PT Antam (Persero) Tbk (ANTM) has reported a strong financial performance for the first quarter of 2026. This impressive growth was achieved despite navigating a complex global landscape marked by volatile commodity prices and escalating geopolitical tensions in the Middle East.
The company’s improved financial standing is rooted in its robust operational fundamentals. Key drivers include the optimization of the nickel segment, strategic initiatives to bolster gold sourcing for a consistent supply chain, and the successful commencement of operations at the Smelter Grade Alumina (SGA) plant, which has significantly bolstered the company’s bauxite and alumina divisions.
In the first quarter, Antam recorded a substantial increase in profitability, with a current period profit of Rp 3.66 trillion—a 58% surge compared to the Rp 2.32 trillion achieved in the first quarter of 2025. This growth trajectory was mirrored in the company’s EBITDA, which climbed 55% to Rp 5.05 trillion, up from Rp 3.26 trillion in the same period last year.
Antam President Director Untung Budiharto attributed these positive results to the company’s consistent implementation of adaptive and innovative marketing strategies, alongside effective, disciplined cost-control measures across all operational lines. Gross profit reached Rp 5.62 trillion, reflecting a 54% increase from the previous year, while operating profit grew by 67% to reach Rp 4.50 trillion.
“Antam remains committed to implementing good mining practices and operational excellence across all activities to ensure a sustainable business,” said Untung on Wednesday (April 29).
The financial health of the company was further enhanced by a 15% increase in other income, rising to Rp 279.60 billion. Consequently, net earnings per share increased by 60%, reaching Rp 141.77 per share. On the balance sheet, total assets expanded by 31% to Rp 63.30 trillion, underscoring the company’s ongoing business expansion and capacity building. Equity also rose by 17% to Rp 40.41 trillion, while cash and cash equivalents grew by 31% to Rp 9.04 trillion.
Antam recorded net sales of Rp 29.32 trillion for the quarter, a 12% increase from the prior year. Domestic sales remained the primary driver, accounting for 97% of total revenue at Rp 28.31 trillion. This aligns with Antam’s strategic focus on strengthening its domestic customer base for gold, nickel ore, and bauxite.
“The implementation of resilient operational strategies and disciplined financial management has fostered sustainable performance, delivering positive returns and value to our shareholders,” Untung noted.
The gold segment remains the cornerstone of Antam’s revenue, contributing approximately 81% of total sales. Gold revenue grew by 11% to Rp 23.89 trillion, with a total sales volume of 8,464 kg (272,124 troy oz). To secure its supply chain, Antam signed a Gold Sales & Purchase Agreement (GSPA) with the Merdeka Group on March 4, 2026, a move designed to strengthen national gold sovereignty.
Meanwhile, the nickel segment (ferronickel and nickel ore) contributed 15% to total sales, generating Rp 4.47 trillion—a 19% increase year-on-year. Production reached 3.88 million wet metric tons (wmt), with 3.40 million wmt sold entirely to the domestic market. The bauxite and alumina segment contributed 3% of sales, reaching Rp 879.14 billion, a 24% increase. Alumina production also saw a positive trend, rising 13% to 49,566 tons.
With a solid operational foundation and healthy finances, Antam remains optimistic about maintaining its growth momentum, navigating global dynamics through measured and sustainable strategies.
Summary
PT Antam Tbk (ANTM) reported a strong financial performance in the first quarter of 2026, achieving a profit of Rp 3.66 trillion, which marks a 58% increase compared to the previous year. This growth was driven by optimized operations in the gold and nickel segments, alongside the successful launch of the Smelter Grade Alumina plant. The company also saw a 55% rise in EBITDA to Rp 5.05 trillion and a 12% increase in total net sales, reaching Rp 29.32 trillion.
The company attributes these results to disciplined cost-control measures and a strategic focus on the domestic market, which accounted for 97% of total revenue. Gold remains the primary revenue driver, contributing 81% of sales, supported by a new supply agreement with the Merdeka Group. With total assets growing to Rp 63.30 trillion, Antam remains committed to operational excellence and sustainable business practices to maintain its upward growth trajectory.