Nickel Industries Limited · ASX:NIC
Nickel Industries — FY2025 Earnings Presentation
18 slides from Nickel Industries's earnings presentation, Feb 23, 2026
Slide 1: 2025 Annual Results Presentation
Nickel Industries Limited (ASX:NIC) 23 February 2026 For personal use only 2025 Annual Results Presentation
Slide 2: Disclaimer
Disclaimer For personal use only This presentation has been prepared by Nickel Industries Limited (ABN 44 127 510 589) (‘NIC’). The information contained in this presentation is for information purposes only and has been prepared for use in conjunction with a verbal presentation and should be read i
Slide 3: Safety and ESG achievements
Safety and ESG achievements 1 2025 ESG achievements and ratings For personal use only Best Community Award at the Global CSR & Q1 Community 0.00 LTIFR (world steel avg 0.70) ESG Summit in Vietnam Biodiversity 0.68 TRIFR (world steel avg 3.54) Safety 17.7 million safe man hours (17.4 million in 2024)
Slide 4: Full year 2025 highlights
Full year 2025 highlights 4 Group financials Corporate updates For personal use only ▪ External Revenue – US$1,649.1m ▪ US$800m of 5-year bullet senior unsecured notes at 9% ▪ Adjusted1 EBITDA – US$283.0m ▪ Approval of increased RKAB sales quota and supporting 5- ▪ Loss before tax – US$6.7m includin
Slide 5: Resilient profitability through-the-cycle
Resilient profitability through-the-cycle While many high-cost producers have been forced to close, NIC has remained profitable and operational For personal use only Nickel Industries Financial & Operating Metrics Through-the-Cycle 2022 2023 2024 2025 2026E NIC EBITDA(1): US$339m US$403m US$326m US$
Slide 6: Profit & Loss
Profit & Loss Units 2024 2025 External drivers For personal use only ▪ SMM NPI price down 2.8% from 2024 ▪ LME nickel price down 9.8% from 2024 Sales revenue US$m 1,744.5 1,649.1 ▪ RKAB license delays negatively impacted grade and production volumes Gross profit US$m 186.7 165.7 Controllable drivers
Slide 7: Balance Sheet
Balance Sheet For personal use only Units 2024 2025 ▪ Strong balance sheet maintained despite margin compression across 2025 Current assets US$m 743.9 1,155.6 ▪ As at 31 December 2025: – Cash U$357m – Debt US$1,223m Total assets US$m 3,896.2 4,264.4 – Net debt US$866m ▪ Debt comprises: Current liabi
Slide 8: Profit and Adjusted EBITDA reconciliations
Profit and Adjusted EBITDA reconciliations 2025 Adjusted EBITDA breakdown 2025 Profit to Adjusted EBITDA bridge For personal use only 8
Slide 9: RKEF operations
RKEF operations (1) ▪ Record NPI production of 1,055,658 tonnes For personal use only Production Units 2024 2025 ▪ Cash costs were 1.8% lower than the previous year NPI production tonnes 1,042,655 1,055,658 predominantly due to lower nickel ore and electricity costs Nickel grade % 12.2 11.8 ▪ Lower
Slide 10: HPAL operations
HPAL operations (1) ▪ HNC produced 85,031 tonnes of nickel and 8,023 tonnes of For personal use only Production Units 2024 2025 cobalt, outperforming HNC’s nameplate capacity by 42% Attributable HNC Ni tonnes 8,341 8,503 ▪ Combined operating cash costs increased by 9% primarily due Production to hig
Slide 11: ENC Project update
ENC Project update (1) Integrated nickel Refinery For personal use only ▪ Standalone unit testing is complete and wet commissioning equipment has been set up in anticipation of final commissioning of end-to-end nickel cathode production ▪ Installation of crystallisers to produce nickel and cobalt su
Slide 12: ENC 10% acquisition by strategic partner
ENC 10% acquisition by strategic partner Transaction Overview Strategic Value of Transaction For personal use only Represents Nickel Industries’ entry into supplying Western ✓ aerospace and aeronautical sectors, which demand the highest product quality and strictest qualification standards 10% 44% (
Slide 13: Aerial overview of ENC construction – video link
Aerial overview of ENC construction – video link For personal use only 13
Slide 14: Mining operations
Mining operations (1) Production Units 2024 2025 ▪ Another year of record production of 19.2 million wmt of nickel For personal use only ore and sales of 9.9 million wmt under the existing annual Saprolite production wmt 5,017,222 4,070,654 mining quota (RKAB) Limonite production wmt 14,010,958 15,0
Slide 15: Sampala Project
Sampala Project For personal use only ▪ The Company has submited the feasibility study for the ANN IUP. The feasibility study includes mine planning, slurry preparation plant and mine infrastructure layout, as well as a centralised mine infrastructure area, including main office, assay laboratory, a
Slide 16: Our near-term catalysts transforming the Company
Our near-term catalysts transforming the Company For personal use only Catalyst Capex EBITDA Impact ▪ Sales license quota increased from 9m ▪ Additional 5.3m wmt sales at Q1 2026 None Hengjaya wmt to 14.3m wmt per annum US$12/wmt margin Slurry pipeline capex covered by the Mine ▪ Feasibility study a
Slide 17: Where we are now … where we are headed
Where we are now … where we are headed For personal use only 1 Share price of A$1.02, market capitalisation of US$3.1 billion (1) 2 2026 EV / EBITDA multiple of 7.1x (2) 3 Near-term catalysts expected to transform the Company 4 NIC has a strong record of delivering production volume growth 5 Any imp
Slide 18: For personal use only
Nickel Industries Limited (ASX:NIC) For personal use only For more information, please contact: Justin Werner Managing Director jwerner@nickelindustries.com +61 2 9300 3311 Andrew Coleman Investor Relations acoleman@nickelindustries.com +62 811 1938 331 www.nickelindustries.com