NACCO reported a fourth-quarter net loss of $3.8 million, or $0.52 per share, primarily due to a pension plan termination charge and tax adjustment. Adjusted EBITDA climbed 59% year over year to $14.3 million, revenue increased 5% to $66.8 million, and consolidated operating profit rose to $7.6 million.

The utility coal mining segment posted operating profit of $7.2 million versus $2.0 million a year ago, with adjusted EBITDA up to $9.7 million from $4.2 million. Improved efficiency and higher production at Mississippi Lignite Mining drove the turnaround, and a contractually determined per-ton price hike is expected to boost 2026 results.

Contract mining revenue net of reimbursed costs rose 9%, delivering segment operating profit of $0.9 million and adjusted EBITDA of $3.3 million. Management highlighted a multi-year dragline services contract with the U.S. Army Corps of Engineers beginning to ramp in 2026 and plans to open a new limestone quarry in Arizona.

NACCO plans significant 2026 capital investments, including a $20 million budget for minerals business opportunities and funding for the Army Corps project. Mitigation Resources is forecast to reach profitability in the second half of 2026, while mineral and royalty segment profits may decline based on commodity price forecasts and production assumptions.