Nickel Industries (NIC) Q3 2026 earnings summary

Executive summary

• Q3 Adjusted EBITDA was US$125.9m, up 4% QoQ; Attributable EBITDA rose 3% to US$102.4m, led by a second consecutive quarterly record for Hengjaya Mine.

• Drought constrained RKEF operations and ENC’s ramp-up, despite ENC achieving first MHP and nickel-cathode production.

• A US$245m non-recourse ENC project-finance facility was signed after quarter-end, providing working capital and enabling a shareholder-loan repayment and dividend recapitalisation.

Financial highlights

• Adjusted EBITDA was US$125.9m: mining US$76.9m, RKEF US$40.7m and HPAL/trading US$8.4m; HNC distributions received were US$13.0m.

• RKEF revenue was US$386.2m, down 5% QoQ; Adjusted EBITDA fell 33% to US$40.7m and Adjusted EBITDA per tonne fell 30% to US$1,516.

• Cash flow before growth spend and debt service was negative US$12.2m; growth spend was US$50.5m, net debt US$1,104m and quarter-end cash US$145.9m.

• YTD September capex was US$51.0m, including US$37.5m for Sampala development and US$13.5m maintenance.

Outlook and guidance

• FY26 guidance: mine consolidated sales of 14.3m wmt, RKEF sales of 100–110kt Ni, attributable HPAL sales of 10–11kt Ni and capex of US$66–73m.

• YTD mine sales were 10.4m wmt and RKEF sales 85.0kt Ni; YTD attributable HPAL sales were 5.8kt Ni.

• Capex guidance includes US$48–53m for Sampala and US$18–20m maintenance; sales guidance assumes one RKEF line overhaul and ENC receiving its IUI in 2026.

• An increase to Hengjaya Mine’s 2026 RKAB quota to 19m wmt is being sought; HNI’s overhaul is expected to take four months, with the line at ~50% capacity during work.

• ENC targets full ramp-up after the wet season begins, typically in December; IUI receipt was expected in Q4 2026 to enable first product sales.