PT Medco Energi Internasional (MEDC) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $668.3 million, up 19% year-over-year, with net income surging 282% to $67.4 million, driven by higher oil & gas production, improved prices, and significant contributions from Amman Mineral.

• EBITDA rose to $351 million, reflecting a 5.7% year-over-year increase, supported by disciplined cost management and higher revenues.

• Power segment sales increased, supported by renewable capacity expansion and successful project completions.

• The company completed the acquisition of an additional 24% interest in the Corridor Block, raising its stake to 70%.

• Amman Mineral Internasional contributed $34 million in net income, with strong copper and gold output.

Financial highlights

• Gross profit remained stable at $232 million, with a margin of 34.7%.

• Operating cash flow increased 29.7% year-over-year to $273 million.

• Consolidated gross debt reduced by $126 million from FY 2025, with net debt/EBITDA at 1.7x.

• Cash and cash equivalents at quarter-end were $598 million.

• Dividend payments and share buybacks continued, with $42.2 million paid in dividends.

Outlook and guidance

• 2026 production guidance maintained at 165–170 mboepd for oil & gas and 4,550 GWh for power.

• Capex guidance for 2026 set at $400–430 million for oil & gas and $15 million for power.

• Cash cost expected to remain below $10 per boe.

• Management expects continued growth in oil & gas production following the Corridor Block acquisition.

• Continued focus on portfolio enhancements, project ramp-ups, and further debt reduction.