Nickel Asia Corporation (NAC) increased its attributable earnings by 312% to PHP 6.27 billion in 2025, driven mostly by higher nickel ore prices during the year.
The figure marks a sharp rebound from PHP 1.52 billion in 2024, as the company capitalized on improved saprolite export prices.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 56% to PHP 13.75 billion, while revenues from saprolite and limonite ore increased 39% to PHP 27.25 billion. Total nickel ore sales also climbed during the year, supported by both higher prices and improved volumes.
“Our significant income growth this year reflects our ability to capitalize on market highs while strengthening our position as a reliable global supplier,” said Martin Antonio G. Zamora, President and CEO of NAC.
Zamora added that the company is “accelerating our transition into a multi-resource company, fueled by the continuous scaling of our renewable energy arm and new prospects in gold and copper.”
NAC continued to expand its renewable energy portfolio last year through its subsidiary Emerging Power Inc. (EPI), which operates 172 megawatts (MW) of capacity. While generation rose slightly in 2025, EBITDA from the renewable segment declined amid lower Wholesale Electricity Spot Market (WESM) prices.
The company is also advancing solar developments and copper-gold exploration projects as part of its ongoing diversification strategy.
NAC’s board declared a cash dividend of PHP 0.14 per share, payable on March 25, 2026 to shareholders of record as of March 12, 2026.
Can Nickel Asia sustain its earnings momentum if global nickel prices soften in the coming year?
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