Slides
Page 1
Nickel Industries Limited (ASX:NIC) Half Year Results Presentation For the period ended 30 June 2026
Page 2
2 Safety and ESG Achievements Notes: 1) Safety statistics as at 30 June 2026 Safety & People Performance Half Yearly Milestones Green PROPER Hengjaya Mine was one of only three nickel mining companies in Indonesia to achieve a Green PROPER rating from the Ministry of Environment and Forestry 0.00 12-month LTIFR 0.45 12-month TRIFR 18.0m Safe man-hours worked Sustainability Environment Inaugurated 197-hectare Biodiversity Conservation Area at Hengjaya Mine CSR Multiple honours at TOP CSR Awards 2026 for excellence in community development and ONI RKEF won three HR Asia Awards 2026 Entered into a Joint Study Agreement to explore for natural hydrogen in Sulawesi - a potentially low-cost, clean energy source Map of residence distribution of NIC scholarship recipients Scholarship Program Continuation of the university scholarship program for students in neighbouring towns in Sulawesi
Page 3
3 Half Yearly Summary Group operations and corporate highlights US$247.6m Adjusted EBITDA >US$1.3bn Sampala valuation from CNE swap 1.095bn wmt Sampala JORC Resource at 1.24% Ni2 Mining – Hengjaya Mine US$73.4m Adjusted EBITDA 5.9m wmt Ore sales US$12.4/t Adjusted EBITDA/t Processing – RKEF Processing – HPAL US$146.7m Adjusted EBITDA 58.2kt Ni sold US$13,784/t NPI price US$35.2m HNC Adjusted EBITDA3 US$3.5m HNC maiden distribution ENC HPAL First MHP production in July Notes: 1) Variance % indicate increase/decrease relative to the June 2025 Half 3) Includes NIC MHP Trading Division 2) See ASX announcement ‘Sampala Project Update’ on 25 May 2026 +4% +1% +5% +87% -7% +21% +31% +46% Solid result from existing business prior to any contribution from the commissioning ENC project
Page 4
4 Earnings drivers P&L Units 1H 2025 1H 2026 Sales revenue US$m 829.7 938.4 Gross profit US$m 114.8 164.3 Operating profit US$m 98.7 164.3 Profit after tax US$m 25.5 74.3 Profit attributable to NIC US$m 11.3 52.5 Adjusted EBITDA US$m 169.9 247.6 Profit and Loss US$17,700/t Ni LME nickel price up 15% from 1H 2025 US$13,784/t Ni NPI price up 21% from 1H 2025 14.3m wmt 2026 RKAB Sales Quota up 60% and compares favourably to peers (many of which received significantly less than requested) Indonesian HPM reform Significantly increased ore benchmark prices Resilient NPI Production decreased by 1%, despite planned RKEF maintenance
Page 5
5 Balance Sheet Units Dec25 Jun26 Current assets US$m 1,155.6 907.1 Total assets US$m 4,264.4 4,073.8 Current liabilities US$m 625.2 302.1 Total liabilities US$m 1,805.9 1,545.3 Net assets US$m 2,458.5 2,528.5 Total cash US$m 356.8 268.4 Total debt US$m 1,222.9 1,250.0 Net debt US$m 866.2 981.6 Leverage1 x 2.3 2.3 Balance Sheet Key Balance Sheet movements US$982m Net debt US$450m facilities executed in April refinanced US$398m of bank loans at a lower cost of interest US$240m Decrease in current liabilities and assets Related to the payment received from Sphere for 10% interest in ENC Notes: 1) Leverage is calculated using net debt divided by trailing twelve month Adjusted EBITDA and the facility permits add-back of exceptional items
Page 6
6 Profit and Adjusted EBITDA reconciliations 2026 Adjusted EBITDA breakdown 2026 Adjusted EBITDA to Profit bridge
Page 7
7 Cash flow summary US$65.4m Cash flow Higher earnings were partly absorbed by an increase in nickel ore stockpiles, taxes paid and decrease in trade payables US$136.8m Growth spend US$52.0m Net borrowings US$450m syndicated loan facilities executed in April refinanced US$398m of existing bank loans Cash flow waterfall Cash flow waterfall – 1H 2026 (US$m) ENC final payment and working capital loan, Sampala development capex and acquisition payment 323.3 77.5 (12.1) (26.0) (74.5) (24.2) 52.0 (46.5) (4.0) (5.6) 260.1 Opening cash Operating cash flow Capex Payments for E&E assets Payments for investments Working capital loan to ENC Net borrowings Net finance expenses OpCo. minority distributions FX movements Ending cash 0 50 100 150 200 250 300 350 400 450 US$65.4m cash flow prior to growth and debt
Page 8
8 Mining Operations (1) Production Units 1H 2025 1H 2026 Saprolite wmt 2,334,738 3,049,036 Limonite wmt 9,237,715 5,041,965 Total wmt 11,572,453 8,091,001 Overburden BCM (2) 1,304,621 1,657,034 Strip ratio BCM/wmt 0.11 0.20 Sales Units 1H 2025 1H 2026 Saprolite wmt 2,751,591 3,124,756 Limonite wmt 3,111,053 2,801,139 Total wmt 5,862,644 5,925,895 Saprolite grade % 1.44 1.48 Limonite grade % 1.13 1.12 Saprolite sale price US$/wmt 26.0 40.4 Limonite sale price US$/wmt 23.1 21.2 Average sale price US$/wmt 24.5 31.3 Unit operating costs US$/wmt 12.5 18.7 Adjusted EBITDA US$m 70.3 73.4 Adjusted EBITDA/wmt US$/wmt 12.0 12.4 EBITDA Margin % 49% 40% Mining half yearly performance 5.9m wmt Ore sales Despite a 14-day suspension US$31.3/wmt Average realised sale price Indonesian Government changes to HPM benchmark Pricing US$18.7/wmt Operating costs Higher royalties due to the new HPM +1% +28% +50% US$73.4m Adjusted EBITDA Higher ore prices offsetting higher royalties +4% Notes: 1) Nickel Industries holds an 80% interest in the Hengjaya Mine 2) BCM represents “bank cubic metres”
Page 9
9 Sampala and Siduarsi Projects ▪ Updated JORC Resource (25 May 2026) – 1.095 billion wmt at 1.24% Ni and 0.09% Co; 8Mt contained nickel, 583kt contained cobalt ▪ Share swap (24 June 2026) – 18% of Sampala's ANN and ETL IUPs for 36% of CNE's HPAL project (~28,357 tpa Ni in MHP), no cash; implies a Sampala valuation above US$1.3bn, with Sampala the exclusive CNE ore supplier via slurry pipeline ▪ ANN and ETL feasibility studies under review by the Government. Construction of three community bridges supporting logistics and heavy equipment mobilisation 8Mt Ni & 583kt Co Contained metal >US$1.3bn Sampala valuation from CNE swap 10kt Ni p.a. HPAL capacity for no cash consideration ▪ Feasibility Study submitted and currently under review Sampala Project Siduarsi Project Notes: 1) The Sampala Mineral Resource (1.095 billion wmt at 1.24% Ni and 0.09% Co) was reported in accordance with the JORC Code (2012) in NIC's ASX announcement dated 25 May 2026. NIC confirms it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimate continue to apply
Page 10
10 RKEF half yearly performance 58,128t Ni production Scheduled maintenance to ANI and ONI RKEF lines US$11,480/t Ni Cash costs Indonesian Government raised the nickel ore Mineral Benchmark Price increasing nickel ore costs US$13,784/t Ni Sale price Strong NPI price support with increased industry cost base from increased ore pricing Production Units 1H 2025 1H 2026 NPI production tonnes 522,601 519,840 Nickel grade % 11.9 11.2 Total nickel production tonnes 62,257 58,128 Cash costs US$/t Ni 10,117 11,480 Sales Units 1H 2025 1H 2026 Wtd. Avg contract price US$/t Ni 11,350 13,784 Sales tonnes 62,641 58,154 Revenue US$m 708.8 804.5 Adjusted EBITDA US$m 78.3 146.7 Adjusted EBITDA/t US$/t Ni 1,251 2,523 RKEF Operations (1) -7% +13% +21% Notes: 1) 80% indirect interest held by Nickel Industries US$146.7m Adjusted EBITDA Significant leverage from higher NPI prices +87%
Page 11
11 HPAL Operations (1) C O M M I S S I O N I N G R O A D M A P May 2026 Integrated HPAL commissioning began with Hengjaya Mine ore deliveries May–August 2026 Sequential commissioning: pipeline, feed prep, Smelter first MHP in July and Refinery first cathode expected in August October 2026 Autoclaves expected to be ramped to full nameplate production ENC progress update HNC (and NIC MHP Trading Division) performance US$35.2m Total adjusted EBITDA 3.9kt Ni HNC attributable nickel sales US$9,113/t Adjusted EBITDA/t Ni +31% -10% +52% Driven by a higher MHP sales price Notes: 1) Nickel Industries holds a 10% indirect interest in HNC and 46% indirect interest in ENC US$3.5m Maiden distribution from HNC
Page 12
12 New HPAL investments – CNE and TMI expand our Class 1 nickel supply HNC (Huayue Nickel Cobalt) ENC (Excelsior Nickel Cobalt) ▪ Producing ~40% above nameplate ▪ Adjusted EBITDA to NIC(1) US$9,113/t (H1 26) ▪ Tax holiday: 15 yrs (+ 2 yrs at 11%) ▪ First HPAL globally to produce MHP, sulphate & cathode ▪ Targeting nameplate capacity by October 2026 ▪ Tax holiday: 15 yrs (+ 2 yrs at 11%) Further HPAL diversification of our product mix, broadening our customer base – 59kt of Class 1 nickel attributable to NIC CNE (Chengsheng New Energy) ▪ 36% acquisition interest funded by swapping an 18% interest in the Sampala Project (ANN & ETL) - NIL cash consideration ▪ Construction cost capped and responsibility of vendor TMI (Teluk Metal Industry) ▪ US$169m acquisition payment due November 2026 (Tsingshan to fund debt if required) ▪ Consortium with LS MnM, Hanwa & a strategic investor ▪ Construction cost capped and responsibility of Sumber 2021 Operating 85ktpa 2025 actual (Ni) 9ktpa NIC attributable 10% NIC interest Q2-26 Commissioning 72ktpa Nameplate 33ktpa NIC attributable 46% NIC interest Sep-27 Nameplate 39ktpa Nameplate 7ktpa NIC attributable 17.5% NIC interest Mid-27 Commissioning 28ktpa Nameplate 10ktpa NIC attributable 36% NIC interest Transaction Perimeter • Sampala Project nickel ore supply • HPAL to produce nickel and cobalt in MHP Notes: 1) Includes NIC Trading Division sales
Page 13
13 Investment highlights Growing production base provides strong operating leverage to nickel pricesGrowing production base provides strong operating leverage to nickel prices Positioned at the lowest end of the global cost curve through scale and integrationPositioned at the lowest end of the global cost curve through scale and integration Material tax concessions – by Decree of the Indonesian Government for up to 15 yearsMaterial tax concessions – by Decree of the Indonesian Government for up to 15 years 2 3 World-class, high-grade nickel resource base underpins sustainable production and growthWorld-class, high-grade nickel resource base underpins sustainable production and growth4 Clear pathway to funded earnings growth driven by capacity ramp -ups and new project developmentClear pathway to funded earnings growth driven by capacity ramp -ups and new project development 1 5
Page 14
14 Further information Justin Werner Managing Director jwerner@nickelindustries.com Andrew Coleman Head of Investor Relations acoleman@nickelindustries.com