Nickel Asia Corp. · PSE:NIKL
Nickel Asia — FY2025 Earnings Presentation
27 slides from Nickel Asia's earnings presentation, Feb 26, 2026
Slide 1: Nickel Asia Corp. FY-2025 Earnings Briefing
NICKEL ASIA CORP. FY-2025 EARNINGS BRIEFING FEBRUARY 26, 2026
Slide 2: NIKL and EPI FY-25 Highlights
NIKL AND EPI FY-25 HIGHLIGHTS NICKEL MINING RENEWABLE ENERGY (EMERGING POWER INC.) • Revenues from ore sales increased by 39% to ₱27.25 billion • EPI’s operating asset Jobin-SQM Inc. (JSI) is presently operating at a total from ₱19.56 billion, due to an improvement in saprolite ore capacity of 172-M
Slide 3: 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 4: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 5: Financial Highlights (FY-25 vs FY-24)
FINANCIAL HIGHLIGHTS (FY-25 VS FY-24) Revenue (PHP billions) EBITDA (PHP billions) Attributable Net Income (PHP billions) Sale of ore Services and others 14.3 7.9 29.6 13.7 6.3 29.0 11.0 23.7 22.3 8.8 3.7 3.3* 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 FY2025 Gross Pr
Slide 6: Nickel Mining Performance
NICKEL MINING PERFORMANCE
Slide 7: Mining Highlights (FY-25 vs FY-24)
MINING HIGHLIGHTS (FY-25 VS FY-24) Sales Volume Average Ore Sale Prices Ore Revenue (in millions WMT) (in US$/WMT) (in PHP bn) 20.0 18.56 $50.00 30.0 27.25 17.02 25.0 4.69 15.0 $40.00 19.56 7.64 7.38 20.0 $30.00 4.45 10.0 15.0 $20.00 10.0 22.56 36.14 5.0 9.64 10.93 27.34 15.11 $10.00 5.0 10.50 10.66
Slide 8: Revenue – Variance Analysis
REVENUE – VARIANCE ANALYSIS YoY Comparison Gross Revenues in PHP Millions 12M-2025 v 12M-2024 35,000 M 5,588 M 29,617 M 30,000 M (62 M) (6 M) (68 M) (51 M) (277 M) 25,000 M 2,169 M Slightly lower Lower limestone average FX deliveries due to Lower WESM No TSF activities 22,325 M prices Improved bad w
Slide 9: Cost & Expenses – Variance Analysis
COST & EXPENSES – VARIANCE ANALYSIS YoY Comparison Costs and Expenses in PHP Millions 12M-2025 v 12M-2024 20,000 M 666 M 134 M 18,130 M 18,000 M 1,530 M 243 M (205 M) 16,000 M 15,523 M 239 M Ramp up of Higher Increase in No TSF Manicani excise tax costs due to activities this Increase in 14,000 M In
Slide 10: Investment in HPAL Equity Losses
INVESTMENT IN HPAL EQUITY LOSSES Equity Losses, in PHP Millions (FY-24 VS FY-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 (503) investments by 72% versus the same period last (300) (24
Slide 11: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS in PHP millions 31 Dec 2025 31 Dec 2024 % Change 31 Dec 2025 31 Dec 2024 Assets 70,168 61,651 14% Debt Ratio (1) 0.32x 0.28x Cash and Cash Equivalents 17,574 12,935 36% Trade and Other Receivables 2,382 1,390 71% Debt to Equity Ratio (2) 0.47x 0.39x PPE 33,126 26,429 25% Net
Slide 12: Dividend Declaration
DIVIDEND DECLARATION We declared dividends equivalent to 31.0% of FY’25 net income amounting to P1.95 bn or ₱0.14/share Per share Total Dividend in Billion PHP % of 2025 Net Income (a) ‘25 Net Income P0.45 P6.27 100% (b) Dividend amount for P0.14 P1.95 31.1% MAR ’26 (c) Special dividends P.070 P0.98
Slide 13: Renewable Energy Performance
RENEWABLE ENERGY PERFORMANCE
Slide 14: JSI Project Overview
JSI Project Overview Project Details Project 172MWp Capacity Mt. Sta Rita, Subic Bay Location Freeport Zone PSA:WESM sales mix at 86:14 as of FY25. Offtake Profile As of end Jan 2026, JSI is 99% contracted. Additional 72MWp was Other details energized last February 2024
Slide 15: JSI Financial Highlights (FY-24 to FY-25)
JSI FINANCIAL HIGHLIGHTS (FY-24 TO FY-25) Generation (in MWh) EBITDA (in PHP millions) 226,897 939 224,719 788 FY-24 FY-25 FY-24 FY-25 FY-24 FY-25 FY-24 FY-25 FY-25 FY-24 YoY% change Generation (in MWh) 226,897 224,719 1% Due to energization of Phase 4A Sales Mix (PSA/WESM) 86%/14% 78%/22% Lower WES
Slide 16: Development Pipeline
DEVELOPMENT PIPELINE
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% contacted Energization date 4Q 2025 2Q 2026 COD date 2Q 2026 1Q 2027 • For 4Q25, Leyte project has generated 15,172 MWh translat
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% contacted contracted Energization date 4Q 2026 1Q 2027 COD date 2Q 2027 3Q 2027
Slide 19: Subic, Cawag Overview
SUBIC, CAWAG OVERVIEW Project Details P1 P2 Project Capacity 70MWp 75MWp Brgy Cawag, Subic Bay Freeport Location Zone, Zambales 64% contracted, Target to be ongoing Offtake Profile 100% negotiations contracted for the remaining 36% Energization date 2Q 2027 3Q 2027 COD date 4Q 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 date 3Q 2028
Slide 21: EPI's Projected Capacity Buildup of Generation Assets
EPI’S PROJECTED CAPACITY BUILDUP OF GENERATION ASSETS EPI’s gross capacity will reach the following: Gross Capacity, MWp • By 2026 it will be 458 MW 1,200 - • By 2027 it will be 667 MW 1,000 182 332 • PSAs and GEAP participation for offtake. 227 800 150 150 - - 70 Summary 2025 2026 2027 2028 600 210
Slide 22: Other Updates
OTHER UPDATES
Slide 23: CEXCI: Gold and Copper Exploration
CEXCI : GOLD AND COPPER EXPLORATION CORDON PROJECT UPDATES • The 2025 drilling campaign consisted of 21 drill holes totaling 7,024 meters across five prospect areas. Results: delineated a mineralized zone approximately 250 x 230 meters at the San Luis prospect. 2026 PLANS: • Jan to April: complete 4
Slide 24: 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 10,000 9,318 9,338 6,000 9,000 5,053 8,000 5,000 7,000 4,000 6,000 7,656 7,259 5,000 3,000 4,383 2,735 4,000 1,937 1,962 2,000 3,000 2,438 2,000 89
Slide 25: Appendix
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Slide 26: Setting the Standard
SETTING THE STANDARD INSTITUTIONAL & WORKPLACE & RESPONSIBLE MINING SUSTAINABILITY MARKET CULTURE Presidential Mineral Industry Environmental Awards: * Cagdianao Mining Corp: Sth PMIEA * Hinatuan Mining Corp: 5th PMIEA * Rio Tuba Nickel Mining Corp: 7th PMIEA * Taganito Mining Corp: 7th PMIEA ASEAN
Slide 27: 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