ANTM — 1H26 Results BEAT; higher gold & nickel prices lift margins

August 31, 2026

KEY HIGHLIGHTS

  • 1H26 revenue +6.3% YoY to IDR 62.7Tn (53% of FY26F); the flat headline masks a mix shift — gold (~80% of revenue, low-margin trading) flat +1.2%, while higher-margin nickel ore +28%, ferronickel +56% and bauxite +60% surged.
  • Gross profit +31.7% YoY to IDR 10.9Tn (margin 17.3%, from 14.0%); operating profit +37.6%, EBITDA IDR 8.9Tn. But 2Q26 was softer QoQ — gross margin compressed to 15.7% (from 19.2%), operating profit −12.5% QoQ on a heavier gold-trading mix.
  • Earnings +36.0% YoY to IDR 6.4Tn (2Q26 −12.5% QoQ to IDR 3.0Tn). Implied ASPs: ferronickel +18% price / +32% volume, bauxite +28% price / +25% volume; ferronickel sales ramped +32% YoY, rebounding from a depressed 2Q25. At ~62% of FY26F, earnings run ahead of pace.
  • Our read: a margin-led beat; earnings well ahead of a conservative consensus. Watch gold/nickel prices, whether the 2Q margin softness reverses, and consensus upgrades. At ~6.9x forward P/E vs a 12.4x 5-year mean (below −1SD), the de-rating looks overdone hence attractively valued. Key watch: gold & nickel prices and the ferronickel/RKAB ramp into 2H.

Regards, Aldiracita Research

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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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PT Surya Timur Alam Raya Asset Management

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

Phone: (021)-39725678

©Copyright 2024, PT Aldiracita Sekuritas Indonesia

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