Alpha Metallurgical Resources, Inc.

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

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FY2025 · Filed Feb 27, 2026

AMR$155.15+4.9%Stored close · as of Nov 9, 2026

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Contents

(22) Segment Information

The Company currently conducts its mining operations within the Central Appalachia (“CAPP”) coal basin located in the United States. The Company hasone reportable operating segment: Met, which consists ofsix active mining complexes whose primary product is metallurgical quality coal that is extracted, processed, and marketed to domestic and international steel and coke producers. In addition to its primary product, thermal quality coal may also be produced as a by-product and marketed to domestic and international utilities and industrial customers. The segment’s equity method investment in DTA facilitates the export of coal to international customers. For 2023, the Company’s All Other category includes its former CAPP – Thermal operations, which consisted of mining complexes whose primary product was thermal coal. Segment operating results are regularly reviewed by the Company’s Chief Executive Officer, who is considered its Chief Operating Decision Maker (“CODM”). Beginning in 2024, following the cessation of mining within the Company’s former CAPP-Thermal operations, the Company’s CODM began to manage the Company on a consolidated basis. For 2023, income tax expense was allocated among segments by applying the Company’s consolidated annual effective income tax rate to segment earnings.

Met reportable segment results for the years ended December 31, 2025, 2024, and 2023 are as follows:

	Year Ended December 31,
	2025	2024	2023
Coal revenues	$2,122,605	$2,946,579	$3,406,643
Other revenues	6,876	10,706	14,787
Total revenues	$2,129,481	$2,957,285	$3,421,430
Non-GAAP Cost of coal sales	$1,562,012	$1,918,427	$1,847,363
Freight and handling costs	333,691	503,306	438,783
Idled and closed mine costs	28,988	29,868	18,579
Cost of coal sales (exclusive of items shown separately below)	$1,924,691	$2,451,601	$2,304,725
Depreciation, depletion and amortization	$174,524	$167,331	$127,721
Accretion on asset retirement obligations	22,126	25,050	15,471
Amortization of acquired intangibles	5,427	6,700	8,523
Selling, general and administrative expenses	60,158	74,000	81,321
Interest expense	3,019	3,811	6,923
Interest income	(15,466)	(18,208)	(11,933)
Equity loss in affiliates	24,867	20,302	18,263
Other segment items (1)	17,594	15,948	3,284
Income tax (benefit) expense	(25,772)	23,171	126,669
Total other expenses	$266,477	$318,105	$376,242
Net (loss) income	$(61,687)	$187,579	$740,463

(1)Other segments items include Other operating loss (income), Loss on extinguishment of debt, and Miscellaneous expense, net.

No segment level asset information has been disclosed as the CODM does not review asset information by segment. Refer to the Company’s Consolidated Balance Sheets, Statements of Cash Flows, and Note 10 for information on its consolidated assets, capital expenditures, and equity method investments, respectively.

Reconciliations of reportable segment items to consolidated amounts for the year ended December 31, 2023 are as follows:

	Year Ended December 31, 2023
	Met	All Other	Consolidated
Total revenues	$3,421,430	$49,987	$3,471,417
Depreciation, depletion and amortization	$127,721	$9,148	$136,869
Accretion on asset retirement obligations	$15,471	$10,029	$25,500
Income tax expense (benefit)	$126,669	$(3,166)	$123,503
Net income (loss)	$740,463	$(18,507)	$721,956

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