Nickel Industries (NIC) H1 2026 earnings summary

Executive summary

• Achieved world-class safety metrics, industry-leading ESG performance, and received multiple awards, with 18 million safe man-hours and zero 12-month LTIFR.

• Delivered strong half-year results: sales revenue up 13.1% to $938.4 million, gross profit up 43% to $164.3 million, and adjusted EBITDA up 46% to $247.6 million.

• Net profit after tax increased 191% to $74.3 million, with profit attributable to shareholders at $52.5 million.

• Major milestones included first MHP and cathode production at ENC, Sampala resource upgrade to over 1 billion wmt, and strategic investments in HPAL projects.

• Expanded HPAL operations and diversified Class 1 nickel supply through new investments and project ramp-ups.

Financial highlights

• Adjusted EBITDA reached $247.6 million, up 46% year-over-year.

• Sales revenue rose to $938.4 million, gross profit to $164.3 million, and net profit after tax to $74.3 million.

• Operating cash flow was $77.5 million, CapEx $12 million, and closing cash balance $260–268.4 million.

• Net debt stood at $982 million, leverage ratio at 2.3x, and EBITDA margin for mining at 40%.

• Maiden dividend distribution of $3.5 million from HPAL operations; no dividends declared or paid during the period.

Outlook and guidance

• Expecting stronger second half with increased volumes and higher EBITDA per tonne margins due to new ore pricing.

• ENC ramp-up targeted for full capacity by year-end or October 2026, pending water availability.

• Pathway to $1 billion EBITDA in 2–3 years, driven by incremental HPAL margins and Sampala production.

• RKAB approval increases Hengjaya Mine's annual ore sales quota by 40% to 14.3 million wmt.

• Ongoing project developments and capacity expansions to drive future earnings growth.