PT United Tractors (UNTR) Q3 2026 earnings summary

Executive summary

• 9M26 net revenue was Rp90,334,607m, down 10% YoY; net income excluding non-recurring items fell 31% to Rp7,925bn.

• Net income attributable to parent owners fell 61% to Rp4,465,378m from Rp11,475,166m.

• Results included Rp2,752,810m of impairment losses, primarily related to SERD investment and loan receivables.

• Mining contracting revenue increased while heavy equipment, coal, and gold and other mineral revenue declined; operating cash flow was Rp9,681,460m.

Financial highlights

• Gross profit was Rp17,890,699m versus Rp22,036,503m; cost of revenue was Rp72,443,908m versus Rp78,428,700m.

• Profit before tax was Rp6,808,306m versus Rp15,487,344m; income tax expense was Rp2,589,095m versus Rp3,739,073m.

• Reported basic and diluted EPS was Rp1,273 versus Rp3,160; EPS excluding non-recurring items was Rp2,260, down 29% YoY.

Outlook and guidance

• Coal infrastructure expansion is underway, but full utilization is not expected in 2026 due to the August production quota and dry-season transport constraints.

• PAMA Group is expanding mining services in gold and nickel to pursue non-coal mineral opportunities.

• Unsatisfied customer contracts had a transaction price of Rp1,686.9bn at 30 September 2026, expected to be recognised over 1–5 years.