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3Q26 Top-line
3Q26 revenue fell to IDR 25,767bn (-22.8% QoQ, +98.1% YoY), driven by lower gold trading volume (-26% QoQ) and ASP (-6% QoQ). Nickel ore ASP also declined 13% QoQ to USD 69/wmt, partly offset by higher sales volume (+18% QoQ). 9M26 revenue reached IDR 88 tn (+22.8% YoY).
3Q26 Bottom-line
3Q26 net profit declined to IDR 2,449bn (-17.9% QoQ, +91.6% YoY), reflecting softer gold trading and nickel ore pricing. Gross profit fell to IDR 4,705bn (-10.1% QoQ, +71.3% YoY), while EBIT dropped 8.5% QoQ to IDR 3,606bn. 9M26 net profit rose to IDR 8,838bn (+47.9% YoY).
3Q26 Production & Sales Mix
3Q26 gold sales fell to 7,137 kg (-26% QoQ, +48.6% YoY) while gold ASP declined 6% QoQ to USD 4,456/oz. Nickel ore sales grew 18% QoQ to 3.96mn wmt, while ferronickel sales increased 33% QoQ to 6,367 TNi. Bauxite and alumina sales fell 42% and 51% QoQ, respectively.
Important Ratios
9M26 GPM improved to 17.6% (9M25: 15.2%), while OPM rose to 13.6% (9M25: 11.0%). 3Q26 GPM rose to 18.3% (+2.6pp QoQ), despite lower gold trading volume and ASP; gold trading margin was broadly stable at 4.3% (2Q26: 4.5%). 9M26 EBITDA increased 45.8% YoY to IDR 12,856bn.
Positive Catalysts
ANTM maintained net cash of IDR 4,140bn as of Sep-26, supported by IDR 10,542bn cash and 9M26 operating cash flow of IDR 5,060bn. FY25 DPS of IDR 209.99, based on a 70% payout, implies a 7.6% yield at IDR 2,770. Stronger nickel ore volumes (+18% QoQ) helped offset softer ore prices.
Key Risks
3Q26 earnings weakened as gold trading volume fell 26% QoQ and nickel ore ASP dropped 13% QoQ. Softer gold demand and additional nickel supply following RKAB approvals could weigh on 4Q26 pricing. Associates posted an IDR 95bn loss in 3Q26, while bank debt rose to IDR 6,297bn (Sep-25: IDR 3,569bn).
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