Quarterly
Report

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.