• Net income up 312 percent to P6.27 billion
• Earnings before interest, taxes, depreciation, and amortization rise 56 percent to P13.75 billion
• Mining revenues climb 39 percent to P27.25 billion
• Renewable energy earnings before interest, taxes, depreciation, and amortization fall 16 percent to P788 million
• Cash dividend declared at P0.14 per share
The Zamora family-led Nickel Asia Corp. posted a sharp earnings rebound in 2025, with attributable net income surging 312 percent to P6.27 billion from P1.52 billion a year earlier, powered by stronger saprolite ore prices and higher shipment volumes.
Earnings before interest, taxes, depreciation, and amortization rose 56 percent to P13.75 billion from P8.79 billion, reflecting operating leverage from firmer export prices.
Revenues from saprolite and limonite ore increased 39 percent to P27.25 billion from P19.56 billion.
Management’s view
“Our significant income growth this year reflects our ability to capitalize on market highs while strengthening our position as a reliable global supplier,” said Martin Antonio G. Zamora, president and CEO of NAC.
“We are now accelerating our transition into a multi-resource company, fueled by the continuous scaling of our renewable energy arm and new prospects in gold and copper. This strategic diversification ensures long-term value for our stakeholders and reinforces our commitment as a reliable partner in nation-building,” he added.
Digging into mining
Operating mines sold 18.56 million wet metric tons of nickel ore, up 9 percent from 17.02 million wet metric tons last year. Weighted average ore price climbed 28 percent year on year to 25.66 dollars per wet metric ton from 20.04 dollars.
Saprolite and limonite exports reached 10.93 million wet metric tons at an average 36.14 dollars per wet metric ton, up 13 percent in volume and 32 percent in price. Deliveries to Coral Bay and Taganito high pressure acid leach plants totaled 7.64 million wet metric tons.
Margins widened on stronger export pricing, partly tempered by a slightly softer realized exchange rate of P57.22 per US dollar versus P57.36 previously.
Power arm under pressure
Emerging Power Inc., the company’s renewable energy arm, generated 226,897 megawatt hours, up 1 percent. Earnings before interest, taxes, depreciation, and amortization fell 16 percent to P788 million from P939 million as Wholesale Electricity Spot Market prices declined.
Even so, capacity additions continued. Phase 1 of the San Isidro solar project in Leyte added 120 megawatt peak in October, with commercial operations targeted in the second quarter of 2026. Battery energy storage systems are being integrated across priority projects as the unit shifts from volume driven to value focused expansion.
Copper and gold next
Cordillera Exploration Company advanced its copper gold prospects in Isabela, completing 21 drill holes in 2025. A 10,000 meter drilling program is lined up for 2026 to define and upgrade resources.
—Edited by Miguel R. Camus
