PT Indika Energy (INDY) Q3 2026 earnings summary

Executive summary

• 9M26 revenue rose 27.7% YoY to $1,842.3m; profit attributable to owners increased to $20.2m from $0.5m.

• Non-coal revenue grew 51.3% YoY to $444.4m, raising its share of gross revenue to 23.1% from 19.2%.

• Coal remained the largest revenue source; energy services and logistics/infrastructure also grew, while net debt/equity rose to 44% from 35%.

Financial highlights

• 9M26 gross profit rose 44.6% to $280.1m and operating profit rose 92.6% to $155.9m; net income reached $42.0m versus $14.0m.

• Adjusted EBITDA, including associate dividends for the LTM ended Sep. 30, was $212.9m, up 36.8% YoY.

• 3Q26 revenue increased 43.0% YoY to $695.4m; adjusted EBITDA was $73.8m, up 25.3%, and profit attributable to owners was $10.0m.

• 9M26 operating cash flow was $184.5m; investing cash outflow was $154.7m and financing cash inflow was $146.8m.

• Cash and cash equivalents were $553.5m at Sep. 30, 2026, versus $488.2m at Dec. 31, 2025.

Outlook and guidance

• Strategic targets include 50% non-coal revenue by 2028 and net-zero emissions by 2050.

• 2026 capex budget was $380.4m; $146.7m, or 38.6%, was realized through 9M26, excluding EMITS capex.

• Q4 coal demand outlook was positive, supported by tight LNG supply, seasonal restocking and utility inventory rebuilding.

• TPE/TPEC unsatisfied contract obligations totaled $613.7m; $128.6m was expected to be recognized in the next reporting period.

• A post-period agreement provides for leasing 6,000 EVs for 66 months, with financing capped at Rp376B and a maximum 72-month tenor.