Nickel Industries
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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.
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H2 2025 earnings summary23 Feb, 2026

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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Q1 202627 Apr, 2026
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Frequently asked questions

Nickel Industries Limited is an Australian mining and resources company specializing in the production of nickel pig iron (NPI), a key component in stainless steel manufacturing. The company operates nickel mines and processing facilities primarily in Indonesia, leveraging the country’s rich nickel reserves. Nickel Industries focuses on supplying high-grade nickel products to the global stainless steel market, with a commitment to efficient and sustainable production methods. The company is headquartered in Sydney, Australia, and its shares are listed on the ASX.

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