PT Vale Indonesia (INCO) Q4 2025 earnings summary

Executive summary

• 2025 revenue reached $990.2 million, supported by higher nickel matte and ore sales; nickel matte output exceeded target at 72,027 tons.

• Growth projects advanced across Pomalaa, Bahodopi and Sorowako, expanding ore sales and future processing capacity.

• Responsible-mining and community initiatives continued, with ESG awards and progress toward IRMA certification.

Financial highlights

• Revenue rose from $950.4 million in 2024 to $990.2 million in 2025.

• EBITDA was $228 million; net profit rose to $76.1 million from $57.8 million.

• Nickel matte sales unit cash cost was $9,339/t, the lowest in four years, despite B40 implementation and higher royalties.

• Operating profit was $41.4 million, down from $63.8 million; finance income was $37.3 million and finance costs were $8.6 million.

• Cash and equivalents were $376 million at year-end, down 44% from 2024.

Outlook and guidance

• 2026 priorities include executing Pomalaa, Bahodopi and Sorowako projects, scaling production, diversifying revenue and improving profitability.

• Pomalaa HPAL first mechanical completion is targeted for Q3 2026; full production is targeted by Q1 2027.

• Bahodopi HPAL mechanical completion is targeted for Q4 2026; a potential 30% call option is subject to due diligence.

• 2026 cash costs may rise during the furnace rebuild but are expected to remain manageable within $10,000/t.

• Ore sales are projected at a minimum of 8.1 million WMT; quota increases for Pomalaa and Bahodopi require government approval.