September 7, 2026 – Jakarta
PT United Tractors Tbk (“the Company” or “UT”) held its Public Expose as part of the Public Expose Live 2026 organized by the Indonesia Stock Exchange (IDX). During the event, the Company presented its business development initiatives, financial performance for the first half of 2026, operational performance through July 2026, as well as its corporate social responsibility programs. The Public Expose was attended by President Director Iwan Hadiantoro, along with members of the Company’s Board of Directors, including Idot Supriadi, Widjaja Kartika, Vilihati Surya, Ari Sutrisno, Hendra Hutahean, and Andreas, as well as Corporate Secretary, Ari Setiyawan.
The Company presented the latest developments across its core businesses, comprising its Mining Solutions and Heavy Equipment businesses. The Mining Solutions business includes Mining Contracting, Thermal and Metallurgical Coal Mining, and Gold and Other Minerals. The Heavy Equipment business covers the distribution of heavy equipment as the sole distributor of Komatsu, Scania, UD Trucks, BOMAG, and Tadano, supported by after-sales services including spare parts, maintenance, and attachments. The Company also operates a maritime business as part of its development of supporting services.
Financial Performance
PT United Tractors Tbk (“the Company” or “UT”) reported its consolidated financial performance for the first half of 2026.
The Company’s consolidated performance is summarized in the table below:
The Company recorded net revenue of Rp58.3 trillion, a 15% decrease from Rp68.5 trillion in the same period of 2025. The decline was mainly attributable to lower gold sales at PT Agincourt Resources, as well as weaker performance in the Heavy Equipment and Thermal and Metallurgical Coal Mining segments following the lower national coal RKAB allocation for 2026. This was partially offset by higher revenue from the Mining Contracting segment, mainly driven by the strengthening of the U.S. dollar.
The Company’s net profit excluding non-recurring items decreased 48% to Rp4.3 trillion, primarily due to lower gold sales from PT Agincourt Resources and lower revenue, largely reflecting the impact of the lower national coal RKAB allocation for 2026. Lower gold sales from the Martabe Gold Mine were attributable to a temporary suspension of mining operations. The Martabe Gold Mine resumed operations during the second quarter.
During the first half of 2026, the Company recorded non-recurring items totaling Rp3.3 trillion, primarily consisting of (i) an impairment charge related to Supreme Geothermal Energy and (ii) payments related to past activities in forest areas in connection with the Forest Area Utilization Approval (PPKH) for the Stargate Nickel Mine.
As of 30 June 2026, the Company recorded net debt of Rp9.4 trillion, with a gearing ratio of 8.5%, compared with a net cash position of Rp7.7 trillion as of 31 December 2025. The change primarily reflected the acquisition of a gold mining company and the Company’s share buyback program.
Heavy Equipment
Through July 2026, the Heavy Equipment business recorded a 23% decline in Komatsu heavy equipment sales to 2,393 units, mainly due to a 49% decrease in big machine sales in the mining sector to 405 units, reflecting the impact of the lower national coal RKAB allocation.
In the first half of 2026, the Company’s revenue from heavy equipment spare parts and maintenance services increased slightly by 1% to Rp5.5 trillion. Total net revenue from the Heavy Equipment segment decreased 28% to 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, heavy equipment component and attachment manufacturing, as well as maritime logistics, shipbuilding, and ship maintenance services.
Mining Solutions
Mining Contracting Segment
The Mining Contracting segment is operated by PT Pamapersada Nusantara (PAMA) and its subsidiary PT Kalimantan Prima Persada (KPP Mining). PAMA and KPP Mining provide mining services to concession owners, supporting overburden removal and the production of coal and other minerals.
Through July 2026, PAMA and KPP Mining recorded a 10% decrease in overburden removal volume to 573 million bcm, while coal production volume for clients declined 3% to 80 million tons, with an average stripping ratio of 7.1x. This was in line with adjustments to clients’ production targets based on approved RKAB allocations.
In line with growing opportunities in minerals beyond coal, PAMA and KPP Mining are expanding further into the gold and nickel sectors. This strategic initiative forms part of the Company’s commitment to building a sustainable business portfolio and strengthening the foundation for long-term growth.
In the first half of 2026, total net revenue from the Mining Contracting segment increased 4% to Rp27.2 trillion, mainly driven by the strengthening of the U.S. dollar.
Thermal and Metallurgical Coal Mining Segment
The Thermal and Metallurgical Coal Mining segment is operated by PT Tuah Turangga Agung (“Turangga Resources”). Through July 2026, Turangga Resources’ coal mines recorded coal sales volume of 6.5 million tons, including 1.8 million tons of metallurgical coal, representing an 18% decrease from the same period in 2025.
In the first half of 2026, revenue from the Thermal and Metallurgical Coal Mining segment decreased 4% to Rp12.9 trillion, in line with the decline in coal sales volume.
Gold and Other Mineral Mining Segment
In the first half of 2026, the Gold and Other Minerals segment recorded a 66% decrease in revenue to Rp2.4 trillion, primarily due to an 82% decline in gold sales.
- Gold Mining
The Company’s gold mining operations are conducted by PT Agincourt Resources and PT Sumbawa Jutaraya, which recorded total gold equivalent sales of 32 thousand ounces through July 2026, compared with 143 thousand ounces in the same period of the previous year.
- Nickel Business
PT Stargate Pacific Resources recorded nickel ore sales of 973 thousand wet metric tons (wmt) through July 2026, comprising 316 thousand wmt of saprolite and 657 thousand wmt of limonite.
Nickel Industries Limited (“NIC”), in which UT holds a 20.13% ownership interest, is an integrated nickel mining and processing company with its key assets located in Indonesia. UT recognizes NIC’s contribution based on a six-month lag, reflecting NIC’s results for the fourth quarter of 2025 and the first quarter of 2026. NIC’s RKEF operations reported nickel metal sales of 61,622 tons in the fourth quarter of 2025 and the first quarter of 2026.
Key Highlight
On 11 February 2026, UT, through its subsidiaries PT Danusa Tambang Nusantara and PT Energia Prima Nusantara, completed the acquisition of 100% of the shares of PT Arafura Surya Alam, a gold mining company located in North Sulawesi.
On 30 June 2026, UT completed its share buyback program, which commenced on 1 April 2026 and ended on 30 June 2026, with a total of 35.5 million shares repurchased. UT is currently conducting another share buyback program with a maximum value of Rp2 trillion, running from 1 July to 30 September 2026.
Cumulatively, from July 2022 to 30 June 2026, UT has repurchased 239 million shares with a total value of approximately Rp7.1 trillion. The program has been carried out in accordance with the Financial Services Authority (OJK) regulations concerning share buybacks under fluctuating market conditions.
The program reflects management’s confidence in the Company’s prospects and its ability to generate sustainable cash flow, while also supporting the Government in maintaining capital market stability.
United Tractors’ Overview
PT United Tractors Tbk (UT), established in 1972, is Indonesia’s largest heavy equipment distributor. The company operates in five business areas: Construction Machinery, Mining Contracting, Mining, Construction Industry, and Energy. UT is committed to promoting sustainability and achieving the Sustainable Development Goals (SDGs).
ESG United Tractors
As a world-class heavy equipment, mining, and energy company with more than 53 years of experience in Indonesia, UT is committed to shaping a sustainable future. This commitment is realized through the effective implementation of ESG principles across all levels of its business operations, with a focus on environmental stewardship, positive social impact for communities, and strong corporate governance. UT also continues to optimize its competencies, expertise, and strategic assets to create greater value for all stakeholders and contribute meaningfully to the people and development of Indonesia.
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For more information, please contact: Ari Setiyawan Corporate Secretary PT United Tractors Tbk Email: ir@unitedtractors.com Alamat : Jl. Raya Bekasi Km.22 Cakung, Jakarta Timur 13910 Telp. : (62-21) 3511961, Fax : (62-21) 3441413 Medsos : IG (@unitedtractorsofficial & @ceritadi.unitedtractors) Website: www.unitedtractors.com LinkedIn: PT United Tractors Tbk |