3Q26 Top-line

3Q26 revenue rose to IDR5,730bn (+15.6% QoQ; +139.9% YoY), driven by higher refined tin sales volume (+6.9% QoQ to 5,320t) and a higher ASP (+6.0% QoQ to USD53,524/t). 9M26 revenue reached IDR16,149bn (+144.4% YoY).

3Q26 Bottom-line

3Q26 net profit rose to IDR 1,407bn (+15.9% QoQ, +365.2% YoY), lagging EBIT growth (+34.7% QoQ) as the effective tax rate climbed to 33.1% (2Q26: 24.6%) on an IDR 197bn prior-year tax adjustment, while IDR 80bn in tax interest pushed other income to a net expense of IDR 58bn. 9M26 net profit reached IDR 4,121bn (+584.1% YoY).

3Q26 Production & Sales Mix

3Q26 refined tin sales rose to 5,320t (+6.9% QoQ, +50.4% YoY), while tin-in-ore and refined tin output increased 12.3% and 1.7% QoQ to 6,651 tn and 5,325 tn, respectively. 9M26 sales reached 16,304t (+72% YoY) at an ASP of USD 51,011/t (+52% YoY), with 96% exported, mainly to China (30%), South Korea (12%), and India (11%).

Important Ratios

9M26 GPM improved to 40.5% (9M25: 22.2%), while OPM rose to 34.7% (9M25: 12.2%). 3Q26 GPM rose to 43.4% (+4.1pp QoQ) as the ASP outran unit costs, although cash cost with royalty rose 6% QoQ to USD31.6k/t and royalty took 9.9% of 9M26 revenue (9M25: 5.4%).

Positive Catalysts

TINS held net cash of IDR3,424bn at Sep-26 (Dec-25: IDR140bn), on 9M26 operating cash flow of IDR4,092bn. Assuming FY26 net profit of IDR5tn and a 50% payout (FY25: 50%), DPS would reach IDR336, implying a 9.2% yield at IDR3,660 (FY25 DPS: IDR88, 2.4% yield).

Key Risks

LME tin fell 9.3% MoM to USD48,846/t on 30 Oct 2026 (3Q26 average: USD54,271/t), which could weigh on the 4Q26 ASP. Brent at USD113/bbl lifts fuel costs (9M26: IDR488bn, +41.3% YoY).