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Nickel Industries (NIC) investor relations material
Nickel Industries H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 17.8 million safe man-hours worked in 2025, with LTIFR and TRIFR well below industry averages and multiple ESG awards received.
Delivered record production in nickel, cobalt, and mine output despite a challenging year with lower nickel prices and industry-wide closures.
Maintained robust EBITDA and strong operational performance through cyclical lows in nickel pricing.
Strategic partnership with Sphere, which acquired a 10% stake in the ENC project for US $240m, validating the project's global standing.
ENC HPAL construction remains on schedule for H1 2026 commissioning.
Financial highlights
Revenue for 2025 was $1.65 billion, with adjusted EBITDA of $282.8 million, down from $326 million in 2024.
Q4 EBITDA was impacted by $1.5 million in standby costs due to RKAB quota issues, reducing quarterly EBITDA to $37.5 million from $87 million in Q3.
Net debt at year-end was $866 million, with cash of $357 million and total debt of $1.2 billion.
Paid a dividend of $0.015 per share in 2025 and maintained at A$0.04 per share.
Impairment charge of $8.1 million related to limonite inventory write-down.
Outlook and guidance
2026 expected to be significantly stronger, with broker consensus EBITDA forecast at $500 million, but internal estimates suggest $700–$800 million possible if current margins persist.
ENC HPAL project targeting 72,000–80,000 tons of new nickel units at high margins, with potential for above-nameplate performance.
Sampala project development progressing, with first production targeted for 2027 and expected to enhance ore self-sufficiency.
Fully funded growth, minimal sustaining CapEx, and significant tax holidays expected to support future performance.
Increased Hengjaya Mine sales quota to 14.3 million wmt per annum, supporting additional EBITDA upside.
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