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.

• Indonesia's largest solar and battery project (262 MW peak, 80 MW battery) reached financial close, supporting renewable power for ENC HPAL.

• Sold a 10% stake in the ENC HPAL project for US $240m to Sphere, a KOSDAQ-listed aerospace supplier, marking entry into Western aerospace markets.

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

Financial highlights

• Adjusted EBITDA from operations was US $37.3m for the quarter, with strong HPAL contribution but mining losses due to RKAB delay.

• 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.

• Mining Adjusted EBITDA loss of US $14.9m, down 146% due to RKAB delay; production dropped 72% and sales fell 69%.

• Group Adjusted EBITDA dropped 57% to US $37.3m quarter-on-quarter.

Outlook and guidance

• Confident in achieving an $8 million EBITDA for the year, supported by strong January performance and increased RKAB.

• ENC HPAL project commissioning and 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.

• LME and NPI prices have rallied, supporting a positive outlook for 2026.

• Aerospace and aeronautical industries, key targets for ENC cathode, forecast to grow at 8% CAGR to 2030.