NIC FINANCIAL STATEMENTS

Nickel Industries Ltd — balance sheet, income statement and cash flow trends

NICNickel Industries Ltd

🇦🇺 Australia · AU · Basic Materials · Other Industrial Metals & Mining

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q2 2025 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue1.7 B $-9.2%

Gross Profit171.1 M $-61.9%

Operating Income128.1 M $-57.5%

EBITDA247.4 M $-39.1%

Net Income-59.1 M $-148.6%

Peer Comparison· Other Industrial Metals & Mining

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
NIC	-2.2%	10.0%	14.5%	-3.5%
RIO	7.7%	27.1%	36.6%	17.3%
CMP	6.4%	17.5%	15.6%	0.5%
CVKMD	-18.4%	28.8%	25.8%	0.7%
GLEN	7.4%	2.3%	3.9%	0.1%
TRMET	80.7%	49.1%	37.0%	13.9%
Industry median	5.1%	27.1%	26.0%	4.0%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
NIC	-2.2%	10.0%	14.5%	-3.5%
ILU	-13.2%	19.0%	15.1%	-28.4%
DRR	—	99.4%	93.7%	65.7%
PRN	1.4%	17.9%	18.8%	3.5%
LTR	—	-7.6%	11.6%	-89.4%
IGO	-38.2%	-28.9%	0.4%	-49.8%
Industry median	5.1%	27.1%	26.0%	4.0%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q2 2025

Equity2 B $53%
Current Liabilities625.6 M $16%
Long-term Liabilities1.2 B $31%

Key Figures

YoY change

Total Assets4.3 B $+4.8%

Total Liabilities1.8 B $+55.2%

Total Equity2 B $-15.7%

Cash & ST Investments357 M $-53.9%

Total Debt1.2 B $+42.5%

Net Debt846.9 M $+51.0%

Peer Comparison· Other Industrial Metals & Mining

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
NIC	1.85	58.9%	3.42	47.9%
RIO	1.44	37.8%	0.66	48.6%
CMP	2.06	4.5%	-0.31	20.1%
CVKMD	0.32	35.5%	3.27	41.5%
GLEN	1.06	106.7%	3.98	27.3%
TRMET	3.15	0.2%	-2.91	82.8%
Industry median	2.33	37.8%	0.68	48.9%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
NIC	1.85	58.9%	3.42	47.9%
ILU	3.51	55.0%	7.13	48.9%
DRR	13.29	112.8%	0.59	37.0%
PRN	2.20	37.5%	0.64	58.8%
LTR	0.91	110.1%	9.11	41.1%
IGO	4.03	1.1%	-259.47	89.6%
Industry median	2.33	37.8%	0.68	48.9%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q2 2025 · TTM

Key Figures

YoY change

Operating Cash Flow105.3 M $-54.2%

Capital Expenditures16.7 M $-71.7%

Free Cash Flow88.6 M $-48.1%

Dividends Paid-17.6 M $—

Peer Comparison· Other Industrial Metals & Mining

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
NIC	6.2%	5.2%	1.0%	-178.2%
RIO	29.3%	8.1%	21.1%	169.3%
CMP	13.6%	7.8%	5.8%	2,469.0%
CVKMD	103.2%	11.3%	91.9%	15,133.2%
GLEN	2.4%	0.1%	2.4%	1,630.8%
TRMET	62.7%	39.9%	34.6%	452.4%
Industry median	20.5%	5.2%	19.3%	159.8%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
NIC	6.2%	5.2%	1.0%	-178.2%
ILU	-3.4%	-89.2%	84.9%	11.9%
DRR	63.4%	62.6%	0.7%	96.5%
PRN	14.1%	5.2%	8.9%	400.1%
LTR	-4.2%	-40.2%	35.9%	4.7%
IGO	17.6%	16.8%	0.8%	-35.3%
Industry median	20.5%	5.2%	19.3%	159.8%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 7, 26. This content is for informational purposes only and is not investment advice.