Jakarta, 29 July 2026 – Today PT United Tractors Tbk (“the Company” or “UT”) released its consolidated financial statements until the first half of 2026. Summary of the Company’s consolidated performance is provided on the table below:
The Company recorded net revenue of Rp58.3 trillion, decreased by 15% compared to Rp68.5 trillion in the same period of 2025. The decline was mainly due to lower gold sales from Agincourt Resources, along with weaker performance in the Heavy Equipment and Thermal and Metallurgical Coal Mining segments as the impact of a lower national coal RKAB allocation in 2026.
This was partially offset by higher revenue from the Mining Contracting segment, mainly driven by a stronger US Dollar.
The Company’s net income excludes non-recurring items was Rp4.3 trillion, down 48% YoY, mainly due to the lower gold sales from Agincourt Resources and weaker revenues largely reflecting the impact of a lower national coal RKAB allocation in 2026. The lower gold sales from the Martabe Gold Mine were due to the temporary halt of its operations. The Martabe Gold Mine has resumed its operations in the second quarter reporting period.
During the first half of 2026, the Company recognized non-recurring items totaling Rp3.3 trillion, mainly comprising of (i) impairment of Supreme Geothermal Energy and (ii) payment related to prior activities in forest areas, in relation to the Forest Area Utilization Approval (PPKH) at Stargate Nickel Mine.
As of 30 June 2026, the Company recorded net debt of Rp9.4 trillion, with a net gearing ratio of 8.5%, compared to a net cash position of Rp7.7 trillion as of 31 December 2025. This change primarily reflects the acquisition of a gold mining company and the share buyback program.
Heavy Equipment
The Heavy Equipment segment recorded a decrease in Komatsu sales volume by 27% to 1,994 units primarily due to a 55% decline in big machine sales in the mining sector to 325 units, driven by lower national coal RKAB allocations.
Revenue from spare parts and maintenance services slightly increased from Rp5.4 trillion in the first half last year to Rp 5.5 trillion.
In total, the Heavy Equiment segment recorded 28% decreased net revenue of Rp15.0 trillion.
To strengthen its after-sales services and commodity supply chain, the Company also operates supporting businesses through its subsidiaries which provide engineering services, manufacture heavy equipment components and attachments, and offer maritime logistics, shipbuilding, and maintenance services.
Mining Solutions
Mining Contracting Segment
The Company operates its Mining Contracting segment through PAMA and its subsidiary KPP Mining. PAMA and KPP Mining (“PAMA Group”) provide mining services to mine concession owners, by assisting them with overburden removal and coal and other mineral production.
Until the first half of 2026, PAMA Group recorded decreased overburden removal by 10% to 481 million bcm and coal production for its clients by 3% at 67 million tons, with an average stripping ratio of 7.2x, following the clients’ adjusted production target to align with the approved RKAB.
Aligned with growing opportunities within the non-coal mineral sector, PAMA Group is strengthening its expansion into gold and nickel mining. This strategic move aligns with the commitment to building a sustainable business portfolio and strengthening its foundation for PAMA Group long-term growth.
In total, the Mining Contracting segment recorded 4% increased net revenue of Rp27.2 trillion mainly due to a stronger USD.
Thermal and Metallurgical Coal Mining Segment
The Company’s thermal and metallurgical coal mining business segment is operated by Turangga Resources.
In the first half of 2026, Turangga Resources’s coal mine reported own coal sales volume of 6.0 million tons (including 1.6 million tons of metallurgical coal), decreased by 10% compared to the same period of 2025.
Thermal and Metallurgical Coal Mining segment recorded a 4% decrease in net revenue to Rp12.9 trillion, in line with the lower coal sales volume.
Gold and Other Mineral Mining Segment
The Gold and Other Mineral Mining segment recorded 66% lower revenue to Rp2.4 trillion, primarily due to the 82% lower gold sales.
Gold Mining
The Company’s gold mining business operated by Agincourt Resources and Sumbawa Juta Raya reported total gold sales equivalent of 23 thousand ounces until the first half of 2026, compared to 125 thousand ounces.
Nickel Business
Stargate Pasific Resources which operates nickel mine reported 886 thousand wet metric tonnes (wmt) of nickel ore sales until the first half of 2026, comprising 260 thousand wmt of saprolite and 626 thousand wmt of limonite.
20.13%-owned Nickel Industries Limited (“NIC”) is an integrated nickel mining and processing company with major assets located in Indonesia. UT recognized its contribution from NIC for the 6-month period in arrears based on NIC’s results from the final quarter of 2025 and first quarter of 2026. NIC’s RKEF operations reported nickel metal sales of 61,622 tons in the final quarter of 2025 and first quarter of 2026.
Corporate Action
On 30 June 2026, UT completed its third tranche share buyback program which was started from 1 April 2026 with 33.8 million shares repurchased. Subsequently, UT announced a fourth tranche of its share buyback up to Rp2 trillion from 1 July to 30 September 2026.
Cumulatively, UT has repurchased 237 million shares with a total value of approximately Rp 7.1 trillion from the initial share buyback program executed between July 2022 and January 2023 as well as the first through third tranches of the share buyback program completed this year.
Under these programs, the shares are being repurchased in accordance with the Financial Services Authority regulation related to share buybacks under significantly fluctuating market conditions.
These programs reflect management’s confidence in the Company’s prospects and its ability to generate sustainable cash flow, as well as supporting the government in maintaining stability of the capital market.
For further information, please contact the following:
Corporate Secretary: Ari Setiyawan
Email: ir@unitedtractors.com
Address: Jl. Raya Bekasi Km.22 Cakung, Jakarta Timur 13910
Phone: (62-21) 24579999, Fax: (62-21) 4600655