Strong Fundamentals: Antam's Three Business Engines in 2026

PT Aneka Tambang Tbk (ANTM) or ANTAM has again recorded an improvement in financial performance in the first quarter of 2026. The company posted profitability growth with a net profit for the period of Rp3.66 trillion, an increase of 58% compared to the first quarter of 2025 figure of Rp2.32 trillion. In line with this increase, ANTAM also recorded a 55% growth in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), with an EBITDA achievement of Rp5.05 trillion in the first quarter of 2026, compared to Rp3.26 trillion in the first quarter of 2025. ANTAM’s financial performance was driven by increasingly strong operational fundamentals. This is reflected in the optimal performance of the nickel segment, the strengthening of gold sourcing to maintain supply continuity, and the commencement of operations at the Smelter Grade Alumina (SGA) plant, which strengthens the growth of the bauxite and alumina segment. ANTAM President Director Untung Budiharto stated that the positive financial performance was also supported by the company’s consistency in implementing adaptive and innovative marketing strategies, as well as effective and disciplined cost control across all operational lines. ‘The implementation of robust operational strategies and disciplined, prudent financial management has driven sustainable performance strengthening, thereby providing positive returns and added value for shareholders,’ Untung added. ANTAM’s three revenue engines were also highlighted by the Head of Research at Korea Investment and Sekuritas Indonesia, Muhammad Wafi. According to him, ANTM has solid fundamentals supported by commodity diversification. ‘Solid fundamentals because the diversification of gold, nickel, and alumina is a structural advantage. Dividends reflect healthy cash flow. SGAR phase-1 (1 million tonnes/year of alumina) is already operational and contributing recurring revenue,’ he told CNBC Indonesia. Similarly, Senior Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, stated that fundamentally, ANTM still has a solid financial position. This is supported by a healthy balance sheet structure and strong liquidity. He added, ‘Going forward, ANTM’s profitability will be maintained thanks to ongoing operational cost efficiencies and the optimisation of production volumes for their core commodities.’ The gold segment contributed approximately 81% to total sales in the first quarter of 2026, with gold sales growing 11% to Rp23.89 trillion, from Rp21.61 trillion in the first quarter of 2025. Through the strengthening of domestic marketing strategies, gold sales volume reached 8,464 kg (272,124 troy oz.). To ensure the sustainability of raw material supply, ANTM signed a Gold Sales and Purchase Agreement (GSPA) with the Merdeka Group on 4 March 2026. This cooperation is a strategic step in strengthening national gold sovereignty while ensuring supply continuity for the domestic industry. The nickel segment (ferronickel and nickel ore) contributed 15% or Rp4.47 trillion to total sales in the first quarter of 2026, an increase of 19% from Rp3.77 trillion in the first quarter of 2025. Nickel ore production reached 3.88 million wet metric tonnes (wmt), with a sales volume of 3.40 million wmt, all of which was absorbed by the domestic market. Meanwhile, ferronickel production was recorded at 3,976 tonnes of nickel in ferronickel (TNi), with sales volume reaching 2,803 TNi. All ferronickel sales were absorbed by the export market. The bauxite and alumina segment contributed 3% to total sales with a value of Rp879.14 billion, an increase of 24% compared to Rp708.75 billion in the first quarter of 2025. Bauxite production reached 628,785 wmt, in line with the optimisation of mine capacity and productivity as well as increased domestic market absorption. Sales volume was recorded at 593,476 wmt, up 9% from 544,750 wmt in the first quarter of 2025. In line with the optimisation of the CGA plant operations, alumina (chemical grade alumina) production reached 49,566 tonnes, an increase of 13% compared to 44,051 tonnes in the first quarter of 2025. In terms of sales, volume was recorded at 49,072 tonnes, growing 11% from 44,048 tonnes.