A Strong Profit Quarter That Ran Cash-Negative
Over these 5 quarters: share price Rp1,635 to Rp3,500 (+114%); operating income 2.69 to 4.50 Rp trillion; operating income margin 10.3% to 15.4%. One graph in actual numbers: bars are the quarter's operating income, over them the share price at quarter-end (left axis) and the operating income margin (right axis); each line is fitted to its own range, so read the timing, not the heights. Prices are adjusted for splits.
ANTAM's first quarter of 2026 looks like its best of the five quarters covered here on the income statement and its worst on the cash flow statement at once: net profit to owners rose 59.9% as higher metal prices lifted both nickel and precious-metals profit, while operating cash flow swung to a Rp3,154 billion outflow as the company built a gold stockpile while drawing on four bank credit lines that were unused at year-end. Revenue rose 12.1% and operating profit 67.3% (see Key Financial Metrics), almost none of it from selling more gold: production fell 13.0% and sales volume fell 38.0%, while price rose 71.9%. Gold and silver inventory rose 168.4% in the quarter while total bank loans rose 98.6%; the filing does not say the loans paid for the stock (see Beyond the Usual).
Gold's Revenue Growth Came Entirely From Price, Not Volume
Gold revenue rose 10.6% to Rp23,892 billion even though ANTAM sold 38.0% less gold and produced 13.0% less. Sales volume fell from 13.7 tonnes in the first quarter of 2025 to 8.5 tonnes in the first quarter of 2026, while the average selling price rose from $3,014 to $5,180 per troy ounce (ANTAM's own investor presentation, which states prices and volumes the financial statements do not). ANTAM's own mining output is a small fraction of what it sells - most of the gold it resells is bought in (Rp30,002 billion of precious-metal purchases in the quarter's cost of revenues); the filing's supplier table, headed purchases of goods rather than gold, lists ABC Refinery (Australia) Pty Ltd and PT Freeport Indonesia as the two suppliers above the disclosure threshold this quarter (see Beyond the Usual) - so a volume decline of this size, more than offset by price, says more about what the gold market did in the quarter than about ANTAM's own refining or retail business growing.
A Gold Stockpile Build, Not Operations, Drove Cash Flow Negative
Operating cash flow swung from a Rp2,082 billion inflow in the first quarter of 2025 to a Rp3,154 billion outflow in the first quarter of 2026, even as profit rose. Cash received from customers grew roughly in line with revenue (up 13.1%, to Rp30,617 billion), but cash paid to suppliers grew faster (up 37.2%, to Rp31,952 billion) as the company built up inventory: gold and silver inventory alone rose from Rp5,297 billion at December 31, 2025 to Rp14,216 billion at March 31, 2026, a 168.4% increase that accounts for most of the 117.9% rise in total inventory. Over the same quarter total bank loans rose 98.6% to Rp8,443 billion; the filing does not say what the borrowing was for (see Beyond the Usual for the specific facilities drawn).
One Smaller Segment Already Earns a Far Higher Margin Than Gold's
Nickel supplied 15.2% of ANTAM's revenue this quarter but 44.3% of the three operating segments' combined profit, at a 48.7% margin against precious metals and refinery's 10.3%. A year earlier nickel's shares were similar in direction but smaller: 14.4% of revenue and 41.1% of segment profit, at a 33.0% margin. Precious metals and refinery, still 81.7% of revenue, improved its own margin too (7.5% to 10.3%), but nickel's margin advantage over it only widened (see Segment Comparison).
The Prescription
ANTAM should explain, in the filings and not just the investor deck, what the gold inventory build is actually for - a trading position taken on the view that gold prices had further to run, a buffer against supply disruption from its two main precious-metals suppliers, or simple working-capital timing - because right now a reader can see that the company drew on four bank lines that had no balance at year-end and larger balances on existing ones in one quarter while a stockpile grew 168%, without the filings stating a reason. A business that is candid about why it is borrowing to buy inventory is one investors can underwrite with confidence; a business that just shows the balance sheet moving invites the reader to guess.
What ANTAM should stop doing: letting its own investor presentation carry operational detail - production volumes, sales volumes, average selling prices - that the quarterly financial statements (unaudited and unreviewed for Q1) still do not disclose at all. The quarterly statements give a product-level revenue split but no volumes or prices; everything about why gold revenue grew despite falling volumes comes from a slide deck, not from the financial statements. A company already tracking this data internally every quarter has no real cost to disclosing it in the statements themselves.
Key Financial Metrics
Rp trillion; margin is operating income as a percent of net revenue, per quarter. Values are standalone quarters; 3 derived from annual, half-year or nine-month figures (Q2 2025, Q3 2025, Q4 2025).
Q1 2026 (three months ended Mar 31, 2026) vs Q1 2025, consolidated
FX: Rp16,936 = US$1 (Mar 31, 2026) and Rp16,652 = US$1 (Mar 31, 2025) - month-end market quotes, used only to convert the US$ columns, because ANTAM reports in rupiah. The rupiah weakened 1.7% between those dates, so US$ growth trails rupiah growth slightly. The interim statements are unaudited and unreviewed (ANTAM's own convention for Q1 and Q3; only the half-year and full-year statements are reviewed or audited).
| Metric | Q1 2026 (Rp) | Q1 2026 (US$) | Q1 2025 (Rp) | YoY (Rp) | YoY (US$) |
|---|---|---|---|---|---|
| Revenue | Rp29,323B | ~$1,731M | Rp26,152B | +12.1% | +10.2% |
| EBITDA (operating profit + depreciation and amortisation + impairment) | Rp4,790B | ~$283M | Rp3,125B | +53.3% | +50.7% |
| Operating Income» | Rp4,503B | ~$266M | Rp2,691B | +67.3% | +64.5% |
| Net Income (attributable to owners of the parent) | Rp3,407B | ~$201M | Rp2,131B | +59.9% | +57.2% |
| ...consolidated profit for the period | Rp3,664B | ~$216M | Rp2,323B | +57.7% | +55.1% |
| Free Cash Flow» (operating cash flow less capital spending) | Rp(3,260)B | ~$(192)M | Rp1,789B | n/m | n/m |
| Cash and cash equivalents (Mar 31, 2026 vs Dec 31, 2025) | Rp9,039B | ~$534M | Rp8,434B | +7.2% | +5.7% |
EBITDA here is operating profit plus depreciation and amortisation from the segment note (Rp287 billion, against Rp301 billion a year ago, before a Rp133 billion fixed-asset impairment in the Nickel segment that quarter and none this quarter). Free cash flow is operating cash flow less cash spent on fixed assets, exploration and evaluation assets, intangibles and mining properties (Rp106 billion this period, Rp293 billion a year earlier) - negative this quarter both before and after capex, a genuine swing rather than a capex timing effect, since operating cash flow alone was positive a year earlier and capex was smaller this quarter.
Operating profit (Rp4,503 billion) grew more than five times faster than revenue because gross margin widened to 19.2% of revenue from 13.9%, as nickel's margin rose to 48.7% from 33.0% and precious metals' to 10.3% from 7.5% (see Segment Comparison) even as total operating expenses (general/administrative plus selling/marketing) rose 17.8% to Rp1,114 billion. Net profit grew more slowly than operating profit: finance costs nearly quintupled to Rp108 billion from Rp23 billion (the timing matches the new short-term borrowing in Beyond the Usual, though the filing does not itself attribute the rise to it) and the foreign-exchange gain was smaller (Rp80 billion against Rp98 billion a year ago), partly offset by a much larger share of profit from associates (Rp205 billion against Rp52 billion); the effective tax rate rose to 23.4% from 20.8%, and minority shareholders took Rp257 billion of the period's profit, or 7.0%, against 8.3% a year earlier.
The quarterly series the documents on file allow (standalone quarters derived where the underlying filing is cumulative; the June 2025 through December 2025 quarters come from the half-year, nine-month and full-year statements less their prior cumulative periods):
| Quarter | Revenue | Gross profit | Net profit (consolidated) |
|---|---|---|---|
| Mar 2025 | Rp26,152B | Rp3,636B | Rp2,323B |
| Jun 2025 | Rp32,868B | Rp4,601B | Rp2,820B |
| Sep 2025 | Rp13,008B | Rp2,747B | Rp1,469B |
| Dec 2025 | Rp12,614B | Rp2,697B | Rp1,308B |
| Mar 2026 | Rp29,323B | Rp5,617B | Rp3,664B |
Gross profit and net profit were highest in the March 2026 quarter, and revenue (Rp29,323 billion) was second only to June 2025 (Rp32,868 billion) - a strong start to the year that followed a much weaker second half of 2025. The filings describe no calendar-driven seasonality for ANTAM, and the swings line up more plausibly with gold and nickel pricing cycles and with volumes than with any stated seasonal pattern; this is the first post for this company, so there is no earlier post's seasonality conclusion to compare against yet. Operating margin tracked the same climb: 10.3% in the March 2025 quarter, down to 4.0% by the December 2025 quarter, then back up to 15.4% in March 2026 - its highest point in this five-quarter window - as nickel's share of profit kept rising (see Segment Comparison).
Where Q1 2026's Revenue Went
Net revenue, and how much of it was left as operating profit and net income, in one view. Figures are the same standalone-quarter figures as the metrics table.
Rp trillion, Q1 2026. Operating costs are net revenue less operating income; other items & tax are operating income less net income.
Key Operational Metrics
ANTAM's quarterly financial statements disclose no sales volumes or average selling prices - only a product-level revenue split (below). Volumes, production and ASPs below are from ANTAM's own 1Q26 investor presentation, which was available for this quarter (no transcript or call was held, or none was published).
| Revenue by product | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Gold | Rp23,892B | Rp21,605B | +10.6% |
| Nickel ore | Rp3,824B | Rp2,795B | +36.8% |
| Ferronickel | Rp643B | Rp970B | -33.7% |
| Alumina | Rp486B | Rp440B | +10.6% |
| Bauxite ore | Rp393B | Rp269B | +46.1% |
| Silver | Rp22B | Rp20B | +7.0% |
Bauxite ore (+46.1%) and nickel ore (+36.8%) grew faster than gold's 10.6%, alumina (+10.6%) grew about as fast, and silver (+7.0%) grew more slowly, while ferronickel revenue fell 33.7% even as ANTAM's own nickel segment overall had its highest revenue and operating profit of the five quarters shown (see Segment Comparison). The operational detail from the investor deck, by product:
- Gold: production 0.20 tonnes (down 13.0% from 0.23 tonnes); sales volume 8.5 tonnes (down 38.0% from 13.7 tonnes); average selling price $5,180/t.oz (up 71.9% from $3,014/t.oz). 45% of sales volume went to wholesalers, 31% to retail boutiques, 20% through the Digital (BRANKAS) channel and 5% to corporate and other buyers.
- Nickel ore: production 3.9 million wmt (down 15.2% from 4.6 million wmt); sales volume 3.4 million wmt (down 10.5% from 3.8 million wmt); average selling price $66.8/wmt (up 45.9% from $45.8/wmt). All of it sold domestically.
- Ferronickel: production 4.0 thousand tonnes Ni (down 11.1% from 4.5 thousand tonnes Ni); sales volume 2.8 thousand tonnes Ni (down 41.7% from 4.8 thousand tonnes Ni); average selling price $13,617/ton Ni (up 11.0% from $12,265/ton Ni). Sold to China (43%), South Korea (30%) and India (27%).
- Bauxite: production 0.6 million wmt (0.7 million wmt a year earlier; the deck rounds to one decimal, so no percentage change is given); sales volume 0.6 million wmt (0.5 million wmt a year earlier; the deck rounds this product to one decimal, so a percentage change is not reliable, and the +46.1% revenue and +44.9% price imply roughly flat volume); average selling price $39.30/wmt (up 44.9% from $27.13/wmt). Sold domestically.
Across all four products production fell and, except for bauxite (roughly flat on the rounded deck figures), sales volumes fell too; a sharply higher average selling price more than offset this in revenue for gold and nickel ore, lifted bauxite revenue with volume roughly flat, and ferronickel revenue still fell - the pattern is not limited to gold. In percentage terms (computed from the deck's rounded figures, which print no year-on-year changes), ferronickel's sales-volume decline (-41.7%) was actually the steepest of the four; gold's own decline (-38.0%) is the one that matters most for the headline numbers because gold is by far the largest revenue line.
Segment Comparison
ANTAM reports three operating segments, Nickel (nickel ore and ferronickel), Precious metals and refinery (gold, silver and refining services) and Bauxite and alumina, plus unallocated head-office costs and a small "Others" line. The company's Board uses net sales to assess them.
| Segment | Q1 2026 revenue | Share of revenue | Q1 2026 operating profit | Share of segment profit | Margin (Q1 2026 / Q1 2025) | YoY revenue | YoY profit |
|---|---|---|---|---|---|---|---|
| Nickel | Rp4,467B | 15.2% | Rp2,177B | 44.3% | 48.7% / 33.0% | +18.7% | +75.0% |
| Precious metals and refinery | Rp23,964B | 81.7% | Rp2,478B | 50.5% | 10.3% / 7.5% | +10.6% | +53.4% |
| Bauxite and alumina | Rp879B | 3.0% | Rp255B | 5.2% | 29.0% / 24.0% | +24.0% | +49.7% |
| Head office | - | - | -Rp345B | - | - | - | +23.0% (cost) |
| Others | Rp13B | <0.1% | -Rp62B | - | - | - | - |
| Total | Rp29,323B | 100% | Rp4,503B | - | 15.4% / 10.3% | +12.1% | +67.3% |
(Segment shares are of the three operating segments' profit, before head office and Others; the segment table already reconciles exactly to group operating income, so no further bridge is needed.)
Nickel: already earning a 48.7% margin on 15.2% of revenue
Rp billion; margin is segment operating profit as a percent of segment revenue from contract with customers, per quarter. Revenue is the segment revenue from contract with customers (segment note; consolidated after elimination); profit is the segment operating profit (Laba usaha). Values are standalone quarters; some are derived from half-year, nine-month or full-year figures in the filings. Shows the 5 quarters the segment's definition and disclosures allow.
Nickel's revenue was Rp4,467 billion (+18.7%) and operating profit Rp2,177 billion (+75.0%), a margin of 48.7% against 33.0% a year earlier - both revenue and profit higher than in any of the four prior quarters shown above. Nickel ore revenue grew 36.8% and ferronickel revenue fell 33.7% even within the same segment (see Key Operational Metrics), so the segment's own growth and margin expansion came mostly from nickel ore and from price rather than from ferronickel volumes. No impairment was booked in this segment this quarter, against Rp133 billion a year earlier.
Precious metals and refinery: margin improved, but still trails nickel by a wide margin
Rp billion; margin is segment operating profit as a percent of segment revenue from contract with customers, per quarter. Revenue is the segment revenue from contract with customers (segment note; consolidated after elimination); profit is the segment operating profit (Laba usaha). Values are standalone quarters; some are derived from half-year, nine-month or full-year figures in the filings. Shows the 5 quarters the segment's definition and disclosures allow.
This segment's revenue was Rp23,964 billion (+10.6%) and operating profit Rp2,478 billion (+53.4%), a margin of 10.3% against 7.5% a year earlier - an improvement, but still less than a quarter of nickel's 48.7% margin on more than five times nickel's revenue. Two suppliers stood above the 10%-of-total-sales threshold for purchases this quarter: ABC Refinery (Australia) Pty Ltd, a third party (Rp16,843 billion) and PT Freeport Indonesia, a related party (Rp9,201 billion, through Note 34) - both sharply higher than a year earlier, when Stonex and Ashoka were the suppliers above that threshold (see Beyond the Usual).
Bauxite and alumina: small, with the second-highest margin of the three segments
Rp billion; margin is segment operating profit as a percent of segment revenue from contract with customers, per quarter. Revenue is the segment revenue from contract with customers (segment note; consolidated after elimination); profit is the segment operating profit (Laba usaha). Values are standalone quarters; some are derived from half-year, nine-month or full-year figures in the filings. Shows the 5 quarters the segment's definition and disclosures allow.
Revenue rose 24.0% to Rp879 billion (bauxite ore Rp393 billion, +46.1%; alumina Rp486 billion, +10.6%) and operating profit rose 49.7% to Rp255 billion, a 29.0% margin against 24.0% a year earlier - second only to nickel among ANTAM's three segments this quarter, even though it is by far the smallest by revenue.
The comparison: nickel earns the best margin, precious metals carries the revenue
Nickel supplied 15.2% of revenue and 44.3% of the three segments' combined operating profit at a 48.7% margin; precious metals and refinery supplied 81.7% of revenue and 50.5% of profit at a 10.3% margin; bauxite and alumina, the smallest segment, had the second-highest margin at 29.0%. Head-office cost fell as a share of the three segments' combined profit, to 7.0% from 9.3% a year earlier, even as its absolute cost rose 23.0% to Rp345 billion - the three segments' combined profit simply grew faster.
Stock Price Since Last Quarter
ANTM closed March 2026 at Rp3,500, up 11.1% from the Rp3,150 close at the end of 2025 and up 114.1% from the Rp1,635 close a year earlier. Over the trailing 24 months (April 2024 through March 2026), the stock's month-end closes ranged from Rp1,250 (June 2024, the window low) to Rp4,350 (February 2026, the window high, reached the month before this quarter closed) - a rise of 248% low to peak. The March 31, 2026 close of Rp3,500 is 19.5% below that February peak and 180% above the June 2024 trough. No stock split falls within this window (ANTAM's issued share count, 24,030,764,725, matches the basic-EPS calculation printed in this filing), so these are actual nominal prices, not split-adjusted.
No filing explains the February 2026 peak or the pullback that followed it into March. The numbers in this post - a strong profit quarter helped by higher gold and nickel prices, and a sharp swing to negative operating cash flow - are consistent with a stock that ran up with the gold rally and then gave some of it back, but that reading is this post's own inference, not something any filing states.
Beyond the Usual
A Rp959.6 Billion Refining Claim and Rp2.3 Trillion of Gold-Bar Lawsuits Remain Unresolved
ANTAM has been a defendant since November 2021 in a lawsuit from PT Loco Montrado ("LoMon") over a 2017 metal-anode refining contract, with LoMon seeking material and non-material losses plus delivery of 5.36 tonnes of metal anode, totalling approximately Rp959.6 billion (full amount). The Supreme Court's December 2023 cassation decision went against ANTAM; management says the claim is without merit and has submitted a request for judicial review, filed February 6, 2025; the filing reports no outcome. Separately, since 2020 ANTAM has been a defendant in a number of lawsuits over gold-bar sales transactions, most alleging the company did not deliver the agreed amount of gold bars, with claims totalling approximately Rp2.3 trillion (full amount) as of March 31, 2026. ANTAM does not disclose the PSAK 237 information usually required for either set of cases, on the grounds that doing so could prejudice the litigation's outcome. The provision for legal cases stood at Rp159.7 billion at March 31, 2026, down slightly from Rp165.5 billion at December 31, 2025.
A Gold Stockpile Rose Alongside Four Newly Drawn Bank Facilities and Larger Existing Balances, All Unsecured, in a Single Quarter
At December 31, 2025, ANTAM's only short-term bank borrowing (beyond a US$175 million syndicated facility) was a Rp1,100 billion facility with Bank Negara Indonesia (BNI) at the company, plus a Rp230 billion BNI facility at a subsidiary. In the three months to March 31, 2026, the company drew on four short-term facilities that had no balance at that date - PT Bank Panin Indonesia (Rp1,500 billion), PT Bank Sumitomo Mitsui Banking Corporation (US$75 million, ~Rp1,274 billion), PT Bank Central Asia (Rp500 billion plus US$13 million, ~Rp221 billion) and PT Bank Rakyat Indonesia (US$20 million plus Rp200 billion, ~Rp540 billion) - and the drawn BNI balance rose to Rp1,120 billion and the subsidiary's drawn BNI balance to Rp330 billion. The filing states all bank loans are unsecured, and that the fair value of the short-term facilities approximates their carrying amount because they mature within a year. Total bank loans rose 98.6% to Rp8,443 billion from Rp4,250 billion. The filing states all bank loans are unsecured and gives no stated purpose for drawing them; the timing lines up with the 168.4% rise in gold and silver inventory this quarter (see the opening section), but the filing does not itself connect the two.
The Largest Suppliers Above the Disclosure Threshold Changed From a Year Earlier
Among counterparties representing more than 10% of total sales in the filing's purchases-of-goods table (total Rp26,044 billion, about 87% of the Rp30,002 billion of precious-metal purchases), ANTAM's two largest in the first quarter of 2025 - Stonex Apac Pte Ltd (Rp10,505 billion) and Ashoka Global SG Pte Ltd (Rp2,662 billion), both third parties - supplied nothing at all above this threshold in the first quarter of 2026. In their place, ABC Refinery (Australia) Pty Ltd rose to Rp16,843 billion (from Rp2,300 billion a year earlier) and PT Freeport Indonesia - a related party, described in the filing as an entity over which ANTAM's ultimate parent has significant influence - rose to Rp9,201 billion (from Rp1,249 billion). The filing gives no reason for the shift in counterparties.
Two Previously Revoked Mining Permits Appear to Have Been Recovered, Though the Impairment on Them Has Not
In February and April 2022, ANTAM received revocation letters from BKPM (Indonesia's Investment Coordinating Board) for several of its IUPs (mining business licences), and fully impaired the related exploration and evaluation assets that year while lodging an objection. This filing states that "as of March 31, 2026, the Group has successfully recovered two IUPs previously revoked," without naming them in the narrative; in the filing's own reserves table, two subsidiary-held licences - MCU (Meliau, Sanggau, West Kalimantan) and GK (Mempawah Hulu and Banyuke Hulu, West Kalimantan) - carry no revoked-licence marker, while a third subsidiary licence, CSD (Cibaliung, Banten), still does; that these two are the recovered licences is this post's inference from the table, not a statement in the filing. For the remaining revoked licences, the filing says ANTAM is still awaiting BKPM's response to its objections. Management says it will only assess reversing the related impairment once the licences are actually reclaimed, not merely once a revocation decision is overturned.
A Contingent Nickel-Reserve Asset Rose Slightly While the Reserve Figure Stayed Unchanged
ANTAM carries a Rp1,492 billion contingent-consideration asset (up from Rp1,454 billion at December 31, 2025) from its December 2023 divestment of 49% of PT Sumberdaya Arindo (SDA) to HongKong Ningbo Contemporary Brunp Lygend Co., Limited ("HKCBL") - a right to payment for additional nickel reserves found in SDA's inferred and unclassified mine areas within thirty-six months of the signing of the share purchase agreement, dated January 16, 2023. The reserve figure used to value it, 633,913 tonnes of contained nickel, is unchanged from December 31, 2025; the other listed assumptions moved slightly (discount rate 6.08% against 6.05%, exploration costs Rp253 billion against Rp251 billion); the filing does not say which drove the change in value. The filing does not state when the thirty-six-month measurement window actually ends.
A Small Nickel-Ore Payment Dispute With Dexin Is Still Unpaid Four Years After the Arbitration Award
In a 2017 nickel-ore sales agreement with Dexin, payment for one shipment of about Rp33 billion was withheld by Dexin after the ship carrying it sank. BANI (the Indonesian arbitration board) ruled in December 2021 that Dexin must pay ANTAM US$2.4 million (about Rp34 billion); the related provision, booked since December 31, 2019, has not yet been reversed because ANTAM says it has still not received payment from Dexin as of this filing's date - more than four years after the arbitration award.
Target Valuation Range
Verdict: slightly richer than at the end of 2025 on trailing EBITDA, but cheaper on trailing earnings, because profit grew faster than the stock price. At Rp3,500 the market pays about 5.96 times trailing EBITDA and about 9.91 times trailing earnings attributable to owners, against the roughly 5.75 times and 10.5 times this project estimates for the stock at the end of 2025.
In plain words: enterprise value (EV) is what the market says the whole business is worth - the value of all the shares, adjusted for net debt or net cash, non-controlling interests and the value of associates the group doesn't fully own - and EV/EBITDA divides it by a year of the profit measure this post builds from ANTAM's own disclosures. No DCF or scenario price is used; this is a multiples build against the company's own trailing history, with no peer comparison, since the combination of gold refining and nickel mining has no obvious listed comparable in the filings used here.
Market-cap and enterprise-value bridge (24,030,764,725 issued shares - 1 preferred Series A Dwiwarna share plus 24,030,764,724 ordinary series B shares - the point-in-time count from the March 2026 statements, which exactly reproduces this filing's printed basic EPS of Rp141.77; cash and debt as of the balance-sheet date):
| Mar 31, 2026 (Rp) | Mar 31, 2026 (US$) | Dec 31, 2025 (Rp) | Dec 31, 2025 (US$) | |
|---|---|---|---|---|
| Share price (period-end close) | Rp3,500 | ~$0.207 | Rp3,150 | ~$0.189 |
| Market capitalization | Rp84,108B | ~$4,966M | Rp75,697B | ~$4,530M |
| Add: bank loans and lease liabilities | Rp8,547B | ~$505M | Rp4,372B | ~$262M |
| Less: cash and cash equivalents | Rp(9,039)B | ~$(534)M | Rp(8,434)B | ~$(505)M |
| Less: other current financial assets (time deposits over three months) | Rp(2,168)B | ~$(128)M | Rp(2,278)B | ~$(136)M |
| Add: non-controlling interests» at book | Rp1,559B | ~$92M | Rp1,302B | ~$78M |
| Less: investments in associates at book | Rp(9,243)B | ~$(546)M | Rp(8,999)B | ~$(539)M |
| Enterprise value | Rp73,763B | ~$4,355M | Rp61,660B | ~$3,690M |
The Dec 31, 2025 column is this project's own figures, on the same bridge method, built from this filing's own comparative balance sheet, since this is the first Recursive Gains post on this company.
Multiples (trailing twelve months, TTM, is the sum of four reported quarters, June 2025, September 2025, December 2025 and March 2026, each derived as a half-year, nine-month or full-year cumulative total less its prior cumulative period, except March 2026 itself, which is a standalone quarter):
| TTM to Mar 31, 2026 | FY2025 (for reference) | |
|---|---|---|
| Revenue | Rp87,814B | Rp84,642B |
| EBITDA | Rp12,380B | Rp10,715B |
| Net profit attributable to owners | Rp8,484B | Rp7,209B |
| Enterprise value | Rp73,763B | Rp61,660B |
| EV/Revenue» | 0.84x | 0.73x |
| EV/EBITDA» | 5.96x | 5.75x |
| P/E» (market capitalisation / owners' profit) | 9.91x | 10.50x |
Enterprise value rose 19.6% from the end of 2025 while trailing EBITDA rose 15.5% and trailing owners' profit rose 17.7% - EV/EBITDA ticked up slightly because EV outran EBITDA, while P/E fell because market cap (up 11.1%) grew more slowly than trailing owners' profit. The EV/Revenue multiple above is built on TTM (trailing-twelve-month) revenue and, regardless of basis, is a weak yardstick here because 81.7% of this quarter's revenue is bought-in gold passed through at thin margin. No peer multiple is shown, since the combination of gold refining and nickel mining has no obvious listed comparable in the filings used here.
Figures in this post are drawn from ANTAM's interim consolidated financial statements as of and for the three-month period ended March 31, 2026 (unaudited and unreviewed, with a foreign-exchange sensitivity disclosure dated as of April 27, 2026) and, for prior-period comparison figures, its previously published interim and annual consolidated financial statements. Volumes, production figures and average selling prices in Key Operational Metrics are from ANTAM's 1Q26 investor presentation, since the financial statements do not disclose them. No call transcript for this quarter was available from ANTAM at the time of publication. Share prices and the rupiah-dollar exchange rate are month-end or daily market quotes used for valuation and currency conversion only.