Antam (Persero) (ANTM.JK) 2Q26 Operational Result - Gold Demand Remained Soft; Rainfall Weighed on Nickel Ore Volume

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Antam (Persero) (ANTM.JK) 2Q26 Operational Result - Gold Demand Remained Soft; Rainfall Weighed on Nickel Ore Volume

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02 Aug 2026 17:37:17 ET │ 12 pages

Antam (Persero) (ANTM.JK)

2Q26 Operational Result - Gold Demand Remained Soft; Rainfall

Weighed on Nickel Ore Volume

CITI'S TAKE Buy

Price (31 Jul 26 16:00) Rp2,880 ANTM delivered a relatively soft 2Q26 operational update, with weak gold

Target price Rp5,300 sales and slightly lower-than-anticipated nickel ore volumes. While

operational execution remained broadly decent, gold appears to be facing Expected share price 84.0%

both cyclical demand normalization and a weaker pricing environment return

following last year’s exceptional retail demand. We also expect gold Expected dividend yield 11.4%

margins to soften as ANTM gradually shifts from its historical made-to- Expected total return 95.4%

order model toward higher inventory holdings. Meanwhile, nickel ore Market Cap Rp69,208,600M

production and sales were temporarily constrained by heavier rainfall, US$3,846M

although ANTM indicated that underlying demand remains healthy and

operational disruption should prove transitory. Ferronickel and alumina

operations remained largely in-line, with no material operational

surprises. Downside risks to gold guidance (>10%) and margin likely Ryan DavisAC

become a topical discussion point going forward along with easing nickel +62-21-2924-9218

ore premium that was seen from July onwards. We continue to prefer ryan1.davis@citi.com

INCO over ANTM given a more visible earnings outlook despite ANTM’s

structurally attractive nickel ore exposure.

Gold: Retail demand normalization weighs on sales outlook – Mine production

increased to 232kg (+15%qoq/+12%yoy), while sales saw slight qoq improvement to

9.6 tonnes (+14%qoq/-38%yoy).