ADMR — 2Q26 Results MISS, as coal improves but aluminium sales remain absent

September 1, 2026

KEY HIGHLIGHTS

  • 2Q26 net profit USD 86.5 Mn, -1.4% QoQ, +15.2% YoY, taking 1H26 to USD 174.2 Mn: 39.5% of FY26F consensus against revenue at 30.2%, so all four miss.
  • 2Q26 revenue USD 316.4 Mn, +29.7% YoY, all of it coal. Metal processing booked no 1H26 revenue while carrying USD 319.9 Mn of aluminium at 30 June.
  • 2Q26 gross margin 48.3%, up 8.3pp YoY, though the USD 12.8 Mn coal inventory build narrows that gain to 2.2pp. EBITDA rose 49.6% YoY to USD 149.2 Mn, yet USD 26.8 Mn of finance costs on the new Kaltara Power lease held 2Q26 net profit flat.
  • Our read: a strong coal quarter, priced as though the aluminium were already selling. At 6.4x forward EV/EBITDA against a two-year mean of 5.3x, the market is paying for earnings the accounts have not shown, with consensus needing 2H26 revenue at 2.3x the 1H26 run rate. Key watch: whether the USD 319.9 Mn of aluminium inventory converts into recognised revenue in 3Q26.

Regards, Aldiracita Research

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Phone: 021-39705858

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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).