AMRT — 2Q26 Results BROADLY IN-LINE, as margin recovery offsets slower sales growth and softer earnings conversion

August 1, 2026

KEY HIGHLIGHTS

  • 2Q26 net profit rose 4.5% YoY to IDR 950 Bn and fell 11.7% QoQ, taking 1H26 to IDR 2.0 Tn, or 52.8% of FY26F consensus. All four 1H26 metrics were In-Line.
  • 2Q26 revenue grew 5.4% YoY to IDR 32.7 Tn but fell 7.2% QoQ. Food rose 7.3% YoY, while 1H26 outside-Java sales grew 12.9% YoY.
  • 2Q26 gross margin expanded 0.9pp YoY to 22.9%. 2Q26 operating profit rose 11.8% YoY and EBITDA 9.7%; associates swung to a IDR 3.4 Bn loss.
  • Our read: the print is operationally constructive, but net-profit phasing is less comfortable than the headline In-Line verdict. 1H26 net profit at 52.8% of FY26F trails FY25 first-half phasing of 55.2%, while AMRT’s 13.2x BF P/E sits below its 20.4x -1SD band. Key watch: whether gross-margin gains persist as slower store additions meet the higher 2H26 earnings hurdle.

Regards, Aldiracita Research

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PT Aldiracita Sekuritas Indonesia

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: 021-39705858

Customer Service (WhatsApp): +6288801010088

Email: [email protected]

Subsidiaries :
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Phone: (021)-39725678

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Anindita Cintasya

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Anindita Cintasya is an experienced finance and investment professional specializing in debt capital markets. With a Bachelor’s degree in Business Administration from Universitas Indonesia (2007), she has built a strong career in investment banking, holding key roles at PT Aldiracita Sekuritas Indonesia, CIMB Niaga Sekuritas, and CGS-CIMB Sekuritas Indonesia. She holds multiple certifications, including a Risk Management Competency Certification and WPPE license, demonstrating her expertise in capital market regulations. Currently serving as VP Debt Capital Market – Investment Banking Associate at PT Aldiracita Sekuritas Indonesia, she has a proven track record of managing and coordinating debt issuance processes.

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Mindo Leona Christina earned her Bachelor’s degree in Public Relations from Institut Ilmu Sosial dan Politik Jakarta in 2000. She joined Aldira in 2021 as Vice President of Fixed Income Sales and has been serving as President Director since 2025. With over 20 years of experience in Indonesia’s capital market, she specializes in Fixed Income. She also holds a capital market license as a Broker-Dealer Representative.

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Hari received his degree from the Faculty of Economics, University of Indonesia in 1988. He became the Independent Commissioner of PT Aldiracita Sekuritas Indonesia on 24 March 24 2023. He began his work in the financial industry in 1976 at a foreign bank in Jakarta and later worked for a security company in the capital market. Having worked in the financial market for over 30+ years, Hari has held positions as a President Director, Directors and Senior Manager. He is currently an competency assessor for Lembaga Sertifikasi Profesi Pasar Modal Indonesia (LSPPMI).