United Tractors' Performance Under Pressure as Heavy Equipment and Gold Sales Decline

PT United Tractors Tbk (UNTR) recorded a decline in operational performance across several business lines throughout January to February 2026. Sales of Komatsu-brand heavy equipment fell 10.50% year-on-year, with sales volume dropping from 917 units to 869 units. Distribution of sales remained dominated by the mining sector at 49%. The forestry and construction segments each contributed 18%, while the agro segment accounted for 15%. Komatsu’s market share in Indonesia stood at 21% up to February 2026. Overburden removal volume also corrected by 7.49%, with realisations dropping from 169.6 million bank cubic metres to 156.9 million bank cubic metres. Coal sales performance through PT Tuah Turangga Agung weakened as well. Thermal and metallurgical coal sales volume declined 2.81% from 2.85 million tonnes to 2.77 million tonnes. This figure is far lower compared to the same period in the previous year, which reached 38,000 ounces. Conversely, the nickel business line recorded growth. Nickel ore sales through Stargate reached 455,000 tonnes. This volume grew 30.37% compared to the January to February 2025 period, which was 349,000 tonnes.