Nickel Asia Corporation

Good afternoon, everyone, and welcome to the Nickel Asia Corporation's briefing for our financial and operational results for 2025. My name is Miran Pato, Nickel Asia Corporation 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 Weekly Group Finance and WBCFO, Mr. Andre Dix, Director of our geothermal business, Mr. Joseph Novos, and President of Cortellera Exploration Company, Dr. Jimmy Jimmel. I'd like to remind everyone to kindly keep your microphones and cameras off during the duration of the presentation. This video will be recorded and the presentation materials will be available on our website. Okay, so let's begin with our financial highlights. The leftmost set of bar charts here indicates our top-line performance for the period and historically over the last three years. For 2025, our revenues, which are comprised of the sale of ore and other services, increased by 33% year-on-year to $29.6 billion from $22.3 billion in 2024. Last year saw a marked increase in nickel ore prices for saprolyte ore exports. The set of bar charts in the center showcases our consolidated EBITDA for the period, which totals $13.7 billion, 56% growth from the $8.8 billion reported in 2024. The rightmost set of bar charts shows our attributable net income for 2025, And this surged to 6.3 billion or a 91% increase from the 2024 net income figure here of 3.3 billion. It should be noted, however, that the 3.3 billion here is representative of core net income and not attributable net income. Improvement in our bottom line performance was primarily due to two things. The first is the higher direct shipping war prices, which were up by 32%.

And the second is the one-time income of 800 million generated from the sale of our state in Coral Bay HVAL earlier this year.

If you refer to the table below, the rightmost column indicates additional metrics on our performance for the year. The first row summarizes our gross profit margins, which stood at 63% for 2025. We get the margins also in 46%. Despite operating expenses increasing by about 24%, operating income grew by about 69% year-on-year. We'll provide more details on the revenue and cost and expense variances in the subsequent slides.