Nickel Asia Corp. · PSE:NIKL
Nickel Asia — H1 2025 Earnings Presentation
22 slides from Nickel Asia's earnings presentation, Aug 14, 2025
Slide 1: 1H-2025 Earnings
NICKEL ASIA CORP. 1H-2025 EARNINGS AUGUST 14, 2025
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 1H-25 Highlights
NIKL AND EPI 1H-25 HIGHLIGHTS NICKEL MINING RENEWABLE ENERGY (EMERGING POWER INC.) Revenues from ore sales increased by 36% to ₱10.59 billion EPI’s operating asset Jobin-SQM Inc. (JSI) is presently operating at from ₱7.79 billion, due to an improvement in saprolite ore a total capacity of 172-MW. Ge
Slide 4: Nickel Mining Performance
NICKEL MINING PERFORMANCE
Slide 5: Financial Highlights (1H-25 vs 1H-24)
FINANCIAL HIGHLIGHTS (1H-25 VS 1H-24) REVENUE (PHP BILLIONS) EBITDA (PHP BN) NET INCOME (PHP BN) 2022 2023 2024 1H2025 1H2024 EBITDA Margin (1) 51% 46% 39% 39% 32% Net Income Margin 38% 24% 22%* 26% 19% Ave. NI LME price per pound (US $) 11.21 9.49 7.66 6.96 7.94 Ore Exports 39.39 30.59 27.34 38.31
Slide 6: Shipments and Revenues by Ore Type
SHIPMENTS AND REVENUES BY ORE TYPE First Half Period Comparison -4% YoY in total sales volume +36% YoY change in total ore revenues -7% YoY in ore exports +73% YoY for ore exports +59% YoY change in ore exports revenues same YoY in limonite HPAL -13% YoY for limonite HPAL -14% YoY change in limo HPA
Slide 7: Revenue – Variance Analysis
REVENUE – VARIANCE ANALYSIS First Half Period Comparison Sales Volume (in millions WMT) Gross Revenues, in Php Millions, 6M-2025 v 6M-2024 1H-25 7.85 -4% 1H-24 8.16 Sales Price (in USD$ per WMT) 1H-25 +44% YoY 23.87 1H-24 16.60 FX Rate (PHP/USD) 1H-25 -2% YoY 56.47 1H-24 57.50 TSF- Tailing Storage F
Slide 8: Cost & Expenses – Variance Analysis
COST & EXPENSES – VARIANCE ANALYSIS First Half Period Comparison Sales Volume (in millions WMT) Costs and Expenses, in Php Millions, 6M-2025 v 6M-2024 1H-25 7.85 -4% YoY 1H-24 8.16 Fuel Prices (PHP/Liter) 1H’25 -6% YoY change 49.93 1H’24 53.08
Slide 9: Investment in HPAL Equity Earnings
INVESTMENT IN HPAL EQUITY EARNINGS We completed the sale of our 15.625% equity stake in CBNC to Sumitomo Metal Equity Losses, in PHP Millions Mining. (1H-24 VS 1H-25 comparison) We trimmed our total losses in our equity investments by 63% versus the same period last year, as a result of the divestme
Slide 10: Regulatory Updates
REGULATORY UPDATES The latest Bicameral Version of Senate Bill 2826 removed the raw ore export ban provision. The additional taxes have, approximately, a 3% impact to our consolidated net-income. LEGISLATIVE BICAM VERSION COMMENTS FEATURES (June 11, 2025) CURRENT REGIME Royalty within 5% Surigao min
Slide 11: Renewable Energy Performance & Pipeline
RENEWABLE ENERGY PERFORMANCE & PIPELINE PHOTO: 172 MW Solar Farm located in Mt. Sta. Rita situated within the Subic Bay Freeport Zone, Zambales.
Slide 12: JSI Financial Highlights
JSI FINANCIAL HIGHLIGHTS GENERATION (in MWh) EBITDA (in PHP millions) Source: Company Data
Slide 13: Solar Assets Slated for 2025
SOLAR ASSETS 2025 ADDITIONAL TOTAL GROSS CAPACITY: 120 MW SLATED FOR 2025 ADDITIONAL 2025 ATTRIBUTABLE CAPACITY: 72 MW SAN ISIDRO, LEYTE P1 CAPACITY UNDER CONSTRUCTION OR FOR CONSTRUCTION 120 MW TOTAL ATTRIBUTABLE MW TO EPI 72 MW PRE-DEVELOPMENT Completed in June 2023 CONSTRUCTION Started September
Slide 14: Solar Assets Slated for 2026
2026 ADDITIONAL SOLAR ASSETS TOTAL GROSS CAPACITY: 374 MW SLATED FOR 2026 2026 ADDITIONAL ATTRIBUTABLE CAPACITY: 282.4 MW NAZARENO, LEYTE PROJECT BOTOLAN, SUBIC CAWAG P1 SUBIC CAWAG P2 BOTOLAN P2 BATAAN P2 ZAMBALES CAPACITY UNDER CONSTRUCTION OR 70 MW 75 MW 50 MW 120 MW 45 MW 14MW FOR CONSTRUCTION T
Slide 15: EPI's Projected Capacity Buildup of Generation Assets
EPI’S PROJECTED CAPACITY BUILDUP OF GENERATION ASSETS Gross Capacity, MW EPI’s gross capacity will reach the following: By 2025 it will be 293 MW By 2026 it will be 667 MW
Slide 16: Appendix
APPENDIX
Slide 17: The New Mines
NEW MINES RESOURCES: 241M WMT THE NEW MINES TARGET ANNUAL GROSS ADDITIONAL PRODUCTION: 7.5M WMT SOUTH UPPER DINAPIGUE MANICANI GUINTALUNAN TOTAL RESOURCES AS OF 12/31/2024 129 M WMT @ 1.12% Ni 50 M WMT @1.39% Ni 62 M WMT @1.43% Ni SAPROLITE RESOURCES 42 M WMT @ 1.35% Ni 19 WMT @ 1.64% Ni 49 M WMT @
Slide 18: Nickel Deficit Is Inevitable Beyond 2027
NICKEL DEFICIT IS INEVITABLE BEYOND 2027 IMPLIED UPSIDE TO NICKEL PRICES The mass adoption of NEVs and the increase in nickel demand will continue into the next decade. Nickel supply visibility beyond 2027 is limited, considering the availability of ore supply, regulatory challenges, and execution r
Slide 19: Sustainability
SUSTAINABILITY
Slide 20: ESG Score Improved to 34.8 from 43.7
ESG SCORE IMPROVED TO 34.8 FROM 43.7 Nickel Asia Corp. Rating Report Material ESG Issues Score and Risk Category ESG Risk Exposure ESG Risk Management ESG Risk Rating Contribution to ESG Risk Issue Name Score | Category Score | Category Score | Category Rating 34.8 High Risk Community Relations 8.1
Slide 21: Awards and Recognition
FINANCEASIA ASIA’S BEST COMPANIES ASIAMONEY NAC received a Gold citation and was one NAC has been recognized as the MOST PHILIPPINE STOCK EXCHANGE of only four companies in the Basic OUTSTANDING Company in the Nickel Asia Corporation (PSE:NIKL) joins Materials Company sector recognized this Philippi
Slide 22: 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