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Cathode active materials and conductive additives for thermal batteries operating at high temperatures have attracted research interest, with a particular focus on compounds offering high thermal stability. Recently, FeF₃ has been proposed as a candidate for high-voltage cathode materials; however, its commercialization is hindered by its low conductivity. In this study, conductive additives, such as Ni-coated carbon composites (multi-walled carbon nanotubes (MWCNTs) and carbon black (CB)), were utilized to enhance the thermal stability and conductivity of FeF₃. The incorporation of metal–carbon conductive additives in the FeF₃ composite increased the thermal stability by more than 10 wt.% and ensured high capacity upon conductivity enhancement. The FeF₃@Ni/MWCB 15 wt.% composite containing 30 wt.% Ni exhibited a discharge capacity of ∼86% of the theoretical capacity of 712 mAh/g. The use of Ni-coated carbon-based conductive additives will allow the application of FeF₃ as an effective high-temperature cathode material for thermal batteries.