PT Vale Indonesia (INCO) Q3 2026 earnings summary

Executive summary

• Nine-month revenue was $896.069m, net income $147.124m and basic/diluted EPS $0.0140, versus $705.389m, $52.447m and $0.0050 in 9M 2025.

• Operating cash flow was $103.988m; fixed-asset purchases were $350.158m, and cash and cash equivalents ended September at $247.308m.

Financial highlights

• Revenue rose to $896.069m from $705.389m YoY; cost of revenue was $674.662m versus $631.904m, generating gross profit of $221.407m versus $73.485m.

• Operating profit reached $192.002m versus $38.012m; profit before tax was $190.803m versus $72.177m.

• Net income was $147.124m versus $52.447m; total comprehensive income was $143.232m versus $52.719m.

• Reported results included a $16.570m gain from derivative-asset fair-value recognition and a $2.432m gain from loss of control of a subsidiary.

Outlook and guidance

• 2026 approved production quota covers 100% of Sorowako operations, but only 30% of proposed volumes at Pomalaa and Bahodopi; a revised quota request was submitted to the MEMR.

• Pomalaa mine execution stood at 89% completion with estimated 2027 completion; Bahodopi mine execution was 99% complete, estimated for 2026.

• Furnace 3 rebuild was 99% complete with estimated 2026 completion; Sorowako Limonite mine execution was 53% complete with estimated 2027 completion.