ALLIANCE RESOURCE PARTNERS (ARLP) Company Report

Alliance Resource Partners (ARLP) reported Q3 2025 total revenues of $571.4 million, net income attributable to ARLP of $95.1 million, and Adjusted EBITDA of $185.8 million.
Total coal sales volumes increased 3.9% year-over-year to 8.7 million tons at an average sales price of $58.78 per ton.
The company tightened its full-year 2025 sales guidance to 32.5 to 33.25 million tons and updated segment-adjusted EBITDA expense per ton guidance for Appalachia to $60 to $62 per ton and Illinois Basin to $34 to $36 per ton.
ARLP anticipates increasing sales volumes by approximately 2 million tons in 2026, driven by strong market fundamentals and growing electricity demand from data centers.
For Q3 2025, the company declared a quarterly cash distribution of $0.60 per unit, with a calculated distribution coverage ratio of 1.37 times.

Oct 27, 2025, 2:00 PM

Transcript

Alliance Resource Partners Reports Q3 2025 Financial and Operational Results

ARLP

Earnings

Guidance Update

Revenue Acceleration/Inflection

Alliance Resource Partners (ARLP) reported Q3 2025 total revenues of $571.4 million and Adjusted EBITDA of $185.8 million, an increase of 9% from Q3 2024. Net income attributable to ARLP was $95.1 million.
Coal sales volumes for Q3 2025 increased 3.9% year-over-year to 8.7 million tons, while the average coal sales price per ton decreased 7.5% to $58.78 compared to Q3 2024.
The company updated its 2025 guidance for segment adjusted EBITDA expense per ton to $60 to $62 for Appalachia and $34 to $36 for Illinois Basin, reflecting operational improvements at mines like Tunnel Ridge and Hamilton.
ARLP has 32.8 million tons committed and priced for 2025 and 29.1 million tons for 2026, with expectations for a 2 million ton increase in sales volume for 2026 driven by strong market demand from data centers and a favorable market outlook.
ARLP maintained a strong financial position with $541.8 million in total liquidity as of September 30, 2025, and declared a quarterly cash distribution of $0.60 per unit, resulting in a 1.37x distribution coverage ratio.

Oct 27, 2025, 2:00 PM

Transcript

Alliance Resource Partners Reports Q3 2025 Results

ARLP

Earnings

Guidance Update

New Projects/Investments

Alliance Resource Partners reported total revenues of $571.4 million for Q3 2025, an increase of 4.4% compared to the sequential quarter, driven by higher coal sales volumes and prices.
Net income attributable to ARLP was $95.1 million, and Adjusted EBITDA reached $185.8 million, representing a 9% increase from Q3 2024 and a 14.8% increase sequentially.
Total coal sales volumes for Q3 2025 increased by 3.9% to 8.7 million tons compared to Q3 2024, with the average coal sales price per ton at $58.78. Operational improvements at Tunnel Ridge contributed to a 19.3% sequential decrease in cost per ton sold in Appalachia.
The company tightened its full-year 2025 sales guidance to 32.5 to 33.25 million tons and increased the low end of coal sales pricing guidance ranges for both the Illinois Basin and Appalachia. For 2026, 29.1 million sales tons are already contracted and priced, and the company anticipates a potential 2 million ton increase in total sales volume compared to 2025.
ARLP invested $22.1 million in a limited partnership that indirectly acquired a coal-fired plant in the PJM service area, positioning the company to benefit from tightening power markets and growing demand for reliable base load generation.

Oct 27, 2025, 2:00 PM

Transcript

Alliance Resource Partners Reports Strong Q3 2025 Results and Positive 2026 Outlook

ARLP

Earnings

Guidance Update

New Projects/Investments

Alliance Resource Partners reported Q3 2025 total revenues of $571.4 million and Adjusted EBITDA of $185.8 million, marking a 9% increase year-over-year and 14.8% sequentially. Net income attributable to ARLP was $95.1 million.
Total coal production increased 8.5% year-over-year to 8.4 million tons, and total coal sales volumes rose 3.9% to 8.7 million tons. Operational improvements, particularly at Tunnel Ridge, led to an 11.7% improvement in Appalachia's segment-adjusted EBITDA expense per ton compared to Q3 2024.
The company tightened its full-year 2025 sales guidance to 32.5 million tons to 33.25 million tons and has already contracted and priced 29.1 million sales tons for 2026. Management anticipates a 2 million ton increase in total overall sales in 2026 compared to 2025, without requiring additional personnel.
Strong U.S. coal demand is driven by rapid electricity growth from data centers, with utility coal consumption increasing 15% in MISO and 16% in PJM year-to-date. ARLP also invested $22.1 million in a limited partnership that acquired a coal-fired plant in the PJM service area.

Oct 27, 2025, 2:00 PM

Transcript

Alliance Resource Partners, L.P. Reports Q3 2025 Financial and Operating Results, Declares Distribution, and Updates Guidance

ARLP

Earnings

Guidance Update

Dividends

Alliance Resource Partners, L.P. (ARLP) reported Q3 2025 revenue of $571.4 million, net income of $95.1 million, and Adjusted EBITDA of $185.8 million. Net income per unit was $0.73. Compared to the prior year, net income increased 10.2%, while total revenues decreased 6.9%. Sequentially, revenue, net income, and Adjusted EBITDA increased by 4.4%, 60.1%, and 14.8%, respectively.
Coal sales volumes increased 3.9% year-over-year to 8.7 million tons, and coal production rose 8.5% year-over-year to 8.4 million tons. The Appalachia Segment Adjusted EBITDA Expense per ton improved 11.7% year-over-year and 12.1% sequentially.
ARLP declared a quarterly cash distribution of $0.60 per unit. The company tightened its 2025 full-year guidance for coal sales volumes and per ton expenses, projecting total sales tons between 32.50 \u2014 33.25 million short tons.
During Q3 2025, ARLP invested $22.1 million as part of a $25.0 million commitment in a limited partnership that indirectly owns and operates a coal-fired power plant.

Oct 27, 2025, 12:00 PM

8-K

Alliance Resource Partners, L.P. Reports Third Quarter 2025 Results and Updates Guidance

ARLP

Earnings

Guidance Update

Dividends

Alliance Resource Partners, L.P. (ARLP) reported third quarter 2025 revenue of $571.4 million, net income of $95.1 million, and Adjusted EBITDA of $185.8 million, which increased sequentially by 4.4%, 60.1%, and 14.8%, respectively.
Coal sales volumes increased 3.9% year-over-year to 8.7 million tons sold and production volumes rose 3.8% sequentially to 8.4 million tons in the third quarter of 2025. The Appalachia Segment Adjusted EBITDA Expense per ton improved 11.7% year-over-year and 12.1% sequentially.
ARLP declared a quarterly cash distribution of $0.60 per unit, or $2.40 per unit annualized, payable on November 14, 2025.
The company updated its full-year 2025 guidance, tightening ranges for coal sales volumes and per-ton expenses, and adjusting Oil & Gas Royalties BOE volume guidance.
ARLP invested $22.1 million in a limited partnership that indirectly owns and operates a coal-fired power plant and ended the quarter with total liquidity of $541.8 million, including $94.5 million of cash and cash equivalents.

Oct 27, 2025, 11:00 AM

Press Release

Alliance Resource Partners Discusses Business Structure, Strategic Outlook, and Capital Allocation

ARLP

New Projects/Investments

Dividends

Guidance Update

Alliance Resource Partners (ARLP) is a Master Limited Partnership (MLP), celebrating its 26th year as a publicly traded entity, with a current market capitalization of approximately $3.5 billion.
The company operates three main business segments: legacy coal operations, which generate 80% to 85% of its cash flow; a growing portfolio of oil and gas mineral interests, contributing 15% to 20% of cash flows and generating $115 million of segment-adjusted EBITDA in 2024; and other growth investments, including an energy technology company (Matrix), Bitcoin mining (BitTiki), and a recent equity investment in the Gavin Coal-Fired Power Plant.
ARLP is positioned as a low-cost producer in the coal industry, benefiting from policy tailwinds that support grid reliability and anticipate increased U.S. electricity demand. The company projects 92% of its 2025 coal sales will be to the domestic market, driven by more attractive pricing and stability compared to export markets.
The company's capital allocation priorities include maintaining a strong balance sheet (0.8 times gross debt to trailing 12 months adjusted EBITDA), investing $285 million to $320 million in coal operations in 2025, reinvesting approximately $100 million in oil and gas royalties, and providing cash distributions to unitholders.