PT Aneka Tambang Tbk (ANTM), or Antam, has reported a significant boost in its financial performance for the first quarter of 2026. This positive momentum was achieved despite persistent global challenges, including volatile commodity prices and rising geopolitical tensions in the Middle East.
The company’s growth was driven by a robust operational foundation. Key factors contributing to this success included optimized performance within the nickel segment, strategic gold sourcing to ensure a stable supply chain, and the successful commencement of operations at the Smelter Grade Alumina (SGA) refinery, which bolstered the bauxite and alumina business segments.
In the first quarter of 2026, Antam achieved a period profit of Rp 3.66 trillion, representing a 58% increase compared to the Rp 2.32 trillion recorded in the first quarter of 2025. This profitability growth is mirrored by a 55% surge in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), which reached Rp 5.05 trillion, up from Rp 3.26 trillion in the same period last year.
Antam President Director Untung Budiharto attributed these strong financial results to the company’s consistent implementation of adaptive and innovative marketing strategies, alongside effective and disciplined cost control measures across all operational lines. Gross profit reached Rp 5.62 trillion—a 54% jump from the previous year’s Rp 3.64 trillion—while operating profit climbed 67% to Rp 4.50 trillion.
“Antam remains committed to implementing good mining practices and operational excellence across all our activities to foster a sustainable business,” Untung stated on Wednesday (29/4). The company’s performance was further supported by a 15% increase in other income to Rp 279.60 billion, which helped push net earnings per share to Rp 141.77, a 60% increase from the prior year’s figure of Rp 88.69.
The company’s balance sheet also shows strengthened health. Total assets rose by 31% to Rp 63.30 trillion compared to Rp 48.30 trillion in the first quarter of 2025, reflecting business expansion and enhanced operational capacity. Equity saw a 17% increase to Rp 40.41 trillion, while cash and cash equivalents grew by 31% to Rp 9.04 trillion.
In terms of top-line growth, Antam reported net sales of Rp 29.32 trillion, a 12% increase from the previous year. Domestic sales dominated the revenue mix, contributing 97% or Rp 28.31 trillion, underscoring the company’s focus on strengthening its domestic customer base for gold, nickel ore, and bauxite.
“The implementation of resilient operational strategies and prudent financial management has driven our sustainable performance, providing positive returns and added value for our shareholders,” Untung added.
The gold segment remained the primary revenue driver, contributing approximately 81% of total sales. Gold revenue grew 11% to Rp 23.89 trillion, with a sales volume of 8,464 kg (272,124 troy oz). To ensure long-term supply, Antam signed a Gold Sales & Purchase Agreement (GSPA) with the Merdeka Group on March 4, 2026, a strategic move to bolster national gold sovereignty.
The nickel segment contributed 15% of total sales, amounting to Rp 4.47 trillion, a 19% increase from the same period in 2025. Production reached 3.88 million wet metric tons (wmt), with 3.40 million wmt sold entirely to the domestic market. Meanwhile, the bauxite and alumina segment grew 24% to Rp 879.14 billion, with bauxite production reaching 628,785 wmt.
Driven by the optimization of the Chemical Grade Alumina (CGA) plant, alumina production rose 13% to 49,566 tons, with sales volume growing 11% to 49,072 tons. With a solid operational foundation and a healthy financial position, Antam remains optimistic about maintaining its growth momentum while navigating global dynamics through measured and sustainable strategies.
Summary
PT Aneka Tambang Tbk (Antam) reported a strong financial performance in the first quarter of 2026, achieving a profit of Rp 3.66 trillion, a 58% increase from the previous year. This growth was driven by optimized nickel operations, strategic gold sourcing, and the successful launch of the Smelter Grade Alumina refinery. Furthermore, EBITDA surged by 55% to Rp 5.05 trillion, supported by disciplined cost control and robust operational efficiency across all business segments.
The company’s total assets grew by 31% to Rp 63.30 trillion, with domestic sales accounting for 97% of the total revenue of Rp 29.32 trillion. Gold remained the primary revenue driver, contributing 81% of total sales, followed by significant gains in the nickel and bauxite sectors. Antam remains focused on maintaining this growth momentum through sustainable mining practices and prudent financial management.
