Nickel Asia Corp. · PSE:NIKL
Nickel Asia — Q3 2025 Earnings Presentation
28 slides from Nickel Asia's earnings presentation, Nov 14, 2025
Slide 1: 9M-25 Earnings
N I C K E L A S I A C O R P. 9M-25 EARNINGS
Slide 2: Disclaimer
DISCLAIMER This presentation and the information contained herein as well as the materials distributed herewith ("Presentation") are the sole and exclusive property of Nickel Asia Corporation ("NAC") and shall only be used for the purpose intended herein. This Presentation is not intended to provide
Slide 3: NIKL and EPI 9M2025 Highlights
NIKL AND EPI 9M2025 HIGHLIGHTS NICKEL MINING RENEWABLE ENERGY (EMERGING POWER INC.) • Revenues from ore sales increased by 41% to ₱20.96 • EPI’s operating asset Jobin-SQM Inc. (JSI) is presently operating at a total billion from ₱14.82 billion, due to an improvement in capacity of 172-MW; generation
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 5: Financial Highlights (9M-25 vs 9M-24)
FINANCIAL HIGHLIGHTS (9M-25 VS 9M-24) Revenue (PhP billions) EBITDA (PhP billions) Net Income (PhP billions) Sale of ore Services and others 14.3 7.9 29.0 11.0 10.9 23.7 22.3 22.8 8.8 5.2 17.0 6.6 3.7 3.3* 2.6 2022 2023 2024 9M-25 9M-24 2022 2023 2024 9M-25 9M-24 2022 2023 2024 9M-25 9M-24 2022 2023
Slide 6: Nickel Mining Performance
NICKEL MINING PERFORMANCE
Slide 7: Mining Highlights (9M-25 vs 9M-24)
MINING HIGHLIGHTS (9M-25 VS 9M-24) Average Ore Sale Prices Ore Revenue Sales Volume (in US$/WMT) (in PHP bn) (in millions WMT) $50.00 20.96 15.0 13.57 13.89 20.0 3.24 $40.00 14.82 5.57 15.0 5.49 $30.00 3.39 10.0 10.0 $20.00 37.52 17.72 5.0 11.43 8.07 8.32 24.74 5.0 $10.00 10.78 10.17 0.0 $0.00 0.0 9
Slide 8: Revenue – Variance Analysis
REVENUE – VARIANCE ANALYSIS Nine-month Period Comparison Gross Revenues, in Php Millions, 9M-2025 v 9M-2024 25,000 M 5,890 M 115 M 22,834 M (153 M) (67 M) (99 M) (228 M) 20,000 M Lower Lower WESM No TSF Slightly lower 399 M average Fx limestone prices activities this 16,977 M deliveries year (1) 15,
Slide 9: Cost & Expenses – Variance Analysis
COST & EXPENSES – VARIANCE ANALYSIS Nine-month Period Comparison Costs and Expenses, in Php Millions, 9M-2025 v 9M-2024 14,000 M 470 M 82 M 13,608 M 944 M 253 M (157 M) 11,781 M 235 M 12,000 M Higher Increase in Ramp up of No TSF excise tax costs due to Increase in Increase in Manicani activities th
Slide 10: Investment in HPAL Equity Losses
INVESTMENT IN HPAL EQUITY LOSSES Equity Losses, in PHP Millions (9M-24 VS 9M-25 comparison) 300 100 • We completed the sale of our 15.625% equity - stake in CBNC to Sumitomo Metal Mining. (100) • We trimmed our total losses in our equity (163) (503) investments by 59% versus the same period last (30
Slide 11: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS in PhP millions 30 Sep 2025 31 Dec 2024 % Change 30 Sept 2025 31 Dec 2024 Assets 67,607 61,651 10% Debt Ratio (1) 0.28x 0.28x Cash and Cash Equivalents 18,921 12,935 46% Trade and Other Receivables 1,814 1,390 31% Debt to Equity Ratio (2) 0.39x 0.39x PPE 27,477 26,429 4% Oth
Slide 12: Cash Dividends Declared in 2025
CASH DIVIDENDS DECLARED IN 2025 Per Share Total Dividend in Billion Php % of 2024 Net Income ₱3.253 100.0% (a) 2024 Net income (b) Regular dividends paid in APR’25 ₱0.07 ₱0.975 30.0% (c) Special dividends paid in APR’25 ₱0.04 ₱0.557 20.0% (d) Special dividends declaration in NOV’25 ₱0.07 ₱0.975 30.0
Slide 13: Renewable Energy Performance
RENEWABLE ENERGY PERFORMANCE
Slide 14: JSI Project Overview
JSI PROJECT OVERVIEW PROJECT DETAILS Project Capacity 172MWp Mt. Sta Rita, Subic Bay Location Freeport Zone PSA:WESM sales mix at 89:11 as of 9M25, Offtake Profile direction is to fully contract. Additional 72MWp was Other details energized last February 2024
Slide 15: JSI Financial Highlights (9M-24 to 9M-25)
JSI FINANCIAL HIGHLIGHTS (9M-24 to 9M-25) Generation (in MWh) EBITDA (in Php millions ) 171,279 736 167,730 617 9M-25 9M-24 9M-25 9M-24 9M-25 9M-24 YoY% change Generation (in MWh) 171,279 167,730 2% Due to the energization of Phase 4A Sales Mix (PSA/WESM) 89%/11% 75%/25% Lower WESM exposure as we ar
Slide 16: Renewable Energy Pipeline
RENEWABLE ENERGY PIPELINE NICKEL ASIA CORP
Slide 17: San Isidro, Leyte Overview
SAN ISIDRO, LEYTE OVERVIEW (UNDER GREENLIGHT RENEWABLES HOLDINGS INC.) Project Details P1 P2 Project Capacity 120MWp 120MWp Location San Isidro, Leyte Offtake Profile 100% contracted Energization date 4Q 2025 2Q 2026 Commercial Operation Date 2Q 2026 3Q 2026 (COD)
Slide 18: San Juan, Botolan, Zambales Overview
SAN JUAN, BOTOLAN, ZAMBALES OVERVIEW (UNDER GREENLIGHT RENEWABLES HOLDINGS INC.) Project Details P1 P2 Project Capacity 45MWp 14MWp Location Botolan, Zambales Target to be 100% Offtake Profile 100% contracted contracted Energization date 3Q 2026 3Q 2026 COD 4Q 2026 4Q 2026
Slide 19: Subic, Cawag Overview
SUBIC, CAWAG OVERVIEW Project Details P1 P2 Project Capacity 70MWp 75MWp Brgy Cawag, Subic Bay Location Freeport Zone, Zambales 64% contracted, ongoing Target to be Offtake Profile negotiations for 100% the remaining contracted 36% Energization date 4Q 2026 3Q 2027 COD 2Q 2027 1Q 2028
Slide 20: Nazareno, Bataan Overview
NAZARENO, BATAAN OVERVIEW Project Details Project Capacity 50MWp Location Hermosa, Bataan Target to be 100% Offtake Profile contracted Energization Date 3Q 2027 COD 3Q 2028
Slide 21: EPI's Projected Capacity Buildup of Generation Assets
EPI’S PROJECTED CAPACITY BUILDUP OF GENERATION ASSETS Gross Capacity, MW 1,600 - 1,400 105 - - 70 EPI’s gross capacity will reach the 150 1,200 220 250 following: 1,000 • By 2025 it will be 293 MW 800 409 681 597 • By 2026 it will be 542 MW 600 1,289 • PSAs and GEAP participation for 1,109 offtake.
Slide 22: Other Updates
OTHER UPDATES
Slide 23: Capex Updates
CAPEX UPDATES Mining and RE CapEx & CEXCI Mining Explo Costs, 2026 Forecasted Mining and RE CapEx & CEXCI Mining PhP millions Explo Costs, PhP Millions 14,000 5,000 12,513 4,302 12,000 4,000 10,000 9,338 3,000 8,000 6,898 10,655 3,632 2,296 5,860 6,000 1,844 7,259 2,000 1,661 4,000 5,590 4,606 2,159
Slide 24: Gold and Copper Exploration
GOLD AND COPPER EXPLORATION Cordillera Exploration Company, Inc. (CEXCI), our JV with Sumitomo Metal Mining, has received assay results for its Cordon Project in Isabela, confirming the presence of gold- bearing veins and porphyry copper-gold mineralization. Highlights from recent drilling work unde
Slide 25: Appendix
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Slide 26: Nickel Deficit Is Inevitable Beyond 2027
NICKEL DEFICIT IS INEVITABLE BEYOND 2027 IMPLIED UPSIDE TO NICKEL PRICES Nickel Demand Supply forecast 2020 – 2032, in kt Ni For 2023-2027, 7,000 we assume an 400 1. Mass adoption of NEVs and increase in optimistic launch of all announced nickel demand will continue into the next 6,000 HPAL projects
Slide 27: Regulatory Updates
REGULATORY UPDATES RA No. 12253 (Enhanced Fiscal Regime for Large-Scale Metallic Mining Act) was signed on Sept. 4, 2025. LEGISLATIVE FEATURES RA No. 12253 COMMENTS Royalty within • Carried over from previous regime Mineral Reservations 5% • Surigao mine sites are presently impacted: CMC, HMC, TMC M
Slide 28: Disclaimer
DISCLAIMER This presentation and the information contained herein as well as the materials distributed herewith ("Presentation") are the sole and exclusive property of Nickel Asia Corporation ("NAC") and shall only be used for the purpose intended herein. This Presentation is not intended to provide