SEGMENTS OF BUSINESS (Tables)

3 Months Ended

Mar. 31, 2026

SEGMENTS OF BUSINESS

Schedule of key metrics reviewed by CODM

Presented below are the Electric and Coal Operations key metrics reviewed by the CODM for the three months ended March 31, 2026 (in thousands):

	Electric Operations			Coal Operations
Delivered energy	$	49,562	Coal sales	$	46,412
Accredited capacity revenue		15,534
Electric sales	$	65,096
Fuel	$	(27,527)
Other operating costs (1)		(29)
Total variable costs	$	(27,556)
Other operating and maintenance costs (2)	$	(8,854)	Fuel	$	(528)
Cost of purchased power		(14,863)	Other operating and maintenance costs		(20,273)
Utilities		(134)	Utilities		(3,199)
Labor		(8,129)	Labor		(19,259)
Power margin without general and administrative		5,560	Coal margin without general and administrative		3,153
General and administrative		(1,310)	General and administrative		(2,211)
Electric Operations — Segment EBITDA	$	4,250	Coal Operations — Segment EBITDA	$	942

(1) Other operating costs primarily include costs for lime dust.

(2) Other operating and maintenance costs include all other operating and maintenance costs with the exceptions of those costs considered variable included in fuel and other operating costs.

Presented below are the Electric and Coal Operations key metrics reviewed by the CODM for the three months ended March 31, 2025 (in thousands):

	Electric Operations			Coal Operations
Delivered energy	$	72,136	Coal sales	$	54,774
Accredited capacity revenue		13,807
Electric sales	$	85,943
Fuel	$	(38,071)
Other operating costs (1)		(8)
Total variable costs	$	(38,079)
Other operating and maintenance costs (2)	$	(4,527)	Fuel	$	(556)
Cost of purchased power		(6,840)	Other operating and maintenance costs		(23,854)
Utilities		(676)	Utilities		(3,476)
Labor		(8,143)	Labor		(18,886)
Power margin without general and administrative		27,678	Coal margin without general and administrative		8,002
General and administrative		(1,535)	General and administrative		(2,313)
Electric Operations — Segment EBITDA	$	26,143	Coal Operations — Segment EBITDA	$	5,689

(1) Other operating costs primarily include costs for lime dust.

(2) Other operating and maintenance costs include all other operating and maintenance costs with the exceptions of those costs considered variable included in fuel and other operating costs.

Schedule of reconciliation of segment revenues to consolidated

Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues for the three months ended March 31, 2026 (in thousands):

					Corporate and Other
Reconciliation of Revenue:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Delivered energy	$	49,562	$	—	$	—	$	49,562
Accredited capacity revenue		15,534		—		—		15,534
Other operating revenue		137		1,140		354		1,631
Coal sales (third party)		—		35,080		—		35,080
Coal sales (intercompany)		—		11,332		(11,332)		—
Operating Revenue	$	65,233	$	47,552	$	(10,978)	$	101,807

Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues for the three months ended March 31, 2025 (in thousands):

					Corporate and Other
Reconciliation of Revenue:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Delivered energy	$	72,136	$	—	$	—	$	72,136
Accredited capacity revenue		13,807		—		—		13,807
Other operating revenue		87		1,261		248		1,596
Coal sales (third party)		—		30,185		—		30,185
Coal sales (intercompany)		—		24,589		(24,589)		—
Operating Revenue	$	86,030	$	56,035	$	(24,341)	$	117,724

Schedule of EBITDA Margin to Income (loss) before Income Taxes

					Corporate and Other
Reconciliation of Revenue:	Electric Operations		Coal Operations		and Eliminations		Consolidated
Delivered energy	$	72,136	$	—	$	—	$	72,136
Accredited capacity revenue		13,807		—		—		13,807
Other operating revenue		87		1,261		248		1,596
Coal sales (third party)		—		30,185		—		30,185
Coal sales (intercompany)		—		24,589		(24,589)		—
Operating Revenue	$	86,030	$	56,035	$	(24,341)	$	117,724

Schedule of segment assets and capital expenditures

Presented below are our Electric and Coal Operations assets and capital expenditures for the periods presented below (in thousands):

					Corporate and Other
Other Reconciliations:	Electric Operations		Coal Operations (1)		and Eliminations		Consolidated
Assets at March 31, 2026	$	254,332	$	184,915	$	9,385	$	448,632
Assets at December 31, 2025	$	256,529	$	148,957	$	2,567	$	408,053
Capital Expenditures for the period ending March 31, 2026	$	3,889	$	3,792	$	—	$	7,681

(1) Coal Operations assets include cash held on behalf of the consolidated group. Cash held by our Coal Operations includes funds transferred from Electric Operations and Hallador for centralized treasury management purposes. This presentation is not reflective of Coal Operations earnings capacity; refer to the condensed consolidated balance sheets and the “Liquidity of Hallador” in the “Material Changes in Financial Condition” section of “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” for a complete view of the Company's cash position.

Presented below are our Electric and Coal Operations assets and capital expenditures for the periods presented below (in thousands):

					Corporate and Other
Other Reconciliations:	Electric Operations		Coal Operations (1)		and Eliminations		Consolidated
Assets at March 31, 2025	$	222,865	$	141,023	$	2,209	$	366,097
Assets at December 31, 2024	$	220,477	$	144,519	$	4,124	$	369,120
Capital Expenditures for the period ending March 31, 2025	$	5,449	$	6,244	$	—	$	11,693