Metro Manila, Philippines — Global Ferronickel Holdings, Inc. (PSE: FNI), one of the Philippines’ leading nickel ore exporters, reported a 203.7% surge in net income attributable to shareholders to ₱1.527 billion for the first nine months of 2025, from ₱502.6 million in the same period last year. This translated to an earnings per share of ₱0.2978, reflecting improved profitability and cost discipline.
EBITDA went up to ₱2.435 billion, or an increase of 102.2% year-on-year, resulting in an EBITDA margin expansion to 36.4% from 21.0%. The significant improvement underscores the Company’s operational efficiency, cost management, and ability to leverage stronger nickel prices despite lower shipment volumes
Total revenues rose 16.6% to ₱6.684 billion, driven by higher average realized nickel ore prices amid robust demand and tighter supply conditions toward the end of the quarter. 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, the 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 6.0% to ₱4.800 billion, highlighting management’s disciplined approach to productivity and expense control.
Operational Performance
FNI sold a total of 3.664 million WMT of nickel ore during the nine-month period, down 14.2% year-on-year from 4.269 million WMT as prolonged rains constrained operating days in both Palawan and Surigao sites. The sales mix shifted toward 83% low-grade and 17% medium-grade ore, versus 65% and 35%, respectively, in 2024.
Despite lower volumes, average realized prices climbed 36.8% to US$31.99 per WMT from US$23.39 per WMT in 2024, supported by stronger market fundamentals. Low-grade ore averaged US$29.87 per WMT, up 53.8%, while medium-grade ore averaged US$42.50 per WMT, up 37.9%.
Shipments remained concentrated in FNI’s established Asian markets, with 91% exported to China and 9% to Indonesia.
Site Highlights
- Ipilan Nickel Corporation (Palawan)
Generated ₱2.301 billion in revenues, up 11.8% year-on-year despite lower volumes, as stronger realized prices offset weather-related production limits. The site is ramping up mine planning, digital systems integration, and reserve expansion to support sustainable output growth.
- Platinum Group Metals Corporation (Surigao)
Delivered ₱4.372 billion in revenues, up 19.5% 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 and Expense Management
Cost of sales dropped 9.6% to ₱2.858 billion from ₱3.162 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 remained stable at ₱1.943 billion, up slightly by 0.2%, 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.
“Our strong nine-month results demonstrate the effectiveness of disciplined cost management, operational flexibility, and strategic foresight,” said FNI President Dante R. Bravo. “We are well-positioned to sustain profitability through operational excellence and sound financial stewardship.”
Governance and Leadership Excellence
In the third quarter, FNI reaffirmed its commitment to governance and legal excellence, earning multiple recognitions at the 2025 Asian Legal Business (ALB) Philippine Law Awards.
Atty. Reeno E. Febrero, FNI Legal Officer, was named Young Lawyer of the Year (In-House), while FNI’s legal team received finalist citations across key categories, including In-House Lawyer of the Year (Atty. Noel B. Lazaro, FNI Chief Legal Counsel), In-House Woman Lawyer of the Year (Atty. Mary Louisse S. Inguillo, FNI Legal Officer), Philippine In-House Team of the Year, In-House Team of the Year (Construction & Real Estate), and Innovative In-House Team of the Year.
“These distinctions reflect the discipline, transparency, and integrity that define FNI’s governance culture,” said Atty. Noel B. Lazaro. “Strong governance remains central to sustaining stakeholder trust and long-term value creation.”