Peabody (BTU) Q2 FY26 earnings call

Peabody navigated a challenging Q2 FY26, reporting a net loss and lower-than-expected adjusted EBITDA, primarily due to Centurion commissioning costs and soft US thermal demand. However, the company made significant strides in strengthening its capital structure, unlocking substantial liquidity, and initiating shareholder returns. Management expresses confidence in improved operational momentum and market fundamentals for the second half, particularly as Centurion ramps up production and US thermal demand normalizes.