Quarterly
Report

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.