BRMS — 1H26 Results WEAK; 2Q loss, 2H26 recovery flagged

August 3, 2026

KEY HIGHLIGHTS

  • 2Q26 net loss of USD 4.6m, reversing a USD 17.5m profit in 1Q26, pulled 1H26 net profit down 44% YoY to USD 12.9m — only 13% of FY26F consensus and well behind the 50% half-year pace.
  • 1H26 revenue -21% YoY to USD 95.8m (26% of FY26F); 2Q26 revenue collapsed 62% QoQ to USD 26.3m as gold sold fell to 6,301 oz (-57% QoQ) on the anticipated Poboya River Reef pushback, with only ~70% of output sold amid a domestic oversupply.
  • 2Q26 EBITDA USD 5.9m (-81% QoQ), margin 22.5%, as gross margin dropped to 45.1% (from 62.6%) on lower volumes and a 0.90 g/t head grade; finance charges nearly doubled to USD 13.3m in 1H26.
  • Our read: a timing-driven weak print, not structural. The pushback is finalised, open-pit mining has resumed and a Citra Palu–Antam offtake (to 2028) secures pricing; at 21.9x EV/EBITDA vs a 38.4x 5-year mean, the multiple has de-rated hard. Key watch: whether 2H gold output ramps and the 500→2,000 tpd plant upgrade lands in 4Q26.

Regards, Aldiracita Research

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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).