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AMMN’s 2Q26 results confirmed the ongoing turnaround, with net sales more than doubling QoQ to USD1,244mn (+54.1% QoQ, +589.8% YoY), supported by resumed concentrate exports and higher Phase 8 ore grades. Copper grade improved to 0.52% (6M25: 0.33%), while gold grade increased to 0.65g/t (6M25: 0.14g/t). Consequently, 6M26 net profit reached USD504mn versus a USD146mn loss in 6M25, exceeding our and consensus estimates by 56.1% and 53.6%, respectively. Management raised FY26 gold-in-concentrate guidance by 34% to 775koz and introduced copper cathode (130kt) and refined gold (350koz) guidance as the smelter and PMR approach design capacity. We maintain BUY with TP of IDR7,000.
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