Nickel Industries Limited · ASX:NIC
Nickel Industries — Q2 2025 Earnings Presentation
11 slides from Nickel Industries's earnings presentation, Aug 28, 2025
Slide 1: Half Year Results Presentation
Nickel Industries Limited (ASX:NIC) Half Year Results Presentation For the period ended 30 June 2025
Slide 2: Continuing to play a leadership role in responsible and sustainable mining
Continuing to play a leadership role in responsible and sustainable mining Hengjaya Mine ▪ Over 22.6 million work hours registered since the last reported lost time injury (LTI) in November 2021 Group Operations ▪ Company-wide 12-month lost time injury frequency rate (LTIFR) as at the end of June 20
Slide 3: 1H 2025 review
1H 2025 review 3 ▪ Sales revenue: US$829.7m ▪ 62,257 tonnes Ni in NPI ▪ Mine production of >11.5m wmt ▪ Development of world class – >2.3m wmt saprolite Sampala Project ▪ Gross profit: US$114.8m ▪ 4,193 tonnes Ni in MHP – >9.2m wmt limonite (NIC’s 10% attributable interest) ▪ Strong construction pro
Slide 4: Key P&L metrics
Key P&L metrics ▪ Solid 1H result given the current nickel price environment and US$m 1H 2024 1H 2025 challenging nickel ore supply dynamics ▪ RKEF earnings negatively impacted by lower nickel sales and Sales revenue 843.3 829.7 (2%) increased operating costs, predominantly due to elevated nickel or
Slide 5: Balance sheet
Balance sheet US$m 31 December 2024 30 June 2025 ▪ As at 30 June 2025: – Debt US$1,028m Current Assets 743.9 670.6 – Cash and cash equivalents US$145m – Net debt US$883m Total assets 3,896.2 3,837.1 ▪ Deferral of remaining US$253m of ENC acquisition payments until 2026 Current liabilities 355.0 419.
Slide 6: Adjusted EBITDA to Profit reconciliation
Adjusted EBITDA to Profit reconciliation US$m 1H 2024 1H 2025 Group Adjusted EBITDA 155.7 159.3 - Losses on FX (20.3) (3.4) - Interest expense (40.6) (48.4) - Depreciation & amortisation (63.9) (57.4) - Withholding tax (4.0) (3.1) + Interest income 9.3 3.1 Profit before tax 36.3 49.9 - Income tax (2
Slide 7: RKEF operations
RKEF operations (1) Production 1H 2024 1H 2025 ▪ Marginally lower nickel tonnes v the pcp predominantly due to unexpected maintenance across each of the Company’s RKEF projects NPI production 518,199 522,601 1% over the course of the period Nickel grade 12.3 11.9 (3%) ▪ Decrease in Adjusted EBITDA d
Slide 8: HPAL operations
HPAL operations (1) HNC (100%) 1H 2024 1H 2025 ▪ HNC 1H production ~40% above nameplate capacity (60ktpa) Nickel production in MHP (tonnes) 41,172 41,934 2% ▪ Current HPAL margins >US$5,900/t (including NIC trading division’s 2025 average profit of approximately US$1,400/t Ni) are materially superio
Slide 9: Hengjaya Mine - solid production despite operational challenges
Hengjaya Mine - solid production despite operational challenges Summary Units 1H 2024 1H 2025 Saprolite mined wmt 1,906,190 2,334,738 2% Limonite mined wmt 4,177,937 9,237,715 121% Nickel ore mined wmt 6,084,127 11,572,453 90% Overburden mined BCM1 755,582 1,304,621 73% Strip ratio BCM/wmt 0.12 0.11
Slide 10: ENC Project update
ENC Project update Integrated nickel refinery ▪ The integrated nickel refinery (for cathode production) has reached a point at which staged commissioning could now commence ▪ Decision taken to defer commissioning of the refinery to better align working capital requirements with the anticipated issua
Slide 11: Nickel Industries Limited (ASX:NIC)
Nickel Industries Limited (ASX:NIC) For more information, please contact: Justin Werner Managing Director jwerner@nickelmines.com.au +61 2 9300 3311 Cameron Peacock Investor Relations and Business Development cpeacock@nickelindustries.com +61 439 908 732 www.nickelindustries.com