PT Bukit Asam Persero Tbk : PTBA Posts Rp801.79 Billion Net Profit in First Quarter of 2026, Up 105% YoY Driven by Efficiency and Operational Resilience

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30 April 2026 PTBA Posts Rp801.79 Billion Net Profit in First Quarter of 2026, Up 105% YoY Driven by Efficiency and Operational Resilience Jakarta, April 30, 2026 - PT Bukit Asam (Persero) Tbk (PTBA) announced its consolidated financial results for the three-month period ended March 31, 2026 (3M2026) to the Indonesia Stock Exchange (IDX) and Financial Services Authority (OJK). President Director Arsal Ismail stated: "Amid significantly higher rainfall at the beginning of the year, the Company was able to maintain sales stability through prudent inventory management, while continuing disciplined efficiency measures and selective mining initiatives that improved our cost structure. As a result, the Company delivered solid year-on- year profit growth, demonstrating our operational resilience and the effectiveness of the strategy we have consistently executed." Highlights PTBA recorded a net profit of IDR 0.80 trillion and EBITDA of IDR 1.55 Trillion, with net profit margin and EBITDA margin of 8% and 16%. PTBA delivered solid operational performance amid extreme rainfall conditions, with sales volume declining by only 1% YoY despite a 22% YoY decrease in production volume. While coal prices have shown improvement on a year-to-date basis, the average selling price (ASP) rose by only 1% YoY. In terms of capital expenditure realization, as of Q1 2026, 13% of the annual target has been achieved, equivalent to IDR 0.47 trillion. GUIDANCE FY26 PT BUKIT ASAM (PERSERO) TBK Production Volume : 49.55 Million Tonnes. Sales Volume : 49.51 Million Tonnes. Transportation Volume : 41.00 Million Tonnes. Stripping Ratio : 5.63x Capital Expenditure : Rp3.64 Trillion. Operational Performance (in tonnes unless otherwise stated for stripping ratio) 1Q26 1Q25 Changes Production Volume 6,623,885 8,445,759 -22% Coal Transportation 8,740,539 9,407,452 -7% Sales Volume 10,166,913 10,283,074 -1% Domestic 5,374,208 5,191,334 4% Export 4,792,705 5,091,740 6% Stripping Ratio 5.31 6.42 -17% Financial Performance (in million Rupiah unless otherwise stated for earnings per share) Income Statement 1Q26 1Q25 Changes Revenue 9,929,722 9,958,441 0% Cost of Goods Sold 8,385,940 8,911,252 -6% Gross Profit 1,543,782 1,047,188 47% Operating Profit 878,028 442,807 98% Net profit for the year attributable to owners of the parent entity 801,794 391,478 105% EBITDA 1,552,122 1,051,720 48% Earnings per Share (EPS) 70 34 106% Balance Sheet 31 Mar 26 31 Des 25 Changes Total Assets 43,228,243 43,917,063 -2% Total Liabilities 19,557,671 21,300,262 -8% Total Equity 23,670,572 22,616,801 5% Cash 4,192,245 4,522,194 -7% Bank Borrowings 2,040,443 3,227,525 -37% Others 31 Mar 26 2026 Target Progress Capital Expenditure 467,873 4,551,266 13% 1Q2026 Financial Performance Analysis CONSOLIDATED STATEMENT OF PROFIT OR LOSS Revenue and Average Selling Price PTBA recorded revenue of IDR 9.93 trillion as of the end of March 2026, which remained relatively flat year-on-year. Although sales volume declined by 1% YoY, coal price movements varied during the period, with the Newcastle Index increasing by 14% YoY while ICI-3 decreased by 2% YoY, resulting in a modest increase in the average selling price (ASP) of 1% YoY. In terms of sales composition as of the end of March 2026, domestic sales accounted for 53%, while the remaining 47% was contributed by exports. The top five export destination countries during this period were Vietnam, Bangladesh, India, Cambodia, and Thailand. Cost of Goods Sold and Operating Expenses Cost of goods sold amounted to IDR 8.39 trillion, representing a 6% decrease year-on-year. This decline was in line with lower operational volumes, with coal production down by 22% YoY and transportation volume decreasing by 7% YoY. Also, the stripping ratio improved to 5.31x compared to 6.42x in the same period of the previous year. Meanwhile, the conflict in the Strait of Hormuz at the end of February 2026 has started to affect fuel prices per liter, albeit still relatively modest for the period (+3% YoY), which is expected to increase the Company's fuel costs for both mining operations and rail transportation. In addition, on a year-on-year basis, operating expenses increased by Rp61.37 billion, or 10%, compared to the same period last year. This increase was primarily driven by higher general and administrative expenses. Finance Income, Finance Costs, and Share in Net Profit of Associates and Joint Ventures The Company recorded finance income of IDR 41.27 billion, a 17% decrease YoY, in line with lower interest income from cash placements in banks and time deposits, as well as from bond investments. Finance costs amounted to IDR 54.04 billion, down 20% YoY, driven by a reduction in interest expenses from bank loans. Meanwhile, the share of net profit from associates and joint ventures reached IDR 168.04 billion, representing a significant increase of 81% YoY. Net profit for the year attributable to owners of the parent entity: Rp801.79 Billion CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Total Assets Total assets as of March 31, 2026, were recorded at IDR 43.23 trillion, a 2% decrease compared to the end of 2025 at IDR 43.92 trillion. This decline was mainly driven by reductions in inventories as well as the Company's cash and cash equivalents. Total Liabilities and Equity Total liabilities as of March 31, 2026, decreased by 8% from IDR 21.30 trillion at the end of December 2025 to IDR 19.56 trillion. Meanwhile, equity increased by 5% from IDR 22.62 trillion at the end of December 2025 to IDR 23.67 trillion as of March 31, 2026. CONSOLIDATED STATEMENTS OF CASH FLOWS Cash Flows from Operating Activities Net cash flows from operating activities increased from IDR 1.21 trillion to IDR 2.06 trillion, representing a 70% YoY growth. This increase was primarily driven by lower payments to third-party services. Cash Flows from Investing Activities Net cash flows used for investing activities increased from IDR 0.42 trillion in the previous period to IDR 1.06 trillion as of March 31, 2026. This increase was primarily driven by the acquisition of fixed assets. Cash Flows from Financing Activities Net cash flows used for financing activities increased from IDR 0.12 trillion in the previous period to IDR 1.34 trillion as of March 31, 2026. This increase was in line with bank loan repayments. Capital Expenditures Capital expenditure as of March 31, 2026, was realized at IDR 470 billion, with the majority allocated to the development of coal transportation on the Tanjung Enim-Kramasan railway route. As closing statement, Eko Prayitno, Corporate Secretary Division Head, stated: "The Company's performance this quarter demonstrates that its operational foundation remains solid amid external challenges, including weather conditions affecting production and heightened geopolitical tensions. PTBA will continue to maintain operational discipline, strengthen efficiency, and preserve flexibility in responding to market dynamics and external challenges. With this solid operational foundation, the Company remains optimistic about sustaining healthy performance and delivering long-term value for all stakeholders." Download PDF document

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