Mining revenues climb 39% as higher export volumes and firmer benchmark prices lift margins
Philippine-listed miner Nickel Asia Corp. reported a 312% surge in attributable net income to ₱6.27 billion in 2025, up from ₱1.52 billion a year earlier, driven by stronger global nickel prices and increased shipment volumes.
The company said the earnings rebound reflected improved realised prices for both saprolite and limonite ore, alongside steady demand from key export markets. Mining revenues rose 39% to ₱27.25 billion, underpinned by higher average selling prices and improved operating performance across its mines.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 56% to ₱13.75 billion, highlighting stronger margins and operating leverage as prices recovered from softer levels seen in the previous year. The company noted that its financial performance remains closely tied to movements in global nickel prices, which have been supported by supply constraints and demand linked to stainless steel production and the electric vehicle battery sector.
Nickel Asia said improved cost discipline and efficiencies in ore production and logistics also contributed to the earnings uplift, helping cushion the impact of input cost pressures.
However, its renewable energy subsidiary, Emerging Power Inc., posted a 16% decline in EBITDA, largely due to weaker electricity prices in the wholesale spot market. Despite the drop in earnings, the renewable energy arm continued to expand capacity, reinforcing the group’s long-term strategy of diversifying beyond mining.
Nickel Asia reiterated its push to evolve into a multi-resource company by growing its renewable energy portfolio and advancing exploration activities for gold and copper. The company said this diversification strategy is intended to mitigate commodity price volatility and generate more stable long-term returns.
Management added that while the nickel market remains subject to cyclical swings and geopolitical risks, the company is positioning itself to capitalise on sustained demand from infrastructure development and the global energy transition.
The company said it will continue to focus on operational efficiency, prudent capital allocation and disciplined expansion to sustain profitability amid shifting market conditions.
