Nickel Asia Corporation (NAC) reported attributable net income of PHP 4.06 billion in the first half of 2026, up 93% from PHP 2.10 billion a year earlier as higher ore prices, stronger sales volumes, and a more favorable peso-dollar exchange rate lifted results.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose 67% to PHP 8.68 billion from PHP 5.20 billion in the comparable period.
Revenue from saprolite and limonite ore sales increased 45% to PHP 15.39 billion from PHP 10.59 billion, while NAC’s operating mines sold a combined 8.65 million wet metric tons (WMT) of nickel ore, 10% higher than the 7.85 million WMT recorded a year earlier.
The weighted average ore price climbed 23% to USD 29.25 per WMT from USD 23.87 per WMT. NAC also realized an average sales exchange rate of PHP 60.85 per US dollar, up 8% from PHP 56.47 in the first half of 2025.
Saprolite and limonite ore exports reached 4.76 million WMT at an average price of USD 42.86 per WMT, representing increases of 21% in export volume and 12% in average export price year on year.
Limonite deliveries to affiliated high-pressure acid leach (HPAL) plants totaled 3.88 million WMT, slightly lower than 3.93 million WMT a year earlier. The average realized price, however, improved to USD 8.07 per pound of payable nickel from USD 6.96 per pound.
NAC’s renewable energy arm, NAC Energy, Inc. (NAC Energy), also posted stronger results as generation increased 68% to 213,186 megawatt-hours (MWh) from 127,030 MWh following the energization of the 120-megawatt peak (MWp) first phase of its Leyte project.
NAC Energy’s EBITDA rose 83% to PHP 628 million from PHP 343 million in the comparable period.
The energy unit is also advancing projects in Leyte, Zambales, Subic, and Bataan. Phase 2 of its San Isidro, Leyte project began energization in July, while testing and commissioning for the first phase of its Botolan, Zambales project is scheduled for the fourth quarter of 2026.
Construction is ongoing for the first phase of a 145-MWp facility in Subic, Cawag, while the company is considering Battery Energy Storage System (BESS) integration for projects in Subic and Nazareno, Bataan.
“We remain bullish on nickel prices,” NAC President and Chief Executive Officer Martin Antonio G. Zamora said, citing slowing Class 1 production amid rising input costs and continued growth in Class 2 demand under a tightly regulated quota policy.
“NAC Energy is central to that story — it’s helping lower electricity costs for Filipinos, and we’re on pace to reach almost 600 MW of gross operating capacity by the end of 2027,” Zamora added.
Cordillera Exploration Co., Inc. completed eight drill holes totaling 3,339 meters at the Cordon Project in Isabela during the second quarter, with drilling expected to continue through the rest of 2026 as it works toward defining mineral reserves by 2027.
Can higher nickel ore prices, stronger sales volumes, and NAC Energy’s expansion sustain the company’s earnings growth through the second half of 2026?
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