PT Merdeka Copper Gold (MDKA) Q1 2026 earnings summary

Executive summary

• Consolidated revenue reached $620.3 million in 1Q 2026, up 24% year-over-year, driven by higher nickel ore, gold, and NPI revenues.

• EBITDA surged 182% YoY to $250 million, with net profit at $120.2 million, reversing a loss in 1Q 2025.

• EMAS transitioned to commercial production at Pani Gold Mine, achieving first gold sales and a maiden resource estimate increase.

• TB Copper project advanced to feasibility study phase; HPAL operations neared completion with significant progress in plant construction.

• Interim consolidated financial statements for the three months ended 31 March 2026 were audited and received an unqualified opinion, confirming fair presentation in accordance with Indonesian Financial Accounting Standards.

Financial highlights

• Group revenue: $620.3m (+24% YoY); EBITDA: $250m (+182% YoY); Net profit: $120.2m (vs. $2.5m in 1Q 2025).

• Gross profit margin improved to 35% from 11% YoY; operating profit margin rose to 31% from 9%.

• MBMA revenue: $455m (+24% YoY); EBITDA: $143m (+361% YoY); Net profit: $30m (vs. $3.5m loss YoY).

• Total assets as of 31 March 2026 were $6.03 billion, up from $5.71 billion at year-end 2025.

• Cash and banks: $545m for MDKA; $350m for MBMA as of 31 March 2026.

Outlook and guidance

• TB Gold targets 80,000–90,000 oz production in 2026; Pani targets 100,000–115,000 oz.

• Wetar copper production expected at 4,000–5,000 tonnes; saprolite deliveries 8–10m wmt; limonite sales 20–25m wmt.

• MBMA expects 70,000–80,000 tNi NPI production and 44,000–48,000 t HGNM; MHP production target 27,000–30,000 t.

• Expects continued margin strength in gold, higher nickel ore volumes, and ramp-up of Pani Gold Mine.

• Focus remains on disciplined capital allocation and operational efficiency.