Nickel Asia Corporation (NCKAF) Q4 2025 Earnings Call Transcript

Unknown Executive

Good afternoon, everyone, and welcome to Nickel Asia Corporation’s briefing for our financial and operational results for 2025. My name is [indiscernible 00:00:12], Nickel Asia Corporation’s Senior Manager for Investor Relations.

Joining me today are our Group President and CEO, Mr. Dennis Zamora; our Chief Commercial Officer for Nickel Asia’s Mining Business, Mr. Koichi Ishihara; our VP of Finance and our CFO, Mr. Andre Lu Dy; Director of our Geothermal business, [ Mr. Joseph Novos ]; and President of Cordillera Exploration Company, Dr. G. Yumul

[Operator Instructions] This video will be recorded and the presentation materials. [Operator Instructions]

Unknown Executive

So let’s begin with our financial highlight. The last most set of bar charts here indicates our top line performance for the period and historically over the last 3 years.

For 2025, our revenues, which are comprised of the sale of ore and other services increased by 33% year-on-year to PHP 29.6 billion from PHP 22.3 billion in 2024. Last year saw a marked increase in nickel ore prices for saprolite ore exports.

The second bar chart in the center showcases our consolidated EBITDA for the period, which totaled PHP 13.7 billion, 56% growth from the PHP 8.8 billion reported in 2024.

The right most set of bar chart shows our attributable net income for 2025 and this surged to PHP 6.3 billion, or a 91% increase from the 2024 net income figure here of PHP 3.3 billion. It should be noted, however, that the PHP 3.3 billion here is representative of core net income and attributable net income.

Improvement in our bottom