New Hope Corp 3Q FY26 Operational Update

Goldman Sachs maintains its Sell rating on New Hope Corp (NHC) following a solid 3Q FY26 operational report, citing a significant valuation premium to its fundamental A$3.80 target price.

Key Takeaways

• 1.Group saleable coal production increased 9% QoQ to 3Mt, driven by a 14% production lift at Bengalla as mining conditions improved.
• 2.Management reaffirmed FY26 production (10.2–11.5Mt) and cost guidance (A$81–89/t for Bengalla).
• 3.NHC successfully refinanced its debt, issuing A$300mn in new senior unsecured convertible notes due 2032 at a 2.6% coupon.

Table of Contents

• Key takeaways
• EBITDA/NAV changes and Investment Thesis
• 3Q FY26 result
• FY26 guidance vs. GSe & Visible Alpha Consensus Data
• EBITDA and NAV changes, investment risks
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions

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