GPM is slightly higher, due to the company's operational efficiency improvements, then Gross Profit is up by 24%, EBITDA is up by 32%.

Profit Attributable to Owners of the Parent Company growth driven by higher volume in nickel processing (ONC and KPS) and the additional 10% stake in ONC, which applied using the equity method in 1H25.

Higher sales volume mining business in 1H25 was due to capacity of ONC which commenced in April 2024. Additional to ONC, KPS (3rd RKEF smelter), commenced operation in January 2025.

In HPAL sales volume, ONC (full capacity in August 2024) is the driver of growth in MHP sales YoY. Both sales HPL & ONC in 1H25 reached 65,310 tons contained Ni, up 84% YoY. HPAL sales volumes in 1H25 are combination of MHP and NiSo4. Sales of HPL is 32,058 tons contained Ni and ONC is 33,252 tons contained Ni.

Significant growth of RKEF sales volume is due to KPS - phase 1 (which reach full capacity in March 2025). Sales volume of KPS - phase 1 in 1H25 reached 26,513 tons contained Ni of FeNi. Overall sales volume of FeNi up 33% YoY.