PT Amman Mineral Internasional (AMMN) Q1 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q1 2026, with net sales reaching $807.9 million, a significant increase from $2.1 million in Q1 2025, driven by both domestic and export sales of copper cathode and refined gold.

• Significant improvement in profitability, with net profit for Q1 2026 at $162.6 million, reversing a net loss of $137.6 million in Q1 2025, supported by resumed concentrate exports, higher realized metal prices, and operational enhancements.

• The group’s operations are primarily supported by the Batu Hijau mine, with all consolidated sales in Q1 2026 and Q1 2025 derived from copper and gold produced by AMNT.

Financial highlights

• Net sales reached US$808 million in Q1 2026, a substantial increase year-over-year.

• EBITDA was US$508 million with a 63% margin; net income was US$163 million, yielding a 20% margin.

• Gross profit for Q1 2026 was $342.3 million, compared to a gross loss of $57.4 million in Q1 2025.

• Cash and cash equivalents rose to US$815 million, up 20% from December 2025.

• Capex for the quarter was US$114 million, down 68% year-over-year.

Outlook and guidance

• 2026 guidance remains unchanged, with growth expected from higher ore grades and project ramp-up.

• FY 2026 mining operations are expected to produce 900,000 dmt of concentrate, 485 Mlbs of copper, and 579,000 oz of gold.

• The group continues to monitor regulatory changes affecting mining permits, export quotas, and royalty rates, with new export and royalty regulations impacting copper and gold sales.

• Ongoing capital projects include the completion and commissioning of smelter and LNG facilities, expected to enhance future operational capacity.