Aneka Tambang stock reports stronger H1 earnings

Published on 09/30/2026 at 10:30 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Aneka Tambang stock delivered IDR 6.91 trillion in H1 2026 net profit, up 34 percent year over year. Kiwoom set an IDR 4,100 target on September 10, 2026.

Aneka Tambang, ID1000136203, Illustration mit AI erstellt.

Aneka Tambang (ISIN ID1000136203) reported IDR 6.91 trillion in net profit for the first half of 2026, up 34 percent from IDR 5.14 trillion a year earlier. The result, disclosed on September 10, 2026, gives the Indonesian mining group a stronger earnings base as gold and nickel remain its main operating pillars.

Profit grows faster than revenue

According to CNBC Indonesia on September 10, 2026, H1 revenue reached IDR 62.71 trillion and EBITDA climbed 35 percent to IDR 9.62 trillion from IDR 7.11 trillion. Revenue increased at a slower 6 percent pace, showing that profit growth outpaced the top line.

Gold remained the largest contributor. Antam sold 18.1 tons of gold in H1 2026 and generated IDR 50.39 trillion from the business, according to CNBC Indonesia. That concentration makes gold margins a central earnings variable for the second half of 2026.

Analysts weigh growth and margins

Kiwoom maintained its BUY rating and an IDR 4,100 12 month target in its September 10, 2026 equity update. Its report cited H1 net income of IDR 6.389 trillion, segment revenue growth of 28 percent for nickel ore and 56 percent for ferronickel, and project execution as key factors.

Margin pressure remains part of the valuation debate. TradingView reported on September 15, 2026, that Nomura cut its target to IDR 5,300 from IDR 6,100 while retaining a buy rating, citing a second-quarter gross margin of 15.7 percent versus 19.2 percent in the first quarter.

Downstream projects shape the outlook

Antam is expanding beyond raw-material sales through nickel processing, battery materials and alumina projects. The company also reported H1 2026 assets of IDR 61.27 trillion, equity of IDR 38.53 trillion and cash of IDR 9.23 trillion, according to CNBC Indonesia. These figures give the investment program a measurable financial backdrop while commodity margins remain the main swing factor.

H1 figures set the stock benchmark

The September 10, 2026 H1 report leaves investors with three measurable benchmarks: IDR 62.71 trillion in revenue, IDR 6.91 trillion in net profit and IDR 9.62 trillion in EBITDA. Aneka Tambang trades on the Indonesia Stock Exchange under ticker ANTM, with gold, nickel and bauxite at the center of its operating profile.