Jakarta, 26 October 2026 – Today PT United Tractors Tbk (“the Company” or “UT”) released its consolidated financial statements until the third quarter of 2026.Summary of the Company’s consolidated performance is provided on the table below:
The Company recorded net revenue of Rp90.3 trillion, decreased by 10% compared to Rp100.5 trillion in the same period of 2025. The decline was mainly due to 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 and lower gold sales from Agincourt Resources.
This was partially offset by higher revenue from the Mining Contracting segment, mainly driven by a stronger US Dollar.
The Company’s net income excluding non-recurring items was Rp7.9 trillion, down 31% YoY, mainly due to weaker revenues largely reflecting the impact of a lower national coal RKAB allocation in 2026 and the lower gold sales from Agincourt Resources. 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.
Until the third quarter of 2026, the Company recognized non-recurring items totaling Rp3.5 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 September 2026, the Company recorded net debt of Rp4.6 trillion, with a net gearing ratio of 4.2%, 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 17% to 3,026 units primarily due to a 48% decline in big machine sales in the mining sector to 481 units, driven by lower national coal RKAB allocations.
Revenue from spare parts and maintenance services increased by 2% to Rp 8.5 trillion from Rp8.3 trillion in same period last year.
In total, the Heavy Equipment segment recorded 19% decreased net revenue of Rp23.6 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 provide mining services to mine concession owners, by assisting them with overburden removal and coal and other mineral production.
Until the third quarter of 2026, PAMA and KPP Mining recorded decreased overburden removal by 7% to 766 million bcm and coal production for its clients by 3% at 106 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 and KPP Mining 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 and KPP Mining long-term growth.
In total, the Mining Contracting segment recorded 11% increased net revenue of Rp44.5 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.
Until the third quarter of 2026, Turangga Resources coal mine reported own coal sales volume of 7.1 million tons (including 2.1 million tons of metallurgical coal), decreased by 23% compared to the same period of 2025.
Thermal and Metallurgical Coal Mining segment recorded a 15% decrease in net revenue to Rp15.9 trillion, in line with the lower coal sales volume.
Gold and Other Mineral Mining Segment
The Gold and Other Mineral Mining segment recorded 53% lower revenue to Rp4.9 trillion, primarily due to the 70% lower gold sales.
- Gold Mining
The Company’s gold mining business operated by Agincourt Resources and Sumbawa Jutaraya reported total gold sales equivalent of 54 thousand ounces until the third quarter of 2026, compared to 178 thousand ounces.
- Nickel Business
Stargate Pasific Resources which operates nickel mine reported 1,157 thousand wet metric tonnes (wmt) of nickel ore sales until the third quarter of 2026, comprising 390 thousand wmt of saprolite and 767 thousand wmt of limonite.
Corporate Action
On 30 September 2026, UT completed its fourth tranche share buyback program which was started from 1 July 2026 with 58 million shares repurchased. Subsequently, UT announced a fifth tranche of its share buyback up to Rp2 trillion from 1 October to 31 December 2026.
Cumulatively, UT has repurchased 297 million shares with a total value of approximately Rp 8.5 trillion from the period of July 2022 to January 2023 and October 2025 to September 2026.
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:
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Corporate Secretary |
: Ari Setiyawan |
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Address |
: Jl. Raya Bekasi Km.22 Cakung, Jakarta Timur 13910 |
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Phone |
: (62-21) 24579999, Fax: (62-21) 4600655 |