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Investor/Analyst Briefing 1Q26

Investor/Analyst Briefing 1Q26

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1Q26

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1Q26

Investor/Analyst Briefing March 2026

Financial Highlight

  • FY25 revenue is up by 10% YoY mainly due to operation commenced of KPS, while 1Q26 revenue is slowing down by 4% YoY due to lower ASP of mining business.
  • FY25 gross profit is up by 15% YoY, the driver was mainly due to higher volume in mining business. ASP and cash cost in FY25 is slightly lower YoY. In 1Q26, gross profit is slowing down by 35% YoY due to lower revenue and higher cost of goods sold.
  • EBITDA and PATMI  growth, driven by higher ownership in ONC, higher sales volume of MHP and its derivates, as well as higher production from KPS.

Bussines Highlight

  • Higher sales volume from mining business in FY25 & 1Q26 was mainly due to higher ore feed to KPS in line with higher production lines over period of time. In addition, commenced operation of ONC in April 2024 also contributed to higher FY25 sales volume from mining business.
  • For FY25 HPAL sales volume, ONC (which reached full capacity in August 2024) is the main driver of growth in MHP sales. Combined sales from HPL & ONC reached 130,551 tons of contained Ni, up 28% YoY. Meanwhile, 1Q26 HPAL sales volume reached 32,613 tons of contained Ni (up 8% YoY).
  • Significant growth of RKEF sales volume is due to KPS – phase 1 (which reached full capacity in March 2025), phase 2 (which reached full capacity in December 2025), and 2 production lines of phase 3 commenced operation in 1Q26. Overall FeNi sales volume was up by 49% YoY in FY25 and 22% YoY in 1Q26.