Nickel Industries reported Q1 2026 adjusted EBITDA of $135.6 million, its highest since Dec 2023, driven by RKEF and HPAL gains.
RKEF EBITDA surged 145% to $85.8 million as nickel pig iron price rose 19% while costs increased only 4%.
ENC HPAL project commissioning proceeds with target 100% nameplate capacity by Oct 2026, despite a contractor fatality causing minor delay.
Company refinanced $398 million bank debt, added $450 million unsecured facility (350 m term, 100 m revolver) at ~3.6% interest, extending covenant to 3.5× net‑debt/EBITDA.