Nickel Asia Corp. · PSE:NIKL
Nickel Asia — H1 2026 Earnings Presentation
29 slides from Nickel Asia's earnings presentation, Aug 7, 2026
Slide 1: Nickel Asia Earnings Briefing
NICKEL EARNINGS BRIEFING August 07, 2026 ; i | “ ne a 4 - >
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: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 4: NIKL and NAC Energy 1H26 Highlights
NIKL AND NAC ENERGY 1H26 HIGHLIGHTS NICKEL MINING RENEWABLE ENERGY (NAC ENERGY INC.) • Revenues from ore sales increased by 45% ₱15.39 billion • NAC Energy, which now operates at an operating capacity of 293-megawatt peak from ₱10.60 billion. (MWp), increased generation by 68% YoY to 213,186 megawat
Slide 5: Financial Highlights (1H26 vs 1H25)
FINANCIAL HIGHLIGHTS (1H26 vs 1H25) Revenue (PhP billions) EBITDA (PhP billions)* Attributable Net Income (PhP billions) Sale of ore Services and others 17.02 11.78 11.78 8.68 10.92 4.06 9.29 6.99 3.83 5.20* 1.75 2.10 3.92 2.28 1.12 1H22 1H23 1H24 1H25 1H26 1H22 1H23 1H24 1H25 1H26 1H22 1H23 1H24 1H
Slide 6: Nickel Mining Performance
NICKEL MINING PERFORMANCE NICKEL ASIA CORP
Slide 7: Mining Highlights (1H26 vs 1H25)
MINING HIGHLIGHTS (1H26 vs 1H25) Sales Volume Average Ore Sale Prices Ore Revenue (in millions WMT) (in US$/WMT) (in PHP bn) 10.0 20.0 8.64 7.85 $40.00 15.40 8.0 15.0 $30.00 2.95 3.88 10.59 6.0 3.93 42.86 10.0 2.11 $20.00 38.31 4.0 12.45 4.76 $10.00 5.0 2.0 3.93 8.48 9.43 12.57 0.0 $0.00 0.0 1H25 1H
Slide 8: Revenue – Variance Analysis
REVENUE – VARIANCE ANALYSIS YoY Comparison Gross Revenues in Php Millions 6M-2026 v 6M-2025 18,000 M 1,107 M 447 M 9M 17,021 M 16,000 M 1,913 M (20 M) (4 M) Higher 14,000 M 1,784 M generation due Higher average Fx on to additional 11,783 M Improved LME revenues. 12,000 M capacity from and nickel ore
Slide 9: Cost & Expenses – Variance Analysis
COST & EXPENSES – VARIANCE ANALYSIS YoY Comparison Costs and Expenses in Php Millions 6M-2026 v 6M-2025 12,000 M 10,000 M 590 M 203 M 9,805 M 685 M (66 M) 8,249 M 145 M Increase due to Decrease in 8,000 M Increase in excise additional Increase in mining materials Increase in tax and royalties on cap
Slide 10: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS in PHP millions 30 June 2026 31 Dec 2025 % Change 30 June 2026 31 Dec 2025 Assets 74,123 70,168 6% Debt Ratio (1) 0.32x 0.32x Cash and Cash Equivalents 15,067 17,574 -14% Trade and Other Receivables 4,090 2,382 72% Debt to Equity Ratio (2) 0.48x 0.47x PPE 35,457 33,126 7% Ot
Slide 11: Renewable Energy
RENEWABLE ENERGY CE OES
Slide 12: Rebranding of EPI to NAC Energy Inc.
REBRANDING OF EPI TO NAC ENERGY INC. The evolution from developer to established power platform marks a key milestone in NAC’s 2030 strategic roadmap to build a diversified natural resources powerhouse. Moving forward, NAC Energy's operations will go beyond solar to ensure that the company can deliv
Slide 13: JSI Project Overview
JSI PROJECT OVERVIEW Project Details Project 172MWp Capacity Mt. Sta Rita, Subic Bay Location Freeport Zone PSA:WESM average sales mix for 2Q26 stood at 96:4. Offtake Profile As of end June 2026, 170MWp has been contracted. Additional 72MWp was Other details energized last February 2024
Slide 14: 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 3Q 2026 COD date 3Q 2026 2Q 2027
Slide 15: NAC Energy Consolidated Financial Highlights (1H26 vs 1H25)
NAC ENERGY CONSOLIDATED FINANCIAL HIGHLIGHTS (1H26 vs 1H25) Generation (in MWh) EBITDA (in PHP Mn) 213,186 628 127,030 343 1H-26 1H-25 1H-26 1H-25 1H-26 1H-25 YoY% change Remarks Generation (in MWh) 213,186 127,030 68% Due to energization of SISPC Phase 1 (120MWp T&C - Oct 2025) Sales Mix (PSA/WESM)
Slide 16: Development Pipeline
DEVELOPMENT ill PIPELINE a a may at Speen
Slide 17: 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% contacted contracted Energization date 4Q 2026 1Q 2027 COD date 2Q 2027 4Q 2027
Slide 18: Subic, Cawag Overview
SUBIC, CAWAG OVERVIEW Project Details P1 P2 Project Capacity 70MWp 75MWp Brgy Cawag, Subic Bay Freeport Location Zone, Zambales 64% contracted, with Target to be Offtake Profile active ongoing 100% negotiations contracted for the remaining 36% Energization date 2Q 2027 4Q 2027 COD date 3Q 2027 1Q 20
Slide 19: Nazareno, Bataan Overview
NAZARENO, BATAAN OVERVIEW Project Details Project Capacity 50MWp Location Hermosa, Bataan Target to be 100% Offtake Profile contracted Energization Date 3Q 2028 COD date 4Q 2028
Slide 20: NAC Energy's Projected Capacity Buildup of Generation Assets
NAC ENERGY’S PROJECTED CAPACITY BUILDUP OF GENERATION ASSETS Gross Capacity, MW 2,200 Gross capacity will reach the following 2,000 - -- 1,800 • By 2026, it will be 458 MW 332 332 1,600 • By 2027, it will be 617 MW 817 856 1,400 486 • PSAs and GEAP participation for offtake. 1,200 814 1,000 800 150
Slide 21: Slide 21
Slide 22: Global Nickel Balance
GLOBAL NICKEL BALANCE 2024A 2025A 2026 H1 ▪ Global Nickel Balance: Forecasted to see a minor oversupply of 9,000 Ni Production 3,567 3,912 1,893 metric tons in H1 2026. Ni Consumption 3,469 3,600 1,884 Balance 98 312 9 ▪ Ni production in Indonesia shows decrease in H1 as well as latest full- Source:
Slide 23: Nickel Ore Market
NICKEL ORE MARKET 1.5%Ni Ore Price LME Ni Price US$/WMT 65.0 9.00 60.0 8.50 55.0 8.00 50.0 7.50 45.0 7.00 40.0 6.50 35.0 6.00 2025 FEB MAR APR MAY JUN JULY AUG SEP OCT NOV DEC 2026 FEB MAR APR MAY JUN JUL JAN JAN 1.5% Price LME Ni
Slide 24: 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 25: CapEx Updates
CAPEX UPDATES Mining and RE CapEx & CEXCI Mining 2026 Forecasted Mining and RE CapEx & CEXCI Exploration Costs (in PhP millions) Deferred Mining Exploration Costs (in PHP Mn) 10,000 2,479 9,582 60 393 8,000 1,995 40 1,564 6,000 50 7,685 2,342 1,033 4,000 3,559 46 1,341 91 1,292 2,000 2,633 736 0 835
Slide 26: Slide 26
Slide 27: Copper-Gold Exploration Overview
COPPER-GOLD EXPLORATION OVERVIEW C OR D O N P RO J E CT | O VER VI EW & STR ATEG Y WHERE VALUE CREATION MILESTONES 4,967 ha across Cordon (Isabela) and Diadi (Nueva Vizcaya), Luzon. 40 drill holes complete; scout EP-000026-II renewed through 2026. NOW drilling ongoing EP renewal secured; drilling WH
Slide 28: Grade Benchmarking: How Does Cordon Stack Up Against Philippine Cu-Au Operations?
GRADE BENCHMARKING: HOW DOES CORDON STACK UP AGAINST PHILIPPINE CU-AU OPERATIONS? Average Gold Grade (g/t Au) Average Copper Grade (% Cu) Philippine porphyry Cu operations & indicated resource vs. Cordon exploration Gold deposit peer comparison — Philippine alkaline rock-hosted operations target 2.4
Slide 29: 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