Jakarta, 29th April 2026 – Today PT United Tractors Tbk (“the Company” or “UT”) released its consolidated financial statements until the first quarter of 2026. Summary of the Company’s consolidated performance is provided on the table below:
The Company recorded net revenue of Rp28.6 trillion, decreased by 17% compared to Rp34.3 trillion in the same period 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 revenue was mainly derived from:
– Rp11.9 trillion in Mining Contracting, 6% lower than the same period of last year
– Rp8.0 trillion in Thermal and Metallurgical Coal Mining, 13% higher than the same period of last year
– Rp7.5 trillion in Construction Machinery, 31% lower than the same period of last year
– Rp691.6 billion in Gold and Other Mineral Mining, 76% lower than the same period of last year
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 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.
Construction Machinery Segment
The Construction Machinery segment recorded a decrease in Komatsu sales volume by 20% to 1,107 units due to lower sales in mining sector. Based on internal market research, Komatsu’s market share was 18%. Komatsu maintains its position as market leader in mining sector.
Revenue from spare parts and maintenance services decreased by 4% to Rp2.7 trillion. In total, the Construction Machinery segment recorded 31% decreased net revenue of Rp7.5 trillion, primarily driven by lower mining-related demand following a lower national coal RKAB allocation in 2026, which led most mining customers to defer new heavy equipment purchases.
Mining Contracting Segment
The Company operates its Mining Contracting segment through PAMA and its subsidiary KPP Mining. PAMA and KPP Mining (“PAMA Group”) provide mining services to mine concession owners, by assisting them with overburden removal and coal and other mineral production.
Until the first quarter of 2026, PAMA Group recorded decreased overburden removal by 7% to 236 million bcm and coal production for its clients by 4% at 31 million tons, with an average stripping ratio of 7.6x, following the clients’ adjusted production target to align with the approved RKAB. In total, the Mining Contracting segment recorded 6% decreased net revenue of Rp11.9 trillion.
Thermal and Metallurgical Coal Mining Segment
The Company’s thermal and metallurgical coal mining business segment is operated by Turangga Resources.
In the first quarter of 2026, Turangga Resources’s coal mine reported own coal sales volume of 4.0 million tons (including 0.9 million tons of metallurgical coal), increased by 23% compared to the same period of 2025. Total coal sales volume including third party coal increased 20% to 4.6 million tons compared to the same period of last year.
Thermal and Metallurgical Coal Mining segment recorded a 13% increase in net revenue to Rp8.0 trillion, mainly due to higher average coal prices.
Gold and Other Mineral Mining Segment
The Gold and Other Mineral Mining segment recorded 76% lower revenue to Rp691,6 billion, primarily due to the absence of gold sales from Martabe Gold Mine.
Gold Mining
The Company’s gold mining business operated by Agincourt Resources and Sumbawa Juta Raya reported total gold sales equivalent of 4 thousand ounces until the first quarter of 2026, 93% lower compared to the same period of last year.
In March 2026, the Martabe Gold Mine has received approval from the Ministry of Environment (KLH) to resume operations.
Nickel Business
Stargate Pasific Resources which operates nickel mine reported 597 thousand wet metric tonnes (wmt) of nickel ore sales until first quarter of 2026, comprising 171 thousand wmt of saprolite and 426 thousand wmt of limonite.
20.14%-owned Nickel Industries Limited (“NIC”) is an integrated nickel mining and processing company with major assets located in Indonesia. UT recognized its contribution from NIC for the 3-month period in arrears based on NIC’s results from the final quarter of 2025. The performance of this business was mainly affected by lower sales and increase in finance cost. NIC’s RKEF operations reported nickel metal sales of 31,429 tons in Q4 2025 and 125,341 tons in FY 2025. On 18 February 2026, NIC announced that it has received its RKAB quota for 2026 nickel ore sales, which increased from 9.0 million wmt to 14.3 million wmt.
Corporate Action
• On 11 February 2026, UT through its subsidiaries, Danusa Tambang Nusantara and Energia Prima Nusantara, has completed the transaction to acquire 100% share ownership in Arafura Surya Alam, a gold mining company located in North Sulawesi.
• On 31 March 2026, UT completed its second tranche Rp2 trillion share buyback program which was started from 22 January 2026 with 36.4 million shares repurchased. Subsequently, UT announced a third tranche of its share buyback up to Rp2 trillion from 1 April to 30 June 2026. These programs are carried out 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.
Group Activities
• UT Group achieved Green and Blue ratings in the PROPER Program for the 2024–2025 period, organized by the Ministry of Environment, reflecting its commitment to sustainable business practices and environmental management. UT further demonstrated its consistency by securing the Green rating alongside its subsidiaries, Asmin Bara Bronang, and Suprabari Mapanindo Mineral. Meanwhile, Telen Orbit Prima, Supreme Energy Rantau Dedap, Energia Prima Nusantara, and Stargate Pasific Resources received the Blue rating for their compliance with applicable regulations.
• KPP Mining, has been named to the 2025 Change the World list, announced at the 2026 Fortune Summit. This recognition formalizes The Company’s commitment to sustainable business practices, which consistently integrate ESG principles into its strategy and operations.
For further information, please contact the following:
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For more information, please contact: Corporate Secretary : Ari Setiyawan Email : ir@unitedtractors.com Address : Jl. Raya Bekasi Km.22 Cakung, Jakarta Timur 13910 Phone : (62-21) 24579999, Fax: (62-21) 4600655 |