Global Ferronickel Holdings Inc. (FNI), one of the Philippines’ leading nickel ore exporters, more than tripled its attributable net income to ₱1.53 billion for the first nine months of 2025 from ₱502.6 million in the same period last year due to a jump in ore prices.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said this translated into an earnings per share of ₱0.2978, reflecting improved profitability and cost discipline.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) went up to ₱2.44 billion, or an increase of 102.2 percent year-on-year, resulting in an EBITDA margin expansion to 36.4 percent from 21 percent.

“The significant improvement underscores the company’s operational efficiency, cost management, and ability to leverage stronger nickel prices despite lower shipment volumes,” FNI said.

“Our strong nine-month results demonstrate the effectiveness of disciplined cost management, operational flexibility, and strategic foresight,” said FNI President Dante R. Bravo.

He added that, “We are well-positioned to sustain profitability through operational excellence and sound financial stewardship.”

Total revenues rose 16.6 percent to ₱6.68 billion, driven by higher average realized nickel ore prices amid robust demand and tighter supply conditions toward the end of the quarter.

FNI sold a total of 3.66 million wet metric tons (WMT) of nickel ore during the nine-month period, down 14.2 percent year-on-year from 4.27 million WMT as prolonged rains constrained operating days in both its Palawan and Surigao sites.

The sales mix shifted toward 83-percent low-grade and 17-percent medium-grade ore, versus 65 percent and 35 percent, respectively, in 2024.

Despite lower volumes, average realized prices jumped 36.8 percent to $31.99 per WMT from $23.39 per WMT in 2024, supported by stronger market fundamentals. Low-grade ore averaged $29.87 per WMT, up 53.8 percent, while medium-grade ore averaged $42.50 per WMT, up 37.9 percent.

Shipments remained concentrated in FNI’s established Asian markets, with 91 percent exported to China and nine percent to Indonesia.

In the near term, the International Nickel Study Group (INSG) expects continued growth in global stainless-steel production, while the expansion of nickel use in batteries is progressing more gradually.

Additionally, INSG projects that overall global supply is still likely to increase amid Indonesia’s tighter regulatory controls on its nickel sector.

Meanwhile, cost and expenses declined six percent to ₱4.8 billion, highlighting FNI management’s disciplined approach to productivity and expense control.

Ipilan Nickel Corp. (Palawan) generated ₱2.3 billion in revenues, up 11.8 percent year-on-year despite lower volumes, as stronger realized prices offset weather-related production limits.

Platinum Group Metals Corp. (Surigao) delivered ₱4.37 billion in revenues, up 19.5 percent year-on-year. Proactive stockpiling and resource planning mitigated heavy rainfall impacts, enabling the site to sustain shipments and capitalize on elevated nickel prices.

Cost of sales dropped 9.6 percent to ₱2.86 billion from ₱3.16 billion, primarily due to lower production and reduced contract hire rates from the higher share of low-grade ore in the sales mix.

Operating expenses (opex) remained stable at ₱1.94 billion, up slightly by 0.2 percent, as the impact of higher freight, consultancy, and impairment-related costs was largely offset by the absence of prior one-off tax and settlement charges.