3Q26 Top-line

3Q26 revenue rose 14.4% QoQ and 23.0% YoY to IDR 1,895.9 bn, supported by higher mining volumes. Waste removal reached 37.7 mbcm (+1.3% QoQ) and coal output 4.9 mn tons (+17.3% QoQ), with in-house execution reaching 100% (2Q26: 89%).

3Q26 Bottom-line

3Q26 net profit reached IDR 158.8 bn (-39.3% QoQ), while 9M26 net profit surged 114.5% YoY to IDR 513.1 bn. The sequential decline reflected lower other income, while 3Q26 operating profit rose 39.6% QoQ to IDR 302.8 bn on improving mining efficiency.

9M26 Balance SheetAt Sep-26, bank loans stood at IDR 4,574.9 bn against cash of IDR 744.9 bn, implying net bank debt of IDR 3,830.0 bn. Total liabilities rose 3.7% QoQ to IDR 9,866.8 bn, outpacing asset growth of 2.9%, as fleet expansion increased funding needs.

Important Ratios

3Q26 GPM rose to 22.3% (2Q26: 20.7%) and OPM to 16.0% (2Q26: 13.1%), driven by in-house material movement reaching 100% from 89% in 2Q26, reducing reliance on subcontractors and improving fleet efficiency. 9M26 GPM increased to 20.3% and EBITDA margin to 30.7%.

Positive Catalysts

In-house material movement reached 100% in 3Q26 following the full Bengalon takeover in May. Sebuku started production on 1 Aug 2026 under a five-year USD 1.3 bn contract, with annual scope of up to 55 mbcm waste removal and 5 mn tons of coal.

Negative Sentiments

Higher debt-funded fleet expansion lifted 9M26 finance costs by about IDR 141 bn YoY. Proposed Sukuk issuance (up to IDR 3.5 tn) adds refinancing and execution risks, while RKAB uncertainty could delay new mining projects.