PT Merdeka Copper Gold (MDKA) Q2 2026 earnings summary

Executive summary

• 1H26 revenue rose 64% YoY to $1.402bn and EBITDA increased 191% to $512m; profit for the period was $214.8m versus $8.3m in 1H25.

• Profit attributable to parent owners was $101.6m, versus a $15.8m loss in 1H25, as gold and nickel operations strengthened.

• Cash and banks totaled $683.5m at 30 June 2026; total assets were $6.465bn and liabilities $3.370bn.

• Interim financial statements received an unmodified audit opinion; revenue recognition was identified as a key audit matter.

Financial highlights

• 1H26 gross profit was $433.9m, operating profit $397.3m and profit before tax $260.6m; EBITDA margin was 37%.

• Q2 revenue was $782.1m, up 26% QoQ and 122% YoY; EBITDA was $262.4m, up 5% QoQ and 199% YoY.

• Q2 profit before minority interests was $94.7m; profit attributable to parent entities was $44.1m, down 23% QoQ.

• Operating cash flow was $287.4m, investing cash outflow $294.1m and financing cash inflow $330.2m in 1H26.

• Other net expenses were $69.2m, including a $52.3m FX loss, $14.7m fair-value loss on equity interests and $7.3m subsidiary secondary-listing costs.

Outlook and guidance

• Gold production is expected to rise in 2H26 as Pani mining rates, stacking volumes and recoveries improve and EMAS continues ramping up.

• PT ESG is ramping MHP production toward nameplate capacity in 3Q26; PT SLNC expects production to start in 2H26 and ramp trains by end-2026.

• HPAL production is targeted to commence in 2H26; NPI and HGNM production targets are maintained.

• Tujuh Bukit Copper advanced to feasibility study, while Pani is advancing its Carbon-in-Leach project.