HRTA — 2Q26 Results MISS on Profitability, Margins Compress as Wholesale Mix Normalizes from 1Q26’s Bullion Bank Spike

August 1, 2026

KEY HIGHLIGHTS

  • 2Q26 revenue reached IDR 13.6 Tn, +65.2% YoY but -32.3% QoQ, bringing 1H26 revenue to IDR 33.8 Tn (+124.6% YoY), equivalent to 48% of FY26 Bloomberg consensus — in line. The QoQ decline mainly reflects normalization after the extraordinary Bullion Bank-driven wholesale surge in 1Q26 rather than weaker demand.
  • Profitability missed across the board in 2Q26, with operating income falling 33.4% QoQ to IDR 424 Bn, EBITDA down 32.5% QoQ to IDR 441 Bn, and net profit declining 38.5% QoQ to IDR 267 Bn. All three profitability lines are tracking only 45–46% of FY26 consensus, below the 50% 1H pace.
  • Margins continued to compress, with operating margin at 3.1% (-0.1pp QoQ, -1.1pp YoY) and net margin at 2.0% (-0.2pp QoQ, -0.5pp YoY), reflecting the larger contribution from the structurally thin-margin wholesale and bullion businesses.
  • Our read: revenue remains on track, but profitability lags expectations. At 5.08x forward P/E, slightly below its five-year mean of 5.39x, valuation is not demanding, although a meaningful re-rating would likely require margin recovery in 2H26.

Regards, Aldiracita Research

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Phone: 021-39705858

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Phone: (021)-39725678

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