Nickel Industries Limited · ASX:NIC
Nickel Industries — H1 2026 Earnings Presentation
14 slides from Nickel Industries's earnings presentation, Aug 26, 2026
Slide 1: Half Year Results Presentation
For personal use only Nickel Industries Limited (ASX:NIC) Half Year Results Presentation For the period ended 30 June 2026
Slide 2: Safety and ESG Achievements
Safety and ESG Achievements For personal use only Safety & People Performance Half Yearly Milestones Hengjaya Mine was one of only three nickel mining Green companies in Indonesia to achieve a Green 0.00 0.45 18.0m PROPER PROPER rating from the Ministry of Environment 12-month LTIFR 12-month TRIFR S
Slide 3: Half Yearly Summary
Half Yearly Summary Solid result from existing business prior to any contribution from the commissioning ENC project For personal use only Group operations and corporate highlights Mining – Hengjaya Mine US$247.6m >US$1.3bn 1.095bn wmt US$73.4m 5.9m wmt US$12.4/t Adjusted EBITDA Sampala valuation Sa
Slide 4: Profit and Loss
Profit and Loss For personal use only Earnings drivers P&L Units 1H 2025 1H 2026 US$13,784/t Ni Sales revenue US$m 829.7 938.4 NPI price up 21% from 1H 2025 Gross profit US$m 114.8 164.3 Operating profit US$m 98.7 164.3 US$17,700/t Ni Profit after tax US$m 25.5 74.3 LME nickel price Profit attributa
Slide 5: Balance Sheet
Balance Sheet For personal use only Key Balance Sheet movements Balance Sheet Units Dec25 Jun26 Current assets US$m 1,155.6 907.1 US$240m Total assets US$m 4,264.4 4,073.8 Decrease in current liabilities and assets Current liabilities US$m 625.2 302.1 Related to the payment received from Sphere for
Slide 6: Profit and Adjusted EBITDA reconciliations
Profit and Adjusted EBITDA reconciliations 2026 Adjusted EBITDA breakdown 2026 Adjusted EBITDA to Profit bridge For personal use only 6
Slide 7: Cash flow waterfall
Cash flow waterfall For personal use only Cash flow summary Cash flow waterfall – 1H 2026 (US$m) 450 US$65.4m 400 77.5 Cash flow (12.1) Higher earnings were partly absorbed by an increase in 350 (26.0) 323.3 nickel ore stockpiles, taxes paid and decrease in trade 52.0 payables 300 US$65.4m cash flow
Slide 8: Mining Operations
Mining Operations (1) Production Units 1H 2025 1H 2026 For personal use only Saprolite wmt 2,334,738 3,049,036 Mining half yearly performance Limonite wmt 9,237,715 5,041,965 Total wmt 11,572,453 8,091,001 5.9m wmt +1% Ore sales Overburden BCM (2) 1,304,621 1,657,034 Despite a 14-day suspension Stri
Slide 9: Sampala and Siduarsi Projects
Sampala and Siduarsi Projects For personal use only Sampala Project 8Mt Ni & >US$1.3bn 10kt Ni p.a. Sampala HPAL capacity 583kt Co valuation from for no cash Contained metal CNE swap consideration ▪ Updated JORC Resource (25 May 2026) – 1.095 billion wmt at 1.24% Ni and 0.09% Co; 8Mt contained nicke
Slide 10: RKEF Operations
RKEF Operations (1) For personal use only RKEF half yearly performance Production Units 1H 2025 1H 2026 58,128t -7% NPI production tonnes 522,601 519,840 Ni production Nickel grade % 11.9 11.2 Scheduled maintenance to ANI and ONI RKEF lines Total nickel production tonnes 62,257 58,128 Cash costs US$
Slide 11: HPAL Operations
HPAL Operations (1) For personal use only ENC progress update HNC (and NIC MHP Trading Division) performance COMMISSIONING ROADMAP +31% May 2026 May–August 2026 October 2026 US$35.2m Total adjusted EBITDA Integrated HPAL Sequential Autoclaves 3.9kt Ni -10% commissioning commissioning: pipeline, expe
Slide 12: New HPAL investments – CNE and TMI expand our Class 1 nickel supply
New HPAL investments – CNE and TMI expand our Class 1 nickel supply Further HPAL diversification of our product mix, broadening our customer base – 59kt of Class 1 nickel attributable to NIC For personal use only HNC (Huayue Nickel Cobalt) ENC (Excelsior Nickel Cobalt) 2021 85ktpa 10% 9ktpa Q2-26 72
Slide 13: Investment highlights
Investment highlights For personal use only 1 Growing production base provides strong operating leverage to nickel prices 2 Positioned at the lowest end of the global cost curve through scale and integration 3 Material tax concessions – by Decree of the Indonesian Government for up to 15 years 4 Wor
Slide 14: Further information
Further information For personal use only Justin Werner Andrew Coleman Managing Director Head of Investor Relations jwerner@nickelindustries.com acoleman@nickelindustries.com 14