ANTAM Posts 34% Profit Jump to Rp6.91T in 1H26 on Stronger Cash Generation
Key Takeaways
- ANTAM posted Rp6.91 trillion in net profit for 1H26, a 34% increase from Rp5.14 trillion in 1H25, with EBITDA rising 35% to Rp9.62 trillion over the same period.
- Basic earnings per share climbed 36% to Rp265.85, while operating profit jumped 38% to Rp8.44 trillion — every major profitability metric moved in the same direction.
- The company ended the half with approximately Rp9.23 trillion in cash and cash equivalents, giving it the financial flexibility to fund growth without raising equity or adding leverage.
- Nickel segment sales surged 32% to Rp10.41 trillion, with ferronickel sales rising 32% to 7,605 TNi — the fastest-growing segment in a portfolio where gold still accounts for 80% of revenue.
- Total assets grew 27% to Rp61.27 trillion year-on-year, while 96% of net sales were domestic, insulating ANTAM from export volatility and aligning with Indonesia's downstreaming strategy.
ANTAM lifts 1H26 net profit 34% to Rp6.91 trillion on stronger cash generation
PT ANTAM (Persero) Tbk recorded profit for the period of Rp6.91 trillion in the first half of 2026, up 34% from Rp5.14 trillion in 1H25. The Indonesian state-linked miner’s half-year results, released 28 August 2026, showed improved fundamentals across profitability, cash generation, and liquidity. President Director Untung Budiharto attributed the performance to disciplined working capital management and the company’s “beyond operational excellence” initiatives. What this tells you is that ANTAM entered the second half with the financial flexibility to execute its growth agenda without balance sheet strain.
When big ASX news breaks, our subscribers know first
1H26 financial results: profit, EBITDA and margins all higher
ANTAM’s profitability metrics strengthened across the board in the first half. EBITDA rose 35% to Rp9.62 trillion from Rp7.11 trillion in 1H25, while operating profit climbed 38% to Rp8.44 trillion from Rp6.14 trillion. Gross profit reached Rp10.85 trillion, up 32% year-on-year.
| Metric | 1H26 | 1H25 | Change |
|---|---|---|---|
| Profit for the period | Rp6.91T | Rp5.14T | +34% |
| EBITDA | Rp9.62T | Rp7.11T | +35% |
| Gross profit | Rp10.85T | Rp8.24T | +32% |
| Operating profit | Rp8.44T | Rp6.14T | +38% |
| Other income | Rp559.37B | Rp395.42B | +41% |
| Basic EPS | Rp265.85 | Rp195.43 | +36% |
Other income increased 41% to Rp559.37 billion from Rp395.42 billion, driven by higher foreign exchange gains and an increased share of profit from associates. Basic earnings per share rose 36% to Rp265.85 from Rp195.43.
Untung Budiharto, President Director
“In 1H26, the Company maintained positive financial performance, supported by stronger operational performance and the consistent application of disciplined working capital, cash flow, and liquidity management. This performance provides a solid foundation for ANTAM to further strengthen operational execution through its beyond operational excellence initiatives, enabling the Company to become more competitive, adaptable, and well positioned to deliver sustainable growth.”
What this means for your portfolio is that ANTAM’s earnings growth is supported by operational discipline, not just commodity price movements.
Balance sheet strength and liquidity give ANTAM financial flexibility
ANTAM’s balance sheet showed material strengthening over the twelve months to June 2026. Total assets increased 27% to Rp61.27 trillion from Rp48.38 trillion in 1H25, while total equity rose 14% to Rp38.53 trillion from Rp33.71 trillion. The company ended the half with cash and cash equivalents of approximately Rp9.23 trillion.
The key detail here is the improvement in net cash flows from operating activities compared with the 1Q26 position. This signals positive cash-generation progress within the half, not just accumulated liquidity from prior periods. What this tells you is that ANTAM is converting profit into cash more effectively than earlier in the year.
Strong liquidity supports operational needs and the growth agenda without requiring additional capital. For investors, this means the company can fund strategic projects from internal cash flow rather than diluting equity or increasing leverage.
Diversified commodity portfolio drives resilient sales
ANTAM recorded net sales of Rp62.71 trillion in 1H26, up 6% from Rp59.02 trillion in 1H25. Domestic sales contributed Rp60.15 trillion, representing 96% of total net sales. This domestic focus insulates the business from export volatility and aligns with Indonesia’s downstreaming strategy.
| Segment | % of Sales | 1H26 Sales | vs 1H25 |
|---|---|---|---|
| Gold | 80% | Rp50.39T | +1% |
| Nickel | 17% | Rp10.41T | +32% |
| Bauxite & Alumina | 3% | Rp1.88T | +28% |
Gold
Gold remained ANTAM’s largest revenue contributor, accounting for 80% of total sales. Sales increased 1% to Rp50.39 trillion from Rp49.68 trillion in 1H25. Sales volume reached 18,080 kg (581,286 troy oz), while mine production totalled 433 kg (13,921 troy oz).
ANTAM continued disciplined inventory management, balancing product availability with working capital efficiency. The company’s Logam Mulia precious metal products are distributed through strategic domestic partnerships, supporting Indonesia’s domestic gold ecosystem and increasing the utilization of domestically sourced gold feedstock.
Nickel
The nickel segment, comprising ferronickel and nickel ore, contributed 17% of sales, or Rp10.41 trillion, up 32% from Rp7.87 trillion in 1H25. Nickel ore production reached 7.78 million wet metric tonnes, with ore sales of 6.77 million wmt.
Ferronickel production totalled 7,788 tonnes of nickel contained in ferronickel (TNi), supported by operational continuity and raw material availability. Ferronickel sales increased 32% to 7,605 TNi from 5,763 TNi in 1H25, reflecting effective marketing execution and the company’s ability to meet customer demand.
Bauxite and alumina
Bauxite and alumina contributed 3% of total sales, reaching Rp1.88 trillion, up 28% from Rp1.46 trillion in 1H25. Bauxite production reached 1.28 million wmt, supported by capacity optimization, mine productivity, and domestic demand. Bauxite sales increased 24% to 1.26 million wmt from 1.01 million wmt in 1H25.
Chemical grade alumina production reached 100,257 tonnes, up 12% from 89,385 tonnes in 1H25. Alumina sales totalled 100,437 tonnes, an increase of 10% from 91,109 tonnes in 1H25.
Understanding ANTAM’s business model
ANTAM is an Indonesian state-linked diversified miner producing gold, nickel ore, ferronickel, bauxite, and chemical grade alumina. The diversified commodity portfolio reduces reliance on a single commodity price cycle. When gold prices soften, nickel or bauxite may offset the impact, smoothing earnings through market fluctuations.
The 96% domestic sales focus matters because it insulates ANTAM from export volatility and regulatory shifts in offshore markets. This aligns with Indonesia’s downstreaming strategy, which prioritises processing raw materials domestically rather than exporting them unprocessed. What this tells you is that ANTAM’s revenue is more stable than exporters exposed to tariffs, shipping disruptions, or foreign exchange volatility.
The 1H26 results demonstrate this resilience. Despite dynamic market conditions, the company maintained steady production and sales performance across all three segments. For investors, this diversification means you are not betting on a single commodity’s price path, you are backing a portfolio that can adapt to shifting demand.
The next major ASX story will hit our subscribers first
Outlook: entering 2H26 with strong fundamentals
ANTAM’s strategic focus into the second half centres on financial discipline: working capital optimization, inventory management, cash conversion, and prudent capital allocation. The company has not disclosed specific production targets or revenue guidance for the full year.
Arini Kasmira, Director of Finance and Risk Management
“With profitability remaining solid year-on-year, our focus is on ensuring that this performance translates into healthy and sustainable cash flows. To support this, ANTAM continues to strengthen discipline in working capital and inventory management, cash conversion, and prudent capital allocation. Supported by a well-maintained liquidity position and a diversified commodity portfolio, ANTAM enters the second half of 2026 with strong fundamentals and sufficient financial flexibility to meet operational needs, support its growth agenda, and create sustainable long-term value.”
What this means for your portfolio is that ANTAM is prioritising cash generation over aggressive volume expansion. The approximately Rp9.23 trillion in cash and cash equivalents gives the company the financial flexibility to fund strategic projects without diluting equity or increasing leverage. The diversified commodity portfolio and disciplined capital allocation position ANTAM for sustainable long-term value through commodity cycles.
Want the Next Indonesian Mining Winner in Your Inbox?
Join 30,000+ investors receiving FREE breaking ASX news within minutes of release, complete with in-depth analysis. Click the “Free Alerts” button at Discovery Alert to get mining sector alerts delivered straight to your inbox the moment market-moving announcements drop.