The Company operates in a rapidly changing environment that involves a number of risks. For information regarding factors that could affect the Company’s results of operations, financial condition and liquidity, see the risk factors disclosed in Item 1A. “Risk Factors” of Part I of its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 19, 2026. In addition to the other information set forth in this Quarterly Report, including the information presented in Part I, Item 2. “Management's Discussion and Analysis of Financial Condition and Results of Operations,” you should carefully consider the risk factors disclosed in the aforementioned filing, which could materially affect the Company's results of operations, financial condition and liquidity. Factors that could affect the Company’s results or an investment in the Company’s securities include, but are not limited to: •the Company’s profitability depends upon the prices it receives for its coal; •if a substantial number of the Company’s long-term coal supply agreements, including those with its largest customers, terminate, or if the pricing, volumes or other elements of those agreements materially adjust, its revenue and operating profits could suffer if the Company is unable to find alternate buyers willing to purchase its coal on comparable terms to those in its contracts; •risks inherent to mining could increase the cost of operating the Company’s business, and events and conditions that could occur during the course of its mining operations could have a material adverse impact on the Company; •the Company’s take-or-pay arrangements could unfavorably affect its profitability; •the Company may not recover its investments in its mining, exploration and other assets, which may require the Company to recognize impairment charges related to those assets; •the Company’s ability to operate effectively could be impaired if it loses key personnel or fails to attract qualified personnel; •the Company could be negatively affected if it fails to maintain satisfactory labor relations; •the Company could be adversely affected if it fails to appropriately provide financial assurances for its obligations; •if the assumptions underlying the Company’s asset retirement obligations for reclamation and mine closures are materially inaccurate, its costs could be significantly greater than anticipated; •the Company’s mining operations are extensively regulated, which imposes significant costs, and future regulations and developments or differing interpretations of existing regulations could increase those costs or limit its ability to produce coal; •if litigation challenging “climate superfund” laws is unsuccessful, the Company may be required to make significant payments for alleged climate change damages; •the Company’s operations may impact the environment or cause exposure to hazardous substances, and its properties may have environmental contamination, which could result in material liabilities to the Company; •the Company may be unable to obtain, renew or maintain permits necessary for its operations, or may only be able to do so subject to conditions that limit the manner in which it runs its operations, which would reduce its production, cash flows and profitability; •concerns about the impacts of coal combustion on global climate are increasingly leading to conditions that have affected and could continue to affect demand for the Company’s products or its securities and its ability to produce, including increased governmental regulation of coal combustion and unfavorable investment decisions by electricity generators; 52 Table of Contents •numerous activist groups are devoting substantial resources to anti-coal activities to minimize or eliminate the use of coal as a source of electricity generation, domestically and internationally, thereby further reducing the demand and pricing for coal, and potentially materially and adversely impacting the Company’s future financial results, liquidity and growth prospects; •the Company’s hedging activities do not cover certain risks and may expose it to earnings volatility and other risks; •the Company’s future success depends upon its ability to continue acquiring and developing coal reserves and resources that are economically recoverable; •the Company faces numerous uncertainties in estimating its coal reserves and resources and inaccuracies in its estimates could result in lower than expected revenue, higher than expected costs and decreased profitability; •joint ventures, partnerships or non-managed operations may not be successful and may not comply with the Company’s operating standards; •the Company’s expenditures for postretirement benefit obligations could be materially higher than it has predicted if its underlying assumptions prove to be incorrect; •changes to trade policy, including tariff and customs regulations, or failure to comply with such regulations may have an adverse effect on the Company’s business, financial condition and results of operations; •Peabody is exposed to risks associated with political or international conflicts; •Peabody could be exposed to significant liability, reputational harm, loss of revenue, increased costs or other risks if it experiences cybersecurity attacks or other security breaches that disrupt its operations or result in the dissemination of proprietary or confidential information about the Company, its customers or other third-parties; •Peabody’s information and operational technology systems may be adversely affected by disruptions, damage, failure and risks associated with implementation and integration, including of new technologies; •the Company is incorporating artificial intelligence technologies into its processes and these technologies may present business, compliance and reputational risks; •the Company is subject to various general operating risks which may be fully or partially outside of its control; •the Company may be able to incur more debt, including secured debt, which could increase the risks associated with its indebtedness; •the terms of the agreements and instruments governing the Company’s debt and surety bonding obligations impose restrictions that may limit its operating and financial flexibility; •the number and viability of financing and insurance alternatives available to the Company may be significantly impacted by unfavorable lending and investment policies adopted by financial institutions and insurance companies in response to concerns about the environmental impacts of coal combustion, and negative views around the Company’s environmental and social practices and related governance considerations could harm its perception among investors or result in the exclusion of its securities from consideration by those investors; •the price of Peabody’s securities may be volatile; •Peabody’s common stock is subject to dilution and may be subject to further dilution in the future; •there may be circumstances in which the interests of a significant stockholder could be in conflict with other stakeholders’ interests; •the future payment of dividends on Peabody’s stock or future repurchases of its stock is dependent on a number of factors and cannot be assured; •acquisitions and divestitures are a potentially important part of the Company’s long-term strategy, subject to its investment criteria, and involve a number of risks, any of which could cause the Company not to realize the anticipated benefits; •the outcome of arbitration proceedings related to the termination of agreements to acquire properties from Anglo American plc could adversely affect the Company’s business, results of operations, and its financial condition; •the Company may not be able to fully utilize its deferred tax assets; •Peabody’s certificate of incorporation and by-laws include provisions that may discourage a takeover attempt; •diversity in interpretation and application of accounting literature in the mining industry may impact the Company’s reported financial results; and •other risks and factors detailed in this report, including, but not limited to, those discussed in “Legal Proceedings,” set forth in Part II, Item 1 of this Quarterly Report on Form 10-Q. 53 Table of Contents