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3Q26 Top-line
3Q26 revenue eased to USD 143mn (-2.6% QoQ, +16.7% YoY). 9M26 revenue rose 17.9% YoY to USD 426mn (85.5% of FY25), driven by average oil price (+33% YoY) and oil production (+6% YoY), partly offset by lower gas production (-14% YoY). Crude oil reached 38.0% of 9M26 sales (9M25: 31.0%).
3Q26 Bottom-line
3Q26 net profit rose to USD 27.6mn (+2.5% QoQ, +38.4% YoY), as other income of USD 5.2mn offset weaker operations. Gross profit fell to USD 53.0mn (-14.2% QoQ, +30.6% YoY), while EBIT dropped 15.5% QoQ to USD 48.1mn. 9M26 net profit rose to USD 72.8mn (+30.8% YoY), 79.5% of FY25.
9M26 Operational Update
9M26 gross oil production rose 6% YoY to 8,894 bbl/d and average oil price rose 33% YoY to USD 94.92/bbl, lifting crude oil sales 44% YoY to USD 162mn. Gross gas production fell 14% YoY to 190.4mmcfd, while gas price rose 4% YoY to USD 7.08/mcf and gas sales rose 10% YoY to USD 243mn.
Important Ratios
9M26 GPM improved to 40.6% (9M25: 34.6%), while OPM rose to 37.0% (9M25: 30.3%). 3Q26 GPM fell to 37.1% (-5.0pp QoQ) as cost of goods sold rose 5.9% QoQ on lower revenue. 9M26 EBITDA increased 23.2% YoY to USD 277mn.
Positive Catalysts
The USD 200mn HighPeak Energy (HPK) preferred investment (6% cumulative cash dividend, closing expected 4Q26) could add USD 12mn a year, 12% of annualised 9M26 net profit.
Key Risks
A softer ICP (Indonesian Crude Price) could weigh on 4Q26 crude sales, and the rights issue lifts the share count 50% to 39.8bn, diluting EPS. Total debt rose to USD 498mn (Dec-25: USD 427mn).
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
