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Nickel Industries Reports Strong Half-Year Profit Growth, Moody's Affirms Rating

Nickel Industries reported a 191% surge in net profit for the half-year ended June 2026, driven by higher sales and production. Moody's Ratings affirmed its B1 corporate family rating with a stable outlook, citing the company's low-cost position and growth investments.

By Tertius News AI Desk 2 outlets · 2 distinct · 2 articles Version 1 Coverage Aug 26–28, 2026 Published 2h ago

Nickel Industries Posts Robust Half-Year Results

Nickel Industries Ltd (ASX: NIC) has delivered a sharp improvement in profit and significant revenue growth for the half-year ended 30 June 2026, according to The Motley Fool Australia. The company reported sales revenue of US$938.4 million, up 13% from US$829.7 million a year earlier. Adjusted EBITDA rose 46% to US$247.6 million, while net profit after tax surged 191% to US$74.3 million. Profit attributable to shareholders soared 366% to US$52.5 million. No interim dividend was declared, and net tangible assets per share remained steady at US$0.565.

The company produced 62,019 tonnes of finished nickel metal across its rotary-kiln electric furnace (RKEF) and high-pressure acid leach (HPAL) operations. It mined over 8.1 million tonnes of nickel ore at the Hengjaya Mine, including both saprolite and limonite. Safety and environmental performance were also highlights, with no lost time injuries recorded during the period and the Hengjaya Mine achieving a fourth consecutive Green PROPER award for environmental compliance.

Project Milestones and Future Plans

Nickel Industries secured important project milestones during the half, including completion of the final equity acquisition in the Excelsior Nickel Cobalt (ENC) project, increasing its stake to 46%. The company also announced investments in new Indonesian HPAL projects, including Teluk Metal Industry (TMI) and Chengsheng New Energy (CNE), aimed at supporting future growth in the electric vehicle battery market. Commissioning at the ENC HPAL plant has commenced, with maiden mixed hydroxide precipitate (MHP) production delivered in July and the first nickel cathode produced in August, as reported by The Motley Fool Australia.

Looking ahead, Nickel Industries plans to capitalise on growing demand for nickel in the global battery sector by ramping up production from both RKEF and new HPAL projects.

Moody's Affirms Rating, Stable Outlook

Moody's Ratings has affirmed the B1 long-term corporate family rating and B1 senior unsecured (foreign) ratings of Nickel Industries Limited and maintained a stable outlook, according to Petromindo. The affirmation reflects NIC's position as a low-cost nickel producer in Indonesia, supported by its vertically integrated mining and processing platform, competitive cost position and growing exposure to higher-value downstream nickel products.

These strengths are balanced by NIC's exposure to volatile nickel prices, Indonesian regulatory developments, and execution risks associated with its growth projects. The rating also reflects NIC's investment requirements over the next 12-18 months, which will constrain free cash flow.

Moody's noted that NIC's earnings recovered strongly during the first half of fiscal 2026 following a weak fourth quarter of 2025, supported by improved mining performance, higher RKAB allocations and continued solid contributions from its RKEF operations. Moody's expects that these improvements and the ramp-up of the ENC project to nameplate production will allow NIC to further reduce leverage, with Moody's-adjusted debt/EBITDA improving to 2.1x-2.5x over the next 12-18 months.

Investments in Downstream Expansion

According to Petromindo, NIC continued to expand its downstream nickel exposure in June 2026, announcing the acquisitions of a 17.5% interest in Teluk Metal Industry (TMI) for US$169 million due in November 2026, and an effective 36% interest in Chengsheng New Energy (CNE) through a share swap involving its Sampala Mine project, with a further US$140 million payment due in April 2027. Together, these investments are expected to enhance NIC's scale, increase its exposure to higher-value refined nickel products and battery materials, and further diversify earnings.

At 30 June 2026, NIC held about US$268 million of cash and cash equivalents, and the company's April 2026 refinancing demonstrates access to funding markets, as reported by Petromindo.

How each outlet told it

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The Motley Fool Australia as of Aug 26, 2026, 1:16 AM UTC

Framing: Our reading Positive and promotional

Facts Included:

Sales increased 13% to US$938.4 million from US$829.7 million a year ago
Adjusted EBITDA rose 46% to US$247.6 million
Net profit after tax surged 191% to US$74.3 million
Profit attributable to shareholders soared 366% to US$52.5 million
No interim dividend declared
Net tangible assets per share steady at US$0.565
The company produced a total of 62,019 tonnes of finished nickel metal across its rotary-kiln electric furnace (RKEF) and high-pressure acid leach (HPAL) operations
It mined over 8.1 million tonnes of nickel ore at the Hengjaya Mine, including both saprolite and limonite
Completion of the final equity acquisition in the Excelsior Nickel Cobalt (ENC) project, increasing its stake to 46%
The business announced investments in new Indonesian HPAL projects, including Teluk Metal Industry (TMI) and Chengsheng New Energy (CNE)
No lost time injuries recorded during the period
Hengjaya Mine achieving a fourth consecutive Green PROPER award for environmental compliance
No interim dividend declared
Commissioning at the ENC HPAL plant has commenced, with maiden mixed hydroxide precipitate (MHP) production delivered in July and first nickel cathode produced in August
The Nickel Industries share price is outperforming the S&P/ASX 200 index on a 12-month basis with a gain of over 20%
The company produced a total of 62,019 tonnes of finished nickel metal
It mined over 8.1 million tonnes of nickel ore at the Hengjaya Mine

Read the source article →

Petromindo as of Aug 28, 2026, 10:30 AM UTC

Framing: Our reading Highlights as neutral the rating agency action on the company — Neutral and analytical

Facts Included:

Moody's Ratings has affirmed the B1 long-term corporate family rating and B1 senior unsecured (foreign) ratings of Nickel Industries Limited
Moody's maintained the stable outlook
Moody's-adjusted debt/EBITDA improving to 2.1x-2.5x over the next 12-18 months
NIC announced the acquisition of a 17.5% interest in TMI for $169 million due in November 2026
NIC announced an effective 36% interest in Chengsheng New Energy (CNE) through a share swap involving its Sampala Mine project, with a further $140 million payment due in April 2027
NIC produced its first mixed hydroxide precipitate (MHP) in July 2026
NIC produced its first nickel cathode in August 2026
At 30 June 2026, NIC held about $268 million of cash and cash equivalents
The company's April 2026 refinancing demonstrates access to funding markets
Moody's-adjusted debt/EBITDA improving to 2.1x-2.5x over the next 12-18 months

Read the source article →

What was claimed, and who backed it

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Claim	Confidence	Status
ClaimMoody's Ratings has affirmed the B1 long-term corporate family rating and B1 senior unsecured ratings of Nickel Industries Limited.	ConfidenceHigh	StatusSingle-source via Petromindo as of Aug 28, 2026, 10:30 AM UTC
ClaimMoody's has maintained a stable outlook for Nickel Industries.	ConfidenceHigh	StatusSingle-source via Petromindo as of Aug 28, 2026, 10:30 AM UTC
ClaimMoody's expects Nickel Industries' adjusted debt/EBITDA to improve to 2.1x-2.5x over the next 12-18 months.	ConfidenceHigh	StatusSingle-source via Petromindo as of Aug 28, 2026, 10:30 AM UTC
ClaimNickel Industries announced the acquisition of a 17.5% interest in Teluk Metal Industry (TMI) for US$169 million due in November 2026.	ConfidenceHigh	StatusSingle-source via Petromindo as of Aug 28, 2026, 10:30 AM UTC
ClaimNickel Industries announced an effective 36% interest in Chengsheng New Energy (CNE) through a share swap involving its Sampala Mine project, with a further payment of US$169 million due in April 2027.	ConfidenceHigh	StatusSingle-source via Petromindo as of Aug 28, 2026, 10:30 AM UTC

Transparency & Audit Trail

2 outlets · 2 distinct · 2 articles consulted: The Motley Fool Australia, Petromindo 5 claims extracted Version 1 Written 2026-08-28