Quarterly
Report

The Company’s net revenue for the first quarter of 2026 was Rp28.6 trillion, decrease 17% compared with the first quarter of 2025. The decline was mainly due to a significant drop in the Agincourt Resources driven by the absence of gold sales, along with weaker performance in the Construction Machinery and Mining Contracting segments as the impact of a lower national coal RKAB allocation in 2026. This was partially offset by higher revenue from the Thermal and Metallurgical Coal Mining segment, mainly due to higher average coal prices.

The Company’s net income excludes non-recurring charges was Rp1.8 trillion, down 44% YoY, mainly due to the absence of gold sales from Agincourt Resources and weaker revenues largely reflecting the impact of a lower national coal RKAB allocation in 2026.

During the first quarter of 2026, the Company recognized non-recurring charges totaling Rp1.2 trillion, mainly comprising of (i) payment related to prior activities in forest areas, in relation to the Forest Area Utilization Approval (PPKH) at Stargate’s nickel mine and (ii) an impairment provision on its investment in geothermal Supreme Energy Rantau Dedap.

As of 31 March 2026, the Company recorded a net debt of Rp5.5 trillion, with a net gearing ratio of 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.