Highlights

  • Antam reported nine-month profit of Rp9.66 trillion, up from Rp6.61 trillion a year earlier, on net sales of Rp88.48 trillion.
  • Gold supplied 77 per cent of sales at Rp68.41 trillion, nickel 19 per cent, bauxite and alumina 3 per cent.
  • Net operating cash flow climbed to Rp5.06 trillion from Rp4.02 trillion, and cash and cash equivalents stood at Rp10.54 trillion.
  • Antam paid Rp5.05 trillion in cash dividends on 10 July 2026, equal to 70 per cent of attributable net income.

On 28 October 2026 Sydney time, Antam put its nine-month scorecard on the table. PT Antam (Persero) Tbk (ASX:ATM), the Indonesian miner of gold, nickel and bauxite whose CDIs trade on the ASX, released unaudited 9M26 financial statements, a performance summary and its third-quarter activities report. The headline is a profit jump, but the volume detail underneath tells a more mixed story.

The headline numbers

Profit for the nine months to 30 September 2026 reached Rp9.66 trillion, against Rp6.61 trillion a year earlier. Net sales were Rp88.48 trillion, compared with Rp72.03 trillion, and domestic sales of Rp83.86 trillion made up 95 per cent of the total.

Gross profit rose to Rp15.56 trillion from Rp10.98 trillion. Operating income climbed to Rp12.05 trillion from Rp7.89 trillion, and EBITDA to Rp13.48 trillion from Rp9.33 trillion. Basic earnings per share were Rp367.78, compared with Rp248.62. The company attributed the improvement to operational optimisation, stronger marketing and steady market demand.

Total assets stood at Rp59.74 trillion, up from Rp48.07 trillion, while equity was Rp41.22 trillion, from Rp35.20 trillion.

Segment performance

Gold remained the largest contributor. Sales rose to Rp68.41 trillion from Rp58.67 trillion, on volume of 25,217 kilograms (810,745 troy ounces). The quarterly report showed that volume was lower than the 34,064 kilograms recorded in the first nine months of 2025, and it does not explain the difference. Mine production of gold was 634 kilograms, up from 590, with third-quarter output of 202 kilograms against 151.

Nickel revenue was Rp16.98 trillion against Rp11.15 trillion. Ferronickel sales climbed to 13,971 tonnes of contained nickel from 8,182, all of it exported to markets including China, India and South Korea. Ferronickel production eased to 11,638 tonnes from 13,309. Nickel ore production was 12.16 million wet metric tonnes, slightly below the prior-year figure, and ore sales were 10.73 million.

Bauxite and alumina brought in Rp2.64 trillion, up from Rp1.95 trillion. Bauxite sales rose to 1.64 million wet metric tonnes, though production fell to about 2.0 million from 2.3 million. Chemical grade alumina production rose to 153,399 tonnes and sales to 146,642 tonnes. The report said weather affected activities at several sites but did not quantify the impact.

Projects and shareholder returns

Construction contracting began in the fourth quarter of 2025 for a nickel electric-vehicle battery ecosystem in East Halmahera with HKCBL, a CATL Group company. Antam, Indonesia Battery Corporation and HYD Investment Limited, a consortium led by Huayou Cobalt, signed a framework agreement on 30 January 2026 covering nickel resources, processing and refining, and battery production.

In alumina, Phase 1 of the Mempawah smelter grade alumina refinery began commercial operation in February 2026 with capacity of one million tonnes a year. It is held through the Antam and Inalum joint venture PT Borneo Alumina Indonesia. A groundbreaking for Phase II, planned to add up to a further one million tonnes a year in stages, was held the same month.

Exploration spending was a preliminary Rp134.39 billion over the nine months.

What the documents do not say

The quarterly report contains no formal production, sales, cost or financial guidance. It describes strategy only in terms of downstream integration, operational excellence and environmental, social and governance commitments. It gives no realised commodity prices or unit costs, and the financial figures are unaudited.