Key Highlights

• ANTAM strengthens earnings despite volatile mining conditions
• Gold and nickel operations support revenue expansion
• Financial flexibility improves with stronger cash position

ANTAM Delivers Strong Earnings Growth in 1H26

PT ANTAM Persero Tbk (ASX: ATM) announced its half-year 2026 results on August 28, 2026, highlighting stronger profitability, improved operational performance and enhanced financial resilience. The company recorded a profit for the period of Rp6.91 trillion during 1H26, representing growth of 34% compared with Rp5.14 trillion in the first half of 2025.

The company’s performance reflected continued efforts to improve operational efficiency, strengthen working capital management and maintain a balanced commodity portfolio across gold, nickel and bauxite businesses.

Sales Growth Driven by Core Commodity Segments

ANTAM reported net sales of Rp62.71 trillion in 1H26, rising from Rp59.02 trillion in the corresponding period. Domestic markets remained the primary source of revenue, contributing Rp60.15 trillion, supported by increased demand for gold, nickel ore and bauxite products.

Gold remained the company’s largest business segment, contributing 80% of total sales. Revenue from gold increased to Rp50.39 trillion compared with Rp49.68 trillion in 1H25, supported by higher customer engagement and continued focus on the domestic precious metals market.

The nickel division delivered notable growth, with revenue reaching Rp10.41 trillion, up from Rp7.87 trillion in the previous year. Growth was supported by improved performance across ferronickel and nickel ore operations. The bauxite and alumina segment also recorded positive momentum, generating Rp1.88 trillion in sales, reflecting increased activity across the business.

Profitability Improves as Operations Strengthen

ANTAM achieved stronger earnings performance during the period, with EBITDA increasing to Rp9.62 trillion from Rp7.11 trillion in 1H25. Gross profit improved to Rp10.85 trillion, while operating profit increased to Rp8.44 trillion, reflecting better operating leverage and disciplined cost management.

The company maintained a stronger financial position, supported by growth in total assets and a healthy liquidity profile. Total assets reached Rp61.27 trillion, while equity increased to Rp38.53 trillion. Cash and cash equivalents stood at approximately Rp9.23 trillion, providing additional flexibility for operational activities and future development initiatives.

Operational Expansion Supports Long-Term Strategy

ANTAM continued optimizing its production capabilities across key commodities. Gold sales reached 18,080 kilograms during 1H26, while nickel ore production totaled 7.78 million wet metric tonnes and nickel ore sales reached 6.77 million wet metric tonnes.

The company also advanced its bauxite and alumina operations, with bauxite production reaching 1.28 million wet metric tonnes. Alumina production increased to 100,257 tonnes, supported by improved plant utilization and operational optimization.

Outlook: Focus Remains on Sustainable Growth

ANTAM enters the second half of 2026 with stronger earnings momentum, supported by diversified commodity exposure, improved cash generation and a disciplined approach to capital management.

Future growth will depend on maintaining operational consistency, managing commodity market fluctuations and executing strategic initiatives across its mining portfolio. The company’s focus on efficiency, liquidity management and production optimization remains central to its long-term growth strategy.

Note- All data presented is based on information available at the time of writing.

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