The Nickel Industries Ltd (ASX: NIC) share price is in focus today after the company reported a record US$135.6 million adjusted EBITDA for the March 2026 quarter, boosted by a significant rebound at its Hengjaya Mine and higher quarterly margins across its operations.
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What did Nickel Industries report?
- Adjusted EBITDA from operations up 264% quarter-on-quarter to US$135.6 million
- RKEF operations Adjusted EBITDA up 145% to US$85.8 million; RKEF margins increased 155%
- Mining segment Adjusted EBITDA turned positive, jumping from a loss of US$14.9 million to a profit of US$29.0 million
- Strong mine performance: ore sales up 222% on the prior quarter to 3,042,663 wet metric tonnes (wmt)
- Received 2026 RKAB licence at Hengjaya Mine (14.3 million wmt, up 60% year-on-year)
- Cash balance of US$211.8 million at 31 March 2026
What else do investors need to know?
Nickel Industries further strengthened its position with the acquisition of an extra 2% in the Excelsior Nickel Cobalt (ENC) project, lifting its stake to 46%. Pre-commissioning of major ENC assets was completed in the March quarter, with full ramp-up now targeted for late October 2026.
Safety remained a focus, with a company-wide lost time injury frequency rate (LTIFR) of zero for the quarter, though the period was marred by a fatal contractor incident. Investigations have concluded, and corrective actions are being implemented.
The company also made headway on sustainability initiatives, advancing a new 197-hectare biodiversity conservation area at Hengjaya Mine. Community investment programs, such as university scholarships, continued to grow.
What's next for Nickel Industries?
The successful commissioning and ramp-up of the ENC HPAL and refinery facilities are the company's immediate priorities for the June and September quarters. Management is monitoring changes to Indonesia's nickel ore pricing regime, which may affect market dynamics and costs.
Nickel Industries is also progressing development at its Sampala and Siduarsi projects. Continued cost focus, stockpiling strategies, and recent refinancing through US$450 million of new unsecured loan facilities put the company in a strong position to manage ongoing industry cycles.
Nickel Industries share price snapshot
Over the past 12 months, Nickel Industries shares have risen 85%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 7% over the same period.
