PT Amman Mineral Internasional (AMMN) Q2 2026 earnings summary

Executive summary

• Achieved record sales and production volumes in H1 2026, with net sales of $2,052.4 million, driven by higher ore grades, favorable commodity prices, and strong copper and gold sales.

• Net profit for the period reached $503.7 million, reversing a net loss of $146.4 million year-over-year.

• Smelter and Precious Metal Refinery (PMR) completed and fully commissioned, supporting increased copper cathode and refined gold output.

• Transitioned from investment phase to strong cash generation and rapid deleveraging, with significant debt repayments.

• Batu Hijau mine life extended; Elang project progressing toward FID in 2027.

Financial highlights

• Net sales surged 1,024% YoY to $2,052mn, reflecting higher production and prices.

• EBITDA rose 1,207% YoY to $1,128mn, maintaining a 55% margin.

• Net income swung from a $146mn loss to a $504mn profit YoY.

• Capex reduced 82% YoY to $130mn as major projects near completion.

• Equity increased 8% YoY to $5,861mn as of June 30, 2026.

Outlook and guidance

• 2026 production guidance raised: gold in concentrate up 34% to 775koz, refined gold and copper cathode guidance introduced.

• Focus on cost control, further deleveraging, and operational efficiency in H2 2026.

• Smelter and PMR expected to set new performance records in H2 2026.

• Elang project FID targeted for 2027, leveraging expanded integrated facilities.

• Management continues to monitor regulatory changes and commodity price volatility.