Global Ferronickel Holdings, Inc. (PSE: FNI), one of the Philippines’ leading nickel ore exporters, reported a 203.7% surge in net income attributable to shareholders to ₱1.527 billion for the first nine months of 2025, up from ₱502.6 million in the same period last year. This translated to earnings per share of ₱0.2978, reflecting improved profitability and stronger cost discipline.
The company’s EBITDA rose 102.2% year-on-year to ₱2.435 billion, expanding its EBITDA margin to 36.4% from 21.0%. The improvement underscores FNI’s operational efficiency, prudent cost management, and ability to benefit from firmer nickel prices despite lower shipment volumes.
Total revenues climbed 16.6% to ₱6.684 billion, driven by higher average realised nickel ore prices amid robust demand and tighter supply conditions toward the end of the quarter. In the near term, the International Nickel Study Group (INSG) expects continued growth in global stainless-steel production, although the expansion of nickel use in batteries is progressing more gradually. INSG also projects global supply to increase as Indonesia implements tighter regulatory controls over its nickel sector.
Meanwhile, costs and expenses fell 6.0% to ₱4.800 billion, reinforcing management’s disciplined approach to productivity and expense control.
Operational Performance
Despite softer volumes, average realised prices increased 36.8% to US$31.99 per WMT from US$23.39 per WMT in 2024, supported by strong market fundamentals. Low-grade ore averaged US$29.87 per WMT, up 53.8%, while medium-grade ore averaged US$42.50 per WMT, up 37.9%.
Shipments remained focused on FNI’s established Asian markets, with 91% exported to China and 9% to Indonesia.
Site Highlights
The Palawan site generated ₱2.301 billion in revenues, up 11.8% year-on-year despite lower volumes, as higher realised prices offset weather-related output constraints. The site is boosting mine planning, digital systems integration, and reserve expansion to support long-term production.
• Platinum Group Metals Corporation (Surigao)
The Surigao operation delivered ₱4.372 billion in revenues, a 19.5% increase year-on-year. Proactive stockpiling and resource planning helped counter heavy rainfall impacts, allowing the site to maintain shipments and take advantage of elevated nickel prices.
Cost and Expense Management
“Our strong nine-month results demonstrate the effectiveness of disciplined cost management, operational flexibility, and strategic foresight,” said FNI President Dante R. Bravo. “We are well-positioned to sustain profitability through operational excellence and sound financial stewardship.”
Governance and Leadership Excellence
Atty. Reeno E. Febrero, FNI Legal Officer, was named Young Lawyer of the Year (In-House), while the company’s legal team received finalist citations in several categories, including In-House Lawyer of the Year (Atty. Noel B. Lazaro, Chief Legal Counsel), In-House Woman Lawyer of the Year (Atty. Mary Louisse S. Inguillo, Legal Officer), Philippine In-House Team of the Year, In-House Team of the Year (Construction & Real Estate), and Innovative In-House Team of the Year.
“These distinctions reflect the discipline, transparency, and integrity that define FNI’s governance culture,” said Atty. Noel B. Lazaro. “Strong governance remains central to sustaining stakeholder trust and long-term value creation.”
