Stonegate Capital Partners Updates Coverage on Alliance Resource Partners, L.P. 2025 Q3

Alliance Resource Partners, L.P. (NASDAQ: ARLP): Stonegate Capital Partners updates coverage on Alliance Resource Partners, L.P. ARLP delivered a solid 3Q25, with higher coal volumes and improved unit costs offsetting lower yy realized pricing. Total revenues for the quarter decreased by 6.9% year-over-year to $571.4M, as a 8.5% increase in coal production and 3.9% increase in coal sales volumes were more than offset by lower coal price realizations and reduced transportation revenues. Net income for the quarter rose to $95.1M compared to $86.9M in 3Q24, primarily aided by lower operating costs and higher investment income. Adj. EBITDA came in at $185.8M, representing a 14.8% sequential increase. ARLP tightened FY25 guidance, projecting 4Q25 results comparable to 3Q25, supported by improving operational execution.

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Key Takeaways:

• Delivered $571.4M in revenue and $185.8M in Adjusted EBITDA; coal tons sold rose to 8.7M on improving performance at Hamilton, River View, and Tunnel Ridge.
• Deployed $22.1M into a LP that owns a coal-fired plant in PJM, advancing ARLP's strategy to back baseload reliability; management expects attractive cash-on-cash returns beginning in 2026.
• Oil & Gas Royalty volumes increased 4.1% y/y to 0.899M BOE (avg. price $35.68/BOE); declared a $0.60/unit quarterly cash distribution.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Source: Stonegate, Inc.

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