Nickel Industries (NIC) Q4 2025 earnings summary

Executive summary

• Achieved 17.7 million man-hours worked without a lost time injury, with LTIFR at 0.00, reflecting strong safety performance.

• Received the Excellence in Sustainability Leadership Indonesia award from CNBC Indonesia for ESG leadership and sustainable nickel development.

• Largest solar project in Indonesia (262 MW peak, 80 MW battery) reached financial close, supporting renewable power for ENC HPAL and carbon footprint reduction.

• Sold a 10% stake in the ENC HPAL project to Sphere, a SpaceX supplier, for $240m, marking entry into Western aerospace markets and the first offtake agreement.

• Approval of the revised AMDAL supports a 19m wmt RKAB sales quota for 2026.

Financial highlights

• Adjusted EBITDA from operations was US $37.3m for the quarter, with group EBITDA down 57% quarter-on-quarter due to mining losses.

• RKEF nickel metal production reached 31,561 tonnes, up 1% quarter-over-quarter; Adjusted EBITDA was US $35.0m, down 13% sequentially.

• HPAL attributable EBITDA rose 32% to US $17.2m, with production 43% above nameplate capacity and EBITDA per tonne up 33% to US $8,012/t Ni.

• Mining Adjusted EBITDA loss of US $(14.9)m, down from a profit of US $32.8m in Q3, due to RKAB delay; mining standby costs resulted in a $9m expense.

• Cash and cash equivalents at quarter-end: US $225.0m; total debt: US $1,223m.

Outlook and guidance

• Confident in achieving an $8m EBITDA target for the year, supported by strong January performance and higher nickel prices.

• ENC HPAL project is nearing commissioning, with ramp-up expected late in Q1 2026.

• Ore sales are expected to exceed 1.4m wmt in January 2026, with operating costs returning to normal.

• ETL feasibility study approval anticipated by end of 2026.