Miren Cueto

Good afternoon, everyone, and welcome to Nickel Asia Corporation's briefing for our Operational Results for the First Quarter of 2026. My name is Miren Cueto, Nickel Asia Corporation's Senior Manager for Investor Relations. Joining me today are our Group President and CEO, Mr. Dennis Zamora; our VP for Finance and Deputy CFO, Mr. Andre Dy; Director of our Geothermal Business, Mr. [ Joseph Thorpes ]; and President of Cordillera Exploration Company, Inc. or CExCI, Dr. Jun Yumul.

[Operator Instructions] So let's now begin with our financial highlights. This slide presents our consolidated financial highlights for the first quarter of 2026 compared to the same period last year. The left most set of bar charts indicate our top line performance for the period and historically over the last 3 years. Revenues, which are comprised of the sale of ore, power and other services amounted to PHP 3.2 billion in the first quarter, an 8% increase year-on-year from PHP 2.9 billion in 2025.

The set of bar charts in the center showcases our consolidated EBITDA for the period, which totaled PHP 1.3 billion from PHP 1.5 billion in the first quarter of last year, of about 13%. The right most set of bar chart shows our net income excluding minority interest. For the first quarter of 2026, attributable amounted to PHP 0.4 billion or a decrease of about 26% from PHP 0.5 billion in the first quarter of last year. So we see here that the attributable net income declined despite the increase in revenues.

So the primary reason for this is the