sentences

(7) Property, Plant, Equipment and Mine Development

The composition of property, plant, equipment and mine development, net, as of September 30, 2025 and December 31, 2024 is set forth in the table below:

September 30, 2025 December 31, 2024

The composition of property, plant, equipment and mine development, net, as of March 31, 2026 and December 31, 2025 is set forth in the table below:

March 31, 2026 December 31, 2025

(Dollars in millions)

5 unchanged sentences

At-Risk Assets

The Company identified certain assets with an aggregate carrying value of approximately $ 68 million at September 30, 2025 in its Other U.S.

The Company identified certain assets with an aggregate carrying value of approximately $ 60 million at March 31, 2026 in its Other U.S.

Thermal segment whose recoverability is most sensitive to customer concentration risk.

(8) Income Taxes

The Company's effective tax rate before remeasurement for the nine months ended September 30, 2025 is based on the Company’s estimated full year effective tax rate, comprised of expected statutory tax provision, offset by foreign rate differential and changes in valuation allowance.

The Company’s income tax benefit of $ 3.4 million and income tax provision of $ 25.7 million for the three months ended September 30, 2025 and 2024, respectively, included tax provisions of $ 0.4 million and $ 1.0 million, respectively, related to the remeasurement of foreign income tax accounts.

The Company’s income tax benefit of $ 1.2 million and income tax provision of $ 85.2 million for the nine months ended September 30, 2025 and 2024, respectively, included a tax provision of $ 2.3 million and a tax benefit of $ 2.9 million, respectively, related to the remeasurement of foreign income tax accounts.

Due to existing valuation allowances, the income tax expense is primarily related to the Australian income.

The Company's effective tax rate before remeasurement for the three months ended March 31, 2026 is based on the Company’s estimated full year effective tax rate, comprised of expected statutory tax provision, offset by foreign rate differential and changes in valuation allowance.

The Company’s income tax benefit of $ 16.0 million and income tax provision of $ 4.9 million for the three months ended March 31, 2026 and 2025, respectively, included a tax benefit of $ 0.2 million and a tax provision of $ 0.5 million, respectively, related to the remeasurement of foreign income tax accounts.

Due to existing valuation allowances, the income tax (benefit) provision is primarily related to the Australian results of operations.

(9) Long-term Debt

The Company’s total indebtedness as of September 30, 2025 and December 31, 2024 consisted of the following:

Debt Instrument (defined below, as applicable) September 30, 2025 December 31, 2024

The Company’s total indebtedness as of March 31, 2026 and December 31, 2025 consisted of the following:

Debt Instrument (defined below, as applicable) March 31, 2026 December 31, 2025

(Dollars in millions)

1 unchanged sentence

$ 320.0 $ 320.0

BUMA Loan Note — 9.3

Finance lease obligations 19.1 20.8

5 unchanged sentences

The 2028 Convertible Notes are senior unsecured obligations of the Company and are governed under an indenture.

The Company used the proceeds of the offering of the 2028 Convertible Notes and available cash to redeem its then-existing senior secured notes and to pay related premiums, fees and expenses relating to the offering and redemptions.

The Company capitalized $ 11.2 million of debt issuance costs related to the offering, which are being amortized over the terms of the notes.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The 2028 Convertible Notes will mature on March 1, 2028, unless earlier converted, redeemed or repurchased in accordance with their terms.

The 2028 Convertible Notes bear interest at a rate of 3.250 % per year, payable semi-annually in arrears on March 1 and September 1 of each year.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The initial conversion rate for the 2028 Convertible Notes was 50.3816 shares of the Company’s common stock per $ 1,000 principal amount of 2028 Convertible Notes, which represented an initial conversion price of approximately $ 19.85 per share of the Company’s common stock.

The terms of the indenture require conversion rate adjustments upon the payment of dividends to holders of the Company’s common stock once such cumulative dividends impact the conversion rate by at least 1 %.

Effective February 19, 2025, the conversion rate was increased to 51.7762 shares of the Company’s common stock per $ 1,000 principal amount of 2028 Convertible Notes, which represented an adjusted conversion price of approximately $ 19.31 per share.

Under the applicable conversion rate formula, the cumulative $ 0.150 per share dividends declared and paid since the prior conversion rate adjustment yielded a revised conversion rate of 52.2561 shares per $ 1,000 principal amount of 2028 Convertible Notes, which did not meet the 1 % threshold to impact the existing conversion rate of 51.7762 .

Effective November 13, 2025, the conversion rate was increased to 52.3853 shares of the Company’s common stock per $ 1,000 principal amount of 2028 Convertible Notes, which represented an adjusted conversion price of approximately $ 19.09 per share.

Under the applicable conversion rate formula, the $ 0.075 per share dividend declared and paid since the prior conversion rate adjustment yielded a revised conversion rate of 52.5028 shares per $ 1,000 principal amount of 2028 Convertible Notes, which did not meet the 1 % threshold to impact the existing conversion rate of 52.3853 .

The conversion rate may be impacted prospectively, based upon cumulative dividends paid.

The conversion rate is also subject to further adjustment under certain circumstances in accordance with the terms of the indenture.

During the third quarter of 2025, the Company’s reported common stock prices did not prompt the conversion feature of the 2028 Convertible Notes.

As a result, the 2028 Convertible Notes will not be convertible during the fourth quarter of 2025.

As of September 30, 2025, the if-converted value of the 2028 Convertible Notes exceeded the principal amount by $ 123.5 million.

During both the fourth quarter of 2025 and the first quarter of 2026, the Company’s reported common stock prices prompted the conversion feature of the 2028 Convertible Notes.

As a result, the 2028 Convertible Notes were convertible at the option of the holders during the first quarter of 2026, for which no conversion requests were received, and remain convertible during the second quarter of 2026.

It is the Company’s current intent to settle any conversions of the 2028 Convertible Notes through shares of its common stock.

As such, the 2028 Convertible Notes are not classified as a current obligation in the accompanying condensed consolidated balance sheets.

Through May 4, 2026, the Company has not received any conversion requests and does not anticipate receiving any conversion requests in the near term as the market value of the 2028 Convertible Notes exceeds their conversion value.

As of March 31, 2026, the if-converted value of the 2028 Convertible Notes exceeded the principal amount by $ 232.4 million.

Revolving Credit Facility

The Company established a revolving credit facility with a maximum aggregate principal amount of $ 320.0 million in revolving commitments by entering into a credit agreement, dated as of January 18, 2024 (the 2024 Credit Agreement), by and among the Company, as borrower, certain subsidiaries of the Company party thereto, PNC Bank, National Association, as administrative agent, and the lenders party thereto.

The Company paid aggregate debt issuance costs of $ 9.7 million.

The revolving commitments and any related loans, if applicable (any such loans, the Revolving Loans), established by the 2024 Credit Agreement terminate or mature, as applicable, on January 18, 2028, subject to certain conditions relating to the Company’s outstanding 2028 Convertible Notes.

2 unchanged sentences

Unused capacity under the 2024 Credit Agreement bears a commitment fee of 0.50 % per annum.

On November 25, 2024, the Company amended the 2024 Credit Agreement to, among other things, permit (i) Peabody’s then-planned acquisition of multiple coal mines from Anglo American plc (Anglo), (ii) the related bridge loan facility and (iii) the incurrence of additional indebtedness to finance the acquisition, subject to compliance with certain pro forma financial covenants.

The Company paid aggregate deferred financing costs of $ 0.9 million as part of the amendment.

As further discussed in Note 14.

“Commitments and Contingencies,” Peabody terminated the acquisition with Anglo on August 19, 2025.

As of September 30, 2025, the 2024 Credit Agreement had only been utilized for letters of credit, including $ 49.3 million outstanding as of September 30, 2025.

As of March 31, 2026, the 2024 Credit Agreement had only been utilized for letters of credit, including $ 49.2 million outstanding as of March 31, 2026.

These letters of credit support the Company’s reclamation bonding requirements, lease obligations, insurance policies and various other performance guarantees as further described in Note 12.

“Financial Instruments and Other Guarantees.” Availability under the 2024 Credit Agreement was $ 270.7 million at September 30, 2025.

“Financial Instruments and Other Guarantees.” Availability under the 2024 Credit Agreement was $ 270.8 million at March 31, 2026.

The 2024 Credit Agreement contains customary covenants that, among other things and subject to certain exceptions (including compliance with financial ratios), may limit the Company and its subsidiaries’ ability to incur additional indebtedness, make certain restricted payments or investments, sell or otherwise dispose of assets, enter into transactions with affiliates, create or incur liens, and merge, consolidate or sell all or substantially all of their assets.

3 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

BUMA Loan Note

The Company had agreed to, following the closing of the then-planned Anglo acquisition, sell a portion of the assets (the Dawson Assets) to Pt Bukit Makmur Mandiri Utama or one of its subsidiaries (BUMA).

Accordingly, on November 25, 2024, concurrent with its entry into the purchase agreements for the Anglo acquisition, the Company entered into a loan note deed with BUMA pursuant to which BUMA would lend to the Company the funds required to purchase the Dawson Assets under the Anglo acquisition purchase agreements and fund certain other obligations in relation to the Dawson Assets (the BUMA Loan Note).

The Company received $ 9.3 million in BUMA Loan Note proceeds during the year ended December 31, 2024 to fund a portion of the deposit to Anglo for the then-planned acquisition.

Concurrent with the August 19, 2025 termination of the Anglo acquisition, the Company terminated the agreement for the related sale of the Dawson Assets to BUMA and returned the $ 9.3 million of proceeds during the three months ended September 30, 2025.

Refer to Note 14.

“Commitments and Contingencies” for additional information associated with the Anglo acquisition.

Bridge Loan Facility

Concurrently with its entry into definitive agreements to acquire the Anglo assets, the Company entered into a bridge loan facility commitment letter (the Bridge Commitment Letter, and the senior secured 364-day bridge facility provided for therein, the Bridge Facility), pursuant to which the lenders agreed to provide the Bridge Facility to the Company in order to finance the then-planned acquisition in part.

The Bridge Facility was terminated on August 19, 2025.

During the three and nine months ended September 30, 2025, the Company paid commitment and duration fees on the Bridge Facility of $ 36.3 million and $ 46.7 million, respectively, which are included in “Costs related to terminated acquisition” in the unaudited condensed consolidated statements of operations.

Interest Charges

1 unchanged sentence

Additionally, the table sets forth the amount of cash paid for interest, net of capitalized interest and the amount of non-cash interest expense primarily related to the amortization of debt issuance costs.

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(Dollars in millions)

2028 Convertible Notes $ 2.6 $ 2.6

Finance lease obligations 0.3 0.4

Financial assurance instruments 6.7 7.2

1 unchanged sentence

Receivables securitization program 0.6 0.6

Finance lease obligations 0.4 0.4 1.1 1.3

Capitalized interest ( 2.1 ) ( 2.2 )

4 unchanged sentences

Covenant Compliance

The Company was compliant with all relevant covenants under its debt and other finance agreements at September 30, 2025.

The Company was compliant with all relevant covenants under its debt and other finance agreements at March 31, 2026.

(10) Pension and Postretirement Benefit Costs

The components of net periodic pension, postretirement benefit and workers’ compensation costs, excluding the service cost for benefits earned, are included in “Net periodic benefit credit, excluding service cost” in the unaudited condensed consolidated statements of operations.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company sponsors a qualified pension plan.

Annual contributions to the qualified plan are made in accordance with minimum funding standards and the Company’s agreement with the Pension Benefit Guaranty Corporation (PBGC).

Annual contributions to the qualified plan are made in accordance with minimum funding standards.

Funding decisions also consider certain funded status thresholds defined by the Pension Protection Act of 2006.

As of September 30, 2025, the qualified plan was expected to be at or above the Pension Protection Act thresholds.

The Company is not required to make any cash contributions to the qualified plan in 2025 based on minimum funding requirements.

During the nine months ended September 30, 2025, the Company made a discretionary cash contribution of $ 5.0 million to the qualified plan which allowed for termination of the Company’s agreement with the PBGC and resulted in the release of a $ 37.0 million letter of credit that had been maintained in favor of the PBGC.

As of March 31, 2026, the qualified plan was expected to be at or above the Pension Protection Act thresholds.

The Company expects to contribute $ 2.0 million to the qualified plan in 2026 to maintain these thresholds and meet minimum funding requirements.

Net periodic postretirement benefit credit included the following components:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(Dollars in millions)

6 unchanged sentences

The Company does not expect to make any discretionary contributions to the VEBA trust in 2026 and plans to utilize a portion of VEBA assets to make certain benefit payments.

(11) Other Events

Wards Well Acquisition

On April 16, 2024, the Company acquired the southern part of the Wards Well tenements (Wards Well) which are adjacent to the Company’s Centurion Mine in Queensland, Australia.

The acquisition was accounted for as an asset acquisition.

The acquired asset was measured at the cost of the acquisition based on the total consideration, allocated on the basis of relative fair value.

The total consideration of $ 153.4 million, consisting of cash consideration of $ 134.4 million, cash transaction costs of $ 9.4 million and the non-cash settlement of existing receivables with the acquiree of $ 9.6 million, was recorded in “Property, plant, equipment and mine development, net” in the condensed consolidated balance sheets.

The agreement also included an initial contingent royalty of up to $ 200 million.

The royalty will only be payable once the Company has recovered its investment and development costs of Wards Well and if the average sales price achieved exceeds certain thresholds.

No royalty is payable if the Company does not commence mining Wards Well.

The Company will adjust the cost basis of the assets acquired if and when the contingent royalty is paid or becomes payable.

On March 29, 2023, the Company’s Shoal Creek Mine experienced a fire.

On June 20, 2023, the Company announced that the Shoal Creek Mine, in coordination with the Mine Safety and Health Administration, had safely completed localized sealing of the affected area of the mine.

In October 2023, the Company filed an insurance claim against applicable insurance policies with combined business interruption and property loss limits of $ 125 million above a $ 50 million deductible.

During June 2024, the Company reached a settlement and recognized a $ 109.5 million insurance recovery, which the Company included in its results of operations during the nine months ended September 30, 2024.

The Company collected $ 103.8 million of the insurance recovery during the nine months ended September 30, 2024, and classified $ 10.9 million of the recovery within the “Cash Flows From Investing Activities” section of the unaudited condensed consolidated statements of cash flows since this portion of the recovery related to equipment damage for which the Company previously recognized a provision for loss.

The remaining $ 5.7 million of the insurance recovery was subsequently collected in October 2024.

PEABODY ENERGY CORPORATION

12 unchanged sentences

In periods where the potentially dilutive common stock is included in the computation of diluted EPS, the numerator will be adjusted to add back tax adjusted interest expense, which includes the amortization of debt issuance costs, related to the convertible debt.

The computation of diluted EPS excluded 16.6 million and 16.5 million shares related to the 2028 Convertible Notes for the three and nine months ended September 30, 2025, respectively, because their inclusion would have been anti-dilutive for those periods.

The computation of diluted EPS also excluded aggregate share-based compensation awards of 0.8 million and 1.0 million for the three and nine months ended September 30, 2025, respectively, and less than 0.1 million for both the three and nine months ended September 30, 2024 because to do so would have been anti-dilutive for those periods.

The computation of diluted EPS excluded 16.8 million shares related to the 2028 Convertible Notes for the three months ended March 31, 2026, because their inclusion would have been anti-dilutive for those periods.

The computation of diluted EPS also excluded aggregate share-based compensation awards of 1.3 million shares and 0.3 million shares for the three months ended March 31, 2026 and 2025, respectively, because to do so would have been anti-dilutive for those periods.

Because the potential dilutive impact of such share-based compensation awards is calculated under the treasury stock method, anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share of such awards are higher than the Company’s average stock price during the applicable period.

3 unchanged sentences

The following illustrates the earnings allocation method utilized in the calculation of basic and diluted EPS.

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(In millions, except per share data)

14 unchanged sentences

Weighted average shares outstanding — basic

121.7 124.9 121.7 126.3

Dilutive impact of share-based compensation awards — 0.6

17 unchanged sentences

The following table summarizes the Company’s financial instruments that carry off-balance-sheet risk.

September 30, 2025

March 31, 2026

Reclamation Support Other Support (1)

15 unchanged sentences

In order to maintain the maximum collateral agreement, the Company must remain compliant with a minimum liquidity test and a maximum net leverage ratio, as measured each quarter.

The minimum liquidity test requires the Company to maintain liquidity at the greater of $ 400 million or the difference between the penal sum of all surety bonds and the amount of collateral posted in favor of surety providers, which was $ 493.9 million at September 30, 2025.

The minimum liquidity test requires the Company to maintain liquidity at the greater of $ 400 million or the difference between the penal sum of all surety bonds included within the surety bond portfolio and the amount of collateral posted in favor of surety providers, which was $ 479.0 million at March 31, 2026.

The Company must also maintain a maximum net leverage ratio of 1.5 to 1.0 , where the numerator consists of its funded debt, net of cash, and the denominator consists of its Adjusted EBITDA for the trailing twelve months.

1 unchanged sentence

The Company’s ability to pay dividends and make share repurchases is also subject to the quarterly minimum liquidity test.

The Company is in compliance with such requirements at September 30, 2025.

At September 30, 2025, the Company’s maximum aggregate collateral amount was $ 519.2 million , which was comprised of $ 392.8 million in trust accounts and letters of credit of $ 126.4 million held for the benefit of certain surety providers.

The Company is in compliance with such requirements at March 31, 2026.

At March 31, 2026, the Company’s maximum aggregate collateral amount was $ 504.1 million , which was comprised of $ 377.7 million in trust accounts and letters of credit of $ 126.4 million held for the benefit of certain surety providers.

Accounts Receivable Securitization

4 unchanged sentences

The accounts receivable securitization program was amended in January 2025 to extend its maturity to January 2028.

During the nine months ended September 30, 2025, the Company capitalized $ 1.8 million of debt issuance costs related to the amendment.

The Company capitalized $ 1.8 million of debt issuance costs related to the amendment.

Borrowings under the Securitization Program bear interest at SOFR plus 2.1 % per annum and remain outstanding throughout the term of the agreement, subject to the Company maintaining sufficient eligible receivables.

At September 30, 2025, the Company had no outstanding borrowings and $ 62.5 million of letters of credit outstanding under the Securitization Program.

Availability under the Securitization Program, which is adjusted for certain ineligible receivables, was $ 77.2 million at September 30, 2025.

The Company was not required to post cash collateral under the Securitization Program at September 30, 2025.

At March 31, 2026, the Company had no outstanding borrowings and $ 66.0 million of letters of credit outstanding under the Securitization Program.

Availability under the Securitization Program, which is adjusted for certain ineligible receivables, was $ 104.9 million at March 31, 2026.

The Company was not required to post cash collateral under the Securitization Program at March 31, 2026.

The Company incurred interest and fees associated with the Securitization Program of $ 0.6 million during the three months ended March 31, 2026 and 2025, which have been recorded as “Interest expense, net of capitalized interest” in the accompanying unaudited condensed consolidated statements of operations.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company incurred interest and fees associated with the Securitization Program of $ 0.6 million and $ 0.5 million during the three months ended September 30, 2025 and 2024, respectively, and $ 1.8 million and $ 1.9 million during the nine months ended September 30, 2025 and 2024, respectively, which have been recorded as “Interest expense, net of capitalized interest” in the accompanying unaudited condensed consolidated statements of operations.

Credit Support Facilities

In February 2022, the Company entered into an agreement which provides up to $ 250.0 million of capacity for irrevocable standby letters of credit, primarily to support reclamation bonding requirements.

The initial agreement required the Company to provide cash collateral at a level of 103 % of the aggregate amount of letters of credit outstanding under the arrangement (limited to $ 5.0 million total excess collateralization).

Outstanding letters of credit bear a fixed fee in the amount of 0.75 % per annum.

The Company receives a variable deposit rate on the amount of cash collateral posted in support of letters of credit.

At September 30, 2025, letters of credit of $ 115.6 million were outstanding under the agreement, which were collateralized by cash of $ 119.1 million.

The agreement was amended on November 3, 2025, to (i) extend the expiration date to December 31, 2030 and (ii) change the required minimum cash collateral amount to 102 % of the aggregate amount of letters of credit outstanding under the agreement, provided that in the event the Company’s credit rating falls below certain thresholds, the minimum collateral amount shall increase to 103 %.

The agreement was amended on November 3, 2025, to (i) extend the expiration date to December 31, 2030 and (ii) reduce the required minimum cash collateral amount to 102 % of the aggregate amount of letters of credit outstanding under the agreement, provided that in the event the Company’s credit rating falls below certain thresholds, the minimum collateral amount shall increase to 103 %.

At March 31, 2026, letters of credit of $ 78.1 million were outstanding under the agreement.

In December 2023, the Company established cash-backed bank guarantee facilities, primarily to support Australian reclamation bonding requirements.

The Company receives a variable deposit rate on the amount of cash collateral posted in support of the bank guarantee facilities, which mature at various dates between 2026 and 2029.

At September 30, 2025, the bank guarantee facilities were backed by cash of $ 205.9 million.

At March 31, 2026, guarantees of $ 218.5 million were issued for which the Company receives a variable deposit rate on the amount of cash collateral posted in support of the facilities, which mature at various dates between 2026 and 2030.

Restricted Cash and Collateral

4 unchanged sentences

Portions of the restricted cash balances and deposits are held in accounts denominated in Australian dollars.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(Dollars in millions)

11 unchanged sentences

interest and other earnings on such funds accrue to the Company.

(3) At September 30, 2025, the Australian dollar denominated balances supporting the bank guarantee facilities and the deposits with regulatory authorities were $ 312 million and $ 201 million, respectively.

(3) At March 31, 2026, the Australian dollar denominated balances supporting the bank guarantee facilities and the deposits with regulatory authorities were $ 319 million and $ 198 million, respectively.

At December 31, 2025, the Australian dollar denominated balances supporting the bank guarantee facilities and the deposits with regulatory authorities were $ 312 million and $ 201 million, respectively.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(13) Commitments and Contingencies

Unconditional Purchase Obligations

As of September 30, 2025, purchase commitments for capital expenditures were $ 64.7 million, all of which is obligated within the next 12 months.

As of March 31, 2026, purchase commitments for capital expenditures were $ 51.9 million, all of which is obligated within the next 12 months.

There were no other material changes to the Company’s commitments from the information provided in Note 20.

“Commitments and Contingencies” to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Contingencies

3 unchanged sentences

Litigation and Matters Relating to Continuing Operations

Arbitration Relating to Terminated Anglo American Acquisition.

Arbitration Relating to Terminated Anglo American plc (Anglo) Acquisition.

On November 25, 2024, Peabody entered into definitive agreements (the Purchase Agreements) to acquire from Anglo a portion of the assets and businesses associated with Anglo’s metallurgical coal portfolio in Australia, including Anglo’s interests in the Moranbah North and Grosvenor mines, the Moranbah South development project, the Capcoal complex, the Roper Creek mine and the Dawson complex (comprising the Dawson Main/Central operating mine, the Dawson South operating mine, the Dawson South Exploration project and the Theodore South exploration project, collectively, the Dawson Assets).

The Company agreed to, following the prospective closing of the Anglo acquisition, sell the Dawson Assets to BUMA.

The Company agreed to, following the prospective closing of the Anglo acquisition, sell the Dawson Assets to Pt Bukit Makmur Mandiri Utama or one of its subsidiaries (BUMA).

On August 19, 2025, Peabody terminated the Purchase Agreements.

10 unchanged sentences

Seaborne Thermal, Seaborne Metallurgical, Powder River Basin and Other U.S.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company’s chief operating decision maker (CODM), defined as the President and Chief Executive Officer, uses Adjusted EBITDA 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.

4 unchanged sentences

GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.

Segment results were as follows:

Three Months Ended September 30, 2025

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

Thermal Segment Totals

(Dollars in millions)

Revenue $ 242.7 $ 258.9 $ 301.4 $ 192.0 $ 995.0

Less Significant Segment Expenses:

Labor costs 35.8 62.4 56.5 54.3

Repair costs 29.3 48.5 38.8 40.5

Outside services 31.2 100.4 35.0 40.8

Commodities expense 20.6 17.1 42.3 19.2

Sales related costs 54.0 56.1 66.2 11.5

Other expenses (1)

30.8 ( 53.4 ) 10.9 18.8

Adjusted EBITDA 41.0 27.8 51.7 6.9 127.4

Additions to property, plant, equipment and mine development 8.2 87.8 11.5 7.7 115.2

Three Months Ended September 30, 2024

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

Thermal Segment Totals

(Dollars in millions)

Revenue $ 313.2 $ 242.5 $ 305.3 $ 216.7 $ 1,077.7

Less Significant Segment Expenses:

Labor costs 38.8 54.1 50.9 54.8

Repair costs 44.6 63.3 33.9 36.7

Outside services 35.4 77.0 31.9 36.5

Commodities expense 23.0 14.8 41.7 19.2

Sales related costs 57.8 52.9 82.5 14.3

Other expenses (1)

( 6.4 ) ( 47.4 ) 12.7 26.8

Adjusted EBITDA 120.0 27.8 51.7 28.4 227.9

Additions to property, plant, equipment and mine development 17.4 64.5 9.8 4.9 96.6

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Nine Months Ended September 30, 2025

Reportable segment results were as follows:

Three Months Ended March 31, 2026

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

Thermal Segment Totals

Thermal Reportable Segment Totals

(Dollars in millions)

10 unchanged sentences

Additions to property, plant, equipment and mine development 8.6 55.0 15.4 5.2 84.2

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

Thermal Segment Totals

Thermal Reportable Segment Totals

(Dollars in millions)

10 unchanged sentences

Additions to property, plant, equipment and mine development 8.5 53.2 3.9 4.6 70.2

(1) Other expenses for the mining operations primarily include lease expense;

non-sales related taxes;

insurance expense;

and joint facility charges;

offset by credits related to the capitalization of costs to the consolidated balance sheet.

For the nine months ended September 30, 2024, the Seaborne Metallurgical segment includes $ 80.8 million related to the portion of the Shoal Creek insurance recovery that was applicable to incremental costs and business interruption recoveries.

Total assets are reflected at the division level only for the Company’s reportable segments and are not allocated between each individual segment as such information is not regularly reviewed by the Company’s CODM.

Further, some assets service more than one segment within the division and an allocation of such assets would not be meaningful or representative on a segment by segment basis.

(1) Other expenses primarily include lease expense, non-sales related taxes, insurance expense and joint facility charges;

offset by credits related to the capitalization of costs to the condensed consolidated balance sheet.

Total assets are reflected at the division level only for the Company’s reportable segments and are not allocated between each individual reportable segment as such information is not regularly reviewed by the Company’s CODM.

Further, some assets service more than one reportable segment within the division and an allocation of such assets would not be meaningful or representative on a reportable segment by reportable segment basis.

Assets related to closed, suspended or otherwise inactive mines are included within the Corporate and Other category.

The following table presents total assets at the division level:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(Dollars in millions)

5 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

A reconciliation of segment totals follows:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

A reconciliation of reportable segment totals follows:

Three Months Ended March 31,

(Dollars in millions)

2 unchanged sentences

Corporate and Other 18.8 7.5

17.1 10.3 36.6 33.6

Revenue $ 973.3 $ 937.0

7 unchanged sentences

Costs related to terminated acquisition ( 3.0 ) ( 2.4 )

Provision for NARM loss — — — ( 3.7 )

Shoal Creek insurance recovery - property damage — — — 28.7

Changes in amortization of basis difference related to equity affiliates 0.6 0.6

1 unchanged sentence

Interest income 13.1 15.4

Unrealized (losses) gains on foreign currency option contracts ( 2.3 ) 3.7 6.1 0.4

Unrealized gains on foreign currency option contracts 0.3 4.3

Take-or-pay contract-based intangible recognition — 0.2

3 unchanged sentences

Corporate and Other 1.2 0.2

1.0 2.1 2.0 3.6

Additions to property, plant, equipment and mine development $ 85.4 $ 70.4

(1) The Company’s Corporate and Other operating segment includes selling and administrative expenses, results from equity method investments, trading and brokerage activities, minimum charges on certain transportation-related contracts, the closure of inactive mining sites, the impact of foreign currency remeasurement and certain commercial matters.

(1) Corporate and Other includes selling and administrative expenses, results from equity method investments, trading and brokerage activities, minimum charges on certain transportation-related contracts, the closure of inactive mining sites, the impact of foreign currency remeasurement and certain commercial matters.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements