Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION:

Prior to the completion of the Merger, the Company consisted of two reportable segments, the PAMC segment and the CONSOL Marine Terminal segment. Following completion of the Merger, the Company adjusted its internal reporting structure and the Company's CODM changed the manner in which he measures financial performance and allocates resources. Thus, the Company reassessed its reporting segments and the Company now consists of four reportable segments: (1) the High CV Thermal segment; (2) the Metallurgical segment; (3) the Powder River Basin (“PRB”) segment; and (4) the Baltimore Marine Terminal segment. Accordingly, the manner in which the Company reports its operations has been changed retrospectively, and all relevant prior period amounts have been recast to reflect this change.

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management to make decisions on and assess performance of the Company’s reportable segments. The Company manages its segments by market and coal quality, not by individual mining complex or geographic region. The High CV Thermal segment contains the Company’s High CV Thermal operations in Pennsylvania, West Virginia, and Colorado; the Metallurgical segment contains the Company’s metallurgical operations in West

Virginia; the PRB segment contains the Company’s surface mining complexes in Wyoming; and the Baltimore Marine Terminal segment contains the Company's coal export terminal operations in the Port of Baltimore.

The Company’s CODM is the chief executive officer, who utilizes Adjusted EBITDA to monitor each segment. Adjusted EBITDA removes financial activity not related to ongoing operations, which allows for a review of more streamlined operating results. It is used by the CODM to review the budget versus actual results and to evaluate the operating performance of each segment. This review and evaluation is utilized by the CODM to determine the best allocation of resources across the segments and for other business purposes.

Reportable segment results for the three months ended September 30, 2025 were as follows:

	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Total
Revenues from External Customers	$	514,721	$	292,694	$	186,366	$	5,591
Intersegment Revenues	—		—		—		14,187
	514,721		292,694		186,366		19,778		$	1,013,559
Other Revenues (a)									3,171
Elimination of Intersegment Revenues									(14,187)
Total Consolidated Revenues									1,002,543
Less: (b)
Cash Costs of Revenue	293,002		209,285		169,945		7,626
Transportation Costs	82,550		66,912		2,830		—
Other Segment Items (c)	—		(975)		—		—
Adjusted EBITDA	$	139,169	$	17,472	$	13,591	$	12,152	$	182,384
Reconciliation of segment profit or loss measure to consolidated earnings (loss) before income tax:
Other Profit or Loss (a)									679
Depreciation, Depletion and Amortization									(151,006)
General and Administrative Costs									(34,133)
Interest Expense									(10,606)
Interest Income									7,578
Non-Service Related Pension and Postretirement Benefit Costs									(6,562)
Idle Mine Costs									(5,080)
Other Operating Expense, net									(1,742)
Other Cost of Sales									(2,912)
Loss Before Income Tax									$	(21,400)

(a) Revenue and profit or loss from segments below the quantitative thresholds are attributable to the revenue and expense from various corporate and diversified business activities excluded from our reportable segments.

(b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(c) Other segment items include other non-operating income and expenses that are not part of each segment's ongoing operations.

	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Corporate and Other (a)		Consolidated
Segment Assets (b)	$	2,179,909	$	2,140,661	$	422,024	$	92,521	$	1,360,773	$	6,195,888
Depreciation, Depletion and Amortization	$	52,842	$	65,381	$	8,795	$	1,398	$	22,590	$	151,006
Capital Expenditures	$	40,642	$	2,719	$	1,876	$	3,104	$	956	$	49,297

(a) Includes various corporate and diversified business activities excluded from our reportable segments to reconcile to consolidated totals.

(b) Represents assets as of September 30, 2025.

Reportable segment results for the three months ended September 30, 2024 were as follows:

	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Total
Revenues from External Customers	$	517,720	$	24,425	$	—	$	7,490
Intersegment Revenues	—		—		—		16,250
	517,720		24,425		—		23,740		$	565,885
Other Revenues (a)									3,797
Elimination of Intersegment Revenues									(16,250)
Total Consolidated Revenues									553,432
Less: (b)
Cash Costs of Revenue	245,252		31,394		—		6,919
Transportation Costs	77,990		1,666		—		—
Other Segment Items (c)	(1,701)		—		—		—
Adjusted EBITDA	$	196,179	$	(8,635)	$	—	$	16,821	$	204,365
Reconciliation of segment profit or loss measure to consolidated earnings (loss) before income tax:
Other Profit or Loss (a)									1,042
Depreciation, Depletion and Amortization									(53,329)
General and Administrative Costs									(36,151)
Interest Expense									(4,664)
Interest Income									5,016
Non-Service Related Pension and Postretirement Benefit Costs									(4,400)
Idle Mine Costs									(1,291)
Other Operating Income, net									7,685
Other Cost of Sales									(5,102)
Earnings Before Income Tax									$	113,171

(a) Revenue and profit or loss from segments below the quantitative thresholds are attributable to the revenue and expense from various corporate and diversified business activities excluded from our reportable segments.

(b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(c) Other segment items include other non-operating income and expenses that are not part of each segment's ongoing operations.

	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Corporate and Other (a)		Consolidated
Segment Assets (b)	$	1,778,921	$	130,021	$	—	$	87,602	$	827,573	$	2,824,117
Depreciation, Depletion and Amortization	$	42,306	$	2,056	$	—	$	1,276	$	7,691	$	53,329
Capital Expenditures	$	30,743	$	4,484	$	—	$	2,805	$	1,356	$	39,388

(a) Includes various corporate and diversified business activities excluded from our reportable segments to reconcile to consolidated totals.

(b) Represents assets as of September 30, 2024.

Reportable segment results for the nine months ended September 30, 2025 were as follows:

	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Total
Revenues from External Customers	$	1,663,307	$	897,268	$	535,827	$	15,087
Intersegment Revenues	—		—		—		48,488
	1,663,307		897,268		535,827		63,575		$	3,159,977
Other Revenues (a)									10,821
Elimination of Intersegment Revenues									(48,488)
Total Consolidated Revenues									3,122,310
Less: (b)
Cash Costs of Revenue	927,621		634,425		471,349		23,028
Transportation Costs	275,363		210,982		8,030		—
Other Segment Items (c)	—		56,674		—		—
Adjusted EBITDA	$	460,323	$	(4,813)	$	56,448	$	40,547	$	552,505
Reconciliation of segment profit or loss measure to consolidated earnings (loss) before income tax:
Other Profit or Loss (a)									2,291
Depreciation, Depletion and Amortization									(441,825)
General and Administrative Costs									(158,285)
Interest Expense									(28,676)
Interest Income									20,297
Loss on Debt Extinguishment									(11,680)
Non-Service Related Pension and Postretirement Benefit Costs									(19,301)
Idle Mine Costs									(14,644)
Other Operating Income, net									3,169
Other Cost of Sales									(28,184)
Loss Before Income Tax									$	(124,333)

(a) Revenue and profit or loss from segments below the quantitative thresholds are attributable to the revenue and expense from various corporate and diversified business activities excluded from our reportable segments.

(b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(c) Other segment items include other non-operating income and expenses that are not part of each segment's ongoing operations.

	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Corporate and Other (a)		Consolidated
Segment Assets (b)	$	2,179,909	$	2,140,661	$	422,024	$	92,521	$	1,360,773	$	6,195,888
Depreciation, Depletion and Amortization	$	156,153	$	186,587	$	25,241	$	4,171	$	69,673	$	441,825
Capital Expenditures	$	122,812	$	57,192	$	6,785	$	5,884	$	10,631	$	203,304

(a) Includes various corporate and diversified business activities excluded from our reportable segments to reconcile to consolidated totals.

(b) Represents assets as of September 30, 2025.

Reportable segment results for the nine months ended September 30, 2024 were as follows:

	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Total
Revenues from External Customers	$	1,469,201	$	87,024	$	—	$	22,689
Intersegment Revenues	—		—		—		37,599
	1,469,201		87,024		—		60,288		$	1,616,513
Other Revenues (a)									11,927
Elimination of Intersegment Revenues									(37,599)
Total Consolidated Revenues									1,590,841
Less: (b)
Cash Costs of Revenue	717,948		99,862		—		20,223
Transportation Costs	228,842		7,645		—		—
Other Segment Items (c)	(3,021)		—		—		—
Adjusted EBITDA	$	525,432	$	(20,483)	$	—	$	40,065	$	545,014
Reconciliation of segment profit or loss measure to consolidated earnings (loss) before income tax:
Other Profit or Loss (a)									3,676
Depreciation, Depletion and Amortization									(165,173)
General and Administrative Costs									(77,669)
Interest Expense									(15,063)
Interest Income									14,145
Non-Service Related Pension and Postretirement Benefit Costs									(13,201)
Idle Mine Costs									(4,003)
Other Operating Income, net									17,608
Other Cost of Sales									(6,341)
Earnings Before Income Tax									$	298,993

(a) Revenue and profit or loss from segments below the quantitative thresholds are attributable to the revenue and expense from various corporate and diversified business activities excluded from our reportable segments.

(b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(c) Other segment items include other non-operating income and expenses that are not part of each segment's ongoing operations.

	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Corporate and Other (a)		Consolidated
Segment Assets (b)	$	1,778,921	$	130,021	$	—	$	87,602	$	827,573	$	2,824,117
Depreciation, Depletion and Amortization	$	129,146	$	6,267	$	—	$	3,544	$	26,216	$	165,173
Capital Expenditures	$	114,744	$	9,463	$	—	$	7,605	$	5,336	$	137,148

(a) Includes various corporate and diversified business activities excluded from our reportable segments to reconcile to consolidated totals.

(b) Represents assets as of September 30, 2024.

Revenues from customers that exceeded 10% of consolidated revenues were as follows:

	Three Months Ended September 30,			Nine Months Ended September 30,
	2025	2024		2025	2024
Customer A (a)	(b)	$	67,016	(b)	$	176,844
Customer B (a)	(b)	$	63,473	(b)	$	172,394

(a) Revenues from this customer were principally included in our High CV Thermal segment.

(b) Revenues during these periods were less than 10% of the Company's consolidated revenues.