Nickel Industries (ASX:NIC) Posts USD 98.7M Operating Profit in H1 FY25, Excelsior Commissioning on Track

4 min read | October 03, 2025 07:14 PM AEST | By Sonal Goyal

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Nickel Industries (ASX:NIC) Posts USD 98.7M Operating Profit in H1 FY25, Excelsior Commissioning on Track — Image source: © 2025 Krish Capital Pty. Ltd.

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Highlights

NIC is ASX-listed, operating in Singapore and Indonesia with key nickel assets.

In H1 FY25, the company reported operating profit of USD 98.7 million and profit after tax of USD 25.3 million, up 81% YoY.

NIC’s gross margin declined to 13.8% in H1 FY25.

The company plans Excelsior project commissioning later in 2025.

Nickel Industries Limited (ASX:NIC) is a nickel ore mining and nickel pig iron production company that operates in Singapore and Indonesia. The company holds an 80% interest in the Hengjaya Mine, Ranger Nickel Project, and Angel Nickel Project.

Recent Financial Update

In the first half of the financial year 2025 (H1 FY25), the company posted an operating profit of USD 98.7 million, up 12% from USD 87.8 million in H1 FY24. Profit after tax surged 81% to USD 25.3 million from USD 14.0 million, while mine-level adjusted EBITDA rose 76% to USD 70.3 million from USD 39.9 million. Overall adjusted EBITDA reached USD 159.3 million, driven by contributions from the RKEF segment (USD 78.3 million) and HPAL segment (USD 27.1 million). The financial performance was supported by higher production, especially at the Hengjaya mine, and strong limonite ore prices, which offset rising input costs.

In H1 FY25, the company’s gross margin declined to 13.8%, below the industry median of 52.3%, and revenue fell by 2% YoY.

Business Update

On 30 September 2025, Nickel Industries completed a tender offer for its USD 400 million 11.25% senior unsecured notes, accepting around USD 354.5 million at 105.62% of principal plus accrued interest, and issued a redemption notice for the remaining notes.

On 23 September, the company agreed with its largest shareholder to defer two USD 126.5 million payments for the Excelsior Nickel-Cobalt Project to July and October 2026, without affecting the ENC project commissioning in 2025. NIC’s HPAL operations reported an EBITDA margin of USD 5,962 per tonne of nickel in H1 2025.

Business Outlook

The company plans to commission the Excelsior Nickel-Cobalt Project later in 2025, which is expected to increase nickel production in 2026 and add battery-grade nickel to its product range. It expects to maintain EBITDA margins from its HPAL operations through continued production and prevailing nickel prices. Operations will focus on production volumes and cost management at the Hengjaya mine and RKEF projects.

Share Performance of NIC
NIC shares closed at AUD 0.760 on 3 October 2025, gaining 0.66% intraday. Over the past three months, NIC’s share price has increased by 4.10%, and over the past six months, it is up 45.57%. The 52-week high of NIC is AUD 0.995, recorded on 30 October 2025, while the 52-week low is AUD 0.420, recorded on 9 April 2025.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 03 October 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

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