MDKA 1Q26 — MIXED; Net Profit Swings to USD 57Mn on Gold and Nickel Price Strength

June 30, 2026

KEY TAKEAWAYS

  • Net profit of USD 57m, a Beat vs consensus at 35% of FY26F. MDKA swung from a USD 4m loss in 1Q25, with the parent-level turnaround driven by stronger gold ASP at USD 4,841/oz and a USD 94m inventory build that lifted gross profit.
  • Revenue +24% yoy to USD 620m, a Miss at 19% of FY26F. Growth came from higher limonite volumes and contract prices, EMAS’ first gold sales, and stronger NPI pricing, partly offset by weaker copper and HGNM shipments.
  • Operating profit +348% yoy to USD 194m, In-Line at 25%. Gross margin expanded to 35% from 11% as the inventory build outpaced cost growth, though the gain is partly timing-related and may normalise.
  • EBITDA +182% yoy to USD 250m, In-Line at 26%. Gold led contribution at USD 89m, followed by NPI at USD 67m and limonite at USD 48m. Watch 2Q26 for inventory unwind, higher diesel and ore costs flagged by management, and EMAS Pani ramp-up.

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

Phone: (021)-39725678

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