PT Amman Mineral Internasional (AMMN) Q1 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q1 2026, driven by resumed concentrate exports, higher realized metal prices, and improved operational execution from mining through refining.

• Transitioned to a fully integrated mining-to-refining business, with ramp-up of smelter and precious metal refinery progressing as planned.

• Completed key performance guarantee tests for smelter and refinery, with remaining tests on track for July 2026 completion.

Financial highlights

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

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

• Gross profit was US$342 million, compared to a gross loss of US$57 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 as major projects near completion.

Outlook and guidance

• 2026 guidance remains unchanged: 900,000 dmt concentrate, 485 Mlbs copper, and 579,000 oz gold expected.

• Approximately 500,000 dmt concentrate from the existing mill and 400,000 dmt from the new mill, subject to ramp-up.

• No FY 2026 production guidance for copper cathode and refined gold due to focus on stable smelter performance.

• Ongoing expansion projects (processing plant, CCPP, LNG regasification) expected to enhance capacity and efficiency.